Profile picture for kevfm68

Does this deal sound like its in the "ballpark"?

I am going to refi to try and finally lock in with these great rates. I am being persued by wells fargo and havnt had time to shop around yet.  They have a 3.875 rate now with about 5k closing costs.  I thought I may be better of asking for a 4% rate but zero costs since i could prob pay off the mortgage if i had to.  I will be here for at least 20yrs-love the house and neighbors.  Im a self-emp person with a 850 credit score...i have a 410k @ 5.125% left on home.  The home was built in 2009 and is appraised at about 850k.  Thanks for the input!
  • January 02 2012 - Maple Grove
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Answers (13)

Touche'
  • January 04 2012
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" Pardon me.  I did look at the wrong line in the chart.  But, I do know where to find the chart."

Then maybe you just need to refer people to the chart. If you have to look up the answer, maybe you should't be answering. Any licensed, experienced loan officer knows this as a matter of fact.

Reason 4,377 why agents should not provide mortgage advice.
  • January 03 2012
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Pardon me.  I did look at the wrong line in the chart.  But, I do know where to find the chart.

http://portal.hud.gov/FHAFAQ/controllerServlet?method=showPopup&faqId=1-6KT-343 

And I still know a great mortgage guy in Minneapolis!

And Norm, keep your derogatory comments to yourself.  Everyone makes a mistake occasionally.
  • January 03 2012
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Prez, it wouldn't be predatory because the "loan officer" would be fired trying to get it registered and locked.
  • January 03 2012
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Reason #4,376 on why agents should not provide mortgage advice:

Whereas technically "Clueless John" is correct because FHA loans don't have PMI; his statement is very misleading to the point of being predatory because the loan will  require MMI and UFMIP.

  • January 03 2012
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Hello kevfm,

Please check out our mortgage rate section.  When filling out the information on left hand side please update this section with your loan scenario.  Once this is complete, click "get rates."  From here a list of lenders will pop up with different scenarios.  I would suggest shopping around more and seeing what your options are.  If you need help with anything else feel free to contact me offline.

Good luck...
Candace
Zillow Mortgage Support 
  • January 03 2012
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You can't go wrong on No Cost as it gives you the ability to feel good again about subsequent refinances if improved market rates allow for it.


John, I would like the number for anyone who can originate 30 year fixed FHA loans with no MI that would be something special.
  • January 03 2012
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Today, 1/3/12 WF has a 30 year FHA @ 3.75%, which will save you a little more.  With your equity, you won't need to pay PMI, check into that also.

I have a great broker to refer you to in Minneapolis if you need.

Good Luck

  • January 03 2012
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Kev- Just reading Clay's response I now see you are in MN. No need to respond. ... Happy funding, Rudi
  • January 03 2012
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Get a 2nd quote from the MN lender below to compare

http://www.zillow.com/profile/MN-Mortgage-Mom/

  • January 02 2012
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Look at a 20 Year Fixed too, they would probably give you the same rate and no closing costs. Ask how long it will take them to close too.  
  • January 02 2012
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Profile picture for wordsmth
Just a quick reaction, but if you're going to be there for at least 20 years, then go with the lower rate. (What Wells Fargo is offering versus a higher rate with no closing costs.) However, you still should check around to make sure that Wells is competitive. (Though it sure sounds as if they are.)

Good luck.
  • January 02 2012
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Kev- With a FICO over 780 with 50% loan to value assuming all other risk-based pricing adjustments will be minimal you will receive the best rate available from any lending source.

Your main concern should be the quality of the mortgage loan originator that will structure your loan to your best advantage.

fm 68. If you are a radio personality I'll listen every once in a while. FM 64 Maple Grove, in what state? As you can easily see I am located in California. Lately I have been listening to  101.1 FM WCBS NY. Great stuff for my age group. ... Best wishes, Rudi
  • January 02 2012
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