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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 13486
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Which reputable lender is offering the lowest rate for a 20

Resolved Question:

Which reputable lender is offering the lowest rate for a 20 year fixed APR refinance home loan? I am currently at 3.99% and have good credit.
Submitted: 11 months ago.
Category: Finance
Expert:  Megan C replied 11 months ago.

Megan C :

Thank you for your question, and thanks for using JustAnswer.com

Megan C :

Are you looking for an adjustable rate mortgage or fixed rate mortgage?

Megan C :

The reason I ask is because you already have a very low interest rate

Megan C :

Quicken Loans does advertise a 2.63% interest rate, but it resets every 5 years. Currently, rates are low and they will tick upwards over the next few years

Megan C :

I would not advise getting an adjustable rate mortgage.

Megan C :

With a rate of 3.99%, there's not much room to go down.

Megan C :

30 year rates are around 4.2-4.5%

Megan C :

Do you have any additional questions?

Megan C :

If not, please reply and let me know if I have provided you with excellent service

Expert:  Megan C replied 11 months ago.
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Expert:  Megan C replied 11 months ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer
Customer: replied 11 months ago.
Relist: Answer quality.
I do not believe the professional read my question thoroughly.

I specifically stated I was looking for a fixed rate, and that I was looking for a 20 year loan.

Please answer my question with these considerations in mind. Thank you.
Expert:  Megan C replied 11 months ago.
Thank you for the opportunity to clarify the answer.

I did some further research, and have found three rates for 20 year fixed mortgages. These are comparable or more than what you are paying today on your mortgage. Rates have gone up dramatically in the last few weeks, so finding a rate better than 3.99% may not be possible. If you consider the refinancing costs (closing costs etc) then making the move even to reduce your rate by .25% may not be worth it.

The reputable rates that I have found are (and I will quote APR, not stated rate):

Quicken Loans : 4.397%
Discover: 4.338%
Aim Loans: 4.139%

You can see more quotes, HERE.

As you can see you would not be able to lower your interest rate on your current mortgage. Refinancing may not make sense, unless you are going from a 30 year mortgage down to a 20 year.

Please let me know if you need further assistance with this. Not all lenders offer 20 year rates, so keep that in mind while you are shopping as well. I wish you the best of luck.

If you have no further questions, please rate as "excellent" so that I may receive credit for assisting you today.
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 13486
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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