Financing in Allen>Question Details

Richard, Home Seller in Sacramento, CA

What is refinance interest rate with 790 credit score ? We got 4.125% with 15yr fixed. Hope to consider no point, no fee.

Asked by Richard, Sacramento, CA Sun Nov 6, 2011

The house bought at $180k and left $120k to pay todate. Does it help with refinance rates, if we wish to pay up $60k to reduce principal ?

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8
15 year refi should be quite a bit cheaper than the 4.125% given that all other aspects of the loan needs mach up.

Here are two of my favorite lenders, both are with WR Starkey mortgage

Stephan Akin - 214-987-9999
Maryann Howard - 972-599-5274

Brian Rayl
Keller Williams Elite
972-949-4222
Brian@Rayl-estate.com
http://BrianRayl.com
0 votes Thank Flag Link Mon Nov 14, 2011
Richard,

You may want to contact one of the lenders. They'll be able to work with you as my clients have or you can meet with them at their office if that's better for you. Patty Morris and Pam Miller are quite local while Larry is out of Bedford, but you can still call him.

I hope this helps!




Susie Kay, GRI, CHMS, SFR
Realtor®
Residential/Commercial/Investment
English-Indonesian-Hokkien
---------------------------------------------------
Keller Williams Realty
4783 Preston Road
469-371-2899

Servicing your real estate need is my priority!
0 votes Thank Flag Link Mon Nov 7, 2011
Hi,
Thanks for the answers.
This house (Allen, TX) is homestead and my primary residence house. I should've updated my profile.
I guess it is difficult to find one good rate and no closing fee and no point purchase.

Thanks.
0 votes Thank Flag Link Mon Nov 7, 2011
Hi Richard,

You'll definitely need to talk to a lender. Bare in mind, though, that if the property that you are planning to re-finance is an investment property, the rate will be higher than if it's homesteaded. I have a family member also in the process of re-financing and yours sounds like in the ball park. Of course, like others have mentioned below that your lender will want to evaluate the risk factor such as income, current value of your home, the leased price of the home, etc. You can call any of the following lenders and they'll be able to help you:

Patty Morris-Newby
Home Source Mortgage
214-532-8479 (mobile)

PAM STUEVER MILLER
FAIRWAY INDEPENDENT MORTGAGE CORP(formerly "Blue Star Lenders")
Direct: 972.543.2403
Cell: 972.740.8091

Larry Brand
Supreme Lending
682.738.2240 Direct

Good luck!

Susie Kay, GRI, CHMS, SFR
Realtor®
Residential/Commercial/Investment
English-Indonesian-Hokkien
---------------------------------------------------
Keller Williams Realty
4783 Preston Road
469-371-2899

Servicing your real estate need is my priority!
0 votes Thank Flag Link Mon Nov 7, 2011
Richard,
I was a licensed lender through 2010 and did not renew this year. I ran a scenario through one of my lenders calculators using TX rates and came up with a no fee loan for 15 years at a rate well below your quote. Your information is incomplete, so I made some assumptions which may not be accurate, your income, current LTV and debt ratio, so the reality could be different.
I would advise you to shop around before you accept 4.125.
0 votes Thank Flag Link Sun Nov 6, 2011
Richard,
You definitely want to talk to a mortgage professional...and consider getting a second opinion (or maybe even a 3rd opinion too). Lenders in general are much more regulated than they have been in years past, and you will find that asking 2 lenders to provide you with a Good Faith Estimate (GFE) for your specific situation is the best way to compare your options and make an informed decision. When you refinance, there will be closing costs - but comparing 2 or 3 reputable lenders is the key to making sure that you get the best deal. However, you will also want to consider the lender and their honesty, integrity, and capability to get your new loan closed on time as well.

I know that you are located in California, but investing in Texas real estate. If you would like a few good recommendations in the Texas area I would consider these mortgage professionals:

Mark Pfeiffer - ViewPoint Mortgage - 972-792-4294
Charlie Waller - WR Starkey Mortgage - 972-442-3757
Herb Ziev - Bank of Texas - 972-381-2462

Good luck with your refinance.
Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com
0 votes Thank Flag Link Sun Nov 6, 2011
Only your mortgage broker can provide that info. FOR fact much more is consider THAN just a credit score
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Nov 6, 2011
Hello Richard,

My 15 year rates with the top 15 wholesale lenders in the country are averaging about 3.125% a close to par rate. If you are looking for a no cost refi the rate would need to be at about 3.25% to 3.375%. So it looks like you can most likely do something. Even at less than a point in savings if you are not adding to your loan with a bunch of closing costs it makes sense to look into refinancing.

I only lend in Texas but you should be able to find similar rates and fees with CA based lenders.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Sun Nov 6, 2011
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