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

The rates seem high compared to other rates on other sites.  Why is that, is there a certain $ loan amount that we should try and stay under to get better rates?  Is there a magic # for down payment?  We were doing 20% down to avoid PMI.  Is FHA or fannie mae or Freddie mac sponsored loans have better rates?
  • October 23 2013 - Burlington
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Answers (5)

Best Answer

A good source for rates is to go to bloomberg.com and look at the national average for interest rates.  Many companies will market a lower interest rate than what they truly offer (although they are not supposed to).  By checking this you can see if what you are being offered is in line with the current market.  As previously stated, a 740 FICO and a loan to value of 80% or lower with a loan amount of $200k or higher (while staying in conforming loan limits) will get you the best interest rates.  FHA does provide lower rates than Fannie or Freddie, however, if your putting 20% down, I would forego that option because they have PMI on all of their loans as well as a 1.75% funding fee that is rolled into the loan.  I'd be happy to take a look at your current situation to see what you qualify for.  I specialize in jumbo and high balance loans, however, I lend in all 50 states and can definitely get you the best pricing available.
  • October 24 2013
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Jumbo is a loan amount above $417,000 and presently prices better than < $417,000 here.  Would you like to put less down and still avoid pmi and rate increases?  Please contact me via my profile to discuss.
  • October 26 2013
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Suz, you have a Conforming loan amount, you do not need a Jumbo loan.  Your credit and income are qualifying you for the best rates available which is what you received. The rates you received are Fannie / Freddie pricing. If you are seeing better pricing than the quotes you received then you are either seeing FHA pricing or BS. While you would qualify for an FHA loan around 3.625% today you really don't want that because you would be paying $7,000 in Upfront MI and $426/month for 11 years for the annual MI, besides the fact the max FHA loan is $318,750 for your County. If you are seeing Conventional rates less than the quotes you received please copy the web address and paste it on this thread so a few of us can see it and give you feedback.
  • October 24 2013
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Thanks.  How much is it for a jumbo?
  • October 24 2013
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You want to keep your loan at 80% financing or less , Fico scores over 740 help vs. Lower than 720 scores. Single family homes help vs. Condo. Keeping your loan amount Conforming vs. Jumbo helps for a 30yr fixed. But our Jumbo 10,7,5 yr ARMs are lower than Conforming rates. We lend in all 50 states and are an FDIC bank.
  • October 23 2013
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