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Can someone in the know tell me if any of these loans from Wachovia are a good deal or should I keep looking.1. 4.625% with closing costs just under $5K2. 4.77% with closing costs around $26003. 4.52% (buying down the 4.77 rate with 1 point) closing costs around $5100I believe the loan origination fee is .75% on all loans, not sure what the other costs are. I'd be refinancing around 247K. I'm in the Philly suburbs if that matters. Thanks.

4.77 with lower closing costs might be the best option. The payment difference will only be 10-20 per month. What is the loan amount and I could show you the difference.
The balance of the loan is about 247000. Thanks for your help.
247 @ 4.77= $1291.45 over 30 years247K @ 4.625= $1269.92 $21.53 dollar difference for $2300 savings on costs. 106-107 months to save difference. Will you be in this home for 9 years? Will you have this loan for 9 years???Another question, why not negotiate for lower rate??? You could probably get 4.625% with the $2600 costs. Although rates did get a little bit worse today.
What's the best way to negotiate with them? My wife just got off the phone with the mortgage guy and he said the 4.77 rate went to 4.87 today.

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Can someone in the know tell me if any of these loans from Wachovia are a good deal or should I keep looking.1. 4.625% with closing costs just under $5K2. 4.77% with closing costs around $26003. 4.52% (buying down the 4.77 rate with 1 point) closing costs around $5100I believe the loan origination fee is .75% on all loans, not sure what the other costs are. I'd be refinancing around 247K. I'm in the Philly suburbs if that matters. Thanks.

4.77 with lower closing costs might be the best option. The payment difference will only be 10-20 per month. What is the loan amount and I could show you the difference.
The balance of the loan is about 247000. Thanks for your help.
247 @ 4.77= $1291.45 over 30 years247K @ 4.625= $1269.92 $21.53 dollar difference for $2300 savings on costs. 106-107 months to save difference. Will you be in this home for 9 years? Will you have this loan for 9 years???Another question, why not negotiate for lower rate??? You could probably get 4.625% with the $2600 costs. Although rates did get a little bit worse today.
What's the best way to negotiate with them? My wife just got off the phone with the mortgage guy and he said the 4.77 rate went to 4.87 today.
Hello Mr. Mortgage man, my wife/husband is working with another company and they are offering this. If you can't match that I think I will close with them. When a paycheck is walking out the door they will jump and become motivated to earn your business.

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Countrywide 30yr has been at 5% for a while, dips to 4.875 occasionally. 15yr is pretty steady at 4.5 to 4.75%. The wife and I are waiting for the rate on the 30 to drop below 5% again and refinance. Our current rate is 6.125% and we are two years in with a little equity in the place.

Hate to tell you this but Countrywide is one of the lenders I have quoted those rates straight from their rate sheets. Depending on your situation there are hits to the rate (for example- credit score, adverse market, c/o, etc.) Some hits are pretty severe like having a credit score in the 680's there is like a 1.00% hit to the YSP.
We are currently with Countrywide. Are those rates with points? I'm thinking about refinancing and I'm sure doing it with my existing lender would be easier. Currently at 5.5%, so I think it needs to dip below 5 before it makes sense for me to make a move.

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For those in PA...I can offer something very similar....4.625 with costs around 2500-5k depending on loan size. quarter point lower on 15 years right now...email me at ckfunding@yahoo.com if you want to look into things.

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Anyone have any experience with with 5/1 arms. My girlfriend bought a house 4.5 years ago and apparently got sucked into the whole 5/1 arm mess. She has an initial rate of 5.25% on a $99,000 loan and the rate changes in March. The problem is that somehow she either didn't receive the note at closing or has misplaced it so we don't know the specifics of her deal. We are trying to get a copy from the bank but have been transferred to various departments and have not had a lot of luckyet. What we have been able to piece together is that her rate resets and is based off of the 1 year CMT index rate. Her percentage can't move more than 2.25%. Right now the 1 year CMT is pretty low so is there any chance she will be ok when her rate resets in March? Obviously we need to get the note from the bank and are working on that.

