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MechEng

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We're refi'ing at 5.75% on a 30-year fixed 1st, maxed out at the just-under jumbo amount in CA of $417k, and we have a second at 7.6% that's also a 30-year fixed but that we'll obviously pay off through a subsequent refi, once the jumbo loans pencil out sometime in the future. This was by far the best deal we could find, and the lender is paying for appraisal and the title search (about $500 value). This about as good as it gets in CA right now.

I'm assuming this was a much cheaper option than going with one jumbo mortgage for the entire debt amount?My wife and I were going to take the same approach as you when we were homeshopping in the fall.
You take anywhere from 2-2.5 point hit on the RATE when you go from conforming to jumbo.
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I can currently refinance for 5.5% from my current 6.5%. Will they continue to drop, go up or stay steady? It just dropped .125% from yesterdays rate.

They will go down. I would do 15 year Interest only mortage, don't do 30 year.Good Luck :confused:
Why is this?
i think he is talking about a product that is a 30 year fixed loan with the first 15 years as I/O and the next 15 years like a 15 year P&I loan. odds are you'll refi before you ever hit your 16th year so you get an I/O loan fixed for a long period of time.i like that product as well personally if you arne't comfortable with an option arm.
What kinds of rates are currently being quoted with these types of loans? I'm in a 5 yr I/O loan (fixed for 2.5 more years at 5.25%). Because the market has declined and is likely to continue to decline, would you recommend avoiding fixed P&I loans for the near future?
i don't know.chadstroma or proninja may know.i'm in residential real estate but not a mortgage broker.
I can not answer the first Q since I do not have current rates in front of me. Second part: Lot's of variables here. How long do you plan on staying at this property? How is your specific real estate market look? Are you paying the interest only or more? How is your cash flow, stressed or fine? What are your goals, what do you want to do, etc? How is your.... what I call 'sleep well at night' factor.... meaning or you worried about the 2.5 years in the future? What index is used on the adjustable? Any pre-payment penalties (sometimes first 3 years on these type of loans)?
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Forgive the stupid Canadian but you are all talking about locking in at 5.xx over 30 years, does that mean you get 5.xx for 30 years and never renew no interest rate changes no nothing just the same payment without hassle for the full term.

I only ask cause I have a 200000 mortgage at 5.25 over 25 but only good for five years. I would lock at 5.5 for the full term in a freaking heartbeat.

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Dumb question but i believe im locked in at 5.875, what would be cutoff to make a refi worth it. We are about 4 years in.

find out how much you would save per month with your new rate and calculate how many months it would take you to break even versus the amount of closing costs you pay. if you plan on being in the house longer than the amt of months you find in the previous step then it makes sense.
That is the way to go. How long you have been there or had the loan does not really matter- unless it reflects into a pre-payment penalty or that you have no equity or upside down on what you owe.
Not that it's significant, but at some point, wouldn't you have to figure in the extra 4 years (in this case) he's going to be making payments, given that he only has 26 more years on his current mortgage versus starting over with a new 30 year term. I guess if he continues to move and get new mortgages, this becomes irrelevant, but at some point, and depending upon the number of years in on the current loan, I think it has to come into play somewhere.
Not really. Lowering the rate is what is going to save money and the costs associated with the re-fi is what is going to cost money. Assuming after 4 years the closing costs are less than what you have paid to principal then you are lowering your loan amount and assuming you take a 30 year mortgage 4 years in and re-fi into a new 30 year mortgage the things that will change are the rate and the monthly payments. You could then pay the same amount that you were paying on the previous loan and excellerate your payoff on the mortgage (if you really wanted to do this- but I would suggest there is, in most cases, a better use of your cash flow than this) and actually pay off the loan much faster than the original loan. How long he has held a mortgage really is not one of the crucial variables in itself- although it is a good indicator of things like rate (knowing about what rates were offered 4 years ago in general), equity (pay off of principal and/or appreciation/depreciation), and misc (like possible pre-payment penalty on an ARM etc)
If you have a set time you planned on paying off the house, 30 and 15 aren't the only options, either. You can get a 25 or a 20 (in some cases even odd numbers like 27, 23, etc.) and stay close to the number of years you have left while still lowering your payments and laying out less interest over the rest of the loan.
True, and that will further lower your rate (cost savings) but may increase your monthly payment (cash flow) depending on all the variables.
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We're refi'ing at 5.75% on a 30-year fixed 1st, maxed out at the just-under jumbo amount in CA of $417k, and we have a second at 7.6% that's also a 30-year fixed but that we'll obviously pay off through a subsequent refi, once the jumbo loans pencil out sometime in the future. This was by far the best deal we could find, and the lender is paying for appraisal and the title search (about $500 value). This about as good as it gets in CA right now.

