What are the closing cost on this loan? 5.375 30 year fixed with no lender cost would be a pretty good offer.

Dan Conwell

Loan amount?  Type of loan?  FHA or conv?  Lots of factors.

A few questions - what is the loan amount - what is your credit score - what is the loan to value - meaning what is the value of your home and what is the loan amount?  And how many years do you have left on your current  mortgage - what are you plans for the house - are you staying?  Do you want to pay off the loan sooner or do you want to lower your monthly payments.  The over all savings on the loan is something you should have real numbers for to make sure it's a good shor and or long term solution before you refinance. 

As most have stated above, there are multiple variables when approaching a refinance. If you're the "best of the best" (740+ Credit Score, Under 60% Loan To Value, Under 45% Debt to Gross Income Ratio, $200k-$417K Loan Amount, etc.), then 5.375% would be considered a little on the high side. Even with No Closing Costs, many Lenders (including myself) can offer you a better rate.

There are also many different Programs with those you have less than 20% Equity (FHA, Fannie Mae Refi Plus, etc.)

With a little more info, I or any Loan Officer here would be able to give you an accurate quote based on your situation.

Best Regards,

Kevin Methvin:

then 5.375% would be considered a little on the high side. Even with No Closing Costs, many Lenders (including myself) can offer you a better rate.

Kevin,

I think you'd agree that your statement would probably not apply to a $100,000 loan in FL for example.  You have to realize, not all of the consumers here are doing CA loans.

Hi Kent,

   Yes, as I stated in my response, ideal financing is $200-$417K Loan amounts. On a $100K loan amount with best case synerio (as outlined in my above statement) it'd still be in the low 5's. Since we give wholesale rate through our Call Center, we often beat out the "Bigger Banks".

I do not know what state that you are in, but as one or two have said you can find better.  Find a good mortgage broker in your area.

Every one is right. You can get better.

Are you taking cash out or paying off a HELOC?

current rates are under 5.0% fannie mae and fha with 0 points depending on your specifics.