Would it make sense to refinance if her rate is going to jump? The problem is we moved out of town and were unable to sell her place so we are renting it out for just a bit below her monthly mortgage payment. Will that make a refi more complicated? Another problem is that she only has about 10% equity in the house right now.

Any advice on what to do? Worst case scenario if her rate jumps to 7.5 we can afford the extra payment. I would just like to not feel like we are getting screwed. Its frustrating because I've looked over all of her loan paperwork and see a ton of references to her great 5.25 rate but not a single mention of what happens after the 5 years. Luckily even though she probably shouldn't have gotten into a 5/1 arm in the first place she was conservative enough in her purchase that she won't be completely screwed after the initial rate resets.

ETA: She has credit above 800 and a job that pays well and is steady so qualifying shouldn't be a problem.

It is possible the rate could go down. It all depends on the loan you have, CMT is the index but you need to know what your margin is on top of the index.

Would it make sense to refi? Depends on a lot of variables. The fact that the property is a rental will make the cost of a refi go up and it may be hard to find anyone willing to refi a rental at 90% CLTV.

If you can find someone to refi a rental property at your CLTV and want to figure out if it makes sense, well, that will all depend on what is going on. How long will you have the property- have you decided to rent it out long term or try to sell again in the short term? You need to know the exacts of the loan. You should be able to call the lender and get the answers over the phone without them forwarding all of the paperwork. And you need to know your options- if you have any. As I said, it may not be easy to get someone willing to give you a new loan. Even with a high FICO and a good DTI (debt to income) ratio, the fact that it is a rental at 90% CLTV may mean you can not qualify or if you can, the costs of the loan may make it not make sense.

The things you will want to find out are: What is the margin on the loan? What is the lifetime cap (if any)? I assume you are past an pre-payment penalty but does not hurt to ask.

Feel free to PM me with more Q's. I am a 10 year banking vet but currently unemployed (meaning, I will not try to sell you on anything)

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Anyone have any experience with with 5/1 arms. My girlfriend bought a house 4.5 years ago and apparently got sucked into the whole 5/1 arm mess. She has an initial rate of 5.25% on a $99,000 loan and the rate changes in March. The problem is that somehow she either didn't receive the note at closing or has misplaced it so we don't know the specifics of her deal. We are trying to get a copy from the bank but have been transferred to various departments and have not had a lot of luckyet. What we have been able to piece together is that her rate resets and is based off of the 1 year CMT index rate. Her percentage can't move more than 2.25%. Right now the 1 year CMT is pretty low so is there any chance she will be ok when her rate resets in March? Obviously we need to get the note from the bank and are working on that.

Would it make sense to refinance if her rate is going to jump? The problem is we moved out of town and were unable to sell her place so we are renting it out for just a bit below her monthly mortgage payment. Will that make a refi more complicated? Another problem is that she only has about 10% equity in the house right now.

Any advice on what to do? Worst case scenario if her rate jumps to 7.5 we can afford the extra payment. I would just like to not feel like we are getting screwed. Its frustrating because I've looked over all of her loan paperwork and see a ton of references to her great 5.25 rate but not a single mention of what happens after the 5 years. Luckily even though she probably shouldn't have gotten into a 5/1 arm in the first place she was conservative enough in her purchase that she won't be completely screwed after the initial rate resets.

ETA: She has credit above 800 and a job that pays well and is steady so qualifying shouldn't be a problem.

It is possible the rate could go down. It all depends on the loan you have, CMT is the index but you need to know what your margin is on top of the index.

Would it make sense to refi? Depends on a lot of variables. The fact that the property is a rental will make the cost of a refi go up and it may be hard to find anyone willing to refi a rental at 90% CLTV.

