Fantasy Football - Footballguys Forums
Welcome to Our Forums. Once you've registered and logged in, you're primed to talk football, among other topics, with the sharpest and most experienced fantasy players on the internet.
Mortgage Rates (3 Viewers)
- Thread starter MechEng
- Start date
Thanks to this thread, I just got 4.75, ZERO points, from Pentagon Federal Credit Union. Given that my mortgage holder just royally pissed me off, I was looking to refinance. I went from a 30 year fixed to a 15 year fixed for only $160 more per month. Feeling very pleased right now. Thanks to the OP that pointed out Pentagon in this thread.
adonis
Footballguy
What were your closing costs/refi-costs?
Chadstroma
Footballguy
A good Credit Union is the way to go 99% of the time.
I'm all over this - just wondering if waiting for one more drop is worth it.
UOFI_316
Footballguy
Quick question. What does a mortgage broker do for me?? DO they just take my info and shop around, or do they know special rates that I could not find on my own?? I am looking to refi down from my 6.25%. According to the price of my house on Zillow I am right at 20% equity so I am assuming I should be able to find a nice low rate on my own.
Does a mortgage broker get a comission off the completed sale??
Sorry if this is stupid, when I bought my house I just called around myself.
Does a mortgage broker get a comission off the completed sale??
Sorry if this is stupid, when I bought my house I just called around myself.
I jsut did the application over the phone with Wells. I am staying with them. Went from 6.675 to 5.375 on my 30 year fixed. This was a free refinance. So, I don't have any money out of pocket for closing.
Had I chosen to pay closing costs I could have gotten a slightly lower rate. I am pretty happy with 5.375 right now though and the process is painless to me.
Had I chosen to pay closing costs I could have gotten a slightly lower rate. I am pretty happy with 5.375 right now though and the process is painless to me.
Dragons
Delusions of Grandeur
I have Wells Fargo on my first mortgage at 5.875%. How do I get details on whether this is available for me?
Dragons
Delusions of Grandeur
I don't understand why the 2nd mortgage holder wouldn't be willing to refi the first. As long as the balance remains the same on the first, any benefit to my cash flow would have to help make sure their loan gets repaid. (I'm not arguing with what you said, I've heard that before. I just don't understand their position.)With FHA, the rates are going to be higher? Those cap out at 95% and include PMI?
Last edited by a moderator:
Chadstroma
Footballguy
A broker goes through wholesale channels to mortgage banks- this in theory can give them a better rate than what you could get if you went directly to the same bank. Who and how many they go to depends on the broker. They make their money a bunch of different ways. 1) Charing you fees. 2) Getting kickbacks from the mortgage bank for charging you more on the rate or points. 3) A host of other shady/sneaky things. The bad news is that I rarely trust a mortgage broker. The good news is that in this enviroment, your chances of getting a good one are higher since a lot of the fly by night and bad ones are long gone out of the industry. Still, proceed with extreme caution. I normally suggest those who are not financially on top of the ball and can catch a broker doing shady things to not bother and go to their credit union or bank and shop.
DA RAIDERS
Footballguy
.
The foo
Footballguy
Just did this today after getting a letter from Wells Fargo and reading this thread. Couple of great aspects is if rates drop before we finish the paperwork, we can get a lower rate. Also, we can do this again in 6 months if rates go down.200.00 less for me per month.
The foo
Footballguy
Exactly what i had, i went down to 5.375CAll and ask 18005541703
Last edited by a moderator:
PsychoMan
Footballguy
Anyone?
UOFI_316
Footballguy
Thanks. I was talking to my insurance agent about looking to refi and he sent me the contact info for a broker he also does insurance with. I figure I will at least call and talk to the guy to see what he can do for me.
Otis
Footballguy
A buddy of mine just told me this is "historic" and that I must have rocks in my head for not already calling someone.I'm looking to refi in Brooklyn, NY.
The fellow I spoked with on the phone said they would run around $3100. The on-line estimator when I was doing the application said $4100. So I imagine the truth lies somewhere between. I'll find out when the paper copy package arrives. As a comparison, I spoke with USAA's mortgage company. To get down to a 4.875 with them would have required buying a point with closing costs in the $8100 range. I laughed.
Dragons
Delusions of Grandeur
Guy I spoke to said that 20% equity is required (problem). Also, a 700+ credit score (not a problem, but for info).
AhrnCityPahnder
Yinz-o-riffic
Just got 4.875 / 30 year from Wells Fargo. 1/2 point -- rolling that into new loan.
