07-21-2014, 03:01 PM
Any recommendations for a mortgage broker in the Memphis area. I'm not going to do anything until 2015, but I'd like some recommendations for mortgage lenders in the Memphis area.
(07-21-2014 03:13 PM)oldmangrizz Wrote: [ -> ]Do it online......Quicken. I've used them. Simple and cheaper than any I've ever used locally.
(07-21-2014 03:01 PM)supertiger Wrote: [ -> ]Any recommendations for a mortgage broker in the Memphis area. I'm not going to do anything until 2015, but I'd like some recommendations for mortgage lenders in the Memphis area.
(07-22-2014 08:25 AM)mt-tigerfan Wrote: [ -> ]Our daughter is shopping for a 30 year fixed. She has an excellent credit rating and the best she can find is 4.2. Is that about as good as she can do or is there a better rate out there? Its been several years since we had a mortgage so I have no idea???
(07-22-2014 09:15 AM)angusbethune Wrote: [ -> ][quote='mt-tigerfan' pid='10924360' dateline='1406035545']
Our daughter is shopping for a 30 year fixed. She has an excellent credit rating and the best she can find is 4.2. Is that about as good as she can do or is there a better rate out there? Its been several years since we had a mortgage so I have no idea???
(07-22-2014 11:06 AM)mt-tigerfan Wrote: [ -> ]I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?
(07-22-2014 10:30 AM)aellis13 Wrote: [ -> ](07-22-2014 09:15 AM)angusbethune Wrote: [ -> ][quote='mt-tigerfan' pid='10924360' dateline='1406035545']
Our daughter is shopping for a 30 year fixed. She has an excellent credit rating and the best she can find is 4.2. Is that about as good as she can do or is there a better rate out there? Its been several years since we had a mortgage so I have no idea???
4.125 -4.25 depending on day is the conventional 30 yr market. The government programs (FHA, VA etc) are a little lower.
(07-22-2014 11:06 AM)mt-tigerfan Wrote: [ -> ]I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?
(07-21-2014 06:48 PM)maximus Wrote: [ -> ]My last mortgage I used Patriot Bank. I was pleased with the responsiveness and service.
(07-22-2014 11:06 AM)mt-tigerfan Wrote: [ -> ]I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?
(07-23-2014 11:15 AM)tigergreen Wrote: [ -> ](07-22-2014 11:06 AM)mt-tigerfan Wrote: [ -> ]I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?
She would have to stick with a conventional in her situation, I think; but the rate likely won't drop all that much between a 30 & a 20; maybe a hair.
The difference for her is going to be the rate she had vs. the new lower rate. 4.2 is probably about as good as it gets now. I think we got around that a few years back on our refi & that was the lowest one going then.
There's some kind of formula that you can use to determine whether or not it's worth it to refinance. I think the tipping point is about .75%. Under that it's usually not worth it to do.
(07-23-2014 11:47 AM)Phillip26r Wrote: [ -> ](07-23-2014 11:15 AM)tigergreen Wrote: [ -> ](07-22-2014 11:06 AM)mt-tigerfan Wrote: [ -> ]I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?
She would have to stick with a conventional in her situation, I think; but the rate likely won't drop all that much between a 30 & a 20; maybe a hair.
The difference for her is going to be the rate she had vs. the new lower rate. 4.2 is probably about as good as it gets now. I think we got around that a few years back on our refi & that was the lowest one going then.
There's some kind of formula that you can use to determine whether or not it's worth it to refinance. I think the tipping point is about .75%. Under that it's usually not worth it to do.
It depends largely on the amount of the mortgage. The benefit of refinancing at a particular rate is directly proportional to the amount of the loan. If your current loan is 5% and you are refinancing at 4%, your benefit over time will be less on a $100k mortgage than on a $250k mortgage. One must consider the time it will take to recover the cost of refinancing, and the likelihood of keeping the house long enough to do so. Most folks move every 7 or 8 years.
(07-22-2014 11:06 AM)mt-tigerfan Wrote: [ -> ]I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?