Conventional 30 year Mortgage: 4.5%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.75%
FHA 30 year:4.125%
Credit Score:640
LTV:96.5%
loan amount:$200k
APR:5.27%
Conventional 15 year:3.625%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:3.93%
Rates are Subject to Change
Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.
Hi Dave, Thanks for the rate update.I have always been under the impression one should not refinance unless there is a spread of at least 100 basis points between the old loan and the new loan with new loan obviously being at a lower rate. Do you agree with this principle?
Bob, great question. My rule of thumb is compare the cost vs savings. And if you can recoup the cost within 3yrs or so, the refinance makes sense. thou it depends on the clients specific needs. I have seen examples where 1pt difference in rate did not make sense, based on the costs vs savings.
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