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I had a 7/1 in a house I never intended to be in 7 years. Was at 5% when I got in. 4.5% last year and 2.5% this year. I'm not super inclined to just throw it out.people really agree to ARM's?I just got my ARM rate for the next 12 months.2.5%
Check Penfed.
thx, no dice though
I think 15s continue their downward march. They are begging you to take it.
I got 4.75% 30 year with zero points a week and a half ago when there was a 3-4 day stretch where the bond yield dipped. I had my broker watching constantly and as soon as it hit 4.75 with no points, I locked. I see that things have creeped for the bad recently to where you'd get 4.875% or have to pay points for 4.75%. So it's probably not much different from where you locked.
was it just a gut feel to tell him to watch for the 4.75?
Ok thanks.
is that conforming? I getting at jumbo at 4.25, but only 7 yr ARM. I am pretty sure we can pay it off by then, but 10 year would be more comfortable.
What's conforming mean?
conforming means not jumbo.
Gotcha...then yes, it's not jumbo. 10 year ARM (amortized over 30 years).
Every loan I've ever had. No need to pay an excessive rate for a product one doesn't need. I guess if you're planning on staying in the same house for 30 years a fixed rate mortgage might get a look. Just recently ran the numbers on a 10/1 arm v. a 30 yr fixed and the worst case scenario at max bumps still puts me ahead with the ARM past 15 yrs.people really agree to ARM's?I just got my ARM rate for the next 12 months.2.5%
Yeah, I had a 30year at 5.5% and we had a personal goal of paying off the house as soon as possible. Once I ran the #s, I figured with the 30 year, we could pay it off in about 9 years. I ran the 4.375% 10 year ARM and that got the payoff period down to 7 years. So I lowered my monthly pmt and bought myself 3 extra years in case anything happens. No brainer for me.Every loan I've ever had. No need to pay an excessive rate for a product one doesn't need. I guess if you're planning on staying in the same house for 30 years a fixed rate mortgage might get a look. Just recently ran the numbers on a 10/1 arm v. a 30 yr fixed and the worst case scenario at max bumps still puts me ahead with the ARM past 15 yrs.people really agree to ARM's?I just got my ARM rate for the next 12 months.2.5%
No Points and about $2500 closing on a 192k loan
Yes.
Do you mean again/this year?
I closed last November on a 30 year at 4.25% with no points (lucky on my timing).
just in process now of refi for 15 years 3.5% no points.
Me too.
Yes, you can get a 25 (or even 20) from some lenders, but at rates pretty much the same as a 30. Most of us here will advise you to do a 30 and pay on it like a 25. You get the same pay-off benefit with the flexibility should something happen to you financially down the road, you can fall back to the 30 year payments without having to re-fi, make late payments, etc.
Good question. I'm in roughly the same boat on my townhouse, but since it's worth less I probably won't/can't sell it and will have to be a landlord. Is it worth it for me to refinance it, can I get a mortgage that's not a 15 or 30, etc? Just add it to the big post I made above for those of you willing to provide some advice
Not sure if they are still out there, but I was able to get a 20 year. And kept my payments the same. So I basically cut 5 years off my loan. For me the appraisal the only way it will affect it is if the amount you are trying to refinance does not net you the 20% needed.I was in a similar boat as you and was able to get a 20 for 1.25% less than what my 30 was and it cost me bascially 1 months payment. So I did not get to "skip" a month. I think out of pocket was about 3500.
What are fixed rates today?
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Are the banks advertising 3.875 on the net a scam?
You can probably but it down to that rate TG. Wife and I are about ready to grab something, still think things will be bad but homes go much lower and it won't matter what you paid for it pretty soon.Thinking of a 5 yr note but then again if you can lock in at 4% seems crzy not to just take it.
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.
