Question by Michael W: Where can I find the lowest mortgage rate?
I’m trying to refinance and I’m looking for a low mortgage rate from a legitimate organization. Any suggestions?
I’m looking for 4.5% from a legitimate organiztion
Answer by Ashley
Bank of America is a good suggestion.
Know better? Leave your own answer in the comments!
I think your best bet is your local bank, that is as long as you have decent credit. If your credit isn’t the best then I’d try a mortgage broker. I would check with a couple of different places to, theres nothing wrong with shopping around. OHHH and if you use a mortgage broker, use a local one. Obvioulsy laws are different from state to state and you want a broker that is from the state you are buying in so they know the ropes. I had a deal once where a couple found a mortage broker in cal. and we are in iowa…I knew the whole time things weren’t adding up but my Buyers insisted they wanted this broker because he gave them a rate of 5% (this was about 5 yrs ago when it happened) and his closing cost were only around $ 1,500. Sounds great huh? Till the day of closing when the attorney got the paperwork, the rate was 13% and they needed $ 3,600 down. Lucky for my Buyer the were able to walk and get a loan from a local bank a block down. The broker tried blaming the rate increase and down on all kinds of bullsh*t reasons that didn’t make sense at all.
I know of a wholesale lender that gets pretty close to that on conventional loans as long as you have excellent credit and 90% or less on the loan to value.