refinance rate

My quote from Wells Fargo last week for jumbo: 30 year fixed – 3.625% ; 10/1 ARM - 3.125%; 7/1 ARM- 2.750%; 5/1 ARM - 2.625%.

It is not advisable to quote a rate without knowing FICO score and LTV. That said Wells gives rate quotes for the best possible scenarios.

Muromec asked for best rates, and best rates are typically given for high FICO and low LTV, so one should assume both to obtain the best rates. I have closed two deals with Wells, and the initial quotes have held through closing.

REMom, Can I ask where you got 3.625% on a 30 year, low loan to value refinance, I have been getting rates of 3.875% - Thanks

REMom: they locked in your rate. That said Wells Fargo settled with the Dept. of Justice for ncharges that it discriminated against blacks and Hispanics. They settled a claim with Maryland AG over deceptive marketing practices relating to adjustable rates.

I as a mortgage broker have saved my clients tons of money that a lender can't do.

We're currently locked in to a 30 year at 4% (non conforming as 900k / 1.65m valuation), anyone know if you can get a better coop rate than this? (fico in the low 800's).

4% sounds high especially given your fico and ltv. You should be getting rates closer to what REMom posted above. Try Wells

@Feelhong, we are with Wells Fargo :) though the 4% was last year (I'd need to look it up and say August). I'm thinking if @muromec ever comes back to this post and details the name of his broker that is offering 3.65% that I'm in the market to refinance our $900k (possibly even cash out $50k for renovations) so hopefully he/she comes back.

4% does sound high. Try Sunny Hong at DE Capital or Astoria Bank (formerly Astoria Federal)

Cash out would require a minimum LTV. Therefore depending on FICO score and LTV, somewhere in the neighborhood of 3.75%. But rates can change quickly .

Ellen Silverman
E. S. Funding Co.
Mortgage Broker. since 1990
NMLS #60631
RealEstate Broker since 1987
esfundingco @aol.com

As far as I know... there is no such thing as 5/1 ARMS, I was told the gov't stopped this product by heavily taxing it, thus making it not feasible.

With that said, I recently got a 7/1 ARM with a 2.875 rate via HSBC

I'm pretty sure 5/1s are still available, but maybe not for all types of properties/products? Do you mean the gov't is taxing the banks issuing the loans? It seems to me recent years would be by far the safest for a 5/1 loan in terms of consumer protection.