I'm assuming this was a much cheaper option than going with one jumbo mortgage for the entire debt amount?My wife and I were going to take the same approach as you when we were homeshopping in the fall.
Correct.
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So really it was 6.125?

Not exactly how it works. When you buy a point, you are paying 1% on the full amount. If your loan is 400k then that is $4000. You would pay this much annually if your rate was 6.125. If his rate is 5.125, and he is buying a point, he is probably at 5.375 or so, which is still an excellent rate right now.
Thanks - good to know. That is a good number.
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So really it was 6.125?

Not exactly how it works. When you buy a point, you are paying 1% on the full amount. If your loan is 400k then that is $4000. You would pay this much annually if your rate was 6.125. If his rate is 5.125, and he is buying a point, he is probably at 5.375 or so, which is still an excellent rate right now.
Thanks - good to know. That is a good number.
Mortgage was roughly 200k, we paid 2k to go from a 5.325 to 5.125 and added it to the mortgage. The payoff for the point was 42 months so it was worth it to me.
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So really it was 6.125?

Not exactly how it works. When you buy a point, you are paying 1% on the full amount. If your loan is 400k then that is $4000. You would pay this much annually if your rate was 6.125. If his rate is 5.125, and he is buying a point, he is probably at 5.375 or so, which is still an excellent rate right now.
Thanks - good to know. That is a good number.
Mortgage was roughly 200k, we paid 2k to go from a 5.325 to 5.125 and added it to the mortgage. The payoff for the point was 42 months so it was worth it to me.
As long as you ride out the 42 months you are fine. Any refi before then is like burning $2000. Literally.
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just locked in a 30 year fixed re-fi today @ 5.125the mortgage guy said that he has 15-20 people with the paperwork all filled out floating the loan until they think the rates have stopped going down. I just can't see the rates getting below 5 for a 30-yr so it wasn't worth the risk to me to pass up the rate I got.

I am going to start monitoring this just in case. I have 5.75% now on a 30 year (which I got with no points), but with closing costs, I wouldn't go for 5.375 or 5.5 yet.However, just to put things in perspective, I believe in my last house that I refinanced at the market bottom in 2003. I got a 30 year fixed at 4.875% with 0 points. If you look at any of the bankrate.com charts, you will see me smiling at the bottom point of that spike down that summer. Luckily, even though I sold my house 3 years later, the interest rate drop was still good enough that the break even point was 2 years, so I still saved enough that it was worth it.When I bought this house and rates were over 6%, I really missed that 4.875% loan. :shrug: If rates somehow hit under 5%, I think I would refinance again. Not sure if I would buy down or just go with the 0 closing costs, i.e. just lower the rate and not change the principal amount at all.
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

Roll the closing costs into the new loan?
Like I said it was a dumb question. I figured that was the answer but I wanted to make sure. Im locked in at 6.25 and Ive been in my house for <2 yrs so I think refinancing might be a good idea.
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

I rolled the costs into the loan, plus if you need cash you can take up to 2% or $2k cash back from the loan to help with other debt.
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

They will just tack it onto your mortgage balance or you could take about .250 rate hit and have no closing costs. I would do the latter.
This all just depends on whether or not you see yourself potentially moving any time soon. If not, it probably is best to take the lower rate over the longer run. If you are worried about selling soon, then if the rate drop is enough, do the no closing costs and in essence your principal does not change, you need $0 to do the closing and your monthly payments just drop.
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

