Sam, Home Seller in Michigan

What is the current rate to refinance 30 years fixed with 0 point? Are appraisal of property same level as 2 years old? This requires refinance at

Asked by Sam, Michigan Mon Sep 28, 2009

very minimal to no cost. Any offers? Currently paying 6.25%

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3
Luke Allison, , Asheville, NC
Mon Sep 28, 2009
Assuming a 720 credit score and a loan-to-value at 80% - the par rate is 5.5% with no points and no origination.
Let me know if the variables are different and I can adjust it if need be.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Mon Sep 28, 2009
Wow! So little info for such a demand. Well, sorry, based on this info, you won't get much of a response. You'll most likely get a lot of people offering to do your loan. You kind of put yourself in a bad position based on your demands. You may want to reword it. You see, points are extra fees charged to a client who wants rates lower than available, so I would recommend not even bringing it up. For example, would you pay 3% in origination fees? Because, those aren't points. How about 3% in mortgage broker fees? Those aren't points. Would you pay a $500 processing fee? If you go with saying: I want to refinance with the lowest possible cost. This might work. Your rate will be higher because the yield spread of the higher rate is used to pay your fees. This is recommended if you plan on selling the house in 3 years. If you say: I want the lowest rate possible with average fees, then you'll get a better deal because the lender can work different scenarious. This is usually used for people in the house for a long time. No fees? Higher rate. With fees, lower rate. Your house is valued at what has sold in the last 6 months to 1 year in your neighborhood or within a 1 mile radius of your home to include foreclosures. In Peachtree City, Ga, the value of homes have gone up. check out cyberhomes.com.
0 votes
Derek Bauer, Agent, South Lyon, MI
Mon Sep 28, 2009
Do not be surprised if your value is 30% to 40% LESS than an appraisal from 2 years ago. If enough equity is there, and you will be at the property long enough, you may be able to justify a refinance, but I doubt it if currently at 6.25%.
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