Is this a good rate? 3.75% 30 yr fixed

Skillet Shot

Joined: Dec 2, 2015

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First time home buyer, and want some intelligent opinions on this interest rate. I have only talked to one lender so far. Is it common to shop around for the lowest price? Any benefit to using local lender vs major bank or online company?

30 yr fixed
3.75% interest rate
$350k loan
20% down
755 credit score
Tarrant County

Deats99

Joined: Nov 12, 2005

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3:05p, 8/16/16

not bad but not great. Call me if you want to shop. Info is in my profile.

A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton

SteveBott

Joined: Jan 22, 2002

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3:08p, 8/16/16

That is high to me. I can do better. Is this with points or lender credit? are you escrowing? Is it new build or existing?

Deats99

Joined: Nov 12, 2005

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3:10p, 8/16/16

You should be seeing 3.5.

Email me if you want it

A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton

SteveBott

Joined: Jan 22, 2002

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3:20p, 8/16/16

I am same as Deats. depending on the details

Deats99

Joined: Nov 12, 2005

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3:21p, 8/16/16

No one is the same as me

A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton

SteveBott

Joined: Jan 22, 2002

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3:27p, 8/16/16

You got that right sir.

Diggity

Joined: Dec 4, 2002

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3:38p, 8/16/16

how much of a premium (if any) do you guys see on a cash-out refi vs. a standard loan?

SteveBott

Joined: Jan 22, 2002

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3:44p, 8/16/16

1/8th of a point on 30's. not bad

Diggity

Joined: Dec 4, 2002

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3:45p, 8/16/16

cool...that's about what I figured.

TX87JL09

Joined: Oct 16, 2006

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9:20a, 8/17/16

B2Funding.com

3.25% - Thank me later.

gvine07

Joined: Mar 11, 2007

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9:50a, 8/17/16

Definitely shop around Skillet, it won't cost you anything and shouldn't affect your credit score unless you go crazy. It could save you hundreds each month (or at least an origination fee).

If you go with an independent guy or gal you can request they sell the note to your bank

TX87JL09

Joined: Oct 16, 2006

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10:31a, 8/17/16

Agreed- however I think B2Funding is impossible to beat based on my research last week. They were like 4 8th better than the next best with no points and low closing costs. Plus they were a pleasure to deal with.

SteveBott

Joined: Jan 22, 2002

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10:34a, 8/17/16

Sell the note to your bank? What are you talking about? That is the craziest thing I've seen posted in awhile.

I have established relationships that I lock with and they buy at the rate I offer. It's called locking the loan.

jja79

Joined: May 24, 2002

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1:52p, 8/17/16

If this is your first home have you thought about an ARM to get a lower rate? It's unlikely you'll own the house for more than 7-10 years so what the rate would have been in year 15, 20, 30 is likely irrelevant.

As with the others I agree that sounds like a high rate given the circumstances you described.

flyingaggie12

Joined: Oct 16, 2010

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In reply to jja79 • 5:24p, 8/17/16

I don't see why you would do an ARM vs. locking a historically low rate down.

nvm. I guess it makes sense if you are planning to sell in a short period and you can lock in a lower rate for a long time. Just be careful with the caps and the adjustment periods.

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