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So which Bank has the best refi mortgage rates?


stormbringer
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Greetings friends,

What is a good source for finding the best deal on refinancing your home mortgage?
Also, what questions do you ask to compare apples to apples?

 

I saw this on a major Bank's application for a 3.125% Interest Rate 30 years:

 

Use these measures to compare this loan with other loans.

 

• In 5 Years:
$xx,xxxx Total you will have paid in principal, interest, mortgage insurance, and loan costs.
$xx,xxx Principal you will have paid off.

• Annual Percentage Rate (APR) 3.159% Your costs over the loan term expressed as a rate. This is not your interest rate.

• Total Interest Percentage (TIP) 54.454% The total amount of interest that you will pay over the loan term as a percentage of your loan amount.

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You can go to zillow and put in your parameters and you'll have a number of options from brokers.  I tend to stay away from the major banks as I find them uncompetitive to brokers who's income stream is derived for getting you into a loan, so they fight for the business.

 

For reference, I refinanced last month in a jumbo for 30 years at 2.75%, so I think that rate is not the best you can do.  I went with Guaranteed Rate and they were extremely efficient, went from application to closed in <30 days.

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Remember also that rate is not the absolute term to be looking at.  I think it was CV who has discussed taking a fractionally higher rate in exchange for lower costs and fees. 

 

And, as noted, big-box banks are not generally going to be the best source for best rates.  There is a reason a good broker is worth their weight in gold...

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3 hours ago, centex said:

Remember also that rate is not the absolute term to be looking at.  I think it was CV who has discussed taking a fractionally higher rate in exchange for lower costs and fees. 

 

And, as noted, big-box banks are not generally going to be the best source for best rates.  There is a reason a good broker is worth their weight in gold...

 

Good advice...

 

The shorter the amount of time you plan on staying in the home/keeping the note, the lower you should be aiming for fees.  You need to do the math to understand the cost/benefit.  In my particular example, I'll get back the upfront discount points 6x over in reduced interest expense should I take the note to full term.

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