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MechEng

Mortgage Rates

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Went looking at a couple of houses in a new-ish development and we LOVE it. Our money goes so far out there, it's not even funny.Also, just got my credit scores and they avg. 712...so we will have absolutely not problem getting the VA loan.We're so damn excited that it looks like next weekend, we go get pre-approved @ NFCU. :thumbup::excited:

Be careful with NFCU. I went to them for a loan and they had some outlandish fees.
That said, for VA loans, any suggestions on where to look for lenders?
penfed
Are you willing to unpack as to why for us. We're totally green when it comes to buying a house, so can you direct us someone to read up that you guys would recommend or spell this out for us? We'd greatly appreciate it.
Penfed has low rates. I would call up some local banks and see what rates they are offering you. Shouldn't take more than 10 minutes each. One of my local banks had a lower rate than BOA and Wells Fargo so I went with them.

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If I am about to enter the buying market for my first house, what is the sequence of moves?

Do I get pre-approved by one lender first and then shop rates with numerous lenders later on once my offer is approved? Or, should I try to get pre-approved with the lender that I actually plan to go with?

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With the Fed announcing that there won't be any rate hikes till late 2014 I would expect mortgage rates to remain at these low levels. They may not continue to be at sub 4%, but I don't see them going over 5%.

I stayed at a holiday inn. Once.

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Just got our pre-approval for a mortgage!!! :pickle:

Going looking this weekend! Pretty damn stoked to know that we're closing in on a house. This is surreal, tbh. You're talking to a guy in his 30's who has come from growing up in mobile homes and living in motels a lot when he was a kid. This is so...surreal. :)

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Just got our pre-approval for a mortgage!!! :pickle:Going looking this weekend! Pretty damn stoked to know that we're closing in on a house. This is surreal, tbh. You're talking to a guy in his 30's who has come from growing up in mobile homes and living in motels a lot when he was a kid. This is so...surreal. :)

Congrats man. Buying our first house was an awesome experience.Unfortunately we ran into a string of bad luck three years ago where we were forced to short sell our house so we've got 5 1/2 months to go in the 3 year penalty period before we can qualify for another mortgage. We kept our other lines of credit good but in order to qualify for the short sale we were told to run very late on our mortgage. Did that, was told that the short sale would only be a "ding" on our credit, and it turns out we may as well have foreclosed. Worst advise I ever got. :thumbdown:

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Just got our pre-approval for a mortgage!!! :pickle:Going looking this weekend! Pretty damn stoked to know that we're closing in on a house. This is surreal, tbh. You're talking to a guy in his 30's who has come from growing up in mobile homes and living in motels a lot when he was a kid. This is so...surreal. :)

Awesome! Now you've got time to find the perfect house. You're in the driver's seat. Don't fall in love with anything without comparing it to many others first, even if you think you found "the one." Sometimes you don't know what features you want until you see it.

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Just got our pre-approval for a mortgage!!! :pickle:Going looking this weekend! Pretty damn stoked to know that we're closing in on a house. This is surreal, tbh. You're talking to a guy in his 30's who has come from growing up in mobile homes and living in motels a lot when he was a kid. This is so...surreal. :)

Be very careful.they will often pre-approve you for more than you really should be spending.don't make yourself house rich and life poor.How's did your wife like her whiskey barrell? I've got two of them now and I'm anxiously awaiting the spring so I can taste the goods.

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Just got our pre-approval for a mortgage!!! :pickle:

Going looking this weekend! Pretty damn stoked to know that we're closing in on a house. This is surreal, tbh. You're talking to a guy in his 30's who has come from growing up in mobile homes and living in motels a lot when he was a kid. This is so...surreal. :)

Be very careful.

they will often pre-approve you for more than you really should be spending.

don't make yourself house rich and life poor.

How's did your wife like her whiskey barrell? I've got two of them now and I'm anxiously awaiting the spring so I can taste the goods.

:unsure:

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Just got our pre-approval for a mortgage!!! :pickle:Going looking this weekend! Pretty damn stoked to know that we're closing in on a house. This is surreal, tbh. You're talking to a guy in his 30's who has come from growing up in mobile homes and living in motels a lot when he was a kid. This is so...surreal. :)

Awesome! Now you've got time to find the perfect house. You're in the driver's seat. Don't fall in love with anything without comparing it to many others first, even if you think you found "the one." Sometimes you don't know what features you want until you see it.

