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Started By
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Chase quoting different rates for new loan vs refinance?
Posted on 8/12/20 at 9:10 am
Posted on 8/12/20 at 9:10 am
Sorry for no text, didn't know it would submit post when I hit enter on subject line.
Looking to refi current mortgage at 3.875% interest to get a lower rate.
Chase website (current lender) for my zipcode quotes 2.75% for new home loan but 3.25% for refinance? What's the reason?
Do I need to shop for another bank to get that low of a rate? Seems shady to me that they would have different rates.... a loan is a loan...
Looking to refi current mortgage at 3.875% interest to get a lower rate.
Chase website (current lender) for my zipcode quotes 2.75% for new home loan but 3.25% for refinance? What's the reason?
Do I need to shop for another bank to get that low of a rate? Seems shady to me that they would have different rates.... a loan is a loan...
This post was edited on 8/12/20 at 9:13 am
5
Posted on 8/12/20 at 9:21 am to F73ME
Refi boom allowing them to charge higher rates. This is not unusual, and even though a refi should be lower risk. It is probably higher risk that the person does not follow through closing the loan.
Posted on 8/12/20 at 9:52 am to F73ME
Loan pricing is no different than bond pricing.
What bond has less risk?
Purchase or refinance?
Cash out or rate term?
95% loan to value to 90% to 85% to 80% to 75% to less?
What bond has less risk? 740+ credit score? 720, 680, 650, 620, 600, 580?
Congratulations. Your eyes are opening to the way that things have been for decades. You'd be shocked to hear the other factors in the secondary market that affect mortgage pricing.
What bond has less risk?
Purchase or refinance?
Cash out or rate term?
95% loan to value to 90% to 85% to 80% to 75% to less?
What bond has less risk? 740+ credit score? 720, 680, 650, 620, 600, 580?
Congratulations. Your eyes are opening to the way that things have been for decades. You'd be shocked to hear the other factors in the secondary market that affect mortgage pricing.
Posted on 8/12/20 at 9:53 am to F73ME
Switch lenders. I got my original home loan through chase and it was very competitive with lots of cash towards close.
I am in the process of refinancing right now and chase wasn’t even close to any of the other quotes I received.
I am in the process of refinancing right now and chase wasn’t even close to any of the other quotes I received.
Posted on 8/12/20 at 11:26 am to F73ME
Find someone to shop for you. That's what I do (did - mortgage free ow). Shot him an email and got him to crunch the numbers.
Posted on 8/12/20 at 12:15 pm to hawkeye007
Thanks, I'll shoot you something
Posted on 8/12/20 at 12:19 pm to F73ME
Two words:
Local Bank
Local Bank
Posted on 8/12/20 at 12:39 pm to kywildcatfanone
quote:
Local Bank
I've also sent an inquiry to first American.
Posted on 8/12/20 at 1:32 pm to F73ME
Who is your contact at first american?
Posted on 8/12/20 at 3:58 pm to Brightside Bengal
I used their general online form.
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