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J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 2247
Experience:  Experience in residential real estate and commercial leases.
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trying to refinance a house. lots of equity. create credit

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trying to refinance a house. lots of equity. create credit score
but i'm self imployed. but that still looks ok just the icome looks low.
so looking at a 3.5 % interest rate and no points
hearing about 2.7 2.3 are these real?
Hello! Thank you for your question today. My goal is to provide you with the information you seek.

Please note: (1) this is general information only, not legal advice; and (2) I will provide you with honest information and not necessarily to tell you might be hoping to hear.

Interest rates for a 30 yr mortgage are around 3.5%; 15 yr at 2.5-2.75 and ARMs are as low as 2.3.

The rates are legitimate but can be teaser rates, meaning rates advertised as low as 2.3 but that is not for a fixed and then the lender has escape language such as your income has to be at a certain level etc....also be careful if you entertain a low mortgage rate such as 2.3 and 2.7 that the closing costs that are rolled into the refinance are not extremely high. That is another teaser advertising no up front costs but the cost/fee to refinance is large and rolled into the loan.

All my best & encouragement.

Please note that you are asked to rate my courtesy and professionalism, and not whether the answer supports your legal position. I only receive credit when rated 3 or higher. If for any reason you feel that a low rating is appropriate, please first give me the opportunity to address your concerns by clicking the "reply" tab.

All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.


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