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?

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%.

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

Check out the local credit unions.

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.

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.

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.

He owes 98k on a 238k home.

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

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.

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.