tommyGunZ
Footballguy
Meeting w/ BofA tomorrow re: pre-approval.
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Mortgage Rates (1 Viewer)
- Thread starter MechEng
- Start date
Cold Dead Hands
Footballguy
Just locked in a 20 year for 3.25%
Second refi in 4 years. Smooth as silk.
Second refi in 4 years. Smooth as silk.
Chadstroma
Footballguy
Getting the pre-approval from them is fine but no way in BLEEP you should actually do your loan with them.Meeting w/ BofA tomorrow re: pre-approval.
Bill Brasky
Footballguy
where are you guys at that you're getting 3.25% on a 30 year with no points?
Chadstroma
Footballguy
I am in Chicago. I have a mortgage banker who is really good. I locked in at a good time. Rates will fluctuate based on capacity and investor willingness as well as competitive forces in your area.
belljr
Footballguy
I just refi through my current provider. I was at 3.375 a month ago, but I did that to use all their credits and barely cost me anything out of pocket. Nothing at signing and if anything it was only a few hundred bucks. I don't remember the exact number but it was cheap
Bill Brasky
Footballguy
nice, just was curious. Twin Cities are a tick just under 3.50% for a 30 year with no points (best I've seen).
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towney
Footballguy
If you are in the state of FL all my 30yr refis the past 8 weeks have been 3.25% no points even a few 3.125% larger loan amounts. Check around and I'm sure you'll be able to find 3.25% with a reputable mortgage broker or bank. 3.25% 0pts is not hard to find if you shop around.
Bill Brasky
Footballguy
but then you have to live in Florida.
Judge Smails
Footballguy
Loans Direct is funding it. I settled on a 15 year note at 2.75%. Should be getting final docs today, sign next week.
towney
Footballguy
No. Shop around your local area, it's there.but then you have to live in Florida.
Bill Brasky
Footballguy
haven't seen it.No. Shop around your local area, it's there.but then you have to live in Florida.
Chadstroma
Footballguy
Rates are regional. You may or may not have that rate available to you. Depends on some variables.haven't seen it.No. Shop around your local area, it's there.but then you have to live in Florida.
How long do you think rates will stay this low?We are thinking of buying a house and settling in Summer 2013.
Steeler
Footballguy
Just heard from my lender and the appraisal is lower than I hoped/expected so my options are to bring more money to the table at closing, or pay PMI for ~3 years (@ 85% LTV). I'm not thrilled with going back to paying PMI but the rate of 3.375 for a 30 year fixed loan is pretty good.
Also, is PMI still tax deductible, or has that tax break expired? If it's still valid as of 2012, is it set to expire due to the fiscal cliff? Just trying to fully understand my options.
Also, is PMI still tax deductible, or has that tax break expired? If it's still valid as of 2012, is it set to expire due to the fiscal cliff? Just trying to fully understand my options.
Bill Brasky
Footballguy
that was my pointRates are regional. You may or may not have that rate available to you. Depends on some variables.haven't seen it.No. Shop around your local area, it's there.but then you have to live in Florida.
mquinnjr
Footballguy
Hey guys, sorry to dilute the thread but I saw it and figured it was a good place to ask without starting a new thread. I am currently in the middle of a potential issue with a re-fi closing. I am doing a HARP re-fi and am approaching the end of my rate lock period, which was at 3.6000 in NJ, down from 6.125. Sent in my completed paperwork over a month ago, appraisal and all went fine. Now I can't get anyone from my mortgage company on the phone, and phone calls are not being returned. This is through my current mortgage company, PHH, whom I pay via mortageservices.com on a monthly basis. My rate lock ends 12/17/2012, and I am really nervous that they are stalling on me. I can speculate as to why, but that's not going to get me anywhere here, I simply want this thing closed and done with (which I was told would be done via mail and would not need to go to an actual closing.
I honestly have no idea what to do here, and any advice as to what I could do outside of leaving voicemails is appreciated, since it's getting me nowhere. Thanks in advance guys.
I honestly have no idea what to do here, and any advice as to what I could do outside of leaving voicemails is appreciated, since it's getting me nowhere. Thanks in advance guys.
Dragons
Delusions of Grandeur
My guess is they're not stalling, they're just backed up. And they have horrible customer service. If it's their fault they can't close on time, they will probably extend the lock. Just keep trying to get someone on the phone to verify.I'm in a similar position, except the mortgage broker I use is better at communicating. We may have to delay closing until next month and he already said he'd extend the lock.
We put a contract on a house that will be constructed. We are looking at settling in May 2013.With Bernanke's annoucement yesterday, will interest rates go down further? Bernanke has pretty much guaranteed the low interest rate envirnonment will continue through the end of 2015.
mquinnjr
Footballguy
Thanks for the response. I received an email and they are going to try to contact me today, so I'm hoping we're in the clear on this.BoltBacker
Footballguy
Did he mention if the current HARP program(HARP 2.0?) will be available through 2013?
shader
Footballguy
Question for mortgage experts:
If I buy a house right now, and I already own a house (I'm renting a house out in another city as I had to move for work)...What kind of down payment am I going to probably need to have? I'd assume the days of zero down are over, but I haven't shopped in awhile.
