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Old 10-04-2012, 19:11   #1
jp3975
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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?
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Old 10-04-2012, 20:05   #2
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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%.
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Old 10-04-2012, 20:19   #3
gjk5
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Go to a local company, don't refinance with an internet idiot.
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Old 10-04-2012, 20:24   #4
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Check out the local credit unions.
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Old 10-04-2012, 20:26   #5
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Quote:
Originally Posted by jp3975 View Post
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.
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Old 10-04-2012, 20:31   #6
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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.
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Old 10-04-2012, 20:32   #7
gjk5
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Quote:
Originally Posted by jp3975 View Post
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.
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Old 10-04-2012, 20:37   #8
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Quote:
Originally Posted by jp3975 View Post
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.

Last edited by jame; 10-04-2012 at 20:38..
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Old 10-06-2012, 16:44   #9
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Quote:
Originally Posted by gjk5 View Post
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 View Post
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.
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Old 10-08-2012, 16:32   #10
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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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