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Discussion in 'Archived Threads 2001-2004' started by Alex S, Jul 8, 2002.
I'm looking to to refinance and get a 30 year fixed mortgage. What rate should I be able to get ?
The rate you'll qualify for really depends on what your credit looks like and the percentage of the value of your home you are borrowing. It also depends if you want to pay any discount points to buy down the rate. Assuming you have no credit issues and you're not maxing out your equity, current 30yr rates at par (no buy-down) you should be able to get around 6.6-6.875%. it will vary by lender as well as the closing costs you'll have to pay.
Try www.bankrate.com. Rates are regional so all will differ. The unwritten rule is don't refinance unless you can drop your rate by at least one full point. Once you pick a lender, check them out with the Better Business Bureau. We ended up great rate, but our customer service was horrible. Every step of the way was stressful. They lost our tax returns, they mailed the closing documents to the wrong zip code which delayed our closing a day. We were told the day before the closing that our lawyer didn't meet their errors and ommissions standards and we would have to find someone else. We fought that point and won. In the end, they sold our loan after 6 months and they are out of our lives forever. So be careful!