(HULK)
(Smash)
I work in the Pentagon. What do you have to do to join the credit union?
moby fan
Footballguy
Okay, so the deal here is that I'm paying a 0.5% premium for insurance since the loan is more the 80% of the house value, so in essence the offer is 4.75% with 1.5 points where I need to carry the extra 0.5% until I go below 80%. The alternative is PMI which adds a flat fee to the payment. I'd be financing about 88.5% of the value of the home (worst case), so neither option is really any better or worse here.FTR, my mean FICO is 795.All of the closing costs are being rolled into the loan. I'm consolidating two loans that I took out a few years ago. My payments will drop about $360/month. Not bad. I didn't lock in tonight assuming that there might be some chance rates drop tomorrow, but I'm ready to go.Countrywide is offering me 5.75% with 1/2 point, 5.25% with 1.5 points.
moby fan
Footballguy
Chadstroma
Footballguy
The only 'waiting' time would be depending on your loan if you have a prepayment penalty of some kind. Otherwise, you could re-fi right away. Usually these penalties are on ARM's. Not usually on fixed but anything is possible.
fixing cars
Footballguy
Just got off the phone with GMAC who I have my mortgage with. I can drop to a 20 year 5% fixed from my 30yr with 26 years left @ 5.375%. For adding on about $100month to my current mortgage payment. The gentleman I talked to also thinks that he can get us another 1/8 point off of that.
The question is, do i jump on it now, or wait to see if things continue to trend downwards. Anyone in the mortgage industry have any advice or insight for me. Please chime in. I live in Massachusetts.
Thanks.
The question is, do i jump on it now, or wait to see if things continue to trend downwards. Anyone in the mortgage industry have any advice or insight for me. Please chime in. I live in Massachusetts.
Thanks.
ffjunk
Footballguy
A friend of mine at work called his mortgage broker to inquire about rates. He started out with a high rate with 100% financing a few years back and is now upside down. He was quoted 5.75 no points/no closing, they would take off about 45,000 off what he owes to get him to 80%LTV. He hasn't missed a payment and his credit is better than when he started. Sounds too good to be true but everything is moving along. Don't understand this.
Fixingcars---use a mortgage calculator to find your monthly payment to see if it's worth the rate. It probably won't be too much of a difference in $ if you sign now or wait.
Edited to fix to 5.75
Fixingcars---use a mortgage calculator to find your monthly payment to see if it's worth the rate. It probably won't be too much of a difference in $ if you sign now or wait.
Edited to fix to 5.75
Last edited by a moderator:
moleculo
Footballguy
IMO, it's better to do a 30 year with as low a rate as you can get, and deposit the difference between that and the 20 year payment you are considering in an interest bearing account. In about 20 years (give or take a couple of months), the amount you have in the bank will be more than enough to pay off the mortgage , so in the end, it's the same thing. But, you have that chunk of cash available in case of emergency, and if times get tight and you need a lower monthly payment, just don't make the deposit. I figured this out after I refinanced my last house from a 30 w/ a terrible rate to a 15 w/ an awesome rate - coupled with losing PMI, my monthly payments went up by only $5. But, there were a couple of months that having an extra couple hundred bucks or so would have made a big difference.
I am going to call my guy at Wells tomorrow and ask him about the lower rate if it drops before we finish the paperwork. I am sure it is going to go lower and I want to make sure i get the lowest i can get.Just did this today after getting a letter from Wells Fargo and reading this thread. Couple of great aspects is if rates drop before we finish the paperwork, we can get a lower rate. Also, we can do this again in 6 months if rates go down.200.00 less for me per month.
Meat
Footballguy
In reality we probably have not seen interest rates bottom out yet. Just today after the Fed cut rates they announced they would begin to "aggressively" begin to purchase MBS in the near future - if/when this happens as they say, expect rates to trickle downward as investors will flock to purchase these securities as well. It's very hard to say where they will bottom out - but anybody who currently has ANY type of mortgage needs to pay attention to what is happening here. It's very possible 4.875% w/ 0 points will be obtainable tomorrow - but we'll see.
I HIGHLY advise any and all of you who are considering refinancing to GET IN TOUCH WITH A MORTGAGE CONSULTANT NOW. You do not have to lock, just get your application in and on file with them so if the market DOES turn for the worse all of your info is in and they can get you locked at a moments notice.
This is (most likely) the lowest any of us will ever see interest rates.
I HIGHLY advise any and all of you who are considering refinancing to GET IN TOUCH WITH A MORTGAGE CONSULTANT NOW. You do not have to lock, just get your application in and on file with them so if the market DOES turn for the worse all of your info is in and they can get you locked at a moments notice.
This is (most likely) the lowest any of us will ever see interest rates.
Yes..i can get you taken care of in NY or anyone in PA. PM me a phone number or email address.
The foo
Footballguy
I believe we can do it once, but im not postive, planning on calling today as well. Keep us postedwalnutz said:I am going to call my guy at Wells tomorrow and ask him about the lower rate if it drops before we finish the paperwork. I am sure it is going to go lower and I want to make sure i get the lowest i can get.Just did this today after getting a letter from Wells Fargo and reading this thread. Couple of great aspects is if rates drop before we finish the paperwork, we can get a lower rate. Also, we can do this again in 6 months if rates go down.200.00 less for me per month.
adonis
Footballguy
Some advice would be appreciated.
Is it worth refinancing a home that was purchased within the past 6 months, where the balance of the loan is over 95% of the value of the home?
I talked to a refinance agent at Countrywide and he said that due to the high % of the value of the home that the refinance would be done for, that we'd have to do something closer to an FHA refinance, which would require about 3% of the value of the home in closing costs, making it a lot less enticing to refinance.
