Interest Rates?

trouillard · January 2012

Has anybody had any experience with online lenders? We were pre approved with our local credit union at 4.125, however i see online rates are as low as 3.84 and 3.87

Is it worth it to go with the lower rate vs. having the confidence and convenience in our local credit union?

Also, wondering what some of your interest rates are out there

Thanks!

bucklebunny1 · January 2012

Ours is 3.75% but in general I have always gotten a lower rate with my credit union we bank at.

atlcatlover · January 2012

Be sure to make sure you are comparing like offers. A lot of times the online rates require 20% down and a point.

lil_jen051708 · January 2012

atlcatlover:
Be sure to make sure you are comparing like offers. A lot of times the online rates require 20% down and a point.

One bank I looked a for a refi said the prices quoted were for 60% loan to value (so 40% down). I didn't see that mentioned in the legal text below but the point is to compare apples to apples.

I would say it is in your best interest to see if anyone else can beat your rate. This potentially will save you tens of thousands.

kaylie622 · January 2012

Were you pre-approved within the last 5 days? Rates went up a bit but should come down again. To get 3.84% you'd probably need 20% down and 750+ credit. If you have that, then you should seek out another lender for the better rate.

trouillard · January 2012

We were preapproved on Monday 1/23, I just checked the credit union's website and the rates haven't changed. (but not sure if they update the website daily)

DH and I both have excellent credit, so that wouldn't be a problem.

Like a few of you have said, we will have to compare and see what the terms are. It just caught my attention because there was such a huge difference

Thanks for all the input!

strangisj · January 2012

I'm a Realtor and can't emphasis enough, use a loan officer that is in your state! My past two transactions, the buyers used an online lender and it was a complete mess. They closed about 60 days later than they were supposed to.. They just don't understand the specific ways different states do them. Rates are all the same, as the federal government controls them.. It's just you can pay to have them lowered, etc.. Id just use someone that is local..

Interest Rates?

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