If you can find someone to refi a rental property at your CLTV and want to figure out if it makes sense, well, that will all depend on what is going on. How long will you have the property- have you decided to rent it out long term or try to sell again in the short term? You need to know the exacts of the loan. You should be able to call the lender and get the answers over the phone without them forwarding all of the paperwork. And you need to know your options- if you have any. As I said, it may not be easy to get someone willing to give you a new loan. Even with a high FICO and a good DTI (debt to income) ratio, the fact that it is a rental at 90% CLTV may mean you can not qualify or if you can, the costs of the loan may make it not make sense.

The things you will want to find out are: What is the margin on the loan? What is the lifetime cap (if any)? I assume you are past an pre-payment penalty but does not hurt to ask.

Feel free to PM me with more Q's. I am a 10 year banking vet but currently unemployed (meaning, I will not try to sell you on anything)

Another way to get a look at your agreement is to ask the county registry for a copy of your mortgage. It should have an ARM rider attached which gives you the important details from the note.

Also, don't believe the hype about fixed ARM's being the devil, especially if she was A-credit. There's a really good chance her rate will be lower. Her margin is probably 2.5 to 3. My 7/1 ARM is tied to the 1-year treasury index, and if the fixed period were to end today, I'd get the next year at 3.125. Oh the horror. Could very well be your girl will be in the same boat.

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Mortgage Rates from one of my lenders with Yield Spread they pay, basically says 4.875% is par with this lender. Rate% 15 Day 30 Day 45 Day 60 Day 6.250 -1.843 -1.655 -1.467 -1.280 6.125 -1.661 -1.473 -1.285 -1.098 6.000 -1.467 -1.279 -1.091 -0.904 5.875 -1.755 -1.567 -1.379 -1.192 5.750 -1.726 -1.538 -1.350 -1.163 5.625 -1.587 -1.399 -1.211 -1.024 5.500 -1.378 -1.190 -1.002 -0.815 5.375 -1.183 -0.995 -0.807 -0.620 5.250 -1.007 -0.819 -0.631 -0.444 5.125 -0.826 -0.638 -0.450 -0.263 5.000 -0.584 -0.396 -0.208 -0.021 4.875 -0.276 -0.088 0.100 0.2874.750 0.120 0.308 0.496 0.683

Thanks for posting these :unsure:Locked yesterday morning at 4.875%.ETA: I'm keeping the 7/1 I'm talking about in the post above, that's a different property. Edited by Thorn

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Locked in yesterday for a 30 yr. fixed at 5 flat. 2K in closing costs and monthly payment should go down about $100.

Am currently in an 80/20 with the 80 on a 6.5% 5/1 ARM that's up in June and the 20 was fixed at like 8.25%.

I'm VERY happy about all of this.....now if only I can find a new job before my current company goes out of business.

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Re-fi tomorrow morning w/ BOA at 4.5 (15 yr fix).

points?
0 points. We don't owe too much on the remainder of the mortgage and we have solid credit scores. Mrs. TD is a anti-debt freak and the mortgage is the only debt we have. The discussions have taken some time to iron everything out due to BOA corporate, but the local branch was a breeze to work with in comparison.

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Locked in yesterday for 15 year 4.625, only cost is appraisal. I hope I don't kick myself for not chosing the 30 year at 5%, would be nice to have a little "cushion" if i would lose my job, but like the interest savings on the 15. Much better than the 15 @ 6% I was in.

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Anyone have any experience with with 5/1 arms. My girlfriend bought a house 4.5 years ago and apparently got sucked into the whole 5/1 arm mess. She has an initial rate of 5.25% on a $99,000 loan and the rate changes in March. The problem is that somehow she either didn't receive the note at closing or has misplaced it so we don't know the specifics of her deal. We are trying to get a copy from the bank but have been transferred to various departments and have not had a lot of luckyet. What we have been able to piece together is that her rate resets and is based off of the 1 year CMT index rate. Her percentage can't move more than 2.25%. Right now the 1 year CMT is pretty low so is there any chance she will be ok when her rate resets in March? Obviously we need to get the note from the bank and are working on that.

Would it make sense to refinance if her rate is going to jump? The problem is we moved out of town and were unable to sell her place so we are renting it out for just a bit below her monthly mortgage payment. Will that make a refi more complicated? Another problem is that she only has about 10% equity in the house right now.