Roll the closing costs into the new loan?
Like I said it was a dumb question. I figured that was the answer but I wanted to make sure. Im locked in at 6.25 and Ive been in my house for <2 yrs so I think refinancing might be a good idea.
I was in the same boat. 6.375% on a house we built 18 months ago. I'm coming out of this with $200 more a month in my pocket and $2k cash back to pay off some christmas debt.
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

Roll the closing costs into the new loan?
Like I said it was a dumb question. I figured that was the answer but I wanted to make sure. Im locked in at 6.25 and Ive been in my house for <2 yrs so I think refinancing might be a good idea.
Do you have a prepayment penalty?
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

Roll the closing costs into the new loan?
Like I said it was a dumb question. I figured that was the answer but I wanted to make sure. Im locked in at 6.25 and Ive been in my house for <2 yrs so I think refinancing might be a good idea.
Do you have a prepayment penalty?
no
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

Roll the closing costs into the new loan?
Like I said it was a dumb question. I figured that was the answer but I wanted to make sure. Im locked in at 6.25 and Ive been in my house for <2 yrs so I think refinancing might be a good idea.
I was in the same boat. 6.375% on a house we built 18 months ago. I'm coming out of this with $200 more a month in my pocket and $2k cash back to pay off some christmas debt.
Moved into my house last march and I'm locked in at 6.375 right now, think i'm going to follow this path.Thanks FBG
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Just locked in last week on a 5.625 30 year fixed with zero points. Probably could have waited it out a little, but the last time I tried to do that the rates spiked and I ended up kicking myself. Saved $115/month, so I'm pretty happy. Also was with the same mortgage company, so it's been pretty quick and easy. We close next Friday.

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Just locked in last week on a 5.625 30 year fixed with zero points. Probably could have waited it out a little, but the last time I tried to do that the rates spiked and I ended up kicking myself. Saved $115/month, so I'm pretty happy. Also was with the same mortgage company, so it's been pretty quick and easy. We close next Friday.

:X Just emailed my mortgage guy to see what rates/costs they can offer me. Ive been happy with Chase and would rather not leave.
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Dumb question but i believe im locked in at 5.875, what would be cutoff to make a refi worth it. We are about 4 years in.

Well, there are too many unknowns for us here.You'll really need to figure it out yourself.You'll need to have a good handle on the closing costs for the refi. My only refinance cost $2201. I knew that was the ballpark when I decided to do it.I did a spreadsheet showing my current payments (principal/escrow/interest) and my new payments.I factored in different payment levels (extra principal per month).I looked at the various time frames for the $2201 to be paid off, and decided it was worth it to do it.(I paid one point to get my rate, which is why the refi cost is a little on the high side.)Refinanced my $62k mortgage balance in June 2003, from 5.625% to 4.875%. (7 year FRM, amortized over 30 years)Kept a spreadsheet showing where I was at with both new and old mortgages, presuming same payment amount each month.Broke even in July 2006.Refinance has saved me $742 to date.With a bigger mortgage and longer term, those numbers can add up. Like I said, I'm in a 7 year loan amortized on a 30 year schedule. So, I need to be paid in full by June 2010. The plain is to be paid off at the end of this year. $18k to go. Scraping pennies.
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Here is a quick way to get a rough apples-to-apples estimate of the savings from refinancing: compute the principal and interest payment for the new and current interest rate, keeping the balance and term length the same in both computations.

Here's an example:

Open Excel or Google spreadsheet.

Now suppose I can refinance at 5.5% for a 30 year mortgage and suppose I'm already a few years into a 30 year mortgage at 6.25% and I have a current balance of 250000. Suppose it will cost me $2000 to refinance.

Enter the following function:

=PMT(0.0625/12,30*12,250000,0)

This results in a monthly principal and interest payment of $1,539.29/

Here 0.0625 corresponds to my current rate (6.25% per year). 360 corresponds to the length of the mortgage (30 years * 12 payments per year) in my potentially refinanced mortgage. 250000 corresponds to my current balance. This may not correspond to my actual principal and interest payment now because I want to use the same number of payments in both computations to make the comparision fair.

Next, enter the following:

=PMT(0.0550/12,30*12,250000,0)

Here 0.0550 corresponds to my current rate (5.50% per year).