Also, is it possible to refinance a house that you are renting out?
I have excellent credit if that helps.
Thanks!
If I buy a house right now, and I already own a house (I'm renting a house out in another city as I had to move for work)...What kind of down payment am I going to probably need to have? I'd assume the days of zero down are over, but I haven't shopped in awhile.
Also, is it possible to refinance a house that you are renting out?
I have excellent credit if that helps.
Thanks!
Bob Loblaw
Footballguy
Selling our current house, buying another. Hella stressful. This is our 4th time doing this dance. First time was with no kids. 2nd time was with one kid. 3rd time with two kids. And now with 3. I'm fixed, wife's tubes are tied and this is our last move. I repeat, our last move!!!
Yesterday, locked in at 3.625%, no pts, 30-yr fixed, conforming high balance. Marin County. About $5000 closing costs, inclusive of title company fees.
We're getting a bigger house with a higher loan amount, but because of rates, our mortgage payment will be $100 less per month.
Yesterday, locked in at 3.625%, no pts, 30-yr fixed, conforming high balance. Marin County. About $5000 closing costs, inclusive of title company fees.
We're getting a bigger house with a higher loan amount, but because of rates, our mortgage payment will be $100 less per month.
I'd talk to a loan officer at a local bank, but (not an expert opinion here) you would likely need 20% down and yes you can refinance but you will likely have a higher rate than a primary house would.
lumpy19
Footballguy
I've moved houses once with no kids...it's a nightmare....you must really hate yourself
We built 5 years ago with no kids, now we have 2 and considered upgrading because we have 2 kids and they take up way more room than we thought. Then we remembered how much moving sucked and decided against it. I can't ever imagine moving that many times.
Bob Loblaw
Footballguy
Not sure where you are, but I'm in California, and we almost entered into contract with putting less than 20% down. With the proceeds from selling our current house, our down payment would have been 11-12%. We would have had to do PMI and mandatory impound acct. PMI was to be calculated at (loan amt x 0.0044)/12 months. It ended up being about $200/mo. Thank God that my in-laws are fronting us the balance to put 20% down. No PMI, no mandatory impound acct, lower mortgage payment. We'll have to pay them back (we agreed to about $300/mo), but I'm ok with that.
TobiasFunke
Footballguy
I'm curious about this too. We're selling a condo, planning to rent and hold off on our next buy for a little while- maybe a year, two at the most- for various practical reasons. I understand that there's always gonna be a risk that rates will jump in the interim, but any experts have any thoughts on the extent of that risk? Safe to assume we'll buy again in the next 12-24 months.
Not an expert, but until we get back to real sustained growth (been middling around for a while it seems) and don't have "cliffs" and "more recessions" hanging around, I think rates will remain really low. I am thinking about refinancing again soon, just haven't figured out if I want to go long (from 20 now to 30) because rates are so low it would be good to do that or go shorter and keep payments the same. I am definitely not looking as far out as you, but I would be surprised to see rates move much at all in 2013.
lumpy19
Footballguy
I just did my 3rd refi and moved from 15 year 3.75 to 30 year 3.625 because of that. It's a little bit of a gamble but at that rate I want to borrow as much as possible. I know I can earn more than 3.625% on my investments.
I am in Virginia. I talked to a mortgage guy about our possibilities. Refinancing a rental property was only 1/8 - 1/4% higher in interest rate. They could provide Lender PMI for a flat one time charge. 1 1/2% with a 10% down payment, and I think 0.5% with a 15% down payment. We want to avoid PMI. Conforming loans are up to $417k. We are in an area where jumbo conforming loans are available, but I want to avoid that.On 12/9/12, the day we put the contract down, he said current rates were 3 1/8% with 0 points for a 30 year fixed.'Bob Loblaw said:
Cold Dead Hands
Footballguy
My Mom moves every three years on average. I am always expected to help. It is always a mess.I've moved houses once with no kids...it's a nightmare....you must really hate yourself
Chadstroma
Footballguy
Lots of variables here but at this point I would say that you have an excellent chance at getting a 3% range conforming 30 year fixed in the summer of '13. The short version is that the fed is doing everything it can to keep rates low. Capacity is pretty much the one major thing keeping rates from going lower right now. However, if the economy improves things could change quickly depending on quantity/quality of that improvement. But again, I would bet that you will still have access to an insanely low rate in 6 months or so, most likely even all of 2013.
