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Mortgage Rates

drew said:
I want to refi badly. We got a 30 yr back in 07 at just over 6% and I want to get much lower. We didn't put anything down, so we are paying PMI which blows. Since we bought the house, we now have $30k of student loans which I am afraid might affect our ability to refinance. Credit is not great. Chances?
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You're probably underwater on the house in the first place. Not looking good.
 
I'd have to double check to be sure, but I believe there is very little equity in the house at this point. When our credit factors in, I do hope they see more recent positive credit than the 10+ years ago less positive credit.
 
I'm sure others have better links than this, but I did a refi a couple months ago (wish I'd waited two months, but oh well) by chasing a small Florida company here.

Refi was fast, went great, was done through Fifth-Third then promptly sold to Fannie, no complaints. Was dirt cheap and the company paid down my costs substantially. I ended up at 4.675 and it's not worth it to go again at this point.

Here's a search in Raleigh for $300k 20% down 30 year refi. Just click "change search" and then sort by estimated payment. Note that they don't add taxes and insurance to the payment estimates.

BrankRate Refi Search
 
captruss24 said:
Looked at one of my retail rate sheets this morning and we are offering an in-house 3/1 ARM at 2.34%. That is scary crazy!!!

I'm paying 3.25% on a 5/1 ARM that reset two months ago. Readjusted downward 200 basis points from 2006. We are selling the house next March so I'm not touching it.
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I'm on a 5/1 and was at 3.25% last year, just reset at 3% for the next 12 months starting in October. I intend to sell in a year so I feel good about my current situation.
 
wake20 said:
Looking to buy sometime soon, but having trouble getting the 20% down to avoid PMI. How unwise is it to buy and pay PMI if I'll be doing so for 1.5-2 years? I really don't want to rent anymore and know I'll be in the area for the long foreseeable future.
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Look into FHA or Conventional with LPMI 5%-10% down, imho
 
drew said:
I want to refi badly. We got a 30 yr back in 07 at just over 6% and I want to get much lower. We didn't put anything down, so we are paying PMI which blows. Since we bought the house, we now have $30k of student loans which I am afraid might affect our ability to refinance. Credit is not great. Chances?
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Who insures your loan, if anyone? HUD? (FHA) , FNMA ? Freddie Mac? You might be eligible for one of the Streamline Rate/term refis....
 
Got 3.875% on a 15 year refi last October. My previous lender (a large, national lender) didn't even come close to that, and in fact when I told him I was getting 3.875%, he said he didn't believe me and that nobody was offering that kind of rate, even though the ads on TV were quoting lower rates than what he was giving me.

Some of the big banks really got fucked by the housing crisis I think, and as a result, couldn't go as low as some of the other ones. I went with Bank of Oklahoma, which covers a lot of states but not the ones like Cali or NY that really were screwed by the housing crisis. As a result, they didn't lose money like the big wigs did.
 
Dkin said:
1. Has anyone heard of RoundPoint Mortgage in Charlotte? I'm seeing 3.99% for 30 yrs with 0 pts and 0 fees.

2. Please don't post your awesome rate unless you are also posting the loan type (30 yr fixed, 15 yr fixed, etc...).
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As a loan officer for a mortgage broker......(full disclosure) mortgage loan pricing is effected by but not limited to the following items:

credit score, LTV, loan amount, purpose, location, appraised value among other things
 
SMUDeac said:
I'm on a 5/1 and was at 3.25% last year, just reset at 3% for the next 12 months starting in October. I intend to sell in a year so I feel good about my current situation.
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Could be TMI but I had a client looking to refi that was with a large NC Credit Union and his teaser ARM that he got into 2 years and 4 months ago adjusted up to 4.75% IN April when the market was different than today.

Just goes to show you that risk is there and timing can be a critical factor.
 
We refinanced in April and went from a 30-year jumbo at fixed 6.125% to a 15-year jumbo at fixed 4.75%. The payment went up a small amount but we cut 10 years of payments off of the amortization. We're crushing the principal under the 15-year note, so I'm hoping the rates stay low for a while so we can get down under the jumbo cutoff and then refinance under a lower conventional.
 
We got locked into 4.75% just like 2 weeks ago on a 30 yr fixed. I just asked another bank that we were talking with (the other bank had the same rates but lower closing costs) and they said they could now do a 4.00% with no points on a 30 yr fixed for us. Is it too late to switch to the other bank or try to get our bank to match that rate? We paid like $600 to lock in that went towards the appraisal and all that but havent made any other payments yet. It'd save us close to $100 a month if we could get the 4.
 
EatLeadCommie said:
Got 3.875% on a 15 year refi last October. My previous lender (a large, national lender) didn't even come close to that, and in fact when I told him I was getting 3.875%, he said he didn't believe me and that nobody was offering that kind of rate, even though the ads on TV were quoting lower rates than what he was giving me.

Some of the big banks really got fucked by the housing crisis I think, and as a result, couldn't go as low as some of the other ones. I went with Bank of Oklahoma, which covers a lot of states but not the ones like Cali or NY that really were screwed by the housing crisis. As a result, they didn't lose money like the big wigs did.
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This was exactly my experience. My father had a close business partner at Wells Fargo and I went through Bank of America as I already had an account with them as well. Neither could do anything close to what I got following up through that link earlier, and I saved around $250/month on my payment by going through a smaller broker.

The Wells Fargo guy was especially full of shit. After I submitted all my paperwork, he tells me his deal, swears up and down it's better than anyone else will be able to do, guaranteed, or they'll beat it. Pretty hefty fees as well. I run the exact same numbers with the online company, they destroy the Wells Fargo offer, and the guy is like, no we can't beat that, you should take it.

Don't believe anything they tell you without doing your homework.
 
BostonDeac said:
We got locked into 4.75% just like 2 weeks ago on a 30 yr fixed. I just asked another bank that we were talking with (the other bank had the same rates but lower closing costs) and they said they could now do a 4.00% with no points on a 30 yr fixed for us. Is it too late to switch to the other bank or try to get our bank to match that rate? We paid like $600 to lock in that went towards the appraisal and all that but havent made any other payments yet. It'd save us close to $100 a month if we could get the 4.
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The lock should allow for a one time float down to the better rate.

Show them the offer and tell them to re-lock at 4% or you'll walk. If they don't do it, walk. Just make sure the rate isn't being bought down - that you're comparing apples to apples.
 
Locked in at 4.375% on a 25-year loan last Friday. Dropped my rate 50 bps and cut my amortization by 2.5 years. Payment went down $20/month. No closing cost FTW.
 
Re-fied to 10 years 4.75% August 2003. 22 payments left!!
 
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