Author Topic: 30-year fixed mortgage rate reaches highest sustained increase in 40 years  (Read 5336 times)

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Offline marmott

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We just locked a 7/1 with US Bank at 3.625% no points.

Thanks USC for the referral!

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Offline Soylent Green Is People

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All website rates are based on very generic terms. Exact quotes require a vast amount of disclosures to be provided and there just isn't the customer service staff to accomplish this. Discounts for banking relationships are not taken into account on website quotes. Other factors that can impact loan terms such as rate lock timing. Note as well that some list FICO score ranges at "760 and above" when pricing loan terms, when a 780 or an 801 score could mean a rate betterment of up to .25%, or .50 in fee.

The key to rate comparison is getting a Closing Cost / Price Estimate in writing from 2-3 lenders on the same day using the same verified FICO score. What is a verified FICO score? It's the score that at least one mortgage provider has obtained after running your credit report, not a Discover Card provided score, not a CreditKarma score. Why get it in writing, rather than an E-mail? I've seen plenty of e-mails saying a low rate on an mortgage will be given then "but I can't put it in a Price Estimate because of this or that reason....". As well, there are lots of low rates and high origination fees from supposed "zero point" lenders.

Closing cost / price estimates / and Loan Estimates take 90% of the tomfoolery out of the process. Get whatever is being promised in writing with the lenders letterhead. If you can't... ask yourself "why not?".

Here's a link to an article on FICO scoring that helps clarify things:

Yes, it talks about CreditKarma, but all banks and credit card companies use the same data service.

My .02c
« Last Edit: August 14, 2018, 11:16:37 AM by Soylent Green Is People »
My .02c


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Offline Cares

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As a frame of reference I locked a 4.75% on a 30 year fixed on an investment home (higher rate than primary) back in mid-July. No points, no fees, no appraisal cost, etc. Negotiated with the builder's lender to take the credit and fully cover all fees and buy down my rate to match an external lender.


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