Mortgage Brokers

interest rates are coming down.......

anybody got a nice rate like (4.5%, no points, no origination fee) lately?

 

Just saw a conventional 30yr 4.89 rate posted on Bankrate.com.

 

Not sure what the rates are now, but recently (2-3 weeks ago) 4.389% 15 yr 1 point.

Clifford Warren
Loan Officer
1749 Old Meadow Road
Suite 410
McLean VA 22102
(P) 800-488-9008 x 18046
(D) 703-962-8046
(F) 703-448-5706
www.america-funding.com

 

We bought in July at 6.3pct, refinanced last month 5pct no points. Used Sam Atapour at Prosperity mortgage. He is always available by cell phone. Keep in mind you will save money using the same mortgage company.

-Mike

 

Unless you have a seriously Jumbo loan or bad credit, no one should ever pay a bank or lender points, that absurd to pay them to loan you money. Never Pay POINTS!

 

Then waste your money, I have never paid points, it's just a tactic for lenders to make even more money off your loan. If you look at the stats for the amount on money paid on points and the return on that it's a very low ROI. All the lender is trying to do it make their interest up in front (as you said) in case you sell the house or move. That's it. Believe me, if you shop around, you will get a loan without points. Your basically paying someone to do their job and lend you money. I wish someone would give me money on top of my salary to do my job.

 

We second Will Roberts. He got us a great rate 4.75% we had to pay a point but the rate was great. The only problem right now is that mortgage companies are being very, very picky even those borrowers with great credit. To get a good rate, most are charging fees as well. The appraisels can also be different than what other lenders are using as was the case with our house. Some lenders will only use "approved" appraisers who are really aiming low on the value of your house so do not be suprised. We worked with Will for two months - ours was not an easy loan, I guess we are also not easy customers, but Will went above and beyond to help us make this loan happen. Very pleased with his service.

 

Agreed. Paying a one or half a point can actually be beneficial in the long run, it depends what you are getting out of the total loan. I don't believe we would have gotten our low rate 4.75% without pay part of a point. Lenders are being A LOT tougher - and even borrowers with perfect credit are having a very hard time refinancing. This is not a lenders market. So lenders are being very very cautious. 4 years ago when we refinanced, the market was great! Lenders would come to your house to help you close, they would comp the FedEX and were offering no points, high loan to value rates, etc.. You are not going to find that in this market and if you did - I would read all the fine print.

 

Today, I was offered a rate of 4.875% (no pts) or 4.50% (1 pt) on a conventional 30yr. My appraisal is almost 3 months old so I need to move quickly to avoid having to do another one. What should I do?

FYI-I'm refinancing out of a 30yr fixed rate of 5.75%

 

Yesterday I was offered the same interest rate 4.875% with no points for a conventional 30 yr loan from Wells Fargo.

I am waiting for the rate to go down little, less than or equal to 4.5%.

Should I have my home appraised and ready while shopping for refinance?

Thx

 

Thanks for all the answers.

My remaining loan amount is 20K more than the current house value taken from Zillow..... I am even ready to put down payment of 20% to get a better rate....

Hope I will be able to refinance soon.

 

As all have noted, getting a mortgage is a tough proposition these days. Even with the strongest financials.

A friend at the office has an 800+ FICO, no debt, and was willing to put 35% down on a property, but BoA turned him down strictly based on the zip code of the subject property.

They didn't even verify income or check credit.

 

Have your friend contact Clifford Warren and explain what happened to him and see if he can help.
Clifford Warren
Loan Officer
1749 Old Meadow Road
Suite 410
McLean VA 22102
(P) 800-488-9008 x 18046
(D) 703-962-8046
(F) 703-448-5706
www.america-funding.com

 

My husband has been in the mortgage industry for some 20 years now, and we've always used the same guy for our mortgage needs. He's helpful, honest, and generally has aggressive rates. He's with the post-trouble Countrywide. In the midst of this mortgage crisis, it's important to go with an established national lender. These days, many of the local guys may not be there to close the loan. When you contact him, let him know you heard about him on the Broadlands forums. Here's his info:

Kelvin Clarke
Kelvin_Clarke@Countrywide.Com
240-631-6101

 

I locked at 4.50% (.875 pts) a few days ago. I don't have to get a new appraisal and might be able to close on the refi next week. Thanks for your feedback!