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Middle FICO score of 744, what kind of rate for a home refinance on mortgage?

My home is worth 325k and I have a loan amount of 254k. If I have okay credit, a debt to income ratio of 30-40% and good income, roughly 75k a year with wife's 35k, can we get a good rate? Currently at 6.25% by clancy_465_430 from Fresno, California. Jan 9th 2012 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

Generically speaking, your situation sounds like you should qualify for the best the mortgage industry has to offer. With that said, the true answer it is much more complicated than that. Every person should sit down with a local LICENSED Loan Officer, give them a full application, and let them professionally review your situation. This is very different than applying online with some out state lender, or calling one of the big banks and talking to an unlicensed application clerk. Visit my web site at www.MnBestRates.com, then use that information to find a great local lender in your area.

Jan 10th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Absolutely. You should be looking at the very low 4s for a refinance. 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 ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Jan 9th 2012
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Based on what you have outlined it looks like you would qualify for a rate of 3.875% for a 30 year fixed with zero points. Give me a call at 866-970-3400 x-274. Joe Shamie

Jan 9th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

You are a prime candidate for refinancing. Contact a local mortgage broker, not a bank, and apply with them.. Be sure to get your quote in writing. WilliamAcres.com

Jan 9th 2012
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Dan Paladin (dpaladin)
#1 ranked lender in California - 582 contributions

Appears that you are well qualified for an excellent rate. Definitely much better than what you have...Contact me for a no obligation cost analysis.877-369-4319

Jan 9th 2012
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Don Maher (don@ucloan.net)
#374 ranked lender in California - 30 contributions

ClancyIt sounds like you are well qualified, but in order to get an accurate quote, you would need to provide a credit score, as well as what type of property you have( sfr, condo, duplex) Fannie Mae has a loan limit price adjustment once you exceed 75% ltv on condos, so it is important to know. Also would like to know if you want an impound account for taxes and insurance. Once that information is obtained, you need to review a total cost analysis comparing no cost loans to 0 pt loans. You can see an example of one herehttp://www.donmaher.com/docs/analysis.pdfFeel free to call with any questions at 800-736-0565.Don Maher20 Year Mortgage Expert

Jan 9th 2012
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Rick Pelleriti (RickPelleriti)
#364 ranked lender in California - 59 contributions

Based on your info, I could offer you 3.75% with near zero points, and money back at 3.875%. Give me a call at 530-205-9145, and I'd be happy to provide this in writing to you and discuss your situation.Thanks,Rick Pelleriti530-205-9145rick@rickpelleriti.com

Jan 9th 2012
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Jeff Cost (midwestlender)
#41 ranked lender in Ohio - 164 contributions

There is neither a cost or obligation for the mortgage consultation. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Jan 9th 2012
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Kamyar Rezaie (KamyarKRezaie)
#333 ranked lender in California - 4 contributions

Definately! Based on your scenario, you qualify for an excellent rate! If you would like to review your sceanrio further in detail , do not hesitate to contact me at 818.703.9337 X 201. Kevin Rezaie, Wembleys Financial

Jan 9th 2012
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Michael Chandler (mchandler15)
#558 ranked lender in California - 7 contributions

Yes, you actually have a few options. You and your wife would qualify for either a conventional loan on a residence of 1-4 units or a FHA loan. The best rates right now with a mid fico score of at least a 660, the subject property is your primary home and the loan you are requesting is for a rate-term only refinance is realistically at 3.875% with no points and no lender fees with Nation Wide Funding Group. You can also pull money out if you needed to. However, it doesn't sound that this is the case with your debt/income ratios. Of course, an appraisal would be needed. Give me a call if you have any further questions. Direct 562.221.1263 or email: chandlerloans@gmail.com

Jan 9th 2012
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Hi Clancy:Assuming that an appraiser will agree with you and your home's FMV is $325K, it's a single family residence, and all lender guidelines are met, I can write a no points, minimal fees loan for you at 3.75%, or a no points, no fees loan at 3.875% based upon yesterday's interest rates. In fact, at 3.875% you may get a refund as much as $700 to pay towards other non-loan costs such as interest to the new lender, funding of your impound account (if you have one), and property taxes and insurance. Give me a call 16/7, or email me, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Jan 10th 2012
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