Digital News Report – Refinance rates were higher this week, with the 30-year fixed rate mortgages 15 basis points higher.
Many borrowers seek the help of loan brokers rather than walking into a bank and taking what they have to offer. Loan brokers can run your credit once and compare various lenders and investors.
Cornerstone Mortgage had a rate of 4.787% APR. Borrowers need excellent credit to receive those rates, but loan brokers can shop other lenders with looser standards.
They offer a 30-year fixed rate mortgage (FRM) with fees of $995. There were no points associated with that loan. Most homeowners are looking for loans without points and with no closing costs.
The monthly payments were estimated to be $1,226 on a $225,000 refinance loan.
LenderFi.com found a rate of 4.824%. They tell Digital News Report that the loan carries no points but there are $1,990 in fees.
In some cases the fees can be combined into the loan so the borrower does not have to pay them upfront. LenderFi estimates the monthly payments to be $1,226.
Paying upfront points can help reduce the interest rate.
By Tina Brown