Community Forums > General Chat

Mortgage Rates are DROPPING. I am a Loan Officer - Any Questions?

<< < (5/5)

Kairon:
What amount is too low for it to be worth the bank's time to do a mortgage or refinance? For example, I've been been toying with online "get a quote" tools for a refinance in that amount (50k balance + 50k cash out) and I keep getting ZERO results.

BlackNMild2k1:
$50k on a first mortgage is low.... rate wouldn't be optimal.
At that point, I would suggest you pay it off into a HELOC with a lower rate, even if it's adjustable.

$65k and below is usually were pricing is not the best from what I've seen.

$100k cash out is good. You should have taken advantage of the low rates over the last month, or the Home Equity promotion we just had (ended 3/31) that had a starting rate of 1.74% for the first 12 months.

But for a $100k cash out loan, I would look at a smaller lender for better rates (get a quote/loan estimate), and if you'd rather have your loan at a larger establishment, just take the quote to them.

PSA: Some Larger lenders like Wells Fargo have stopped doing Cash Out and Jumbo Loans for the time being. They have also temporarily stopped ordering appraisals. so choose your lender wisely.

(my Bank is business as usual for now, and we are matching all legitimate offers in writing)

If you want me to look at a Loan Estimate for you to make sure you're getting a good deal, just message me. Be sure to compare the APR between lenders.

UncleBob:
...what

RABicle:
When will rates drop again Elmo? My family and I are suffering under 6% interest!
Also ****, your original post. 30year fixed rates? In Australia the banks don’t offer any more than 3 years fixed.

BlackNMild2k1:
they are slowly ticking down over the last week... but not enough to make a difference for most.

I know in Canada they also do not have 30yr fix mortgages....must be rough.
Here in the US though, we're not really expecting anything major in rate reductions till sometime mid to late next year, which sucks, and is also an estimate I really hope proves to be wrong, as I really hope reductions in rates start happening much much sooner than that.

Navigation

[0] Message Index

[*] Previous page