Mortgage Rates (1 Viewer)

[tommyGunZ]

Looks like I'm going forward with 4.25% no points on 30 year fixed.

I have been reading that closing costs are typically 2-3% of loan. Is that about right? I want to bring that cash to closing rather than roll it into loan amount if I can, right?

Are the banks advertising 3.875 on the net a scam?

Link? I didn't see anything under 4.125 on bankrate today. Anyway, I feel more comfortable dealing with my local bank than someone from the internet.

Google Advisor LinkBut I totally understand your preference for a local lender. I'd be somewhat hesitant to use a bank I've never heard of.

I just looked at that link. Look over to the right when you get to that site. You will see that you have to pay down points to get those rates. That means those rates are available for a price, but not at par.

Right, but the first one advertises 3.875 with only .125 pts. That's better than 4.25 with no pts in almost any scenario. Right?

 

[Hear-the-Footsteps]

Looks like I'm going forward with 4.25% no points on 30 year fixed.

I have been reading that closing costs are typically 2-3% of loan. Is that about right? I want to bring that cash to closing rather than roll it into loan amount if I can, right?

Are the banks advertising 3.875 on the net a scam?

Link? I didn't see anything under 4.125 on bankrate today. Anyway, I feel more comfortable dealing with my local bank than someone from the internet.

Google Advisor LinkBut I totally understand your preference for a local lender. I'd be somewhat hesitant to use a bank I've never heard of.

I just looked at that link. Look over to the right when you get to that site. You will see that you have to pay down points to get those rates. That means those rates are available for a price, but not at par.

Right, but the first one advertises 3.875 with only .125 pts. That's better than 4.25 with no pts in almost any scenario. Right?

No. The first one is at 3.875% with a 1 point pay down, not a .125 pay down. (At least that is what I am seeing.) Not to mention, I bet there is some fine print even with that.The other one on the page that is at 3.75 with a .125 pay down is on an FHA loan. I believe most people in this thread that have been referring to rates on the 30 year fixed are not referring to an FHA loan - just my guess.

 

[Random]

Currently at 5% and considering a re-fi as a lender I have a relationship with is at 3.875% 30 year fixed today.If I lock and pay for an appraisal and can't get to 80% LTV, the bank has indicated in the past that they would have substantial penalties with Freddie Mac if we cancel. They've said in past discussions that they could lock at a higher rate with more of a "contingency" plan that they can get out of if the appraisal doesn't come in. Then I'm out only the cost of the appraisal but I lose rate.Any options here? Does the bank really risk penalties with Freddie? If so, what kind of penalty are we talking on a maximum conforming 30-year?

Use a different bank.

 

[17seconds]

I'll be happy when the fixed term of my 7-year ARM runs out in January. At 5.375% right now and can't refi because I lost all my equity. Moving to adjustable will drop my payment by about $800/mo. Adjustable is kind of scary but my payment is easy to handle and I don't think it can go up more than 1% a year.

 

[towney]

10 yr note down to 2.14 and MBS down 100bps. Rates are falling again today. Now is the time to look at refinancing.As far as the best way to go about selecting a mortgage professional to assist you I would suggest finding a few reputable mortgage brokers in your area. Have them give you a closing costs fees worksheet to compare costs against each of them. Remember never commit until you have received the fees worksheet and have reviewed it. A lot of times you can find mortgage companies in your local newspaper real estate section. HTH

What are fixed rates today?

Well I can tell you here in FL 4.125% fixed 30yr and 3.25% 15yr are what I'm quoting my clients (no points). Remember when seeing those rates below 4% I can pretty much assure you there are points attached to it. When shopping a rate make sure you ask for the rate with no points so you get a fair comparison. And yes there a a lot of scams out there on the net where your see super low rates but when you get the closing cost worksheet or GFE you'll probably find points and such to get that rate. I have many clients tell me that they have seen lower rates on the net but when they get the costs they then see why. My suggestion stay with a local mortgage broker/company who will attend your closing.

 

[Johnny Rock]

10 yr note down to 2.14 and MBS down 100bps. Rates are falling again today. Now is the time to look at refinancing.As far as the best way to go about selecting a mortgage professional to assist you I would suggest finding a few reputable mortgage brokers in your area. Have them give you a closing costs fees worksheet to compare costs against each of them. Remember never commit until you have received the fees worksheet and have reviewed it. A lot of times you can find mortgage companies in your local newspaper real estate section. HTH

What are fixed rates today?

