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Is 7% interest on a 30 year fixed refinance good or bad?

Is 7% interest on a 30 year fixed refinance good or bad? by kent8854 from Geismar, Louisiana. Apr 15th 2011 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,078 contributions

Just asking if 7% interest on a 30-yr fixed is a good or bad rate doesn't give any lender enough information to provide any sort of legitimate answer. That rate could be high, great, or even low! All lenders would need to have a full application, review your documents, including credit report, and understand what type of property you are purchasing in order to make an accurate quote. What I can tell you is that 7% immediately indicates to me that you do NOT have a standard situation. If the property in MN or WI, visit www.MnBestRates.com for a proper review.

Apr 17th 2011
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Scott Somerville (smartmortgage)
#26 ranked lender in Kansas - 6 contributions

7% is definitely above the current market rate; however, what is more important to focus on is maximizing your financial position through your mortgage. Please email me at ssomerville@primelending.com or call at (913) 749-5917 so we can put together a free mortgage analysis and structure the best mortgage plan to take advantage of today's low rates. Best regards,Scott Somerville

Apr 15th 2011
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Chris Gummerson (cgummerson11)
#394 ranked lender in California - 648 contributions

7% rate on a 30 year fixed is quite high, unless you are credit challeged and you are proceeding with a private money loan. Keep shopping around if you are decent credit worthy and have a conv, or FHA loan.

Apr 15th 2011
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Hey Kent, I agree with the rest of the group. 7% is entirely too high, but as Mr. Tominaga mentioned it really depends on the loan program. We all have access to the low rates available under FHA, the question the question you need to ask is how quickly can your loan be processed. I average a 15 to 20 day turn around. With clients that have all the needed paper work readily available I have closed loans in 2 weeks. If you are a Veteran and would like to use your VA entitlement you have to deal with a VA Home Specialist like myself. There are some good loan officers out there, but you need a full-time representative that will be available 24/7days a week. Following up on the process is key! That what I do! Give me a call to further discuss 1-855-790-1980 x407 or email me at jsanchez@westtownsb.com. Have a great weekend!

Apr 15th 2011
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Chris Corica (chris@myqcfunding.com)
#23 ranked lender in New York - 59 contributions

There is not enough info to answer your question. 7% could be good or it could be bad. There are a lot of variables involved. What is the loan amount? What is the LTV? Does that rate include any type of lender paid PMI? How is your credit? What is the property type? Are you able to verify your income and job history? All important question. If you are asking in regards to the national average and a standard SFR purchase or refi then YES, the rate is too high and other sources should be considered.

Apr 16th 2011
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Charles Petruzzi (garydear)
#117 ranked lender in Florida - 3 contributions

7 percent for a 30yr fixed is very high rate in this market. I you are looking toget a lower rate please visit themoneystore.com to see are low rates. We pride ourselves in having the lowest real rates in the nation.You can also email one of senior loan officer wayne.hardack@themoneystore.com for more infor

Apr 17th 2011
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David Tominaga (dtominaga)
#374 ranked lender in California - 4 contributions

Hello Kent.7% on a fixed rate is very high. But it also depends on what type of lon you are looking into. For a standand rate and term refinance I have programs under FHA for low fico at 620 rates are in the high fours to low fives.Please let me know.David Tominaga.Home Savings of America.877-900-4762 x 318

Apr 15th 2011
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