I AM BUYER AND HAVE PRE APROVAL FOR LOAN HOUSE INSPECTION IS DONE APPRAISAL IS DONE WAITING FOR FINAL APROVAL FROM BANK SELLER AGENT PUSHING FOR REMOVAL OF COTIGENCY WHAT IS THAT ME HOW DOES EFFECT BUYER. SPEND MONEY FOR APPRAISAL INSPECTION, AND SOME DEPOSITE... more
And I stand by my post that you should close neither because if there are closing costs associated; it's too much. This is a refi, not a purchase. The idea of refinancing is to improve your position as much as possible and we are not talking pennies here. Take the 4.875% fixed and find pricing that will cover all of your closing costs, it won't be hard.... more
Gregorio Denny was part of right. When the agent or broker is giving you quating rate, it should come with both Rate and APR. As an agent or Broker should be very carefully regarding to this matter. I have just provided general information. For my answer, many lenders support loan at 4.5% for 30 years fixed conforming with no point no fee, and Super conforming that is from $417K up to $72,9750( Gregorio was right) can be 4.625% for 30 years fixed with no point no fee; 1/5 ARM can be 3.375% for conforming with no point no fee, and 3.5% for superconforming with no point no fee.
For Jumbo Loan, you can get 1/5 ARM at 4.5% with no point no fee; 30 fixed loan at 5.5% to 5.75% with no point no fee.
For getting the best rate, your credit score is better higher than 740. Different lender has different rule. Some lender dose provide 0.125% improved when you do impound. For conforming and superconforming with 30 years term , lender has 0.25% improved if your LTV is lower than 60%.
Above information is general information only . I wish you can get some ideas.
Please accept an apology . I should edit my answer well before I posted it .
Regarding to NMLS requirement, I think Gregorio was part of right and part of wrong. Please see the link :
It states clearly MLO requirements. I do have NMLS number. I do not like to speak ills with others. It will not make me better .... more