NACA interest rates higher than traditonal

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Viewing 15 posts - 16 through 30 (of 55 total)
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  • #66046
    TTrumble
    Member

    UPDATE:

    I still don’t know exactly WHY the NACA website is showing the figure it does, but I have confirmed that it’s wrong. My information is that it should say 3.125%.

    The IT detectives are working on the problem and it should get resolved over the weekend.

    Tim Trumble
    Online Operations, NACA
    ttrumbel@anca.com

    #66050
    vrundmc
    Participant

    Thank you what a relief. We just submitted an offer today.

    #66069
    ibuyhome
    Participant

    Thanks Ttrumble for the update. I’ve been following this post for a while. Glad to see this is just a technical error.

    #66085
    hfranco
    Participant

    Is this still a technical error? The rate on the website has gone up. It now states 3.625.

    #66086
    msob24
    Member

    WOW 3.625% that’s some technical error….

    #66088
    Alex
    Participant

    The PSL I received on Friday stated 3.5%. If this is a technical error, I’d think the MC would’ve put down the correct one.

    #66090
    hfranco
    Participant

    Thanks for the info @alex. I’m curious what @ttrumble take on this is since he stated that it’s wrong on the site but people are actually getting that rate.

    #66091
    purdynerdy
    Participant

    Definitely would like to see an update on this.

    NACA Mortgage rates are even higher today, when national rates are at their lowest. It concerns me that people are actually getting this rate on their contract when it’s supposed to be a technical error.

    #66092
    vrundmc
    Participant

    The PSL is generated using a web form and auto populates the rate. I have it available in my webfile. The incorrect (hopefully it is) rate is tied to all the systems.

    #66093
    Nelsont
    Member

    I would be just as upset. But, trying to calm the waters, let’s remember the NACA rate a year ago was around 4. And 4.5 in 2018.

    #66094
    Alex
    Participant

    It would help if NACA would sent out announcement emails all members or just post it on the website when when such issues arise. It’s exhausting trying to discern what’s accurate or not.

    #66095
    purdynerdy
    Participant

    I asked my MC/loan officer and she has no clue why it’s higher.

    I understand that it’s less than it was a year ago, but I would be pissed if I get a higher erroneous interest rate.

    #66098
    vrundmc
    Participant

    @Nelsont was that still lower than conventional rates? Maybe you were just joking about this situation to lighten things up :).

    #66099
    Nelsont
    Member

    It was still lower. Naca will always be lower. @TTrumble assured us the website was wrong a few days ago and the actual rate is not what the website says. I also was not joking but, I was trying to lighten things up.

    #66100
    vrundmc
    Participant

    Of course. Thank you. I found the article linked below that had lenders raise the advertised rate due to demand.

    https://www.bankrate.com/mortgages/sinking-mortgage-rates-prompt-lenders-to-add-resources/

Viewing 15 posts - 16 through 30 (of 55 total)
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