Thanks and thank you for the advice. We're in a good, unique situation...we are living in a loft in Downtown Denver right now, without a lease. Our landlord is really great and we get along well. He basically knows that we're starting the house hunting process and just asks for a decent notice and we're good-to-go. So, this gives us the option of looking at short sales and such. :thumbup:

Be very careful.they will often pre-approve you for more than you really should be spending.don't make yourself house rich and life poor.How's did your wife like her whiskey barrell? I've got two of them now and I'm anxiously awaiting the spring so I can taste the goods.

Thanks Mr. Nomarriage :P I keed, I keed.Thank you for the advice as well, but we know where we sit what we can afford. We asked to get pre-approved for $260k (I know, not very FBG baller-ish, but c'est la vie) as we know that's our limit on what we can safely afford.For anyone that cares, the area we're looking in is called Reunion, CO. It's actually the 'new' part of Commerce City. Commerce City has always been one of, if not the worst, parts of Denver, but that's the industrial, "old" Commerce City. The new part (Reunion) is a master-planned community about 10 miles NE of the "old" Commerce City. It's about a 25 minute commute into downtown Denver, where we both work, which is totally fine with us.The big advantage of this community is that it's quality builders (Shea Homes and Richmond American), but due to it being a bit 'out there' location-wise, and still not built up, retail-wise, the houses are SUPER cheap, compared to other parts of Denver. The houses out here would be going for $80k-$100k more if they were in more established neighborhoods (Highlands Ranch, Littleton, etc). So the upside is that we get a pretty new house (most built 2004-2011), with pretty much every feature we want in a house, for a ridiculously low price ($215k-$250k), in a new community with lots of upside. In fact, they are getting their first supermarket (a Super King Soopers) about 3 minutes from the development (part of the master planning).The downsides, as we see them are few, but something to consider...The property taxes are sorta brutal. In many neighborhoods @ Denver, in this price range, the houses are NOWHERE near as nice, but the property taxes are $1700-$2500. In Reunion, they can be as high as $3700/yr. So we're having to factor that in when looking at houses at the higher end of our budget. Also, even though the area is re-branded as Reunion, it still has the stigma of dreaded "Commerce City" attached to it...so there's that. But the crime is better than in most neighborhoods and pretty much ideal...it's just a name thing, that we think will go away in years to come. Lastly, is the location. It's pretty close to the airport (DIA), but not in the flight path, so that's good, but it's definitely detached from Denver. It's 20-25 minutes from downtown, which is no issue to us, but some people see it as "way the #### out there". These are things we have to consider, but mostly for resale purposes (the taxes being the major issue that we have to contend with when actually in the house). We do plan on living in this house for a long time, so resale, while something to consider, isn't a major factor either.So I guess the reason I am writing this book is that I hope that some much more knowledgeable people can chime in on whether some of these things are bigger/smaller than we think they are.Thanks for letting me unload here...and holy #### we can't wait to go look at houses this weekend! :pickle:eta: D, regarding the whiskey barrels, she LOVED them when she opened her presents on Christmas. I'll post about it in the other thread, as to not clutter this one. :thumbup: Edited by fasteddie_21

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This on my short list of things to do very soon here. I agree with others that these are the best rates we will likely see in our lifetimes. I already have a 30 year at 4.75%, but I am going to move it to a 15-year with the lowered rates. Anyone planning on staying in their homes for even 3 years, this is something you should be investigating. The rates are that low to make the math work in a lot of instances.

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I have 63k left to pay (6yrs)of a 15yr. mortgage at 5.125 on my current mortgage. Payments @810 month. We can make the payments but things are tight.

Looking to Re-fi. We will be here at least 8 yrs.

Should I go to

20 yrs. Payments 369 mo (3.625)

15 yrs payments 431 mo. (2.875)

10 yrs. payments 600 mo. (2.7)

I don't know much when it comes to mortages

Any help is appreciated.

All of these have closing costs of about $3000

This is at my local bank of a long time.

Should I look elsewhere ?

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I have 63k left to pay (6yrs)of a 15yr. mortgage at 5.125 on my current mortgage. Payments @810 month. We can make the payments but things are tight.Looking to Re-fi. We will be here at least 8 yrs.Should I go to20 yrs. Payments 369 mo (3.625)15 yrs payments 431 mo. (2.875)10 yrs. payments 600 mo. (2.7)I don't know much when it comes to mortagesAny help is appreciated.All of these have closing costs of about $3000This is at my local bank of a long time.Should I look elsewhere ?

