Is 3.5% (no points) the best rate I'll probably be offered?
We plan to refinance our current 5% fixed 30-year mortgage (27 years, one month remaining) to a 15-year mortgage. Our FICO scores (TU and EQ) range between 709-717. I got a quote today of 3.5% fixed for 15 years. I called my credit union to see what rate I could get with them, but it was near the end of the day so I won't know until tomorrow. For you mortgage gurus out there, is 3.5% (no points) the best rate I'll probably be offered? Thanks for any advice or info you can offer! by kevinb_859_187 from Dearborn Heights, Michigan. Feb 13th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
That's a good rate for 15 years... if you trust your mortgage broker, just go with it.. WilliamAcres.com
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
That depends on a few other factors like your loan to value ratio, the property type (SFR vs Condo), Occupancy (Primary or Second Home Vs Investment). If this is a SFR Primary residence with an LTV of 75% or less, the rate sounds high.You can call me directly for a quote. Joe Shamie 866-977-3400 x274
Jack Cyrul (Jack Cyrul)
#4 ranked lender in Michigan - 94 contributions
I need more info to figure if that's the best rate or not. Please call Jack C at 734-395-9027
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
That depends. I'm convinced that the best rate is never the one we get, but the one we should have taken. Is a 3.5% note rate a good rate for a 15 year loan? Assuming no origination or other lender fees, yes, this is a good rate. But to be sure, compare the APRs given by the various entities you shop. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
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