06-14-2007, 09:06 AM
I would reinforce what John said. There have been tremendous changes in the mortgage loan industry in the past few years. Fannie and Freddie are now pseudo government agencies. The green eye shade folk have sliced and diced and securetized loans every which way. I just read an article in Forbes magazine that banks are having trouble foreclosing on some homes because no one can prove who really owns the loan.
Another problem is that you are asking the question while the sub-prime mortgage mess is still playing itself out. On top of that, treasury bond rates just took a big jump and mortgage rates are still trying to figure out who is on first. Things are moving in the mortgage business faster than the ole shell game.
You can look at http://www.bankrate.com or http://finance.yahoo.com for an online check. You should also check where you bank because some will offer a rate discount by tying more of your business in a package. If you have a brokerage account with Schwab, you can get a rate discount at Schwab Bank, for instance so check where ever you have an existing financial relationship.
Another problem is that you are asking the question while the sub-prime mortgage mess is still playing itself out. On top of that, treasury bond rates just took a big jump and mortgage rates are still trying to figure out who is on first. Things are moving in the mortgage business faster than the ole shell game.
You can look at http://www.bankrate.com or http://finance.yahoo.com for an online check. You should also check where you bank because some will offer a rate discount by tying more of your business in a package. If you have a brokerage account with Schwab, you can get a rate discount at Schwab Bank, for instance so check where ever you have an existing financial relationship.
Larry