If things are tight, then I would consider the 15 and if things are no longer tight, you just pay extra per month and you won't lose that much. Again, if things are really tight get the monthly payment that makes your life easier and then pay more when you are in a better spot. I think the 15's rate is so close to the 10 year that it is probably the best plan. The 20 doesn't seem to save you much for extending another 5 years.Also, are you rolling the closing costs into the new loan? If things are tight and they would allow it, I would roll it in. The last thing you need to do is save monthly and strap yourself too much by spending all your cash on hand.ETA: For everyone who is going to scream about extending his loan from 6 to 15. With the future value of money, halving his current mortgage already makes the 15 pretty close to the same total value as the 6 years and it seems like having the ability to either pay the extra $400 a month or not is well worth it. Edited by stbugs

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I have 63k left to pay (6yrs)of a 15yr. mortgage at 5.125 on my current mortgage. Payments @810 month. We can make the payments but things are tight.Looking to Re-fi. We will be here at least 8 yrs.Should I go to20 yrs. Payments 369 mo (3.625)15 yrs payments 431 mo. (2.875)10 yrs. payments 600 mo. (2.7)I don't know much when it comes to mortagesAny help is appreciated.All of these have closing costs of about $3000This is at my local bank of a long time.Should I look elsewhere ?

If things are tight, then I would consider the 15 and if things are no longer tight, you just pay extra per month and you won't lose that much. Again, if things are really tight get the monthly payment that makes your life easier and then pay more when you are in a better spot. I think the 15's rate is so close to the 10 year that it is probably the best plan. The 20 doesn't seem to save you much for extending another 5 years.Also, are you rolling the closing costs into the new loan? If things are tight and they would allow it, I would roll it in. The last thing you need to do is save monthly and strap yourself too much by spending all your cash on hand.ETA: For everyone who is going to scream about extending his loan from 6 to 15. With the future value of money, halving his current mortgage already makes the 15 pretty close to the same total value as the 6 years and it seems like having the ability to either pay the extra $400 a month or not is well worth it.
:goodposting: I concur.ETA: Just looked at your specs again. $3,000 seems very high for closing costs with only a $63,000 balance. Get a few Good Faith Estimates with a local credit union and a mortgage broker (they can price it with all their lenders giving you more breadth), they're free and you can compare apples to apples. Edited by johnnyrock62000

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Fed announced this week that they are expected to keep rates low thru 2014.

On the poster with the 63K loan amount 3k in closing costs seems high if it's minus escrow items. If it includes total closings cost including escrow items it might be inline, but really need to see the breakdown.

Edited by towney

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I have 63k left to pay (6yrs)of a 15yr. mortgage at 5.125 on my current mortgage. Payments @810 month. We can make the payments but things are tight.Looking to Re-fi. We will be here at least 8 yrs.Should I go to20 yrs. Payments 369 mo (3.625)15 yrs payments 431 mo. (2.875)10 yrs. payments 600 mo. (2.7)I don't know much when it comes to mortagesAny help is appreciated.All of these have closing costs of about $3000This is at my local bank of a long time.Should I look elsewhere ?

If things are tight, then I would consider the 15 and if things are no longer tight, you just pay extra per month and you won't lose that much. Again, if things are really tight get the monthly payment that makes your life easier and then pay more when you are in a better spot. I think the 15's rate is so close to the 10 year that it is probably the best plan. The 20 doesn't seem to save you much for extending another 5 years.Also, are you rolling the closing costs into the new loan? If things are tight and they would allow it, I would roll it in. The last thing you need to do is save monthly and strap yourself too much by spending all your cash on hand.ETA: For everyone who is going to scream about extending his loan from 6 to 15. With the future value of money, halving his current mortgage already makes the 15 pretty close to the same total value as the 6 years and it seems like having the ability to either pay the extra $400 a month or not is well worth it.
:goodposting: I concur.ETA: Just looked at your specs again. $3,000 seems very high for closing costs with only a $63,000 balance. Get a few Good Faith Estimates with a local credit union and a mortgage broker (they can price it with all their lenders giving you more breadth), they're free and you can compare apples to apples.
concur as well. $3k seems way high.

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This on my short list of things to do very soon here. I agree with others that these are the best rates we will likely see in our lifetimes. I already have a 30 year at 4.75%, but I am going to move it to a 15-year with the lowered rates. Anyone planning on staying in their homes for even 3 years, this is something you should be investigating. The rates are that low to make the math work in a lot of instances.

Depending on the loan, it can be worthwhile after just one year. I'm in the process of refinancing a 4.875% 30 year loan down to a 3.875% 30 year. Total closing costs are $2,000, which are paid back very quickly (depends on the loan amount, but a 200k loan at 1% less a rate is $2k in a year). To me, the cash tied up in the 15 year really wasn't worth the higher closing costs to get 0.5% less.

