Profile picture for ronow

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

My mortgage rate is 4%.  Why is it that I cannot get a refinance rate lower then 4.6%?
I realize that my mortgage balance is only about $75,000 currently, but people with balances of $300,000 and more are able to get refinance rates as low as 3.3%, and some even with no costs.  Do lenders have something against lower income home owners?  We deserve to save money just as much as the rich.
  • July 26 2012 - Jacksonville
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Answers (1)

Profile picture for KarissaWhite
There are many factors that play into your mortgage rate besides loan amount.  Your credit, the type of home (ie: condo), the day you applied, the type of loan  (fha, conventional, VA), your debt to income ratio, and loan to value and if your paying your own closing costs all help determine what your interest rate will be. Ask the mortgage professional you recieved the qoute from why your rate is higher, if you dont like his answer get another qoute. Good luck!
  • July 26 2012
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