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What can I do to get more (or better) quotes for my loan request ZR-BNNRDBK

Looking to refinance my loan but I would like a no points, no closing cost refinance loan.  I don't want to pay anything for it. I have excellent credit and I am trying to get a better rate than 5.5% 30 year loan.  Thanks.
  • March 24 2010 - Worcester
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Answers (4)

TRy going to a local credit union or bank. 5.5 is not bad on a 30 year
  • March 24 2010
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turt,
asking a lender to incorporate all the costs associated with your closing is only accomplished through premium pricing  (slightly higher rate). It is the tradeoff.  What you are requesting are lenders to simply make less or nothing possibly.  It may happen and no harm for trying, but if the lender makes no money to work, we call that a hobby.  :)
  • March 24 2010
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turtbike, you may want to review your quote for Loan to Value, Debt to Income and Credit Score accuracy and then re-run it. 
  • March 26 2010
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Turt,

I am in MA and familiar with what closing costs are for a loan of your size. i would figure that a lenderbroker would need to cover about $2200-2400 in closing costs for a loan you are looking for. A lender/broker needs a bit of premium (what the lender pays us) to cover those costs thus you are being offered rates in the mid fives. We generally do not do nopoints/noclosingcost loans for loan amounts under $275,000.  The way to get a lower rate is to pay the closing costs (which can be rolled into the loan). If you did this you should see rates being offered right around 5.0%, amybe into the high 4s.

good luck.
  • March 26 2010
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