Ask Terry Questions mortgage rates

mortgage rates

By Terry Savage on September 15, 2019 | Housing / Real Estate

I’m paying 8.5 %, on a 30 year fixed, because of some tax problems. I’ve recently cleared up the taxes, and the lien is being removed. I’ve been quoted new rates for refinance as low as 3.75. My credit rating is 745. Are the new quotes fair, or could I reasonably negotiate a lower rate? Do you anticipate rates dropping even lower in the near future?? Thank you for your time on this issue.

Terry Says

I think if you can get 3.75 it will be a miracle. So I’m thinking that there are some other “costs” that help “buy down” the rate to that level, given your credit history.  Suggest you ask about that.  And maybe do a comparison at, where they do so much mortgage refinancing that you’re likely to get a clearer picture.  Ask about the rate and any up-front costs.  If those “costs” are rolled into the mortgage (not only appraisal fees if necessary, but closing costs,) you should ask for them to be quoted separately, so you can do a real comparison.  And don’t delay.  Rates have started to climb higher a bit in the last few days.



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