Best Mortgage Interest Rate in Bay Area ( New home and Refinance )
If you in buying homes or multiple homes, what lender do you recommend bank or private lender or credit union and what interest rate are you averaging at ? PS: Assuming credit score over 770, I agree there are lot of variables to it but lender with good interest rates or competitive rates if shared would be welcomed @mortgage
I always go through an independent mortgage broker who can match your situation and qualification scenario with the right product at the right bank.. Very hard to compare rates since the market is volatile and another person might have locked it during a temporary dip or spike.. And the rate may or may not include points - both types, negative points where you get credit to use towards closing costs and positive points where you are saying cash up front yo buy down the rate.. So, better to compare the options for your situation in a given day at various banks than compare with another borrower..
Broker = middle man = additional costs. Go directly to the bank. Ideally your primary bank.
The guy at your primary bank in main Street is peddling retail lending product with some commission on top.. brokers (the right ones with good referrals) get you wholesale products at the same bank.. Also I usualy find the frontline lending officers strictly go by the book and are 9-5, poor customer support.. But if you are a noob, it is probably safer and more comfortable to go with a lending officers at a bank..
Hence the statement “one you can trust”. Take two trustworthy lenders, one from a primary lender vs a broker, primary lender wins all day. The bank IS the wholesaler. Where you you think the broker is going to get the money?? They don’t make money unless they repackage and sell to a GSE or sell on the open market. There’s a cost associated with that which is passed on to the borrower. Banks will absorb those costs because of the sheer volume. Brokers serve a purpose though. They serve clients considered too risky for a primary lender. Brokers are the alternative for alt-a and subprime credit clients. Banks won’t touch these clients.
With ideal credit, ltv, conventional loan, 20% down, 30yr fixed, owner occupied, 30d lock. Your best rate is 4.0% these days. But daily fluctuation can be 0.125-0.25 or higher, depending on the market. Trending up, but you can get down days. So maybe 3.875 or even 3.75 could be possible.
I am looking for 5arm or 7arm
4%? Isn’t the minimum 4.5% nowadays?
Lock rates asap if you plan to buy. Rates are going up weekly.
Had a good experience with First Republic Bank
I’ll check with first republic as well thanks
That’s like asking where you can get the cheapest fuel. Look for a good lender, one you can trust. The rate is based on market conditions, not the bank.....unless you go to a mortgage broker. Then be prepared to get screwed.