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Rates are CRAZY Low but can I get a loan?
Rates are CRAZY low, but can I get a loan?
Earlier today I posted the following message on my facebook profile:
Rates have dropped again...just priced a VA Jumbo streamline at 4.25% with the only cost to the borrower being the financed funding fee of 1/2%....Call me if you would like me to review your mortgage! 410-960-2061
I remember when I was first working with the above mentioned borrower's purchase loan.  Rates were running between 5.0% and 5.5%.  When we were able to lock at 5% the borrower was thrilled.  Not long after, we helped them to refinance the loan and save over $100/mo with ZERO cost. I was surprised, I never thought we would be able to discuss refinancing, but rates continue to drop. 
Based on today's rates, I am able to pay all of the costs (with the borrower financing the 1/2% VA funding fee) on the VA Jumbo (High-Balance) streamline refinance (IRRL) in Maryland and save the client almost $300 per month with a break even in less than 1 year.  These rates are crazy low, my client is a big fan of saving money.  The only thing we have to confirm is the appraised value of the home, a new requirement placed on streamline refinances by ... more

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