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I have 63k left to pay (6yrs)of a 15yr. mortgage at 5.125 on my current mortgage. Payments @810 month. We can make the payments but things are tight.Looking to Re-fi. We will be here at least 8 yrs.Should I go to20 yrs. Payments 369 mo (3.625)15 yrs payments 431 mo. (2.875)10 yrs. payments 600 mo. (2.7)I don't know much when it comes to mortagesAny help is appreciated.All of these have closing costs of about $3000This is at my local bank of a long time.Should I look elsewhere ?

If things are tight, then I would consider the 15 and if things are no longer tight, you just pay extra per month and you won't lose that much. Again, if things are really tight get the monthly payment that makes your life easier and then pay more when you are in a better spot. I think the 15's rate is so close to the 10 year that it is probably the best plan. The 20 doesn't seem to save you much for extending another 5 years.Also, are you rolling the closing costs into the new loan? If things are tight and they would allow it, I would roll it in. The last thing you need to do is save monthly and strap yourself too much by spending all your cash on hand.ETA: For everyone who is going to scream about extending his loan from 6 to 15. With the future value of money, halving his current mortgage already makes the 15 pretty close to the same total value as the 6 years and it seems like having the ability to either pay the extra $400 a month or not is well worth it.
2.875% is damn close to free money with interest deductions.

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So, we went out and looked at 9 houses yesterday...One of them was incredible. It seemed as though the price was about 20k too low. It had everything we wanted and a huge 2nd floor deck, that had awesome vistas of the Rockies.

So we're driving around w/ our agent, about to make a close-to-asking-price offer on the house, when the agent for the sellers called and said that they had received an offer that morning and had already accepted it. :angry::shock:

Now, obviously, we were pretty upset about that...I mean, the house had been on the market 9 days and had had no offers prior. This is on a SATURDAY...wtf accepts an offer on a Sat. morning without even waiting til the end of the day to see if they get any others and then start a bidding war?!? Grrrrr.

So, we're putting in a back-up offer, 99% sure that we're not getting the house. We had our realtor run the comps this morning and it was actually priced correctly, which floored all 3 of us (me, wife, & realtor). I mean, there are not many houses where we're looking that have the views and have all the upgrades that this one did. The good news, though, is that this house was so much superior to just about all the others that we saw, and found out that it's actually reasonable in our price range, so we're going to take our time finding another that is as good as this one. We're in no rush, so no worries there.

However, we had seen 1 house the previous weekend that was as good, if not better, sans view. However, the price seemed way outta wack, so we figured that they are never going to accept what we think is market value. It's priced about 30k too high...but our realtor said that it's been on the market over 140 days and have not had a single offer. So we're going to throw out a market-value offer and expect them to shoot it down flat. But, maybe once they realize that what we offered was fair, 3-4 months down the road, if we haven't found anything with the view like we saw yesterday, they'll come back to us and see what we can do for that house. :thumbup:

The positive out of yesterday was that we narrowed down pretty much EXACTLY what we're looking for, so while we had no shot at the house we loved, we know what exactly we want, so we're excited about that. But damn, that house was nearly perfect...C'est la vie!

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So, we went out and looked at 9 houses yesterday...One of them was incredible. It seemed as though the price was about 20k too low. It had everything we wanted and a huge 2nd floor deck, that had awesome vistas of the Rockies.So we're driving around w/ our agent, about to make a close-to-asking-price offer on the house, when the agent for the sellers called and said that they had received an offer that morning and had already accepted it. :angry::shock: Now, obviously, we were pretty upset about that...I mean, the house had been on the market 9 days and had had no offers prior. This is on a SATURDAY...wtf accepts an offer on a Sat. morning without even waiting til the end of the day to see if they get any others and then start a bidding war?!? Grrrrr.So, we're putting in a back-up offer, 99% sure that we're not getting the house. We had our realtor run the comps this morning and it was actually priced correctly, which floored all 3 of us (me, wife, & realtor). I mean, there are not many houses where we're looking that have the views and have all the upgrades that this one did. The good news, though, is that this house was so much superior to just about all the others that we saw, and found out that it's actually reasonable in our price range, so we're going to take our time finding another that is as good as this one. We're in no rush, so no worries there.However, we had seen 1 house the previous weekend that was as good, if not better, sans view. However, the price seemed way outta wack, so we figured that they are never going to accept what we think is market value. It's priced about 30k too high...but our realtor said that it's been on the market over 140 days and have not had a single offer. So we're going to throw out a market-value offer and expect them to shoot it down flat. But, maybe once they realize that what we offered was fair, 3-4 months down the road, if we haven't found anything with the view like we saw yesterday, they'll come back to us and see what we can do for that house. :thumbup:The positive out of yesterday was that we narrowed down pretty much EXACTLY what we're looking for, so while we had no shot at the house we loved, we know what exactly we want, so we're excited about that. But damn, that house was nearly perfect...C'est la vie!

