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rahl · 03-30-2010, 12:02 PM

So, I spoke with the mortgage guy today at my bank. We both had full schedules, so he really only took my information and said he would get back to me in greater detail. But the rate he quoted me today he called the par rate, which is 5.25%. My current rate is 5.85%. I was under the impression that interest rates were much lower than that, should I be looking elsewhere?

---------- Post added at 04:02 PM ---------- Previous post was at 02:44 PM ----------

Mortgage guy called me back. My wifes credit isn't very good. The guy told me she has 3 items she's been turned into collections for, and she has no idea what they are for. The total of the three is $140ish so that's not a big deal. But we would like to find out what the hell these are for so we can dispute them if necessary. We've tried looking for her report but all we can find are pay sites and I was under the impression we could do this for free.

He told me that our best bet might be an FHA loan, but he said something about a PMI(?) that is basically mortgage insurance the govn't requires. I have no idea what that is or how much it would be, but I'm starting to think that this just isn't worth it.

Looks like the banks completely ignored the stimulus which I assumed was supposed to help folks like me wanting to refinance.

03-30-2010, 12:02 PM	#19 (permalink)
rahl Junkie Location: Ohio	So, I spoke with the mortgage guy today at my bank. We both had full schedules, so he really only took my information and said he would get back to me in greater detail. But the rate he quoted me today he called the par rate, which is 5.25%. My current rate is 5.85%. I was under the impression that interest rates were much lower than that, should I be looking elsewhere? ---------- Post added at 04:02 PM ---------- Previous post was at 02:44 PM ---------- Mortgage guy called me back. My wifes credit isn't very good. The guy told me she has 3 items she's been turned into collections for, and she has no idea what they are for. The total of the three is $140ish so that's not a big deal. But we would like to find out what the hell these are for so we can dispute them if necessary. We've tried looking for her report but all we can find are pay sites and I was under the impression we could do this for free. He told me that our best bet might be an FHA loan, but he said something about a PMI(?) that is basically mortgage insurance the govn't requires. I have no idea what that is or how much it would be, but I'm starting to think that this just isn't worth it. Looks like the banks completely ignored the stimulus which I assumed was supposed to help folks like me wanting to refinance. __________________ "Your life is Yours alone...Rise up and live it"