This results in a monthly principal and interest payment of $1,419.47

The savings is $1,539.29-$1,419.47 = $119.82 per month. So, the breakeven point is roughly $2000/$119.82 = 17 months.

.

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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

They will just tack it onto your mortgage balance or you could take about .250 rate hit and have no closing costs. I would do the latter.
That might not make sense depending on other variables such as the amount of the loan and how long you expect to have the loan.
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Here is a quick way to get a rough apples-to-apples estimate of the savings from refinancing: compute the principal and interest payment for the new and current interest rate, keeping the balance and term length the same in both computations.

Here's an example:

Open Excel or Google spreadsheet.

Now suppose I can refinance at 5.5% for a 30 year mortgage and suppose I'm already a few years into a 30 year mortgage at 6.25% and I have a current balance of 250000. Suppose it will cost me $2000 to refinance.

Enter the following function:

=PMT(0.0625/12,30*12,250000,0)

This results in a monthly principal and interest payment of $1,539.29/

Here 0.0625 corresponds to my current rate (6.25% per year). 360 corresponds to the length of the mortgage (30 years * 12 payments per year) in my potentially refinanced mortgage. 250000 corresponds to my current balance. This may not correspond to my actual principal and interest payment now because I want to use the same number of payments in both computations to make the comparision fair.

Next, enter the following:

=PMT(0.0550/12,30*12,250000,0)

Here 0.0550 corresponds to my current rate (5.50% per year).

This results in a monthly principal and interest payment of $1,419.47

The savings is $1,539.29-$1,419.47 = $119.82 per month. So, the breakeven point is roughly $2000/$119.82 = 17 months.

.

This is also a good technique to compare different refinance options, eg it is worth it to pay points for a lower rate.
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

They will just tack it onto your mortgage balance or you could take about .250 rate hit and have no closing costs. I would do the latter.
That might not make sense depending on other variables such as the amount of the loan and how long you expect to have the loan.
Of course there is no one answer for all scenarios. But IMO, in todays environment, it is the smart choice for the majority of borrowers out there. Especially if you anticipate the rates dropping further.
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

They will just tack it onto your mortgage balance or you could take about .250 rate hit and have no closing costs. I would do the latter.
That might not make sense depending on other variables such as the amount of the loan and how long you expect to have the loan.
Of course there is no one answer for all scenarios. But IMO, in todays environment, it is the smart choice for the majority of borrowers out there. Especially if you anticipate the rates dropping further.
That is the key. Best to talk through with it with someone who is knowledgable and can walk you through options for your own specific situation.
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

They will just tack it onto your mortgage balance or you could take about .250 rate hit and have no closing costs. I would do the latter.
That might not make sense depending on other variables such as the amount of the loan and how long you expect to have the loan.
Of course there is no one answer for all scenarios. But IMO, in todays environment, it is the smart choice for the majority of borrowers out there. Especially if you anticipate the rates dropping further.
I wouldn't anticipate rates dropping much from here. Mortgage rates don't necessarily follow the fed funds rate. If you haven't been paying attention, the banks are getting destroyed on losses and we are likely already in or about to be in a recession. Inflation is a widespread concern. Rates may drop further but I'd be pretty surprised if the bottom for mtg rates is much lower than 10bps from here.
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REALLY dumb question. If I wanted to refinance to take advantage of these low rates, how could I pay the closing fees if I dont have the cash?