Any advice on what to do? Worst case scenario if her rate jumps to 7.5 we can afford the extra payment. I would just like to not feel like we are getting screwed. Its frustrating because I've looked over all of her loan paperwork and see a ton of references to her great 5.25 rate but not a single mention of what happens after the 5 years. Luckily even though she probably shouldn't have gotten into a 5/1 arm in the first place she was conservative enough in her purchase that she won't be completely screwed after the initial rate resets.

ETA: She has credit above 800 and a job that pays well and is steady so qualifying shouldn't be a problem.

It is possible the rate could go down. It all depends on the loan you have, CMT is the index but you need to know what your margin is on top of the index.

Would it make sense to refi? Depends on a lot of variables. The fact that the property is a rental will make the cost of a refi go up and it may be hard to find anyone willing to refi a rental at 90% CLTV.

If you can find someone to refi a rental property at your CLTV and want to figure out if it makes sense, well, that will all depend on what is going on. How long will you have the property- have you decided to rent it out long term or try to sell again in the short term? You need to know the exacts of the loan. You should be able to call the lender and get the answers over the phone without them forwarding all of the paperwork. And you need to know your options- if you have any. As I said, it may not be easy to get someone willing to give you a new loan. Even with a high FICO and a good DTI (debt to income) ratio, the fact that it is a rental at 90% CLTV may mean you can not qualify or if you can, the costs of the loan may make it not make sense.

The things you will want to find out are: What is the margin on the loan? What is the lifetime cap (if any)? I assume you are past an pre-payment penalty but does not hurt to ask.

Feel free to PM me with more Q's. I am a 10 year banking vet but currently unemployed (meaning, I will not try to sell you on anything)

Another way to get a look at your agreement is to ask the county registry for a copy of your mortgage. It should have an ARM rider attached which gives you the important details from the note.

Also, don't believe the hype about fixed ARM's being the devil, especially if she was A-credit. There's a really good chance her rate will be lower. Her margin is probably 2.5 to 3. My 7/1 ARM is tied to the 1-year treasury index, and if the fixed period were to end today, I'd get the next year at 3.125. Oh the horror. Could very well be your girl will be in the same boat.

Yeah, we think her margin is 2.75. That would make her new rate 3.49 if it reset today. I think. Hopefully the index stays low till march. We should be getting a copy of the note from the bank in 5-7 business days but I'll look into asking the county registry. Thanks.

ETA: I don't think fixed ARMs are necessarily the devil, it is just frustrating to see that there was little to no mention of what happened to the loan in 5 years. She took the ARM because of the lower initial payment and knew her rate would go up a bit in 5 years but there was very little in the way of details. Looking through her papers and applications it seemed that her mortgage guy was real focused on that initial rate and nothing else. She was a first time home buyer and it looks like as of now it could work out ok but it just kinda shows what things were like back then as everyone just assumed house prices would keep going up and nobody gave a damn what happened 5 years later. Not sure a 5/1 arm was the best option for a first time home buyer in her situation.

Edited by pokin

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Has anyone had any luck with FHA streamline refi? I closed at 6.25% FHA 30 year back in October; looking to refi for a better rate and expect to pay some closing costs. I plan to be here for 20+ years so willing to pay now to save money long term. I called Countrywide and got a quote, they wanted approx. 6k closing for 5.0% refi, break even on that in approx 36 months. Has anyone had any good experiences lately with FHA streamline quotes or any FBG brokers who can handle this in Indiana? I saw PenFed doesn't handle anything FHA and it seems kind of hit and miss as to which companies deal with them.

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Locked in yesterday for 15 year 4.625, only cost is appraisal. I hope I don't kick myself for not chosing the 30 year at 5%, would be nice to have a little "cushion" if i would lose my job, but like the interest savings on the 15. Much better than the 15 @ 6% I was in.

I locked in a 4.5% 30yr fixed with Wells Fargo yesterday (1 point). Got them to waive a bunch of fees. I'm very happy about this as my 5/1 interest only ARM was going to mature in August of this year.