Well I can tell you here in FL 4.125% fixed 30yr and 3.25% 15yr are what I'm quoting my clients (no points). Remember when seeing those rates below 4% I can pretty much assure you there are points attached to it. When shopping a rate make sure you ask for the rate with no points so you get a fair comparison. And yes there a a lot of scams out there on the net where your see super low rates but when you get the closing cost worksheet or GFE you'll probably find points and such to get that rate. I have many clients tell me that they have seen lower rates on the net but when they get the costs they then see why. My suggestion stay with a local mortgage broker/company who will attend your closing.

The 3.875% 30 yr fixed rate I mentioned above is no points and from a local bricks and mortar bank in MN.

 

[17seconds]

Just go to Yahoo finance, it has all the bankrate numbers on the bottom right for all types of loans. Updates every day.

 

[dino259]

30 Year is down to 4% at my Credit Union.

 

[CletiusMaximus]

Is anyone out there familiar with capwest mortgage? Was just quoted 3.75% on a 20 year refi with $500 in total closing costs.

 

[cubd8]

Perhaps a dumb question, but have 2 mortgages. Last year, I was able (I'm actually not sure how) to refinance my primary mortgage, and got my rate down to about 5.30%. Since I locked down that rate, interest rates had fallen even more. Now, a year later, is there any harm in checking to see if I'm able to refinance down to a lower rate? Also, for my 2nd mortgage, is it likely they would allow a refinance on that loan? That loan has a higher interest rate.

Any help for whether you guys think the bank would be open to this?

 

[rascal]

Holy crap...what banks/credit unions are you guys using to get rates @ 4%?

 

[towney]

Not to say the bricks and mortar banks do not have anything lower then 4% but get their GFE or closing cost fee sheet and let us know. They can have no points but have something else hidden.

Again get the closing cost estimate in writing. Verbal is just verbal but seeing is believing.

 

[shuke]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?

I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

 

[pokin]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

What city and bank?

 

[Tiger Fan]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?

I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

how is this possible after the banking meltdown?

 

[tommyGunZ]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

Well done gb.

 

[shuke]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

What city and bank?

Cincinnati. Fifth Third Bank.

 

[shuke]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?

I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

how is this possible after the banking meltdown?

No idea. House is only 6 years old, my credit score is over mid-800's, I have a nice chunk of cach in a savings account with this bank. Not sure if that stuff played a role. Also, guy told me that since my current Bank of America loan is a Fanny Mae loan, that I qualified for a FHA refinance or something. Honestly, I don't know what that means.

 

[pokin]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

What city and bank?

Cincinnati. Fifth Third Bank.

Thanks. Did you have your existing mortgage with them or was this a special? I'm in Cincy too and may have to check them out.

 

[Tiger Fan]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?

I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

how is this possible after the banking meltdown?

No idea. House is only 6 years old, my credit score is over mid-800's, I have a nice chunk of cach in a savings account with this bank. Not sure if that stuff played a role. Also, guy told me that since my current Bank of America loan is a Fanny Mae loan, that I qualified for a FHA refinance or something. Honestly, I don't know what that means.

interesting...I have all of this as well. Guess it's worth a phone call

 

[Johnny Rock]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?

I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

how is this possible after the banking meltdown?

No idea. House is only 6 years old, my credit score is over mid-800's, I have a nice chunk of cach in a savings account with this bank. Not sure if that stuff played a role. Also, guy told me that since my current Bank of America loan is a Fanny Mae loan, that I qualified for a FHA refinance or something. Honestly, I don't know what that means.

Was this the Relief Refinance Program?

 

[towney]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?

I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

With respect to escrows it all depends when taxes and insurance are due. Example: Your insurance is due in March and you close end of Aug. then your looking at approx. collecting 7-8 months. Your first mtg. payment is due Oct. thus Oct.- Feb. payments equal 5 months going into escrow and you need to have 12 months in escrow by renewal period. Same goes for taxes. HTH

Good job on locking especially since rates backed up a bit today. Can you post your closing costs less any escrow/prepaid items. I have told my clients yesterday to lock but a vast majority have this mind set that rates are going even lower, why risk it....

