Refinancing question.
Refinancing question.
My husband and I are currently refinancing. Our combined credit scores are 703'ish (his 723 and mine 689). we are being offered a 5 yr ARM at 5.25%. I want a fixed, 30 year but they are telling us the rate will be 6.65%. Our loan rep. knows that is too high for us and is coaxing me to take the 5 ARM. I have emailed him asking if we can reduce the 30yr fixed but have no response. i am sure he is frustrated because he had me convinced we would probably do something else or move within 5 years. My question is based on our credit is it possible for us to get a lower rate? We have had a 5 yr. ARM with this mortgage co. and they see our payment history, which is great. Also, our house appraised at only 8% higher than the payoff amount. Maybe they consider that too. Having typed all that, is there any flexibility with the quoted fixed rate? Or is it carved in stone typically?
thanks in advance. :-)
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Hi aholc!
Welcome to forums!
With the credit score that you have, it will be difficult for you get better rates than what you're getting right now. Nevertheless, you should contact other local lenders and check out what type of rates and terms they might offer you. This community has a large number of lenders. You can seek a http://www.mortgagefit.com/quote">no obligation free mortgage quote from them and check out if they can let you know what type of rates and terms you may qualify for.
Feel free to ask if you've further queries.
Sussane
1
Why don't you wait for some more time and take credit repair steps before takng out a refinance mortgage loan?
1
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