By Tammy Engel
Mortgage Advisor
Really – shop that internet offer!
Mortgage Matters
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Out of curiosity, I looked at online mortgage rates today. The findings are astonishing, and suggest that before you click away, you really should shop any online mortgage offer you’re entertaining.
Three huge internet lenders are posting refinance rates for credit scores 760 with 20% equity on a $250,000 loan balance. Lender L quotes 3.5% with 1.375 points and $1,595 in fees. Lender Q posts 3.75% with 2.0 points and $3,900 in fees. Lender A quotes 3.875% at zero points and $1,250 in fees. Payments range from $1,122.61 to $1,175.59 per month, with their APRs range from 3.6% to 4.0%.
Running a search locally for the same scenario, I’m coming up with 3.5% note rate ($1,122.61 payment and 3.6% APR) at one point plus $1,661 in fees.
How can it be that a small-town lender beats the giants? It could be different for your distinct situation, but just a few minutes spent crunching numbers could save you lots on your next mortgage transaction. Please do your due diligence and shop around before you make your next home loan application.
Tammy Engel is your local Mortgage Advisor, working for your best interest since 1990. Contact her for purchase, refinance, and reverse mortgage at 661/822-7325.
