I'm looking at my options to refinance our 2.5 year old 30 year 5.0% fixed conv. mortgage...
I'm looking at my options to refinance our 2.5 year old 30 year 5.0% fixed conv. mortgage. I have been putting $200/mo towards the principal for the last 6 months, so I figure I might be best to refinance with the rates so low. I want this thing paid off ASAP!I talked with a local mortgage broker and he quoted me a 3.4% for a 15 year and 4% (par) for a 20 year. He said closing costs would be $3,000, plus almost $2,000 for escrow. Loan would be for $218,000.These rates seem a little high, no? I don't believe he added fees to pay down the rate, so maybe this is why they are higher than I thought. The wife and I have around 800 FICO scores as of July (leased a car), so excellent credit.I would really like a 3% 15 year with under $3,000 closting costs, etc. Is this realistic?Any mortgage brokers on here want to give me a good deal? =) by pokerm_314_403 from Washington, District Of Columbia. Feb 15th 2012
Scott Kinne (Skinne)
#27 ranked lender in Virginia - 74 contributions
Assuming you have 20% equity based on a new appraisal, and credit scores of ~800 as mentioned, our rate today for a 30 yr Fixed Rate $218K loan amount was at 3.875% @ 0 pts (3.901 APR), based on a 50 day lock. However, if this is for a Condo you can expect the rate to go up slighlty. I usually don't suggest 15 year mortgages for most of my clients but would be happy to discuss the details. Please call me at 571-237-6241 (Scott Kinne). As an additional note, we are closing all of our refinances in less than 30 days!
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
We are at 3%-3.125% for a 15 year fixed depending on your property trype and loan to vale ratio. Joe Shamie 866-970-3400 x-274
Lynn Bossi Kinsel (LynnKinsel)
#37 ranked lender in Virginia - 61 contributions
Rates are historically low right now and a 3% 15 year loan is not unrealistic at all. Patriot Mortgage is located in Laurel, MD and we deal with over 20 lender. This enables us to have some of the most competitive rates in the area. Call me to discuss you scenario in detail - cell#804-677-8588. Lynn Kinsel
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
As you can tell by the above responses, Different lenders offer different programs, but no one can be sure without looking at your complete scenario.. ie.. loan to value, type of property, debt to income ratios, primary or investment property.. etc.. in certain situations, 3.4% is not a bad rate... and the difference from 3% to 3.4% is about $40 per month, so we're not talking a huge difference.. but to be sure, contact a local mortgage broker, and apply with him.. He can type up a comparative cost sheet and you can look at your loan options side by side... WilliamAcres.com
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
In general the rates you were quoted are fairly reasonable for the terms you included. You need to remember that if a lender quotes a par rate, then you are paying for their services in either origination or discount points. These would be included in the closing costs. As far as the amount into escrows/impounds, $2,000 seems high, but not knowing what he based it on, I'm not sure if they are reasonable. Make sure you compare the Annual Percentage Rate (APR) and not just the note rate. The APR is going to include lender fees, including their compensation. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
Not enough info to really come up with a rate range and closing cost option, but in 15 yr fixed can run from 2.75-3.5 and 30 yr from 3.5-4.25, so all the pieces of then puzzle are needed. And always compare APR at the end of the day
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