I believe that this thread is being taken into the wrong direction. My whole
point is NOT about getting best deal, but doing something meaningfully
positive to offset any negative I might think at the time. Although, the
negative factor has been greatly reduced after I clears my mind.
Secondly, I would like to explain you a few things about the mortgage rate.
It’s meaningless to compare the rate directly. It depends on so many
factors: how much is your loan amount, how much lender rebates you wanted to
get the cover your closing cost, and if you want to cash back from the loan
. For example, if your closing cost is $3K and want pay nothing at closing.
Then you will get different rate if you have 300K loan or 100K loan. For
300K loan, a lender credit of 1% will be enough for cover the closing cost.
However, for 100k loan, you will need to go with a 3% lender credit,
therefore, a higher interested rate. Of course, if you want cash out, then
you get hit another 0.5% on credit. The base interested rate for 15 years
hovers around 3.125-3.375% last week with good credit. You can get an idea
on what the interested rate you can get depends on your specific loan
condition.