Who is offering the best mortgage rates?

[Ron Frost]

I'm looking to refinance at least one, possibly both of my properties. One property is in Alabama (my private residence) and another is located in Florida (second home).

My regular (and I say 'regular' mortgage broker, because he has already did two for me in Alabama and never steered me wrong) broker can do my Alabama home. He can offer, at today's rate, a 30-year fixed streamline refinance at 4.625% with all costs rolled into the loan balance. Current LTV on that home is about 58%. The current rate on this home is 5.75%. I've made a few advance payments towards the principle and therefore, because of that loan being opened in 2002, it would be paid off in 2027 instead of 2032. He says it's best to wait a little longer, as he's sure they will drop another .25, most likely .50% in the future. So I'll probably go with this (and still pay the same monthly payment I'm making now) and pay the loan off even earlier. This also gives me the flexibility that, should I ever run into financial troubles, I could always drop to a lower monthly payment without any hassle.

However his company is not licensed to do any mortgages in Florida and cannot help me out much there. I'm looking to see if I can find a lender that will refinance the second home, seeing as how that home (just purchased in Sept '08) has a 6.5% rate. That, at the time, was best rate I could get for a second home/condo. Had it been in Alabama, my broker said he could easily get me a 5% refinance right now.