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Re-fi tomorrow morning w/ BOA at 4.5 (15 yr fix).

points?
0 points. We don't owe too much on the remainder of the mortgage and we have solid credit scores. Mrs. TD is a anti-debt freak and the mortgage is the only debt we have. The discussions have taken some time to iron everything out due to BOA corporate, but the local branch was a breeze to work with in comparison.
Interesting that 15 years don't appear to have not hit the 2003 bottoms. Thanks for the info.

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Locked in Friday on a 30 yr 4.875 no points/no closing and he waived the non escrow fee. Saving $300- a month. :lmao:

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Locked our first at 4.875 and our second at an even 6.75. All this after being in our house for one year and already having 5% equity with no down payment :pickle:

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Locked our first at 4.875 and our second at an even 6.75. All this after being in our house for one year and already having 5% equity with no down payment :thumbup:

Nice. I can not imagine the greater Charlotte area not taking a strong dip soon with the demise of Wachovia etc. Speaking of which, how does your job situ look with Wells?

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Locked our first at 4.875 and our second at an even 6.75. All this after being in our house for one year and already having 5% equity with no down payment :thumbdown:

Nice. I can not imagine the greater Charlotte area not taking a strong dip soon with the demise of Wachovia etc. Speaking of which, how does your job situ look with Wells?
Only thing we've learned about our situation specifically is that we (team of 10) do what 4 teams of 10+ do for Wells, so I like our chances. Hoping we'll either be given help or be consumed by those existing teams. I don't know that we are going to lose a TON of people here. We don't overlap hardly at all and they've committed to keeping the data centers as is so people are going to have support things in all the places. There will no doubt be layoffs, but I don't think it's going to be all in one place.

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Locked our first at 4.875 and our second at an even 6.75. All this after being in our house for one year and already having 5% equity with no down payment :goodposting:

Nice. I can not imagine the greater Charlotte area not taking a strong dip soon with the demise of Wachovia etc. Speaking of which, how does your job situ look with Wells?
Only thing we've learned about our situation specifically is that we (team of 10) do what 4 teams of 10+ do for Wells, so I like our chances. Hoping we'll either be given help or be consumed by those existing teams. I don't know that we are going to lose a TON of people here. We don't overlap hardly at all and they've committed to keeping the data centers as is so people are going to have support things in all the places. There will no doubt be layoffs, but I don't think it's going to be all in one place.
Hope you come out good through all of it. Wells instead of Citi certainly helped.

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Locked our first at 4.875 and our second at an even 6.75. All this after being in our house for one year and already having 5% equity with no down payment :thumbup:

Nice. I can not imagine the greater Charlotte area not taking a strong dip soon with the demise of Wachovia etc. Speaking of which, how does your job situ look with Wells?
Only thing we've learned about our situation specifically is that we (team of 10) do what 4 teams of 10+ do for Wells, so I like our chances. Hoping we'll either be given help or be consumed by those existing teams. I don't know that we are going to lose a TON of people here. We don't overlap hardly at all and they've committed to keeping the data centers as is so people are going to have support things in all the places. There will no doubt be layoffs, but I don't think it's going to be all in one place.
I got a big back yard you can camp in if things go south.

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Locked our first at 4.875 and our second at an even 6.75. All this after being in our house for one year and already having 5% equity with no down payment :confused:

Nice. I can not imagine the greater Charlotte area not taking a strong dip soon with the demise of Wachovia etc. Speaking of which, how does your job situ look with Wells?
Only thing we've learned about our situation specifically is that we (team of 10) do what 4 teams of 10+ do for Wells, so I like our chances. Hoping we'll either be given help or be consumed by those existing teams. I don't know that we are going to lose a TON of people here. We don't overlap hardly at all and they've committed to keeping the data centers as is so people are going to have support things in all the places. There will no doubt be layoffs, but I don't think it's going to be all in one place.
I got a big back yard you can camp in if things go south.
:lmao: Hopefully it won't come to that, but I appreciate the offer :bag:

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Locked in Friday on a 30 yr 4.875 no points/no closing and he waived the non escrow fee. Saving $300- a month. :confused:

"No closing" means no closing costs?Who did you use to get this deal?I'm trying to figure out what it costs to refinance. Can anyone ballpark this for me?Also, is it true that if you have less than 20% equity that you have to escrow?

