I want to refinance my home, 30 yr fixed. What is a good interest rate right now?

Question

I originally financed 100% at 6.8%. With appreciation, I may have an 80% LTV. What interest rate should I expect if I have 80% LTV and what should I expect if I don't. What is reasonable to pay in closing costs? Thanks in advance.

Answer 1

depending on your credit scores and your locale, you may be able to get down around 6%

Answer 2

Each Lender has it's own set fees, and what they charge, plus processing fees, etc. You can expect to pay anywhere from 2-4 percent of a loan - Total fees can / should not exceed 5 percent of a loan as per the RESPA Law's in most states. Conforming rates right now are in the high 5's - - Sounds like you are knowledgeable with knowing what a LTV is (Loan to Value). But there are many factors to consider in determining what interest rate you are offered by a Lender. Job time, Mortgage History (late payment of 30, 60 90 days), no lates, Income, If you are a Wage Earner, Self Employed, Full Documentation, or 12 month Bank statement program, As you can see there are alot of factors - the BIG one is your middle credit score. The middle score is what lenders look at.

The best thing to do is talk with a broker - Why talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

Answer 3

The interest rate will depend on several factors. Some of these are:

1. Your Credit score.
2. The type of property being financed.
3. It's location.
4. It's condition.
5. Your downpayment (More the downpayment you get a better rate).

Just as I have suggested, Location is important for mortgage.

A good rate in my region for a 30 year fixed is 6.625%

Disclosure: I am a licensed Realtor in California and work with Century 21 El Camino, Sunnyvale.

Answer 4

If you have a Fannie Mae elgible loan you can do a Streamline, basically easier process, lower fee, right now or rates are around 5.75% for 700 credit scores. With good credit you shouldn't be higher than 6 but remeber that your rate is also correlated with the fees. You may get a good rate but may be charged an arm and leg, so don't just look at rate, but also any associated lender fees when you're comparing. Email [e-mail] and I can give you more specific info and point you in the right direction.

Answer 5

There is so much more than just a rate associated with a loan. You are very focused on that right now and need to be careful when doing that.

Here are questions you need ask besides rate (and term it like this, because lenders will bend what you say):
What are the cost including third party fee's?
Is there a pre-payment penalty? (DO NOT TAKE A LOAN WITH ONE!!!!!!! NO MATTER WHAT YOUR LENDER SAYS)
Can I get a locked interest rate disclosure?
How long is my rate lock good for?
What type of program is it?
Is it a fixed rate? If not, when will it adjust?
What happens if my appraisal comes in low?

Hope that helps.

Thanks

Answer 6

6% is good right now. And I will only charge you 1point to do your loan, if you want. I am a mortgage consultant and I will even try to get it lower if you want to refinance with me. My name is Jon. Send me an email if you are interested: [e-mail]

Answer 7

good now whats your FICO that will give an answer

Answer 8

6-6.25%

$2,000 - $3,000