Home loan interest rates

Cadence
Mariposa

Go to company page Cadence

Mariposa
Nov 5, 2019 38 Comments

How much do banks or lenders offer lender credit??

Is a 3.125% on a 7 year ARM a decent interest rate. Doing a 15% down.

I have been talking to two lenders - US bank and Wells Fargo.

Also- how long does it take to close?

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TOP 38 Comments
  • 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.
    Nov 5, 2019 15
  • It's a great rate
    Nov 5, 2019 0
  • Amazon
    silver_fox

    Go to company page Amazon

    silver_fox
    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
    Nov 5, 2019 5
  • VMware / Eng
    tyxS31

    Go to company page VMware Eng

    PRE
    Microsoft, Hulu
    tyxS31
    I got 2.875% from WF for 20% on a 7/1 ARM last Summer
    Nov 10, 2019 2
  • New
    KIsx00

    Go to company page New

    KIsx00
    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.
    Nov 5, 2019 2
    • Cadence
      Mariposa

      Go to company page Cadence

      Mariposa
      OP
      What's a lending tree? I need to close soon so may not have the luxury of time to shop
      Nov 5, 2019
    • New
      KIsx00

      Go to company page New

      KIsx00
      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
      Nov 5, 2019