It's a great rate
Why ARM?
Isn't 30 year fixed not very popular? I don't know if I will stick to this home for 30 years
I just refinanced at 3.375% for 30 year fixed. Bought 2.5 years ago with 4.25% interest rate. Have roughly 35% equity in $1.1m house in northern Virginia. I’d shop around I used lending tree and then had my broker match. No points either.
What's a lending tree? I need to close soon so may not have the luxury of time to shop
Lending tree is a large network of brokers. Once you input your info you’ll receive 15 or so emails and calls telling you rates and whatnot. It’s a quick and efficient way to shop around for rates. Will take about an hour of your time to submit info and talk to everyone. Ask for written quotes to try to work another broker down lower
I bought a SFH in Cupertino in July. 7ARM was 3.25%, no pont no fee. It is before Fed cut rates. Contact smaller brokers instead of big banks as they can shop best rates among big banks. PM me if you need the contact number.
Don't do an arm obviously when a 30 year fixed is the same or lower. Lender credit should be 100% for jumbo plus some silly incentive. Eg wells will offer you a TV.
Dude look at the rates now. 30 yr fixed is doing better than arm. Take a competing offer from DCU( low rates but shit bank) to Wells Fargo and they’ll instantly match it. I’m in the pns agreement signing stage right now. Banking with Wells Fargo. 15 yr fixed, 2.875% interest. ~300k mortgage
If bank for America and Wells Fargo offering the same deal, which one should I go for? I am already a customer with BOA!
Based on what my realtor told me, BofA apparently is really disorganized with mortgage loans since it is not their primary market. Wells Fargo will be a better choice. You being a customer does not make any difference to a mortgage application.
I got 2.875% from WF for 20% on a 7/1 ARM last Summer
Do builders have their own tie ups with banks to close a home sale on time?? I have a home loan with Bank of America; but my builder is pushing I go with US Bank to close the home. He says they will close in 10 days, BoFa is not promising to meet on closing time (their rates are good though) I have no idea about either banks, so any insight will be helpful.
Absolutely, some builders even have their own mortgage companies like TollBrothers have TBI mortgage
Which city ?
San Jose sorry!