So there's no way to tell the seller you'll pay a little more for this house?

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So, we went out and looked at 9 houses yesterday...One of them was incredible. It seemed as though the price was about 20k too low. It had everything we wanted and a huge 2nd floor deck, that had awesome vistas of the Rockies.So we're driving around w/ our agent, about to make a close-to-asking-price offer on the house, when the agent for the sellers called and said that they had received an offer that morning and had already accepted it. :angry::shock: Now, obviously, we were pretty upset about that...I mean, the house had been on the market 9 days and had had no offers prior. This is on a SATURDAY...wtf accepts an offer on a Sat. morning without even waiting til the end of the day to see if they get any others and then start a bidding war?!? Grrrrr.So, we're putting in a back-up offer, 99% sure that we're not getting the house. We had our realtor run the comps this morning and it was actually priced correctly, which floored all 3 of us (me, wife, & realtor). I mean, there are not many houses where we're looking that have the views and have all the upgrades that this one did. The good news, though, is that this house was so much superior to just about all the others that we saw, and found out that it's actually reasonable in our price range, so we're going to take our time finding another that is as good as this one. We're in no rush, so no worries there.However, we had seen 1 house the previous weekend that was as good, if not better, sans view. However, the price seemed way outta wack, so we figured that they are never going to accept what we think is market value. It's priced about 30k too high...but our realtor said that it's been on the market over 140 days and have not had a single offer. So we're going to throw out a market-value offer and expect them to shoot it down flat. But, maybe once they realize that what we offered was fair, 3-4 months down the road, if we haven't found anything with the view like we saw yesterday, they'll come back to us and see what we can do for that house. :thumbup:The positive out of yesterday was that we narrowed down pretty much EXACTLY what we're looking for, so while we had no shot at the house we loved, we know what exactly we want, so we're excited about that. But damn, that house was nearly perfect...C'est la vie!

So there's no way to tell the seller you'll pay a little more for this house?
We tried, but the realtor, basically, wasn't interested in listening. Which, imo, is doing a HUGE disservice to their client, but I don't know what else we can do. :shrug:

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You never know what can happen. The realtor knows you're interested if it falls through.

Similar situation happened with my current home. They received full price cash offer, it fell through (whatever reason), and I wound up getting $8K off their asking price after appraisal.

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So, we went out and looked at 9 houses yesterday...One of them was incredible. It seemed as though the price was about 20k too low. It had everything we wanted and a huge 2nd floor deck, that had awesome vistas of the Rockies.So we're driving around w/ our agent, about to make a close-to-asking-price offer on the house, when the agent for the sellers called and said that they had received an offer that morning and had already accepted it. :angry::shock: Now, obviously, we were pretty upset about that...I mean, the house had been on the market 9 days and had had no offers prior. This is on a SATURDAY...wtf accepts an offer on a Sat. morning without even waiting til the end of the day to see if they get any others and then start a bidding war?!? Grrrrr.So, we're putting in a back-up offer, 99% sure that we're not getting the house. We had our realtor run the comps this morning and it was actually priced correctly, which floored all 3 of us (me, wife, & realtor). I mean, there are not many houses where we're looking that have the views and have all the upgrades that this one did. The good news, though, is that this house was so much superior to just about all the others that we saw, and found out that it's actually reasonable in our price range, so we're going to take our time finding another that is as good as this one. We're in no rush, so no worries there.However, we had seen 1 house the previous weekend that was as good, if not better, sans view. However, the price seemed way outta wack, so we figured that they are never going to accept what we think is market value. It's priced about 30k too high...but our realtor said that it's been on the market over 140 days and have not had a single offer. So we're going to throw out a market-value offer and expect them to shoot it down flat. But, maybe once they realize that what we offered was fair, 3-4 months down the road, if we haven't found anything with the view like we saw yesterday, they'll come back to us and see what we can do for that house. :thumbup:The positive out of yesterday was that we narrowed down pretty much EXACTLY what we're looking for, so while we had no shot at the house we loved, we know what exactly we want, so we're excited about that. But damn, that house was nearly perfect...C'est la vie!

So there's no way to tell the seller you'll pay a little more for this house?
If the seller agrees to the contract the only way to get it is to buy the contract from the other buyer.

