We recently met with a WF broker for a pre-approval for a house in CA (Bay Area) and was offered (yet to be on a letter) the rates as follows. 30 yr fixed conventional - 5.25%30 yr fixed conventional jumb0/jumbo - 5.75%Down Payment - 20%Credit Score - 700+, he said we are in the top ceiling. I know rates have gone up lately but this seems really high. Any thoughts?
Mountain View,CA | Jun 29th 2011
by michell...
Answer
by steve@1...
by PaulCampos
by Mike Ge...
Michelle,Good afternoon. Rates are calculated by more than just credit score now. But, in an overall answer, these seem a liitle high. Our conventional rate today based on the information that you supplied would be 4.875% and for a "high balance" would be 5.125%. Please let me know if we can answer any further questions. Thank you very much. Mike Jun 29th 2011
by cgummer...
Hi Michelle, Yes the rates you are being quoted are higher than our pricing. Working with a broker as you are, does have advantage of having more lenders and loan programs available. But a broker is a middleman and therefore your rate/costs can be higher. Working with a direct lender, you are getting the financing from the source. I am in California, if you are interested in what a direct lender offers, please contact me off this site. Thanks and good luck! Jun 29th 2011
by bmcfed
by kentuck...
by JoeMetzler
Your question doesn't give any lender enough information to make any sort of determination. I have a list of AT LEAST 21 CRITERIA in determining a rate for a customer. Loan size, credit score, loan type, LTV, CLTV, lock period, escrow preference, occupancy type, debt ratio, document type, cash out..... and many many more. Your only true determining factor is that quote is high, OK, or low, is to complete a full application with another lender for a true second opinion. Jun 30th 2011
by CaPortf...
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