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Mortgage Rates

Member

Mortgage Rates

I entered an ARM in June of last year. Past credit indiscretions made it the best option available at the time. (Mid score was sitting at 590) Over the last 15 months I have done things right. I just got my FICO scores and am now sitting at 727 - 731 - 744. I want to refinance the $222k left on the ARM in to a 30 yr fixed.
 
I would appreciate any insights people can provide on the rates I can expect in the current environment. Based on the myfico charts for my state it looks like I may be somewhere in the 6.3% range. Can anyone verify or comment? Thanks.
5 REPLIES
Moderator Emeritus

Re: Mortgage Rates

Your scores are excellent. Are you going to put any money down? What is your LTV?
 
 
Member

Re: Mortgage Rates

Not putting anything down. LTV is around 95%.
Moderator Emeritus

Re: Mortgage Rates

What is your current rate?
 
With your scores and LTV I can't think if any reason not to refi if you will be saving money.
 
 
Regular Contributor

Re: Mortgage Rates

With your excellent FICO scores (and congratulations on your awesome efforts to raise your scores from 590 territory!), you will easily be able to jump into a fixed 30 at 6.3%, or even LOWER.  I would wait till next week to see how much of a Fed rate cut happens on Tuesday (more than likely, only 25 basis points, but maybe 50).  If you can also pay a point on your mortgage, I would to get your interest rate even below 6%.  Next week will be very interesting, but you are definitely sitting in the catbird seat (so long as you're doing a fully documented mortgage).  If I were you, I might also look into discussing doing business with a credit union too, since you may get the best possible rates from them, as opposed to your bank or mortgage broker.  **bleep** luck and way to go!
Member

Re: Mortgage Rates

Just wanted to say thanks to the board. Lurking here really helped me get my credit in shape, and got me some great result.
 
I got my mortgage at a very nice rate, and based on the appraisal I just heard that my home value has increased  by 10% over the last 15 months.  Good results!
 
Thanks again.