 

[shuke]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?

I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

how is this possible after the banking meltdown?

No idea. House is only 6 years old, my credit score is over mid-800's, I have a nice chunk of cach in a savings account with this bank. Not sure if that stuff played a role. Also, guy told me that since my current Bank of America loan is a Fanny Mae loan, that I qualified for a FHA refinance or something. Honestly, I don't know what that means.

Was this the Relief Refinance Program?

 

[shuke]

What's typical for how much banks want you to have in your escrow account to start, in terms of number of months payment?I locked in this morning at 4.125%, no points, .125% cash back, no appraisal required. Pretty happy.

What city and bank?

Cincinnati. Fifth Third Bank.

Thanks. Did you have your existing mortgage with them or was this a special? I'm in Cincy too and may have to check them out.

No, existing is with Bank of America. They are a joke, by the way. I called my loan office noon Tuesday and talked to an assistant who took my info. Didn't hear anything so left a message with them yesterday basically saying I was eager to get a deal done. Got a call today, about 48 hours after my initial call, and my "dedicated sales manager" says "what's up?". 48 hours later? Really? I told her I was already locked in with 5/3 and she wants to quote me anyway. Got an email tonight for 4.875% 30 year.

 

[The_Man]

As a semi-serial mortgage refinancer, I think I just locked in the last mortgage of my life today. Through some streamline program, I could refi with no appraisal and no documentation - our 30-year fixed mortgage went from 5.5% to 4.0 (4.03 APR). My wife and I have great credit, so we also qualified for a program of the lender (Chase) where they kick in a half-point credit toward closing costs. With all the charges and closing costs (including Maryland's onerous tax stamps) we're adding less than $2,000 to the amount of our existing loan and reducing our payment almost $400 per month.

 

[culdeus]

As a semi-serial mortgage refinancer, I think I just locked in the last mortgage of my life today. Through some streamline program, I could refi with no appraisal and no documentation - our 30-year fixed mortgage went from 5.5% to 4.0 (4.03 APR). My wife and I have great credit, so we also qualified for a program of the lender (Chase) where they kick in a half-point credit toward closing costs. With all the charges and closing costs (including Maryland's onerous tax stamps) we're adding less than $2,000 to the amount of our existing loan and reducing our payment almost $400 per month.

4 is pretty good for 30 year right now.

 

[Random]

Just started the process of a 15yr cashout refi @ 3.5% no closing costs. Going through Amerisave. We'll see how this goes.

 

[Wild Young Billy]

Just started the process of a 15yr cashout refi @ 3.5% no closing costs. Going through Amerisave. We'll see how this goes.

I just signed the paperwork today for the same thing. But not through Amerisave.

 

[Workhorse]

We just closed our re-fi yesterday on a 15 year, 3.35% with closing costs.

 

[Tiger Fan]

As a semi-serial mortgage refinancer, I think I just locked in the last mortgage of my life today. Through some streamline program, I could refi with no appraisal and no documentation - our 30-year fixed mortgage went from 5.5% to 4.0 (4.03 APR). My wife and I have great credit, so we also qualified for a program of the lender (Chase) where they kick in a half-point credit toward closing costs. With all the charges and closing costs (including Maryland's onerous tax stamps) we're adding less than $2,000 to the amount of our existing loan and reducing our payment almost $400 per month.

how does one find out about these "streamline" programs

 

[Gamma1210]

As a semi-serial mortgage refinancer, I think I just locked in the last mortgage of my life today. Through some streamline program, I could refi with no appraisal and no documentation - our 30-year fixed mortgage went from 5.5% to 4.0 (4.03 APR). My wife and I have great credit, so we also qualified for a program of the lender (Chase) where they kick in a half-point credit toward closing costs. With all the charges and closing costs (including Maryland's onerous tax stamps) we're adding less than $2,000 to the amount of our existing loan and reducing our payment almost $400 per month.

how does one find out about these "streamline" programs

 

[17seconds]

Since the Fed has basically guaranteed interest rates will be low for 3 or more years, why not switch to a 1-year ARM and get under 3%? Seems the risk is very low.

I'm going to this in January.

 

[culdeus]

Since the Fed has basically guaranteed interest rates will be low for 3 or more years, why not switch to a 1-year ARM and get under 3%? Seems the risk is very low.I'm going to this in January.

