but he told me that even if i have excellent credit the best i can get is 6.5 interest rate for a 30 year fixed home loan that then I can buy points or a touch like that to lower my interest rate is that right?
I Spoke to a Loan Officer About Applying for a Home Loan?
call a different broker and see – credit has gotten a lot tighter in the last year because of all the foreclosures and subprime rate mess
I had an argument with a Countrywide Mortgage loan officer a few weeks ago. It was Sunday afternoon, and I inquired about refinancing with a 15 year loan. His best rate was 6.125%.
Just 2 weeks earlier, a friend got a 5.125% loan on a new buy, so I expected a rate near 5.5% since the market had not altered much.
He said the market had went significantly. I reckon he was pushing me towards paying points, so I hung up on him.
On Monday, my current lender’s refinance rate was 5.375%, and my credit union’s rate was 4.785%. All of these quotes were for zero point loans.
Shop around because the rates vary considerably. Also, survey the market between mortgage brokers and direct lenders like banks.
get out of paying points if you can. Points are prepaid interest. If you pay $1000 for points and then refinance 1 year shortly, you won’t get a refund, and you won’t take pleasure in the benefits of having bought a lower interest rate by paying points.
Certainly shop around. Par rate on a 30 year fixed in compliance (not more than 417k) loan is lower then 6.5 right now, so he may have been trying to upsell you.
That being said, if you plot on staying in this mortgage for longer then 4 years, paying points up front is a excellent way to reduce your long term expenditure. You need at least 3-4 years to recoup the costs though.
Certainly shop around though. if you belong to a credit union, you can probably get a better rate through there. Don’t call the major inhabitant lenders retail divisions. You will not get the best rates that way. Try a local branch where the LOs are not commissioned.
Try a few more lenders. I reckon you can do better if your credit is excellent enough. Try some huge lenders like BOA and Wells Fargo, try a credit union or two, try a local bank. DON’T let the all run credit reports of you, just question what kind of rates are available.
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