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Tell me your best 30 yr refi's to date?

I'm just price shopping and trying to help others . I know some lenders hold back on rates till you realy work them :)
I personaly have a 7/1 variable that resets in 2 yrs. current rate 5.375%
Looking for a 4.*** %  30 fixed  Would like to keep points and out of pockets low.
Tell me what your experiences have been?

  • December 30 2008 - Westfield
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Answers (18)

Then say 4.875% with 1 point is your best offer...leaving out that info is deceptive!
  • December 30 2008
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Points low and 0 points are not the same.  to me 1 point is low and the variable 4.25 rate is only for loans over 500K.  The point of this I thought was to review the best options no to disagree among lenders.  Sorry if I offended anyone....Just voicing my best offer.  Thanks
  • December 30 2008
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Points low and 0 points are not the same.  to me 1 point is low and the variable 4.25 rate is only for loans over 500K.  The point of this I thought was to review the best options no to disagree among lenders.  Sorry if I offended anyone....Just voicing my best offer.  Thanks
  • December 30 2008
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Carmen;

  Your quote is useless since the borrower's credit and LTV are not to the point where you can offer that rate.  Why don't you just throw out the 4.25% variable rate you were offering the jumbo in CA.
  • December 30 2008
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I'm in the same situation with a 7/1 w/ 2 years left. I just refi through a Federal Credit Union and got 4.92% 30yr fixed. Closed yesterday.....good luck
  • December 30 2008
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  • December 30 2008
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Carmen,

16 Years I worked for wells fargo.  I don't believe that you can offer 4.875% with 0 origination and 0 discount with todays rates. 

I'm just being honest...If you can that's great you should be slammed witth volume.

  • December 30 2008
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I don't go through wholesale I am direct lender.....we have several different programs and that is the rate I have been able to lock today with good credit.  Just offering the best possible rate without buy down.
  • December 30 2008
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WOW CARMEN....

I just looked at the Wells Fargo Wholesale price sheet for Massachusetts and at 4.875% the loan will cost .202!  It is mighty nice of you to offer to pay to close this loan.

  • December 30 2008
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If you are in CA, my pricing model gives 4.75% at two points plus about $2,500 in costs at 80% LTV. Your LTV and FICO score are hurting you.

I would not do it. The savings are not worth the costs. Try to get your FICO up to 720- that would lower your cost by about 3/4 of a point.

Regards,

Tom
  • December 30 2008
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4.875%

Carmen Martin
Wells Fargo Home Mortgage
https://www.wfhm.com/loans/carmen-martin/index.page

  • December 30 2008
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Wake up Rudi! Have already had several answers and "pm's"
 Read previ posts...
 Duh ......
  • December 30 2008
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Best rate and APR? You have not told us your credit score, loan amount, loan to value or how much you want to pay out of pocket for fees. Very important factors in determining a rate.
  • December 30 2008
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I am running a special @ 4.99% with 0 Points LLPA's will apply Fico Scores and LTV will Impact the Rate and or points.  Rate and Term 80% LTV Fico of 740 that would be the rate.
  • December 30 2008
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With a credit score under 720, you won't get what you are looking for. Things have changed, and to get the best rate, with your current score, you'd have to pay 1% or more! 
Also, saying that lenders hold back on rates until you really 'work' them suggests to me that you pit one lender against another in a 'bidding war' situation. that's great if you have the stomach for it, but from a lender's perspective, you will not get the same level of service and you will just end up with the person who is so desperate for business they will work for free. When I come across a borrower like yourself, who does not value my time or my commitment to you, I usually pass. You end up losing out on building a good, lasting relationship, and all for $300 a year. And then when you need financing again, you start all over with some new person. Where is the value in that?
  • December 30 2008
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Planners, I'm wondering what you mean by a point - do you mean that you charge your client 1% of the loan for the entire closing cost?
  • December 30 2008
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I curently have a 690 fico.  But my LTV has dropped to 80-85 due to home value drops :( Not sure if I should wait till spring or refi now ?
 I usualy shop on Bank rate.com then visit several lenders . I don't like to lock in w/ one lender right away as my experience tells me competition between lenders ussualy gets me another .250% I'm not the best risk but hey I'm not the worst. I will NEVER default on a loan!
  • December 30 2008
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The best deal anyone has actually locked from me was 4.5% at one point plus about $2,500 in costs. This was a 740 FICO borrower, under 60% LTV with an impound account, and they caught the perfect moment in the market.

Our wholesale cost varies based on LTV, FICO, lock term, cash out, occupancy, and the state the property is located in. In addition, we get rate changes one to four times a day. The range I have actually locked over the last few days has been 4.5% to 4.75% for owner occupied loans at about a point.

I've traditionally been a big fan of low to no points and closing cost rebates, but the price for these kinds of loans just hasn't made sense for the last few months. You would have to pay too high a rate to get the fees down below a half point or so.

You might try putting a quote request up on the site. From what I have seen, you should get some pretty competitive numbers. Just keep in mind that they really do change every few hours, so use the quotes as a guideline to the market.

Tom
     
  • December 30 2008
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