They will just tack it onto your mortgage balance or you could take about .250 rate hit and have no closing costs. I would do the latter.
That might not make sense depending on other variables such as the amount of the loan and how long you expect to have the loan.
Of course there is no one answer for all scenarios. But IMO, in todays environment, it is the smart choice for the majority of borrowers out there. Especially if you anticipate the rates dropping further.
I wouldn't anticipate rates dropping much from here. Mortgage rates don't necessarily follow the fed funds rate. If you haven't been paying attention, the banks are getting destroyed on losses and we are likely already in or about to be in a recession. Inflation is a widespread concern. Rates may drop further but I'd be pretty surprised if the bottom for mtg rates is much lower than 10bps from here.
:goodposting: Common misunderstanding with the fed and rates. It is not a direct cause and affect relationship. If you have equity loans or lines of credit those are almost always tied into the Prime Rate as an index and that follow the fed in lock step. Mortgage rates are tied into bond rates and those do not always follow the fed because there are many other factors involved in what happens to those rates. I pretty much agree with Pre here, except I would give it a slightly bigger bottom of about 15 bps.
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Forgive the stupid Canadian but you are all talking about locking in at 5.xx over 30 years, does that mean you get 5.xx for 30 years and never renew no interest rate changes no nothing just the same payment without hassle for the full term. I only ask cause I have a 200000 mortgage at 5.25 over 25 but only good for five years. I would lock at 5.5 for the full term in a freaking heartbeat.

Bumping myself cause I actually wanna know.
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Forgive the stupid Canadian but you are all talking about locking in at 5.xx over 30 years, does that mean you get 5.xx for 30 years and never renew no interest rate changes no nothing just the same payment without hassle for the full term. I only ask cause I have a 200000 mortgage at 5.25 over 25 but only good for five years. I would lock at 5.5 for the full term in a freaking heartbeat.

Bumping myself cause I actually wanna know.
Yes, the interest rate is fixed for the entire term.
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Forgive the stupid Canadian but you are all talking about locking in at 5.xx over 30 years, does that mean you get 5.xx for 30 years and never renew no interest rate changes no nothing just the same payment without hassle for the full term. I only ask cause I have a 200000 mortgage at 5.25 over 25 but only good for five years. I would lock at 5.5 for the full term in a freaking heartbeat.

Bumping myself cause I actually wanna know.
Yes, the interest rate is fixed for the entire term.
Comparably up here where I have to renew I would jump at a 25 year lock of 5.5.
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The housing market is not at it's bottom point and neither is the economy. We're not even in a "recession" yet. When all that happens, the rates will be at their best.

How do you know? Recessions usually get called after they are over.Mortgage rates are based on expectation, not current actual rates.
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The housing market is not at it's bottom point and neither is the economy. We're not even in a "recession" yet. When all that happens, the rates will be at their best.

How do you know? Recessions usually get called after they are over.Mortgage rates are based on expectation, not current actual rates.
No one knows, it's all speculation. If I'm wrong it'll cost me, but 2 years ago when people were telling me to buy now. I was smart to wait. The moment it goes up, is probably the time to buy. I think that's at least a year or more away.
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The housing market is not at it's bottom point and neither is the economy. We're not even in a "recession" yet. When all that happens, the rates will be at their best.

Recession is debatable. We won't know that for a bit. Sentence three is a false conclusion. Even if you are right about one and two, these are not the factors that lead to the lowest rates. For instance in 2005, the housing market was booming and the economy was fine. Lowest rates in forever.
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The housing market is not at it's bottom point and neither is the economy. We're not even in a "recession" yet. When all that happens, the rates will be at their best.

How do you know? Recessions usually get called after they are over.Mortgage rates are based on expectation, not current actual rates.
No one knows, it's all speculation. If I'm wrong it'll cost me, but 2 years ago when people were telling me to buy now. I was smart to wait. The moment it goes up, is probably the time to buy. I think that's at least a year or more away.
That's a question of buying. That's not what we're discussing. Prices may continue to fall but rates likely won't.
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My lady is quoting me for a refi. Since I am cashing out some on the refi, she says the rate is about 1/8 to 1/4 higher, and also the fees are $500 higher. Also, she says, that "once a cash-out, always a cash-out", and they will jack up rates even more on any other cash-out refi's, so get all the money you can now.

In Texas, Title Insurance is steep, my fees for a refi are like 3k, and she is quoting me a 5.25 for 15-year fixed. I currently have a 15-year at 5.875 (got a bunch of equity in the house, but facing college costs soon for my kids, figured I could get a lower rate, and cash out some).

