Where to Get the Best Mortgage Rate

by Osman Parvez
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:
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)

(i.e., Wells Fargo)

(If you recommend the person, go ahead and provide a name and number)

(i.e., "Jane was the nicest, most straight forward lender I interviewed and she had the lowest rate by far!")
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.

image: Brian Sawyer

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  1. Principal: 200k
    Rate and Structure: 4.5, 15 year fixed.
    Fees and Points: 1.25 pts. + $1225 fees (total $3800)
    Estimated Loan to Value: 200k vs. 350k = 57%
    Date Closed: Way too long, est. end of Feb.
    Property Location and Type: Mountain property- Coal Creek Canyon, primary residence, single family home
    Lender: Bank of America.
    Contact: Brad Calhoun Brad.Calhoun@bankofamerica.com
    (tell him the Fleshinator referred you!)
    Subjective: Secure lender. Rates same as other *good* ones i.e. Wells Fargo, Citi. Costs lower as we had existing loan with lender and are on their premier plan.

  2. Principal: ~100k
    Rate and Structure: 4.5, 20 year fixed.
    Fees and Points: $0, if I keep the mortgage for 2 years
    Estimated Loan to Value: 77%
    Date Closed: Dec 29
    Property Location and Type: Boulder 1 bd condo, primary residence.
    Lender: Elevations Credit Union
    Contact: Amanda Martinez
    Subjective: Cheap! Was only available at 4.5% for a month or so, and I kept calling to verify it wasn't a scam. Had to have a high FICO score and less than 80% LTV. Not sure what they're offering now.


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Please Note

This document contains forward-looking statements. You are strongly cautioned that investment results are subject to business, economic and other uncertainties. There are no guarantees associated with any forecast and the opinions stated here are subject to change at any time. Always consult your financial advisor before making an investment decision.