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jp3975 10-04-2012 19:11

Lowest mortgage rate?
 
My dad wants to refinance his home for 30 years and asked me to help him find a company since he isnt very internet savvy.

His credit is excellent.

Any advice or recommendations?

sombunya 10-04-2012 20:05

I live in So. Cal. and just refi'ed into a 15 year 2.875% fixed. I paid a $385 appraisal fee only.

I remember in the late 70's when my mother told me her house was at 4.25%. My Dad bought it on the GI bill. That seemed like absolute rock bottom at the time. Jimmy was president, 30 year fixed rate at 20.5%.

gjk5 10-04-2012 20:19

Go to a local company, don't refinance with an internet idiot.

snubfan 10-04-2012 20:24

Check out the local credit unions.

AirCav 10-04-2012 20:26

Quote:

Originally Posted by jp3975 (Post 19486240)
My dad wants to refinance his home for 30 years and asked me to help him find a company since he isnt very internet savvy.

His credit is excellent.

Any advice or recommendations?

Just closed on a 30 year fixed VA refi (IRRRL/streamline) at 3.65% through Wells Fargo. You can do quite a bit better on 15 years but these are uncertain times and I wanted some flexibility.

jp3975 10-04-2012 20:31

I think he is with the credit union. He saw an add for a lower rate on tv...quicken loans and asked me to look into whats the lowest rate he can get.

I think he said he has 4.5% right now on a 30 year note. He doesnt want a 15...said something about deducting the interest off of his taxes.

He lives in Arkansas if it makes any difference.

Ive always rented so i dont know much about this stuff.

gjk5 10-04-2012 20:32

Quote:

Originally Posted by jp3975 (Post 19486513)
I think he is with the credit union. He saw an add for a lower rate on tv...quicken loans and asked me to look into whats the lowest rate he can get.

I think he said he has 4.5% right now on a 30 year note. He doesnt want a 15...said something about deducting the interest off of his taxes.

He lives in Arkansas if it makes any difference.

Ive always rented so i dont know much about this stuff.

Do not go with Quicken. They are idiots, minimum wage monkeys in a telemarketing cage.

How much does he owe on the home? If it is less than $100K (maybe even $150K) don't touch it.

jame 10-04-2012 20:37

Quote:

Originally Posted by jp3975 (Post 19486513)
I think he is with the credit union. He saw an add for a lower rate on tv...quicken loans and asked me to look into whats the lowest rate he can get.

I think he said he has 4.5% right now on a 30 year note. He doesnt want a 15...said something about deducting the interest off of his taxes.

He lives in Arkansas if it makes any difference.

Ive always rented so i dont know much about this stuff.

Reducing debt and increasing assets beats the hell out of deductions.

Tell him to go to a credit union, and refinance for 2.87 @15/yr.

I just did.

jp3975 10-06-2012 16:44

Quote:

Originally Posted by gjk5 (Post 19486521)
Do not go with Quicken. They are idiots, minimum wage monkeys in a telemarketing cage.

How much does he owe on the home? If it is less than $100K (maybe even $150K) don't touch it.

He owes 98k on a 238k home.

If they can make the loan and offer a lower percentage, what difference does the company make?

Quote:

Originally Posted by jame (Post 19486537)
Reducing debt and increasing assets beats the hell out of deductions.

Tell him to go to a credit union, and refinance for 2.87 @15/yr.

I just did.

I agree with you and said essentially the same. But he insists on a 30 year.

He says he likes being able to make the deduction, plus he can invest the difference in the monthly note elsewhere.

jp3975 10-08-2012 16:32

My dad ended up telling the bank he was with he was thinking about refinancing and they made him an offer.

3.25% on 30 years. Not bad. He cant recall the name of the bank, but its in Cabot, AR.


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