Got approved for a mortgage and my APR is 4% (30 year fixed). Is that a good rate or should I shop around more? What do you guys all pay?

 

Uh, well....let me give you something to compare. My first rate was 8.5. So yeah, I'd say you doing frigging awesome with that rate!

 

In the current housing and mortgage environment, 4 is a fair rate, especially for 1st time buyer i assume with not a deep credit file

 

4% is good for a 30 year fixed. If it were variable, or 20 years, I'd say keep looking. Is 4% the "interest rate" or the actual APR (when dealing with a home mortgage, they're not the same)? Make sure it's the APR.

 

As an older-ish guy, this question is a little bizarre. My mortgage was shockingly cheap at 5.75%. In the late 1970s/early 1980s they were in the TEENS of percent!



Save money where you can, but realize that 4% is pretty close to free money, so don't walk away just based on that if everything else in the note is in your favor.

 

Mine is at 3.25%. If you think you can get a better rate, shop around. But you probably wont find a whole lot of offers that will beat 4% by a lot. At most, you're looking at maybe half a percent, which is very very little in terms of how much your monthly mortgage payment will be.

 

We paid something like $150 on top of everything to drop our rate from 3.75 to 3.5%. In the long run it's going to save us thousands so money well spent. I forget the exact wording, but our lender had all kinds of options for APR reduction.



In answer to the OP, 4% is very good. But don't ever settle.

 

^^^ That's called "buying points".

 

4 i think is nice fo real..

 

Four is pretty good, and I think your conditions are fine. However, I don’t like fixed mortgages and pays, but I also had one. Thanks to equity release Cambridge, I’ve managed to pay the house off quicker. That was the greatest day ever, and we even celebrated it with my wife. It helped me to buy a nicer ca at oncet a year because I don't have to pay for a mortgage anymore. So if you ever have the such chance too, better try it; but ask for help from professionals, because there are a lot of scammers