Best mortgage rate this month?

Amazon
Timcock

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Timcock
Apr 11, 2018 46 Comments

Assuming A+ credit score, (> 770), whats the mortgage rate you have got and from which lender?

30 year fixed or ARM?

I will start with my current offer:

Wells Fargo-71 ARM-3.5% -30 year fixed - 4.125% - 1M loan and 20% down.

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TOP 46 Comments
  • 3.675, 30 year. Wells Fargo (repeat customer and flyby "relationship" discount)
    Apr 11, 2018 6
  • Intel / Other
    oral-B

    Go to company page Intel Other

    oral-B
    Isn't jumbo loans like 4.6%? How do you guys get it that low nowadays??
    Apr 11, 2018 5
  • Apple / Eng
    ʞɹɐԀǝldd∀

    Go to company page Apple Eng

    PRE
    Microsoft
    ʞɹɐԀǝldd∀
    ARMs only make sense for < 7 year windows and looking to sell and relocate during that time. Makes sense during large equity appreciation spurts. But these rates will not last. They only exist as a function of the Feds keeping rates artificially low. I remember 6.5% interest rates not too long ago. Even that was “cheap.”

    As our national debt grows towards 30 trillion, this scheme will not last. In 10 years, we’re looking at close to 36 trillion dollar debt. Rates will have to go back up before then. Money will cost a lot more to borrow.

    The first year reset of ARMs can be very jarring. I got a 30 year fixed because I’m done moving around and looking for a long term hold. I’m not touching ARMs with a 6 foot pole. The best ARM I can find only saves me ~$250 per month. Not worth the savings.
    Apr 13, 2018 2
    • Not worth $1500/yr? Agreed on the historic 30 year lows though. Rates are unlikely to go down anymore.
      Apr 13, 2018
    • Apple / Eng
      ʞɹɐԀǝldd∀

      Go to company page Apple Eng

      PRE
      Microsoft
      ʞɹɐԀǝldd∀
      Hell no. Not worth the risk of rising rates. 5-6% will be the reality again soon. Jumbo ARMs will move up into the mid 4% next year. Even if they do stay low, they force you to refinance again every 5 years. That costs a lot money and you’re just on a hamster wheel of interest payments on the amortization schedule.

      I’d rather take my RSUs and invest it or make a large payment once per year on my 30 year fixed. I do not plan on selling my home. I’ll rent it out when I’m ready to move.
      Apr 13, 2018
  • 20% down?
    Apr 11, 2018 0
  • Wells Fargo 30yr fixed 3.875% with $6000 lender credit, no points no fees. 2.1mm purchase price. I don't qualify for ARM
    Apr 11, 2018 8