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I have excellent credit (760), cash, 25% equity, Conforming Sub-417K , etc. and cannot get my bank to budge. I really do not want to go through the closing process again right now but money talks and I am about to walk... I don't really want to pay points. At 6% now. I'm looking for right around 5.0 in NJ.
Last edited by joe moving; 12-03-2008 at 06:01 AM..
I just got a great deal.............called a couple of banks first thing this morning got [ yeesterday i got 5.5] 5 3/8 than got a call back from hsbc girl gave me 5 1/8 if my score is over 740 which it is. So i called Chase asked them { i have my mortgage with them] what the best rate was and they told me 5 3/8 . i then told him i was taking my mortgage and good credit to wells fargo he then told me that if i would fax him my gfe from wells fargo he would give me the 4.875 withi free float down............this conversation took all of 2 mins..........if you have good credit now is a great time.......good luck to all
Concrats on the good rate!! In 2002 in I refinanced into a 20yr at 4.875%. My wife and I both know that is a great rate, but with the new talk in Washington - there is now talk about dropping the 10yr bond even lower, which rates could go down into the 3% range. If this happens - there will be a wave of refinances (including myself)...
One good suggestion - make 1/12th extra into your monthly payment. This will knock 7yrs off your mortgage, plus your get reported to the CB's as being more responsible and you credit score goes up!!! This is one of the reasons why my credit score is 796"...
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Originally Posted by Modification Specialist
Concrats on the good rate!! In 2002 in I refinanced into a 20yr at 4.875%. My wife and I both know that is a great rate, but with the new talk in Washington - there is now talk about dropping the 10yr bond even lower, which rates could go down into the 3% range. If this happens - there will be a wave of refinances (including myself)...
One good suggestion - make 1/12th extra into your monthly payment. This will knock 7yrs off your mortgage, plus your get reported to the CB's as being more responsible and you credit score goes up!!! This is one of the reasons why my credit score is 796"...
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I wouldn't look to the 10 Year Treasury Bond as an indicator of what mortgage rates will do. Right now the spread between the Treasuries and the FNMA bonds is very volatile. However, if the Treasury Dept. started issuing bonds with much lower yields you might see a flight from those fixed incomes to mortgage bonds and you may see the spreads tighten which would in fact bring rates down.
I have excellent credit (760), cash, 25% equity, Conforming Sub-417K , etc. and cannot get my bank to budge. I really do not want to go through the closing process again right now but money talks and I am about to walk... I don't really want to pay points. At 6% now. I'm looking for right around 5.0 in NJ.
I am a mortgage broker and I renegotiate rates all the time. I have one lender today at what you are looking in NJ.
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Mortgage rates