I'm not touching my ARM now. My current rate is 2.5%. Probably will dip to 2.25 for 2012. Zero reason to make the move now.

 

[azgroover]

Since the Fed has basically guaranteed interest rates will be low for 3 or more years, why not switch to a 1-year ARM and get under 3%? Seems the risk is very low.I'm going to this in January.

I'm not touching my ARM now. My current rate is 2.5%. Probably will dip to 2.25 for 2012. Zero reason to make the move now.

Same here. Any dramatic rise in rates would be devastating for my already underwater house's value anyway. The only reason I haven't walked yet is because of how cheap my payment is relative to rents in my area.

 

[ZenMaster]

As a semi-serial mortgage refinancer, I think I just locked in the last mortgage of my life today. Through some streamline program, I could refi with no appraisal and no documentation - our 30-year fixed mortgage went from 5.5% to 4.0 (4.03 APR). My wife and I have great credit, so we also qualified for a program of the lender (Chase) where they kick in a half-point credit toward closing costs. With all the charges and closing costs (including Maryland's onerous tax stamps) we're adding less than $2,000 to the amount of our existing loan and reducing our payment almost $400 per month.

how does one find out about these "streamline" programs

We got a letter from our current lender (Chase) a couple of days ago saying we could refinance with a streamlined refi with lower fees. We did this 13 months ago to get down to 4.375% (15-year) and now they're offering 3.77%. The letter references our balance from a couple of months ago so the current rates may be lower.

 

[Wooderson]

Is it best "cheaper" to refi with you current loan holder? We are with BOA at 5% 30 year FHA. Does it matter that's a FHA loan?

Thanks

 

[adonis]

I'm looking to refinance an investment property that's near 80% LTV. Anyone have any suggestions on how to get the best deal?

 

[Mose]

Can someone in here explain the issues with refinancing a Freddie Mac loan? My bank says there are new rules with refinancing 100%. I have a thread I started a few minutes ago with my details in it if someone can lend me some info.

 

[rascal]

Just started the process of a 15yr cashout refi @ 3.5% no closing costs. Going through Amerisave. We'll see how this goes.

I just signed the paperwork today for the same thing. But not through Amerisave.

Who?

 

[skycriesmary]

Here's a question for the mortgage peeps...

I have about 25k to either put towards my primary loan which is a 15 @ 4.75, or I could put that towards my HELOC, I have about a 50k balance on it, @ 2.97.

I've been hesitant to not just put it towards the primary, but with rates looking to stay low for at least a few years, maybe I'm better at reducing the amount of the principle loan?

I know it has to do with how long it'll take me to pay off the HELOC, etc, and maybe what I really should be asking is if people in the industry see the benchmark index staying flat for a few more years?

 

[The Ref]

Here's a question for the mortgage peeps...

I have about 25k to either put towards my primary loan which is a 15 @ 4.75, or I could put that towards my HELOC, I have about a 50k balance on it, @ 2.97.

I've been hesitant to not just put it towards the primary, but with rates looking to stay low for at least a few years, maybe I'm better at reducing the amount of the principle loan?

I know it has to do with how long it'll take me to pay off the HELOC, etc, and maybe what I really should be asking is if people in the industry see the benchmark index staying flat for a few more years?

I'd say it has everything to do with it.

 

[The Ref]

We just closed our re-fi yesterday on a 15 year, 3.35% with closing costs.

Free money. Good for you.

 

[Judge Smails]

I've been on the sidelines. Still have a 30 year fixed 5.25. Going to make a run at a 15 year note now. Don't want to pay a bunch of closing costs/points though. Great credit, house with equity, so hopefully it won't be a big pain in the ###...

 

[downanddistance]

Refinancing/Appraisal/Tax quesiton...

We have a inground pool that put in at our house after the house was built and origanally appraised for mortgage (30y. 6%) I don't think a permit was pulled for the pool since it may have been our responsibility, not the pool company. But we live in the sticks and so......Also we do not have fence around the pool as may be required by code. We do have a powered safety cover that locks the pool down whenever it is not in use and in my opinion is much safer than a fence.

