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

I am in contract for a house and our loan is locked at 4.875% no points and cost is fixed at 950$. The loan is a 30 Yr fixed for $700000 on a house price of $1M. Our scores are excellent. Is this reasonable or should I be shopping for better?
  • February 03 2011 - Los Gatos
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Answers (5)

You could shop your rate every day, getting lip service from anyone that will tell you what you want to hear, wonder if it's really true, worry yourself till your hair falls out... but would it be worth it to save an extra $25/m.

If you feel your current lender is being fair and true with you and completing the service you engaged them to do, isn't that worth some piece of mind - the knowledge you have an affordable loan that is closing on time?

  • February 04 2011
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The rate is reasonable, are you?

1. If you could find a lower rate, do you think the loan will close on time?
 
2. When you locked you rate, weren't you told that this is a commitment between you and the lender?
 
3. Is there any value you put on the service that your mortgage professional has performed for you to date?

4. Do you want to share your personal information with another party?

Happy funding, Rudi 
  • February 03 2011
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The important thing to remember is how much time do you have before the lock expires and when you have to remove your contingencies. You have a really good rate, but there is nothing wrong with checking other lenders to satisfy your curiosity. The last thing you want to do is wonder what if. You have many things to do before you close escrow. Don't drive yourself crazy, honor your time and don't take things to the last minute. Enjoy your new home. 
  • February 03 2011
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If you are really locked then that is an amazing rate. I am at 5.125 and its getting worse. What bank is that? I cant believe that it is that low
  • February 03 2011
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The problem with shopping for rates is that they have been changing almost daily, so you will have a hard time comparing.   What you are quoting here is very reasonable.   I always emphasize to my clients the importance of service.   Your lender needs to be responsive, return your calls and your realtor's calls, be aavailable for questions when you are preparing an offer, help determine and stick to deadlines, and of course actually be able to close!!!    Some mortgage brokers have run into problems recently getting funded.
  • February 03 2011
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