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So, since there aren't a ton of houses out there right now, we're figuring we're going to have to wait til April at the earliest to find 'it'.

That said, anyone have any decent guesses about where interest rates will be in April thru August?

TIA.

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So, since there aren't a ton of houses out there right now, we're figuring we're going to have to wait til April at the earliest to find 'it'.That said, anyone have any decent guesses about where interest rates will be in April thru August?TIA.

Anyone?

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So, since there aren't a ton of houses out there right now, we're figuring we're going to have to wait til April at the earliest to find 'it'.That said, anyone have any decent guesses about where interest rates will be in April thru August?TIA.

Anyone?
I don't have a great link, but most experts think it will rise through August. Not a ton, but enough to get your attention. .25 to .5 maybe.

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So, since there aren't a ton of houses out there right now, we're figuring we're going to have to wait til April at the earliest to find 'it'.That said, anyone have any decent guesses about where interest rates will be in April thru August?TIA.

Anyone?
I don't have a great link, but most experts think it will rise through August. Not a ton, but enough to get your attention. .25 to .5 maybe.
Fed has said they will keep rates at zero till 2014, so they may fluctuate a bit (I can't see how they can go any lower) but a slight rise would not be unexpected.

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Ok thanks. We'd love to buy now, but missed on the one house we really liked and not much else out there right now, so we're stuck waiting for 'it' to come along, hopefully during the April 'pop' when houses hit the market and not the summer 'pop'.

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Mr and mrs Ref got some good news today. The lender accepted our short sale offer. I'm looking forward to seeing what sort of terms I can get from my bank.

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Ok thanks. We'd love to buy now, but missed on the one house we really liked and not much else out there right now, so we're stuck waiting for 'it' to come along, hopefully during the April 'pop' when houses hit the market and not the summer 'pop'.

Don't you have more leverage in the fall/winter?

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Ok thanks. We'd love to buy now, but missed on the one house we really liked and not much else out there right now, so we're stuck waiting for 'it' to come along, hopefully during the April 'pop' when houses hit the market and not the summer 'pop'.

Don't you have more leverage in the fall/winter?
Moderately so, yes. But there were 2 houses that we loved that we put offers in on...the first, we were the first backup (ain't happening) and the second house was prices $30k over market or so...so we offered what the market said. Our realtor found out, prior to this, that they owe far more than what we offered, so they were unlike to accept, but they hadn't had an offer yet and the house had been on the market for almost 5 months. They 'countered' with full price, no concessions. So they either go to a short sale or don't sell the house, simple as that...they aren't going to get other offers much above ours.So, there's nothing else out there right now that we like, in the area that we are looking in. So while we'd have a touch more leverage now vs in 3-6 months, you can't use that leverage on a house you don't want ;)And really, since we're looking at spending $220k-$250k, and banks not lending for more than an appraisal, we don't mind coming in at asking price, if we feel the house is worth it. :shrug:

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I ended up going with Wells Fargo 1-2-3 Refi, final deal was 3.625%, 15 year (knocked 5 years off), saving $225/month on payment. No closing costs, no appraisal.Can't be more than 105% LTV to qualify.

How "intrusive" or complex is the refi process? Do they require the ridiculous amount of financials, bank statements, etc. that was required with my initial mortgage application?We bought our home last year through a Wells Fargo mortgage. Rates have dropped, and I think the value of my property has gone up a bit (and we did some improvements) such that we may be able to dump our PMI if we do a refi. If it's an easy process, I'm tempted. We will be in this house over the long haul (we hope), so it is probably worth it for the rate adjustment alone. But only if it's easy enough.What is the process like? Thanks.

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I went through hell back in 2009 when I built our dream home and had the rug pulled out from under me 3 weeks before closing by the Evil Empire (BAC).

Anyway we were able to secure a mortgage but had to put 50% down to get in the house. I was flipping at the time. This was back on 9/2011

We refi'd in July of 2010 to 4.875 (we were at 6.75 as it was a portfolio loan with a small bank in CA) but no cash out.

Fast forward to today we are going to close next week on a 3.75 (.50 points) and I am getting our money out and taking this mortgage to 80% LTV as I originally intended.

Wow what a crazy ride it has been the past 2.5 years. But finally I am getting what I wanted to begin with and the best rate I could ever imagine. It sucks I had to pay closing costs for now a third time...but I write a lot of it off (state docs and intangible taxes are a large protion of the closing as well as the half a point we had to pay to cash out and waive escrow) and the title company has been very reasonable in doing just a rewrite for a low cost.

But the most important thing was getting my additional 30% out of the house I did not want to put in.