Chadstroma
Footballguy
The buying another property is going to be dependent on other things mostly than the down. DTI and credit score will be the driving forces here. The more down helps in u/w but the more important part assuming everything else checks out for you is rate. If your credit is strong and your DTI works out, you could most likely find a 3% down loan. Though the rate you will get on this will be higher than what you could otherwise get. Yes, zero down is pretty much a thing of the past. Yes, you can re-fi a non-owner occupied property. Again, you will not get the best rate and your LTV would likely need to be around 75% in most cases (though you can find up to 80% at least- my bank is one for example).
AhrnCityPahnder
Yinz-o-riffic
15 year / 2.75% with no points, closed this week. 
Snotbubbles
Footballguy
Not as simple as just getting a lower rate for some people it doesn't make sense. I have an FHA loan and FHA changed their guidelines for all loans originated after May 2009. So to go from 5.5 to 3.5 I would have to pay an upfront fee to FHA (around $4000), my PMI goes from $75/mnt to $185/mnt (since they raised the PMI calculation) and I reset my remaining payments from 325 to 360.So when you figure out the math I've already paid about $45000 into the loan ($38000 of interest). Now my payment would go from $1340 to $1229 and I have to add three more years of paying. I'll never make the money back by refinancing on a 30 year. What I'm now in the process of doing is looking into maybe a 20 year refi where my payments go up by $150 per month, but I cut off 7 years on the back end. This will cost me more money on the front end to save a boatload on the backend. But not everyone can afford to put more money into their mortgage.
Snotbubbles
Footballguy
Just went through this. If the house isn't your primary residence, you need a 20% down payment.If it's a primary you can do an FHA loan and it's 3.5% down. But as I said in the post above the FHA changed their guidelines so the PMI is really high now.
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Dexter
Footballguy
Question for the experts.
I refi'ed my 30 year into a 15 year and cut my interest rate in half. However my mortgage company AIM (whom I hate) is forcing me to pay PMI even though my apprasied value is higher than my loan value. Here is the response I was given:
"Your file was refinanced in the HARP program. With HARP, we have to use the lower of the HVE value given or the appraised value. In this case the HVE value for your home was lower than the appraised value, so we used that value. PMI is required on all loans with a LTV of 80% or higher."
I've never heard of HVE so my question is am I getting taken and how do I get rid of this damn PMI?
Thanks!
I refi'ed my 30 year into a 15 year and cut my interest rate in half. However my mortgage company AIM (whom I hate) is forcing me to pay PMI even though my apprasied value is higher than my loan value. Here is the response I was given:
"Your file was refinanced in the HARP program. With HARP, we have to use the lower of the HVE value given or the appraised value. In this case the HVE value for your home was lower than the appraised value, so we used that value. PMI is required on all loans with a LTV of 80% or higher."
I've never heard of HVE so my question is am I getting taken and how do I get rid of this damn PMI?
Thanks!
Dentist
***Official FBG Dentist***
probably just write a check for the amount you need to get your loan down to the 80% you need.i had to write like a 10-15k check the last time i re-fi'd from 30 to 15
Chadstroma
Footballguy
I am talking about people that have no reason to no re-fi and would clearly save money- yet they push back on doing this. Granted, the midwest has a different mindset than the west coast. Back in Cali, I almost always just had to say "Hey, I can save you money. This is how." and they jump on board. In the midwest, there is almost this idea that if they 'buy' whatever it is you are 'selling' regardless of how much money you save them- they lost. It took a lot of adjusting my consultations to better approach them more effectively.
Bob Loblaw
Footballguy
Prior to referring our loan guy to us, our realtor was told 3.5% by him. Then she referred him to us. When I spoke with him that night, he said rates were 3.5% that day, but might adjust upward the next day. The next morning the rate was 3.625%, which I subsequently locked up. Then, I did the app over the phone, and was sent a GFE. When my realtor saw the 3.625%, she immediately called the loan guy. Apparently, her realty office sends a lot of deals his way, so she was able to get us the 3.5%. Having a realtor who is on your side is great!
Harris
Footballguy
I also got this in Chicago about a month ago for my refi with no points and no closing costs.
Dentist
***Official FBG Dentist***
there's just no such thing as no closing cost... you're either rolling it into the loan, accepting a higher rate than you could've gotten, etc.... there's just no free lunch.I'm paying some closing costs and am paying them with cash because i don't want my loan value to go up.
mquinnjr
Footballguy
So, after threatening to take my business elsewhere (which is what it took to elicit a response), I get an email back. Since they waited so long, the loan approver now requires a "Superstorm Sandy" drive-by inspection. Said they'll keep the rate lock and move the closing into January.
So much for throwing the closing costs onto the 2012 tax return. These folks are absolutely brutal.
KGB
Footballguy
Thx for the other responses.Did you guys play mortgage companies against each other? Like when buying a car? What tactics did you use to lower the BS fees?
belljr
Footballguy
This, I took a 3.37 over a 3.175 because of the credits I received.
