Refinancing Home Mortgage
In: Mortgage Rate
11 Apr 2010Do you think the rates have hit bottom?
We like to use a local mortgage broker but the last time they did not over us the lowest rate out there. We knew the lowest rate from bankrate.com so we got it. Bankrate.com no longer lists the lowest rates in the US. Need another source
This is about mortgage information questions.
6 Responses to Where can I find the lowest mortgage rates and refinance rates in the USA on the internet?
Blue Pearl
April 11th, 2010 at 11:56 pm
http://www.bloomberg.com
you can get all financial news.
debberu
April 12th, 2010 at 12:50 am
No… they got real low last week and shot back up. The economy is not in good shape and combined w/ the housing crisis, I think the govt will try to further stimulate it. Rates havent gone down enough to spur the slow housing market. Plus in an election year, rates usually go down some more.
four2x4
April 12th, 2010 at 1:37 am
I suggest you stick with a LOCAL lender to prevent problems with low appraisals, and other pitfalls of using the internet for such a transaction.
I know, as I have had customers come back to me and tell their horror stories, and some never got their loan, coming back to me to do it.
This is a process best left to an expert in your area, and price should be a consideration, but the rock-bottom price, is NOT always the best “deal”… Trust me , I know…
Shop for knoweldge, and then rates, and then cost. In that order. Cost will be very close as I am in the business, and have to be competative, and still my conscience and integrity, keeps me doing a good job for my customers.
lenderjayne
April 12th, 2010 at 2:11 am
First off, be careful giving information over the internet to companies. They may be based overseas and may not have to honor the privacy act here. You are opening yourself up to identity theft.
Second, the lowest rate may not always be the best way to go. How much does it cost for the rate? How long will it take you to recoup the costs? HOw long do you plan on staying there. Your best bet is to find a local lender who maintains their client database who will look out for you when rates drop. Also, when you are calling around for rates, be sure they know are you going full document or stated, purchase, or refinance, loan to value, cash out, rate and term, etc. If you call around and they give you a rate without asking you the right questions then they are just throwing numbers out there and be prepared for bait and switch later. Your home is most likely the largest purchase you’ll ever make, so you should find a true, knowledgable professional. AFter all, if you have to have a life saving surgery would you go onto the internet to find the cheapest surgeon? ASk your friends who they use and if their lender keeps in contact with them.
godged
April 12th, 2010 at 2:50 am
It’s not just the rates you want to compare, look at the total loan package.
I just had a client go to an internet lender for a quote and the GFE was $5,000 more than the local lender, and if the refinanced in less than 5 years, there was a big penalty.
saeed q
April 12th, 2010 at 3:15 am
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON’T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha’s advice:
“Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.” You are the only “expert” you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is “selling” you something (its not advice, its advertising). Don’t buy “it.”