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Is 3.875 a good rate for a 30 year refinance at 85% LTV? I have a credit score of 810

by jimand_566_696 from Warrenville, Illinois. Dec 31st 2012 Reply


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#62 ranked lender in

What is the loan amount? It would be tough to tell you yes or no, plus we are all going to tell you to shop around anyway. If you would like a comparison, feel free to reach out to me by email at geofrey.merino@flagstar.com. I would be happy to provide you with a comparison.Geofrey Merino geofrey.merino@flagstar.com

Dec 31st 2012
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Barb Lanis (BarbLanis)
#2 ranked lender in Illinois - 564 contributions

I am a Local Illinois lender located in Schaumburg. Please feel free to contact me if you would like to compare your options. I would need just a few more pieces of info to give you a proper quote. Since you are above 80% LTV, that puts you in PMI territory, but then again you may qualify for a HARP refinance with no PMI required. barb.lanis@1amllc.com 1st Advantage Mortgage

Dec 31st 2012
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Sam Perez (SamPerez)
#53 ranked lender in Illinois - 30 contributions

Hi jimand, thanks for the question. It depends on the type of refinance you're doing and how much the lender is making on the deal. With your score and LTV I'd say you should be able to obtain a rate of 3.50% or better as of today. I'd be able to give you an additional rate reduction if we solidify something this week - please contact me if you would like a more thorough second opinion. Thanks. Sam at www.silvercreekfinance.com

Dec 31st 2012
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Todd Tholl (ttholl@equityloansllc.com)
#4 ranked lender in Iowa - 206 contributions

if it's an owner occupied, single family, no cash out refi, you should be able to get closer to 3.375% on a 45 day lock.

Dec 31st 2012
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Richard Glover (rglover)
#42 ranked lender in Illinois - 69 contributions

I'd say it is likely you can do a little better. I work for a local lender and can easily assist you. Please call or e mail me and I can get your questions answered.

Dec 31st 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Defintiely need more info like is this a primary residence, or a 2nd home, or a condo, and is there someone else on the loan with a lower score, does the loan have LPMI, is it a HARP loan, is it a HARP LP or Fannie loan,etc. There are a lot of pieces missing but get a quote from all those above and compare to what they have and also keep in mind that if you are told a rate today it can and WILL change between now and when you close. If the quotes are estimated for a rate that will be locked in 30-45 days from now, plan on the rate going up.

Dec 31st 2012
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 1,378 contributions

Lots of variables in that rate, assuming it is a HARP eligible loan I'd likely be quoting something lower than that as your best option - as I expect others would as well.

Dec 31st 2012
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James Barath (JamesBarath)
#1 ranked lender in Indiana - 329 contributions

Historically speaking...absolutely. Happy New Year!

Jan 3rd 2013
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