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I am going to refinance my house (6.25 now) along with a home equity loan I have that is seven percent. I set it up with my credit union yesterday and we are just gonna float the rate for a bit to try and get a little lower. On Tuesday when I called them to start it was 5.89% for 30-no points. Yesterday it was 6. I think I am going to pay the point to get lower anyway but does anyone have any good feelings where the rates are going this week? I read that the Fed is probably gonna lop off another half at the end of January so does that mean the morgage rates will drop a bit ahead of the Fed? Any good advice would be appreciated. I am going to call the credit union at noon eastern to check todays rate. I had it in my head all along I wanted 5.75 (plus I willbring it down by paying the point), is that a realistic goal? Can you pay more than a point? Two points? Thanks

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My lady is quoting me for a refi. Since I am cashing out some on the refi, she says the rate is about 1/8 to 1/4 higher, and also the fees are $500 higher. Also, she says, that "once a cash-out, always a cash-out", and they will jack up rates even more on any other cash-out refi's, so get all the money you can now.In Texas, Title Insurance is steep, my fees for a refi are like 3k, and she is quoting me a 5.25 for 15-year fixed. I currently have a 15-year at 5.875 (got a bunch of equity in the house, but facing college costs soon for my kids, figured I could get a lower rate, and cash out some).

Sounds like you are going through a broker and typical things that usually say.... Are you taking out equity now that you really do not need because of her pressure? You will want to sit down and figure out the cost difference on of just re-fi your current loan and taking a equity line of credit out- the good news is that in Texas you use to not be able to take LOC's but now you can. It may or may not be cheaper (HELOC will have a higher rate) but it is worth looking at to get a lower rate on a bigger dollar amount, not pay interest on money you do not need now, etc. Brokers tend to not give these options because they tend to not want or can not deal with equities. How long you expect to be in the property?
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We're refi'ing at 5.75% on a 30-year fixed 1st, maxed out at the just-under jumbo amount in CA of $417k, and we have a second at 7.6% that's also a 30-year fixed but that we'll obviously pay off through a subsequent refi, once the jumbo loans pencil out sometime in the future. This was by far the best deal we could find, and the lender is paying for appraisal and the title search (about $500 value). This about as good as it gets in CA right now.

It looks like I'm going to be able to get 5.5% on the maxed-out conforming first. :goodposting:
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I am going to refinance my house (6.25 now) along with a home equity loan I have that is seven percent. I set it up with my credit union yesterday and we are just gonna float the rate for a bit to try and get a little lower. On Tuesday when I called them to start it was 5.89% for 30-no points. Yesterday it was 6. I think I am going to pay the point to get lower anyway but does anyone have any good feelings where the rates are going this week? I read that the Fed is probably gonna lop off another half at the end of January so does that mean the morgage rates will drop a bit ahead of the Fed? Any good advice would be appreciated. I am going to call the credit union at noon eastern to check todays rate. I had it in my head all along I wanted 5.75 (plus I willbring it down by paying the point), is that a realistic goal? Can you pay more than a point? Two points? Thanks

Really, when it comes to rates no one can take more than an educated guess on what rates will do. It is very hard to say on a weekly basis what rates will be like. The Fed and mortgage rates do not have a direct cause and affect so the expected rate cut by the Fed does not mean that mortgage rates will lower in anticipation or follow after. A couple of weeks ago when I was at a Wells Fargo mortgage office- it was very possible to get 5.5-5.75% on a 30 year so I would say 5.75 is realistic and yes you can pay more than a point if you want to. I would always encourage people to do a cost analysis of paying points to lower rates to figure out your break even point and the likelihood of you keeping the loan to past that point before doing so- also, another thing to keep in mind is that points are not tax deductable like interest is.
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We're refi'ing at 5.75% on a 30-year fixed 1st, maxed out at the just-under jumbo amount in CA of $417k, and we have a second at 7.6% that's also a 30-year fixed but that we'll obviously pay off through a subsequent refi, once the jumbo loans pencil out sometime in the future. This was by far the best deal we could find, and the lender is paying for appraisal and the title search (about $500 value). This about as good as it gets in CA right now.

It looks like I'm going to be able to get 5.5% on the maxed-out conforming first. :goodposting:
Good for you, GB. Is there a prepayment penalty on your 2nd mortgage? I think the ones we were looking at had a penalty for payoffs within 12 months.
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