The broker did good work last time for you or you wouldn't be going back. Two years ago lenders were going out of business left and right. It's gotten better as far as stability of knowing were, as a LO, you will place a loan. But, It's the LO's ability to present a quality loan, that counts the most today. Do you really want to take a chance with someone else? .... Happy funding, Rudi
I agree with Ted on several levels. There are many variables we do not know in regards to your loan that can have a negative effect on your "pricing" or final rate, so I don't see how anyone can come up with an absolute "yes, that's too high" without analyzing the full story. Did you know that there are over 20 different variables that are taken into consideration to determine your rate?... such as:
* are you refi'ing your home, 2nd home or investment property?
* if it's an investment property, is it a 1, 2, 3, or 4 unit property?
* are you refi'ing a condo or single family residence?
* are you receiving any cash when you refi or is this strictly to lower your rate?
* what is the appraised value of your home verses your new loan amount?
* are you paying your own taxes & insurance or are you including it in your monthly payment to the bank?
* what is your credit score?
* do you have more than 5 financed properties?
* and finally, what is your rate & what day did you lock or were you quoted this rate?
* sometimes banks will add an additional layer of pricing (translation: higher cost to the borrower) if your debt-to-income ratio (DTI) is over certain thresholds.
These are just some of the variables. I can email you the entire list - let me know. Please feel free to contact me directly if I can help you with any questions you may want a second opinion on.
Good luck with your refi & all the best,
Roswell Moore, CMPS
Certified Mortgage Planner
NMLS ID 263779
Faith Home Loans
Get Pre-Approved: http://www.faithhomeloans.com/express.html
It all depends on what the rate is. If it is a below par rate, then you are likely paying the discount. If not, then it may be high but then again, is the 1.50% paying the origination and the bank fees? If so, then it is in line. If not, then it may be too high. The best thing you can do is contact another lender and see what they offer you. If you'd like, you can contact me and I will gladly price it out for you (Keep in mind, I do not do loans in California) but can definitely give you an idea what you should be looking at.
If you'd like, call me at 480.344.3671.