7 replies to this topic

[WFO]

What is today's best rate for a 30 year mortgage? It would be for a refinance, about 78% LTV, 805 mid score with no points?

[Brian B The Loan Professor]

This will vary bank to bank and by how much the person you are using is charging you
there is really no such thing as the "Best Rate"
It will also depend on loan amount and if this is a cash out transaction
there are just too many unknowns to even guess - but somewhere between 4.25% and 4.625% is where you should be

[WFO]

This will vary bank to bank and by how much the person you are using is charging you
there is really no such thing as the "Best Rate"
It will also depend on loan amount and if this is a cash out transaction
there are just too many unknowns to even guess - but somewhere between 4.25% and 4.625% is where you should be

Brian,

I appreciate the response! Sorry for the simple terminology, as I understand there is variables. It would not be a cash out refinance either. The reason I am asking is I started the refinance process of my house at the end of July and was locked into 4.625%. It did not close until mid September and the rates continued to fall the whole time. Now there are places advertising around here for 3.875 for a 30 year fixed with no points. The fees are advertised around $400. I am sure there is some kind of catch, because I am seeing most advertising the range you just told me. It might be too soon to refinance anyways, but if I could get into the high 3's I was going to look into it further.

Thanks again for your time!!

[luckydriver]

i dont know your current mortgage but for the fun of it, ran some numbers for a 300K mortgage

4.625 is 1542
3.875 is 1410

sure if you could do that for only 400 bucks it would be worth it. but as you stated, what are the odds it's really only 400 bucks to refi? Though a 3 month breakeven point would be pretty wild

also i'm assuming since you are at 78% that you have no insurance so that's saving you a nice chunk of change right there

[hegemony]

a CU I am a member of is at 4.0 for 30

[WFO]

i dont know your current mortgage but for the fun of it, ran some numbers for a 300K mortgage

4.625 is 1542
3.875 is 1410

sure if you could do that for only 400 bucks it would be worth it. but as you stated, what are the odds it's really only 400 bucks to refi? Though a 3 month breakeven point would be pretty wild

also i'm assuming since you are at 78% that you have no insurance so that's saving you a nice chunk of change right there

Yeah, I am sure the $400 is just their fee. I know there will be other stuff like title insurance, appraisal, and other misc stuff. No PMI either as I put down a little over 20% when I purchased the house a couple of years ago. The LTV is higher, because the house has lost some value over the last two years. I would only save about $90 a month if I got 3.875, so the closing costs would have to be reasonable to justify it.

[WFO]

a CU I am a member of is at 4.0 for 30

That is pretty good!! The best local credit union here is 4.375% for 30.

[Debt Slayer]

BUMP

What about today? Im looking for 5/1 FHA, purchase price in the range of 160~175, EXP score 677, 0$ UTIL, couple of old baddies (about 7 yrs old but dont want to touch my CR right now..dont wake the sleeping giant)
no car payments, one student loan; $75/month

Edited by Debt Slayer, 23 February 2012 - 08:30 PM.