question about rates--our quote seems really high and we have good credit, why is it so much?
We recently met with a WF broker for a pre-approval for a house in CA (Bay Area) and was offered (yet to be on a letter) the rates as follows. 30 yr fixed conventional - 5.25%30 yr fixed conventional jumb0/jumbo - 5.75%Down Payment - 20%Credit Score - 700+, he said we are in the top ceiling. I know rates have gone up lately but this seems really high. Any thoughts? by michelle_hammond42 from Mountain View, California. Jun 29th 2011
Steve Sexton (steve@1800valoans.com)
#36 ranked lender in Washington - 23 contributions
Jumbo rates are higher than conventional rates. 5.75% is high, even for jumbo though. Steve Sextonsteve@1800valoans.com877-376-0223
Paul Campos (PaulCampos)
#208 ranked lender in California - 13 contributions
That rate is much to high, contact me for a much better rate/fees:Paul Campos - pcampos@myinstantcapital.com, 888-643-0064 x 2221
Mike George (Mike George)
#143 ranked lender in California - 7 contributions
Michelle,Good afternoon. Rates are calculated by more than just credit score now. But, in an overall answer, these seem a liitle high. Our conventional rate today based on the information that you supplied would be 4.875% and for a "high balance" would be 5.125%. Please let me know if we can answer any further questions. Thank you very much. Mike
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
Hi Michelle, Yes the rates you are being quoted are higher than our pricing. Working with a broker as you are, does have advantage of having more lenders and loan programs available. But a broker is a middleman and therefore your rate/costs can be higher. Working with a direct lender, you are getting the financing from the source. I am in California, if you are interested in what a direct lender offers, please contact me off this site. Thanks and good luck!
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
Your best bet is another quote. Visit http://WeFixRates.Com
Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions
I would recommend you contact your friends, family, and co-workers and ask for them to be referred to a local mortgage professional. Then go with the one that seems the best fit for you.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Your question doesn't give any lender enough information to make any sort of determination. I have a list of AT LEAST 21 CRITERIA in determining a rate for a customer. Loan size, credit score, loan type, LTV, CLTV, lock period, escrow preference, occupancy type, debt ratio, document type, cash out..... and many many more. Your only true determining factor is that quote is high, OK, or low, is to complete a full application with another lender for a true second opinion.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
Michell,Would you please state the loan amount you're seeking? Conforming jumbo loans in your area go up to $729,750. Non-conforming jumbo loans go beyond that. Rates would differ.Happy funding, Rudi
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