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Started By
Message
Home Refinance in South Houston
Posted on 12/14/15 at 2:15 pm
Posted on 12/14/15 at 2:15 pm
I am trying to assist sister-in-law with a refinance on a home appraised at $130,000. They are looking for a $75,000 to $85,000 loan. Credit rating 740 but high debt load that they will pay off with proceeds of the loan.
Royal United Mortgage has quoted 4.125% rate on a 15 year but are charging 2.75 points to get there! They get here through Lending Tree. I had suggested Quicken Loans but not sure if there is any difference from LT or should they go to a specific lender.
Sounds like highway robbery to me, but SIL sounds pretty desperate and is ready to sign. I'd appreciate any insight or helpful suggestions here.
Royal United Mortgage has quoted 4.125% rate on a 15 year but are charging 2.75 points to get there! They get here through Lending Tree. I had suggested Quicken Loans but not sure if there is any difference from LT or should they go to a specific lender.
Sounds like highway robbery to me, but SIL sounds pretty desperate and is ready to sign. I'd appreciate any insight or helpful suggestions here.
3
Posted on 12/14/15 at 2:23 pm to ynlvr
That looks awful... I got an email today from Standard Mortgage saying that their 15 year rate was 3.125 with 0 points and no fees. They have an office in Baton Rouge but I don't see why they wouldn't do a loan for Houston. I would also try Iberia Bank and Assurance.
Posted on 12/14/15 at 2:49 pm to LSU1018
Thanks, I am thinking 3.5 to 3.625 with a small buy down. This lender is telling me things have changed with the new laws and all lenders will have the same rates.
I suggested the communists have not fully taken over the free market - though it's getting close.
I suggested the communists have not fully taken over the free market - though it's getting close.
Posted on 12/14/15 at 2:56 pm to ynlvr
Tell her to join Pen Fed and refinance through them. I checked last week and a 15 yr fixed was around 3.2% with 0 points.
Posted on 12/14/15 at 2:56 pm to ynlvr
quote:
4.125% rate on a 15 year but are charging 2.75 points to get there!
That is what I call an arse raping.
Posted on 12/14/15 at 3:03 pm to LSU1018
Take a look at Pentagon Federal Credit Union. I leaned of them from here and my refinance with them went very smoothly. They also had great rates.
Right now they are showing 3.232% for a 15 year loan.
Right now they are showing 3.232% for a 15 year loan.
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