How long have you been paying 6.25%? That is almost double what you could get for a 15 year term right now.

ETA: To your question, there are several good banks around NWLA, if you are in Bossier. I use Bancorp for my real estate but I would call a few around the area.

This post was edited on 10/16/17 at 10:09 am

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Posted by silstang23

Bossier City, LA

Member since Oct 2007

4957 posts

Posted on 10/16/17 at 10:16 am to stevengtiger

I know that is absurdly high. At the time, it was my first loan besides a car loan and I was self employed with a decent credit score (around 710-720). I am no longer self employed. Been with my company 2.5 years now and 800+ credit score. With almost 50% LTV ratio I figure I should get a loan easily but new job length may hinder that. Have read 2 years employed with same company is the minimum.

This post was edited on 10/16/17 at 10:19 am

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Posted by baldona

Florida

Member since Feb 2016

20518 posts

Posted on 10/16/17 at 10:17 am to stevengtiger

quote:
How long have you been paying 6.25%? That is almost double what you could get for a 15 year term right now.

No joke, geez. Op, just look at some advertised rates online.

With that much equity and that loan, if you have 700 plus credit score you should easily get a loan in the 3% for a 15 year and maybe able to get a high 3s 30 year. That's the prime amount for a loan to get the lowest possible rates. I got a 15 year 3.5% recent on a refinance I probably could have found lower but there was some extenuating circumstances on why I went with that bank.

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Posted by silstang23

Bossier City, LA

Member since Oct 2007

4957 posts

Posted on 10/16/17 at 10:25 am to stevengtiger

Stevengtiger, are you in the Shreveport/Bossier area? I had someone recommend Bancorp South as well.

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