Good luck to everyone. The banks really don't want to lend at these rates. Watch what happens in 4-5 years when mortgage rates are 6-7% again or higher. The banks will be much more willing to take on the risk at those rates.

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I went through hell back in 2009 when I built our dream home and had the rug pulled out from under me 3 weeks before closing by the Evil Empire (BAC).Anyway we were able to secure a mortgage but had to put 50% down to get in the house. I was flipping at the time. This was back on 9/2011We refi'd in July of 2010 to 4.875 (we were at 6.75 as it was a portfolio loan with a small bank in CA) but no cash out.Fast forward to today we are going to close next week on a 3.75 (.50 points) and I am getting our money out and taking this mortgage to 80% LTV as I originally intended.Wow what a crazy ride it has been the past 2.5 years. But finally I am getting what I wanted to begin with and the best rate I could ever imagine. It sucks I had to pay closing costs for now a third time...but I write a lot of it off (state docs and intangible taxes are a large protion of the closing as well as the half a point we had to pay to cash out and waive escrow) and the title company has been very reasonable in doing just a rewrite for a low cost. But the most important thing was getting my additional 30% out of the house I did not want to put in.Good luck to everyone. The banks really don't want to lend at these rates. Watch what happens in 4-5 years when mortgage rates are 6-7% again or higher. The banks will be much more willing to take on the risk at those rates.

You mean that banks want return when they take on risk? Someone call the FED!

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Gave lending tree a shot last night and ended up with 5 phone calls before 10AM. Seems like most of them are in the same 3.25% area on a 15 year fixed with 20 down (45 day lock). Thats .1% -.2% less then the local bank down the street. I may actualy do the old fashioned thing and go with the local bank. It will cost me $9 more a month, but in this case I think it might be worth it.

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Ok thanks. We'd love to buy now, but missed on the one house we really liked and not much else out there right now, so we're stuck waiting for 'it' to come along, hopefully during the April 'pop' when houses hit the market and not the summer 'pop'.

Don't you have more leverage in the fall/winter?
Moderately so, yes. But there were 2 houses that we loved that we put offers in on...the first, we were the first backup (ain't happening) and the second house was prices $30k over market or so...so we offered what the market said. Our realtor found out, prior to this, that they owe far more than what we offered, so they were unlike to accept, but they hadn't had an offer yet and the house had been on the market for almost 5 months. They 'countered' with full price, no concessions. So they either go to a short sale or don't sell the house, simple as that...they aren't going to get other offers much above ours.So, there's nothing else out there right now that we like, in the area that we are looking in. So while we'd have a touch more leverage now vs in 3-6 months, you can't use that leverage on a house you don't want ;)And really, since we're looking at spending $220k-$250k, and banks not lending for more than an appraisal, we don't mind coming in at asking price, if we feel the house is worth it. :shrug:
GL fe. Glad to hear you're enjoying Denver. :thumbup:

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Gave lending tree a shot last night and ended up with 5 phone calls before 10AM. Seems like most of them are in the same 3.25% area on a 15 year fixed with 20 down (45 day lock). Thats .1% -.2% less then the local bank down the street. I may actualy do the old fashioned thing and go with the local bank. It will cost me $9 more a month, but in this case I think it might be worth it.

It could be and I would talk to the local bank about accounts they have. I noticed a few where you could save a quarter percent for X and a quarter percent for Y. Unfortunately, if you go through a broker for better rates, you don't know who the end mortgage will be with, so you can't open accounts ahead of time. I have a loan through a local bank and I plan to chat with them to see if I can do a painless refi just to save on the rates and see whether or not switching accounts to them would help out at all.

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I just got my first coupon for my new note today. If I take into account taxes, insurance, interest and the tax breaks associated with those my monthly spend is less than my ####ty 2 bedroom apartment I had when I got out of college. This is insane.

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SO they're even lower now.I have a question:Have a home I rent out that I've been trying to refinance, but the LTV ratio is right on the brink of what's refinanceable without extra principal paid.I have another house that I have over 80% equity in that's worth more than 2x the rental house.Is it possible for me to refinance both loans into one loan, at a lower rate for both?

