close

Privacy guaranteed - Your email is not shared with anyone.

Lowest mortgage rate?

Discussion in 'The Okie Corral' started by jp3975, Oct 4, 2012.

  1. jp3975

    jp3975

    Joined:
    Nov 13, 2008
    Messages:
    7,400
    Likes Received:
    457
    Location:
    Texarkana, Tx
    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?
     
  2. sombunya

    sombunya Use it up, throw it away

    Joined:
    Jun 25, 2009
    Messages:
    5,081
    Likes Received:
    1,783
    Location:
    Kookifornia
    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%.
     

  3. gjk5

    gjk5 Pinche Gringo

    Joined:
    Sep 26, 2006
    Messages:
    7,101
    Likes Received:
    0
    Location:
    Grand Junction Colorado
    Go to a local company, don't refinance with an internet idiot.
     
  4. snubfan

    snubfan Giant Member

    Joined:
    Apr 23, 2008
    Messages:
    2,351
    Likes Received:
    293
    Location:
    Omaha
    Check out the local credit unions.
     
  5. AirCav

    AirCav Out Front! CLM

    Joined:
    Aug 12, 2000
    Messages:
    1,967
    Likes Received:
    238
    Location:
    Tennessee
    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.
     
  6. jp3975

    jp3975

    Joined:
    Nov 13, 2008
    Messages:
    7,400
    Likes Received:
    457
    Location:
    Texarkana, Tx
    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.
     
  7. gjk5

    gjk5 Pinche Gringo

    Joined:
    Sep 26, 2006
    Messages:
    7,101
    Likes Received:
    0
    Location:
    Grand Junction Colorado
    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.
     
  8. jame

    jame I don't even know....what I'm doing here....

    Joined:
    Apr 6, 2002
    Messages:
    6,265
    Likes Received:
    2,370
    Location:
    Central Iowa
    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: Oct 4, 2012
  9. jp3975

    jp3975

    Joined:
    Nov 13, 2008
    Messages:
    7,400
    Likes Received:
    457
    Location:
    Texarkana, Tx
    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.
     
  10. jp3975

    jp3975

    Joined:
    Nov 13, 2008
    Messages:
    7,400
    Likes Received:
    457
    Location:
    Texarkana, Tx
    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.