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Barry Grubb Asked:

I have 2 mortagages one on my primary residence of about $580,000.00 on a house worth about 1,000,000.00. The second on a Lake house of about $550,000.00 on a house worth about 1,300,000.00. Our rate is 6.5 on a 10 year interest only loan. We were told by our banker that mortgages over $400,000.00 could not legally qualify for an interest rate lower than we have. Our credit is very good. My question is: Is this true? If so, why? If not, were can I get the best rate for my loan? Would a credit union be a viable answer? I know that is more than one question however, I hope you can help me. Thanks, Barry Grubb [Atlanta GA]

01/12/2009

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