What banks are offering the lowest interest rates?

Question

Hey Guys,

My offer was just accepted on my second home! I was quoted a 6.99% interest rate and 1.8 points from chase. I was wondering if I can get lower someone where else? Im going to shop around today but I was hoping to get some feedback from you guys. Thanks in Advance!

Nick Belsky · Answer

@Janine LaBriola

That's really high...

I am seeing 6.375% at par pricing (no points) and no lender origination fees.

Keep shopping if I were you...

Cheers!

William Serritella · Answer

Hi Janine,Feel free to PM me, but a quick wholesale pricing looks to be about 0.5% better than Chase's quote based on your given parameters.

Frank Greg · Answer

That's almost 7% and an additional 2 points? Sort of aggressive from Chase... send a private message. When do you have to close? I only deal with investment property however.

Janine LaBriola · Answer

Thanks for the help everyone. To give more insight. My credit score is 790. It's a single family home for $340,000. I want to put down 15%. I'm looking for a conventional loan. Thanks again!

Janine LaBriola · Answer

Hi Dave,

Thanks for this. Im going to try and lock in a rate tomorrow. Fingers crossed

Dave Skow · Answer

@Janine LaBriola...fyi 1)-the pricing on 2nd home loans used to be the same as primary home loans ....several months ago - this changed industry wide and now the pricing for 2nd homes is closer to rental property pricing 2) markets volatile - get your rate locked 3) depending on your LTV- you might inquire if putting mre down will improve the pricing 4) ask if there are any higgher rate options with lower fees so you can try to lower the 1.8% loan fee

Andrew Garcia · Answer

Hi @Janine LaBriola, no one can give you a proper answer without getting more information.

They would need to know credit score, down payment, property type, loan type, loan amount, etc.

I am sure the BP community can help you out once you provide some more info.

Hope this helps!

Erik Estrada · Answer

@Janine LaBriola, Possibly but we would need some more info to see if there is a lower rate available. Dm'ing you.

What banks are offering the lowest interest rates?

What banks are offering the lowest interest rates?

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