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Middle fico score of 719, what rate can I get for a refinance?

I have a home with roughly 175k of the original 250k left on the mortgage, currently at a 6% rate, my debt to income is roughly 40-45% and been working as an electrical contractor for the past 13 years averaging 60k a year. With my middle credit score at 719, what kind of rate could I expect if I refinanced into a new 30 year FRM? by tonyga_926_390 from Austin, Texas. Jan 3rd 2012 Reply


Aaron Brown (aaron.brown)
#77 ranked lender in Arizona - 37 contributions

Have you ever taken out any equity on this property? 30 Year is avg at 3.75% ( NO Points )Lender Fees: $ 840.00Aaron Brown ( 888-760-8383 Ext: 226 )

Jan 3rd 2012
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Chris Kelso (Chris Kelso)
#9 ranked lender in Texas - 11 contributions

Depends on the program FHA, Conv, etc....however rates are 3.75% on 30yr and 3.25% on 15yr FRM approx.Chris Kelso713.256.9138ckelso@willowbendmortgage.com

Jan 3rd 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Hey Tony... you open yourself up to misinformation when you ask "What's my rate" on any internet post... On the surface, it looks like you will have no problem getting a new mortgage. And rates are very low right now... but in order to get an accurate picture of what the costs and rate will be, you need to get something in writing. Contact a local mortgage broker, not a bank, and apply with them. Have them give you a "Fee's Worksheet" . This will have all the necessary information you will need to properly shop for the best rate. Keep in mind that rates won't vary much from lender to lender. Instead of shopping for rate, you should be shopping for someone you feel you can trust. Finding the right Mortgage Broker you can trust gives you assurance that your needs take precedent over everything else. WilliamAcres.com

Jan 3rd 2012
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Henry J Daniels, CMPSI, CMHS (HenryJDanielsNationalMortgage)
#14 ranked lender in Texas - 133 contributions

That's a great question. With a 70% loan you would Not have to pay mortgage insurance. I'd be delighted to assist you and see if a refinance is in your best interest. There are many factors that determine your final rate including when to lock and for how ling. Sincerely, Henry J Daniels - Sr. Mortgage Banker & CMPSI Certified Mortgage Coach "Educating you to make the right financial choices for your family today and tomorrow" Direct/Text: (936) 228-1944

Jan 3rd 2012
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Brad Cahoone (info@globalhomefinance.com)
#91 ranked lender in Texas - 1,042 contributions

Could be between 2.875% and 5.25%. Give me a call and we can discuss further. Happy New Year!Brad Cahoone - NMLS ID 184176 - Global Home Finance Inc - NMLS ID 316441 - 972-724-3222 ext 227 - 866-515-4097 ext 227 toll free - 972-692-7888 efax -972-420-1999 land fax -bcahoone@globalhomefinance.com -Saving Texas One Homeowner At A Time!!!

Jan 3rd 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Before you settle for a new 30 year fixed rate loan, you migh want to consider refinancing into a new 10 or 15 year loan. The rates are considerably lower, and it is likely your new payment will remain about the same, but if you could keep the same payment and pay off your loan many years sooner, taht might me an option to consider. Rates today are hovering right around 4%. 15 year loans are hovering around 3.25%. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org

Jan 4th 2012
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