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Where would be the best place to start if I am looking for the best rates for first time homebuyers? Local banks/credit unions?

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my wife and i purchased right before the collapse in October. our 30-year mortgage is at 6.375%. rates in chicago are hovering a full point or more below that now. i thought we might try to re-fi our loan at a lower rate. we have some money that we holding onto to finish the downstairs/basement but, i guess, we could put that towards the principal if we wanted to. so i spoke with the guy who did our mortgage and he says we can't because our condo doesn't have enough units sold yet. there are maybe 30 units total but only 2 sold and/or occupied currently. does that make sense or sound right?

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I've been looking to refinance mine as well. I spoke to 2 local lenders here in Ohio and was told that unless the rates drop below 4.5, that it's not worth my time. (more likely theirs...IMO).I'm currently 4yrs into a 30yr FHA loan on a $200k home. We got it with a 2:1 buydown deal with the home builder, so our rate is now at 5.185% (or soemthing like that). Regardless, we now owe about $179k and have not had our home appraised, but I'm guessing the value probably dropped with everything going on. What's the best step for me in this situation? For those of you in the know, is it worth my time to search out a lower rate for refinance? Are these guys just feeding me a line of BS so they don't lose money, or am I really wasting my time trying to refinance? I want to lower my payment if I can. I have no HELOC and only the one mortgage.What's this about a streamline FHA refi? This is the first I've heard of this... :thumbup:

bump :popcorn:

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Supposedly rates hit another all-time low today.

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Locked in Friday on a 30 yr 4.875 no points/no closing and he waived the non escrow fee. Saving $300- a month. :goodposting:

"No closing" means no closing costs?Who did you use to get this deal?I'm trying to figure out what it costs to refinance. Can anyone ballpark this for me?Also, is it true that if you have less than 20% equity that you have to escrow?
It's kind of hard to ballpark costs without knowing your situation, but if you held a gun to my head I say 2500-3000. Don't forget you skip one monthly payment in the mix and typically get a check back from you current lender a few weeks down the line for the balance in your existing escrow account.If you have less than 20% equity you have to pay mortgage insurance, which I imagine is only paid through escrow. And btw even with 20% there is typically an opt-out of escrow fee of a half a point.

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Where would be the best place to start if I am looking for the best rates for first time homebuyers? Local banks/credit unions?

The rates aren't different for first time homebuyers, though the programs are. Your credit unions or local banks aren't going to have them, in all likelihood. Shop with a mortgage broker or your local Wells Fargo/Countrywide branch.

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my wife and i purchased right before the collapse in October. our 30-year mortgage is at 6.375%. rates in chicago are hovering a full point or more below that now. i thought we might try to re-fi our loan at a lower rate. we have some money that we holding onto to finish the downstairs/basement but, i guess, we could put that towards the principal if we wanted to. so i spoke with the guy who did our mortgage and he says we can't because our condo doesn't have enough units sold yet. there are maybe 30 units total but only 2 sold and/or occupied currently. does that make sense or sound right?

You can always shop around but it's generally true that investors don't want the risk that comes with a condo in a development that is less than almost all sold, and almost all owner-occupied. Consider it from their side - how can 2 units pay enough in association fees to keep a 30-unit building going?

