by Osman Parvez
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A lot of people are asking me who has the best mortgage rate. Time to invoke the wisdom of the crowds.
If you’ve recently refinanced or taken a new mortgage, or if you plan to do so in the near future, please leave a comment with the following:
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Principal: (The amount financed, i.e., $375,000)
Rate and Structure: (i.e., 4.9% fixed, 30 year, conventional)
Fees and Points: (i.e., $500 closing fee, 1 point or $3,750)
Estimated Loan to Value: (i.e., 75%)
Date Closed: (i.e., 12/15/2009 or “next week”)
Property Location and Type: (i.e., Boulder, primary residence, single family home)
Lender: (i.e., Wells Fargo)
Contact: (If you recommend the person, go ahead and provide a name and number)
Subjective: (i.e., “Jane was the nicest, most straight forward lender I interviewed and she had the lowest rate by far!”)
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Naturally, we have a list of lenders we often send clients to, but rates and programs change all the time. Bottom line: Mortgages are a commodity and you have to shop around to get the best deal. I look forward to your comments.
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image: Brian Sawyer
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