I have put off a refinace for now because our current lender requires an appraisal. I don't want to have someone coming around taking pictures since I fear that somehow it may lead to us having to install a fence and/or have higher taxes.... Is this fear founded? If so do I just look for a no appraisal refi? (good credit, plenty of equity in house)

 

[towney]

Once again Mortgage Interest Rates are at Historic lows. Anyone one sitting on the fence might want to revisit a refi.

Govt. buying long term debt and 10yr treasury note at 1.79 = LOW RATES

You should be seeing 3.75%-3.875% 30 fixed rates 0pts and 15yr around 3.125%-3.25%.

If your in the 5% range on a 30yr this might be a good time to take a look and maybe go down to a 15yr term.

 

[towney]

Refinancing/Appraisal/Tax quesiton...We have a inground pool that put in at our house after the house was built and origanally appraised for mortgage (30y. 6%) I don't think a permit was pulled for the pool since it may have been our responsibility, not the pool company. But we live in the sticks and so......Also we do not have fence around the pool as may be required by code. We do have a powered safety cover that locks the pool down whenever it is not in use and in my opinion is much safer than a fence.I have put off a refinace for now because our current lender requires an appraisal. I don't want to have someone coming around taking pictures since I fear that somehow it may lead to us having to install a fence and/or have higher taxes.... Is this fear founded? If so do I just look for a no appraisal refi? (good credit, plenty of equity in house)

Only time I know this might be a tax issue is if a notice of commencement/permit was pulled which puts up a red flag that improvement to your propery is being done. Usually the tax accessors office will then send someone out to improve the value for tax purposes.On your fear I wouldn't be to concerned because the only people that see the appraisal are the appraiser, mortgage broker and lender. You probably won't find a no appraisal refinance any where and that's because of the housing value crisis.

 

[downanddistance]

Refinancing/Appraisal/Tax quesiton...We have a inground pool that put in at our house after the house was built and origanally appraised for mortgage (30y. 6%) I don't think a permit was pulled for the pool since it may have been our responsibility, not the pool company. But we live in the sticks and so......Also we do not have fence around the pool as may be required by code. We do have a powered safety cover that locks the pool down whenever it is not in use and in my opinion is much safer than a fence.I have put off a refinace for now because our current lender requires an appraisal. I don't want to have someone coming around taking pictures since I fear that somehow it may lead to us having to install a fence and/or have higher taxes.... Is this fear founded? If so do I just look for a no appraisal refi? (good credit, plenty of equity in house)

Only time I know this might be a tax issue is if a notice of commencement/permit was pulled which puts up a red flag that improvement to your propery is being done. Usually the tax accessors office will then send someone out to improve the value for tax purposes.On your fear I wouldn't be to concerned because the only people that see the appraisal are the appraiser, mortgage broker and lender. You probably won't find a no appraisal refinance any where and that's because of the housing value crisis.

Thanks....so are you a mortgage broker?

 

[towney]

Thanks....so are you a mortgage broker?

Yes.22yrs and company owner.

 

[cubd8]

Perhaps a dumb question, but have 2 mortgages. Last year, I was able (I'm actually not sure how) to refinance my primary mortgage, and got my rate down to about 5.30%. Since I locked down that rate, interest rates had fallen even more. Now, a year later, is there any harm in checking to see if I'm able to refinance down to a lower rate? Also, for my 2nd mortgage, is it likely they would allow a refinance on that loan? That loan has a higher interest rate.

Any advice for me ?

 

[towney]

Perhaps a dumb question, but have 2 mortgages. Last year, I was able (I'm actually not sure how) to refinance my primary mortgage, and got my rate down to about 5.30%. Since I locked down that rate, interest rates had fallen even more. Now, a year later, is there any harm in checking to see if I'm able to refinance down to a lower rate? Also, for my 2nd mortgage, is it likely they would allow a refinance on that loan? That loan has a higher interest rate.

Any advice for me ?

First thing to consider is that you paid closing costs on that refi and there is a recapture period vs the older rate which makes the refi worth it.You'll again having closing costs if you decide to do another refi so you'll have to make sure it is worth your while to do it again. My guess is that if your for sure staying put for a number of years with out selling then it might again be worth the refi. But this is my inital thought without knowing the circumstances.Contact your second mortgage company and see what they say on refi of your second or if you have the value in the home you might want to consolidate the two. HTH