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I've been looking to refinance mine as well. I spoke to 2 local lenders here in Ohio and was told that unless the rates drop below 4.5, that it's not worth my time. (more likely theirs...IMO).I'm currently 4yrs into a 30yr FHA loan on a $200k home. We got it with a 2:1 buydown deal with the home builder, so our rate is now at 5.185% (or soemthing like that). Regardless, we now owe about $179k and have not had our home appraised, but I'm guessing the value probably dropped with everything going on. What's the best step for me in this situation? For those of you in the know, is it worth my time to search out a lower rate for refinance? Are these guys just feeding me a line of BS so they don't lose money, or am I really wasting my time trying to refinance? I want to lower my payment if I can. I have no HELOC and only the one mortgage.What's this about a streamline FHA refi? This is the first I've heard of this... :bs:

bump :lmao:
They're telling you the truth. I'm not sure what you can get for a rate today, but presume it's 4.875. The difference in payment between 5.125 and 4.875 on 200k is about $30. If it costs you $3000 to refi, that's 8 years, 3 months to truly recognize the savings. Of $30 a month.

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my wife and i purchased right before the collapse in October. our 30-year mortgage is at 6.375%. rates in chicago are hovering a full point or more below that now. i thought we might try to re-fi our loan at a lower rate. we have some money that we holding onto to finish the downstairs/basement but, i guess, we could put that towards the principal if we wanted to. so i spoke with the guy who did our mortgage and he says we can't because our condo doesn't have enough units sold yet. there are maybe 30 units total but only 2 sold and/or occupied currently. does that make sense or sound right?

You can always shop around but it's generally true that investors don't want the risk that comes with a condo in a development that is less than almost all sold, and almost all owner-occupied. Consider it from their side - how can 2 units pay enough in association fees to keep a 30-unit building going?
isn't that the developer's dilemma though? he will be compelled to sell (at a loss even) or rent them because of his banking/financing. i just want a lower mortgage. why should the developer's situation have any impact on a re-fi? it didn't stop me from getting a mortgage in the first place.

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my wife and i purchased right before the collapse in October. our 30-year mortgage is at 6.375%. rates in chicago are hovering a full point or more below that now. i thought we might try to re-fi our loan at a lower rate. we have some money that we holding onto to finish the downstairs/basement but, i guess, we could put that towards the principal if we wanted to. so i spoke with the guy who did our mortgage and he says we can't because our condo doesn't have enough units sold yet. there are maybe 30 units total but only 2 sold and/or occupied currently. does that make sense or sound right?

You can always shop around but it's generally true that investors don't want the risk that comes with a condo in a development that is less than almost all sold, and almost all owner-occupied. Consider it from their side - how can 2 units pay enough in association fees to keep a 30-unit building going?
isn't that the developer's dilemma though? he will be compelled to sell (at a loss even) or rent them because of his banking/financing. i just want a lower mortgage. why should the developer's situation have any impact on a re-fi? it didn't stop me from getting a mortgage in the first place.
Well, it's a regulation for secondary market lenders (e.g. Wells, Countrywide, anyone else who sells their loans off to be serviced), so even if they wanted to take it, they can't. And frankly, the regulation makes sense. How do you know when and if he's going to sell? Empty units = more chance something bad can happen.Your best bet is to look into a local savings bank or other "portfolio" lender who keeps their loans and does their own servicing. They aren't bound by secondary market regulations and can make their own judgment on the risk involved.

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Supposedly rates hit another all-time low today.

Anyone confirm? I've been waiting for another dip.

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Supposedly rates hit another all-time low today.

Anyone confirm? I've been waiting for another dip.
bankrate.com

"Tied" record lows.

Edited by Thorn

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Well, it's a regulation for secondary market lenders (e.g. Wells, Countrywide, anyone else who sells their loans off to be serviced), so even if they wanted to take it, they can't. And frankly, the regulation makes sense. How do you know when and if he's going to sell? Empty units = more chance something bad can happen.Your best bet is to look into a local savings bank or other "portfolio" lender who keeps their loans and does their own servicing. They aren't bound by secondary market regulations and can make their own judgment on the risk involved.

i guess i don't understand why regulations that are based on the developer's situation would apply to me. if the developer loses money then that's between the banks and them. it shouldn't affect me. if he goes belly up and into foreclosure, i can't be evicted. my situation would not change.

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Supposedly rates hit another all-time low today.

