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Mortgage Rates

Started by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Discussion about
I know this has been discussed before, but would like to get a sense of everyone's feelings on mortgage rates. I have been working with a broker and after recieving my app has quoted me a 6.25% fixed jumbo and a 6.375% 10 year fixed IO both with no points. He has stated that these are the best rates around, and I am reluctant to go through the app process again. Bankrate, etc. shows lower rates, but I have read that these are all bait and switch. So -- the question is -- how do I know that I am getting the best rates when the info online is suspect? Even a quarter point can make a huge difference. Thanks!
Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

check with other brokers or banks...you don't have to apply but if they know your parameters they should be able to provide you with realistic quotes.

6.25% fixed jumbo sounds pretty good w/no points...is it 30 yr?

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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

i just got one for a 30 year fixed jumbo last week for the same price, zero points as well and my broker checked through many banks as well.

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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

yeah 30 yr fixed jumbo no points; I saw some other posts that this was a good rate, but with all of the websites touting lower rates, it gets you thinking . . . kind of like going to web md and thinking that you have symptoms of every disease listed!

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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

Have you tried your own bank? Sometimes you can ask for a more favorable rate for being a "good" or "long time" customer.

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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

I just got quoted a 6.375 30 year fixed/ten year IO as well.

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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

you shouldn't rely on one broker...sure they check with multiple banks but other brokers can get different deals.

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