Are there many options for people who took loans out about 6 months ago, with a 6% rate, who still owe probably between 96 and 98 percent of the homes value?
Is it worth refinancing a home that was purchased within the past 6 months, where the balance of the loan is over 95% of the value of the home?
I talked to a refinance agent at Countrywide and he said that due to the high % of the value of the home that the refinance would be done for, that we'd have to do something closer to an FHA refinance, which would require about 3% of the value of the home in closing costs, making it a lot less enticing to refinance.
Are there many options for people who took loans out about 6 months ago, with a 6% rate, who still owe probably between 96 and 98 percent of the homes value?
PsychoMan
Footballguy
I need similar advice. I took on a mortgage almost 24 months ago; I am currently somewhere in the ballpark of 96-100% LTV. My rate is 6%. Never miss a payment - pretty good but not great credit. Not sure if there's anything I can do or not. My current lender, Chase, basically said they couldn't help me refi because the LTV was so high.
Last edited by a moderator:
Muahahaha
Footballguy
Where are you seeing this? Are there points? I'm having trouble finding much better than 5% with no points.
moby fan
Footballguy
You'll probably have to pay points to get 4.5%. Countrywide had it on their site about 30 minutes ago, but now it's up to 4.625% It also may be loan/state specific.http://www.countrywide.com/rates/TodaysRates.asp
ctriopelle
Footballguy
How realistic does anyone else think this prediction is? I think Cramer is basically a blowhard and I take most of his astonishing statements with a grain of salt (had to talk my dad off the ledge with his SELL IT ALL proclamation from October). I'm currently at 5.75 with 11+ years left on a 15, and can get a 4.75 on a new 15 from my CU. On the surface it saves 400+ per month, but the overall cost of the total of payments is still a bit higher with the 3+ years of extra payments. If it can drop into the 3's though, I will probably end up ahead, even without paying extra.Any money gurus out there with some advice?stbugs said:
TLEF316
Footballguy
what does this mean for people seeking new mortgages? (first time possible buyer looking at condos in central jersey). My credit rating is apparently as good as it can be for someone with limited credit history (at least thats what the guy that sold me my car told me) and i have a co-signer (my father) who i assume would get the best rating possible. I have enough cash for a decent down payment (somewhere around 25-30% based on the list prices i've seen in the area)
Penguin
Footballguy
good news
Meat
Footballguy
Depends when you really start to look. If you've already come to agreement on a property and are closing within 60-days... you need to prepare to lock. Today we touched 4.625% w/ 0 points for about 2 hours until investors took their profits (sold) on MBS and we were repriced all the way up to 5%. I'm sure many websites may still list 4.5%, but what's their incentive to update? Just remember rates change *at least* once a day *every day*. Today alone rates have already changed 3 times, and very well may again. For a first time homebuyer, with good credit, with a sizable downpayment (20%+) you are absolute gold.
TLEF316
Footballguy
Havent locked in anything yet. Just barely started looking. Just figured i'd ask, as I'm trying to come up with a ball park budget based on my income and the cash i'll have for my DP. (inheritance money from my grandparents) Just trying to figure out what i can afford
Your looking it the wrong way. Calc it if you kept making you current payment. You will save money.
OC Zed
Footballguy
adonis
Footballguy
![[icon]](/data/avatars/m/5/5167.jpg?1660313464){kind=avatar}
[icon]
Insoxicated
Just spoke with a Chase phone-hawk about my mortgage with them.
3BR/2BA 1600ft Brick Home w/ 2 Car Garage on 1/4 Acre (7 years old)
25 years remaining on 30 year note.
Current Rate: 6%
New Rate: 4.875%
Current Payment: $995/mo (including Escrow for Tax/Insurance)
New Payments:
30 Year: $790 (incl Tax/Insurance/Closing)
20 Year: $905
15 Year: $1029 (4.75% APR)
60 Day Option to Re-Lock at lower rate (1 use)
Also just submitted my info to Lending Tree to get some comparison quotes. Either way I'll be refinancing very very soon.
3BR/2BA 1600ft Brick Home w/ 2 Car Garage on 1/4 Acre (7 years old)
25 years remaining on 30 year note.
Current Rate: 6%
New Rate: 4.875%
Current Payment: $995/mo (including Escrow for Tax/Insurance)
New Payments:
30 Year: $790 (incl Tax/Insurance/Closing)
20 Year: $905
15 Year: $1029 (4.75% APR)
60 Day Option to Re-Lock at lower rate (1 use)
Also just submitted my info to Lending Tree to get some comparison quotes. Either way I'll be refinancing very very soon.
Last edited by a moderator:
ctriopelle
Footballguy
I understand that if I keep my payment the same there will be benefit, but with the loan market where it is right now, I'm pretty curious as to whether or not there is any room for it to drop further. I never figured I'd be considering a refi after I broke 6%, and it would be great if I could lock in something near 4%. Since we have the possibility of an all time low (and presumably a functional low too) sometime soon, and any incremental drops even from here are going to have a hard time approaching 1% or even 0.5% for that matter. Maybe wringing out the last 0.5% shouldn't be a huge concern, but it is tempting to see what the possibilities are.