Anyone confirm? I've been waiting for another dip.
bankrate.com

"Tied" record lows.

Penfed (current mortgage location) has started charging a 1% origination as of last week. :thumbup:

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Well, it's a regulation for secondary market lenders (e.g. Wells, Countrywide, anyone else who sells their loans off to be serviced), so even if they wanted to take it, they can't. And frankly, the regulation makes sense. How do you know when and if he's going to sell? Empty units = more chance something bad can happen.Your best bet is to look into a local savings bank or other "portfolio" lender who keeps their loans and does their own servicing. They aren't bound by secondary market regulations and can make their own judgment on the risk involved.

i guess i don't understand why regulations that are based on the developer's situation would apply to me. if the developer loses money then that's between the banks and them. it shouldn't affect me. if he goes belly up and into foreclosure, i can't be evicted. my situation would not change.
Suppose the developer goes under with 28 unsold units. It takes months and months to sell the units, if not years. During that interim, who pays the maintenence fees for the buildings? You do. So, though you were approved for a payment of $1000 P&I, plus $200 condo fee, now you must pay $1000 plus a $1500 condo fee. You wouldn't have qualified for those types of payments, but they can't "unqualify" you once you're in.Oh, and there's that assessment against the empty unit that teenagers broke into and trashed. And the city is considering condemning the whole building because the pipes burst in all the first floor units, rendering all the fire alarm systems useless. And you can't get fire insurance for the building bc there is no alarm system. Etc, etc.The regualtions aren't based on the developer's "situation" per se. They are based on the valid risks involved to you and the lender based on the developer's situation.

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Well, it's a regulation for secondary market lenders (e.g. Wells, Countrywide, anyone else who sells their loans off to be serviced), so even if they wanted to take it, they can't. And frankly, the regulation makes sense. How do you know when and if he's going to sell? Empty units = more chance something bad can happen.Your best bet is to look into a local savings bank or other "portfolio" lender who keeps their loans and does their own servicing. They aren't bound by secondary market regulations and can make their own judgment on the risk involved.

i guess i don't understand why regulations that are based on the developer's situation would apply to me. if the developer loses money then that's between the banks and them. it shouldn't affect me. if he goes belly up and into foreclosure, i can't be evicted. my situation would not change.
Suppose the developer goes under with 28 unsold units. It takes months and months to sell the units, if not years. During that interim, who pays the maintenence fees for the buildings? You do. So, though you were approved for a payment of $1000 P&I, plus $200 condo fee, now you must pay $1000 plus a $1500 condo fee. You wouldn't have qualified for those types of payments, but they can't "unqualify" you once you're in.Oh, and there's that assessment against the empty unit that teenagers broke into and trashed. And the city is considering condemning the whole building because the pipes burst in all the first floor units, rendering all the fire alarm systems useless. And you can't get fire insurance for the building bc there is no alarm system. Etc, etc.The regualtions aren't based on the developer's "situation" per se. They are based on the valid risks involved to you and the lender based on the developer's situation.
I assumed the developer's financier would assume responsibility and act in their stead. Good to know. I appreciate the explanation.

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Supposedly rates hit another all-time low today.

Anyone confirm? I've been waiting for another dip.
bankrate.com

"Tied" record lows.

Penfed (current mortgage location) has started charging a 1% origination as of last week. :rant:
Bummer.

No extra BS costs earned them my business back in April. I guess they're changing their business model.

:hifive:

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Supposedly rates hit another all-time low today.

Anyone confirm? I've been waiting for another dip.
bankrate.com

"Tied" record lows.

Penfed (current mortgage location) has started charging a 1% origination as of last week. :rant:
Bummer.

No extra BS costs earned them my business back in April. I guess they're changing their business model.

:hifive:

She said they instituted the fee b/c of their high volume and low employee availability. She said they might take it away if their loan volume goes down or they hire some more people. Edited by Worm

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Wells Fargo (my current mortgage co.) quoted me 4.625% today on a 20 or 25 year mortgage. He didn't provide any details on the fees, points, etc. yet.

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