If you saw my last comment on my last post, the title will make more sense. lol
This just in: Rates are at 4.25%! Guess who is going to lock in!?!?! I don't know if we can do it tonight, it's after 5. But I sent her a return email telling her to lock us in ASAP!
I'll comment again when it's finally done. BUT YAY!!
This is what this means for us:
A house about twice the size we are renting (new home: 2688 sq ft, rental 1900 sq ft) for only $100 more a month than we pay in rent!!
Bigger home, nicer home, the space we all need (no more hanging clothes off the beds!! God is soooo good!
At the beginning of all this, rates were 4.75%. Before we committed to anything we averaged EVERYTHING at 5.0%, just in case. When we knew we could do 5%, we started the process and contracts. From the beginning we figured: Estimate high and hope for the best! We were hoping for 4.5%. We joked that a 4.25% would be nothing short of a miracle. It was exactly what we REALLY wanted, but we didn't think it was possible and considered ourselves lucky if we got 4.5%. And then lately the market has been dropping and we dared to hope... Yup...God is good!
Now that we've lock in a rate, it shouldn't be long until Final Underwriting has our stuff!