Seems like a no brainer to me to refi the one with 80% equity and cash out and pay off the rental. Let's say your example is $200k value for house 1 and $100k for the house 2 (rental). Let's say you owe $40k on house 1 and and $90k on house 2. Why not refi house 1 to $130k at a great rate (still 65% LTV, should be good even with a tiny bit higher cash out rate) and have house 2 at 0%? I am assuming you don't want "real" cash out for other things but want to move equity around to get the best rates. If you are getting rates in the 3% range, might be a decent strategy to grab all you can and invest elsewhere, i.e. downpayment on another rental.
:goodposting: This is what I am in the process of doing.15yr fixed 3.625% no cost cash out refi on my primary residence. Cashing out the equity to 80% will get me enough cash to payoff 1/3 of what I owe on my rentals. And it locks in the rate.
In the process of another refi with the same lender (Amerisave). Now doing a 15yr fixed at 3.25 no cost (credit > all fees & costs). Edited by Random

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Well, we are officially under contract on our first house! :) Stupidly excited.

Got our taxes done yesterday late afternoon so that we had 2 years of tax returns on the books, meet w/ our lender this afternoon to get the official paperwork started, and the home inspection is on Saturday morning. We close @ the end of March.

Incredible house, and in a location (Henderson, CO) that feels like it's 'way out there', yet less than 10 mins. to 3 grocery stores and the 'meat' of Thornton. Also, it's only about 17 minutes from my wife's work which is plenty close for the both of us. 3.75% 30yr VA-loan (nothing down, no PMI). With insurance & HOA, it's just a hair more than we're spending on a loft near downtown. When you factor in being able to itemize for the first time in our lives, we're saving a decent amount per month compared to living here now. So awesome! :thumbup:

eta: One cool note...my wife is a manager for a medical billing company here in town and has gotten the OK from her boss, once we move into our new home, to switch to a schedule that matches mine, so we don't need a second car. That means 4 day work weeks (Wed. and weekends off) for the both of us. :pickle:

Edited by fasteddie_21

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Remember to also check with a local company that will be attending your closing for alot of time the lending tree companies are out of state. And most importantly get a itemized list of closing cost before you start anything. 15 yr fixed rates are averaging 3.125% with good credit, min. 80% CLTV, loan amount usually above 170K. You should also be seeing 30 yr fixed rate around 3.625%.

Try to stay local if possible. HTH

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Gave lending tree a shot last night and ended up with 5 phone calls before 10AM. Seems like most of them are in the same 3.25% area on a 15 year fixed with 20 down (45 day lock). Thats .1% -.2% less then the local bank down the street. I may actualy do the old fashioned thing and go with the local bank. It will cost me $9 more a month, but in this case I think it might be worth it.

It could be and I would talk to the local bank about accounts they have. I noticed a few where you could save a quarter percent for X and a quarter percent for Y. Unfortunately, if you go through a broker for better rates, you don't know who the end mortgage will be with, so you can't open accounts ahead of time. I have a loan through a local bank and I plan to chat with them to see if I can do a painless refi just to save on the rates and see whether or not switching accounts to them would help out at all.
For the record I went with to local bank who just started a program to waive the 1 point origination fee. So basiclay I landed with a 3.25% 15 year fixed with a 1/4 point back to me.Of course now they are giving me a headache about the pool being green (seperate thread going on that), but all and all I'm happy with this mortgage.

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Well, had our inspection today...and I'd say it's 95% great news.

Since, when you have a viewing of a house, it's about a 15 min trip thru the house and such. Well, today during the inspection, we found out that our house has a "whole house vacuum" and it doesn't have a swamp cooler w/ an attic fan...it has an A/C (installed a few months ago) and an attic fan. :pickle: And, because it was getting dark when we had the showing, we didn't realize just how good of a view of the Rockies we had from the master and backyard.

The only notable negative our inspector found (who was incredible btw...answered every question we had and was extremely helpful explaining everything as we all went thru the house today. Just a great inspector) were that the south side of the roof has hail damage issues (which should be easy to fix w/ the homeowners insurance prior to closing), 2 very small gas leaks (one from the gas fireplace seal...the seal just needs to be replaced & the FP serviced) and a tiny leak at a union on the 2 year old furnance. Other than that, it's all tiny issues that we don't mind fixing ourselves.

Provided that the roof being fixed isn't a hangup, things should move along to the VA appraisal shortly. :pickle:

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And here is a pic of the house, not that many care :)

Our first-to-be-house!

Like the stone on the front, likes like a real nice home. A little bit tight next to the neighbor, but land and development ain't cheap. But congrats.

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And here is a pic of the house, not that many care :)

Our first-to-be-house!

Like the stone on the front, likes like a real nice home. A little bit tight next to the neighbor, but land and development ain't cheap. But congrats.
Thanks. The houses are fairly close to one-another, but it has a decent sized back yard and it backs to a reservoir w/ a view of the mountains. For under $230k, I definitely will not complain :)

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Just did 30 yr fixed for 4%, no pts.

Was at 6.25%

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