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Mortgage Rates (4 Viewers)
- Thread starter MechEng
- Start date
Wooderson
Fight The Power
Could use some help on the FHA question.
Redwes25
Footballguy
What about a 20 year?
I think I paid an upfront fee of $400, and I'd have to look up the closing costs, but they were added to the loan itself.I'm probably stuck in my condo for awhile because it's underwater.My 2nd mortgage is worth asking about (for a re-fi), but is there any incentive for them to do it?
towney
Footballguy
One major hurdle is the word "underwater" if there is no equity in the property there is about 0% chance of refinancing. You'll need and 80% LTV to avoid MI and a 90% CLTV which would include the second.You are right there is little incentive for the second mortgage lender to refi, but nothing ventured nothing gained.
Ned
Footballguy
I started poking around and Loan Depot called me back almost instantaneously. It was a little freaky how fast it was. All quotes were 0pts with $3700 closing costs on 260K. 15 - 3.375%
20 - 3.875%
30 - 4.000%
Locked in at 3.875% - do these closing costs look out of whack? Also, I had just refinanced in June...should I expect elimination or reduction of any of these fees if I use the same title company?
ORIGINATION CHARGES
Processing Fee Borrower $ 450.00
Underwriting Fee Borrower $ 500.00
OTHER CHARGES
Appraisal Fee Borrower $ 400.00
Closing/Escrow Fee Borrower $ 400.00
Lender's Title Insurance Borrower $ 1,000.00
Closing Protection Borrower $ 25.00
Wire Fee Borrower $ 25.00
Courier Fee Borrower $ 25.00
Mortgage Recording Charge Borrower $ 330.00
ORIGINATION CHARGES
Processing Fee Borrower $ 450.00
Underwriting Fee Borrower $ 500.00
OTHER CHARGES
Appraisal Fee Borrower $ 400.00
Closing/Escrow Fee Borrower $ 400.00
Lender's Title Insurance Borrower $ 1,000.00
Closing Protection Borrower $ 25.00
Wire Fee Borrower $ 25.00
Courier Fee Borrower $ 25.00
Mortgage Recording Charge Borrower $ 330.00
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lumpy19
Footballguy
Take the 30 year, I did a 15 year and wish I did 30. Payoff the 30 year in 15 years and there's not much of a difference but if you need a little extra some month or have some sort of hardship the little cushion is really nice.
17seconds
root of all aliai
I can't wait for my 7-year ARM to expire and go to 1-year ARM in Jan. Will be going from 5.325% to 3% or less automatically. No refi cost!Same here. Any dramatic rise in rates would be devastating for my already underwater house's value anyway. The only reason I haven't walked yet is because of how cheap my payment is relative to rents in my area.
adonis
Footballguy
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?
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?
Wooderson
Fight The Power
Bump
towney
Footballguy
Maybe not. Most of the time you can find a lower rate as well as lower costs with a reputable mortgage broker. I know most of the time my rates/costs are lower then the big banks. My suggestion is to get BOA estimate of costs/rate and compare with 2 other mortgage brokers in your area. Paperwork might be minimal if going FHA to FHA with BOA, but I'd take a little more paperwork for a lower rate/costs from someone else any day.With respect to FHA if you have 20% equity in your home you might look at a conventional for typically their rate are lower then FHA. Remember with an FHA loan you need to make sure you close before the end of the month and current lender receives your payoff by last day of the month otherwise you'll get hit with a full 30 days of interest. Conventional calculates interest on a daily basis where as FHA is monthly. HTH'Wooderson said:
FWIW, BOA holds my mtg right now. I called them to refi and let them know that a local broker got me 3.875% and they said they couldn't even come close.
anyone have any experience with capwest mortgage?
Got quoted a real good rate, but I'm terrified of dealing with a mortgage company I've never heard of before.
Any of the larger banks better or worse to deal with? Chase is giving me the run around, I avoid BofA like the plague...but I would like to deal with a bigger bank if they can come close to what I'm getting quoted.
Got quoted a real good rate, but I'm terrified of dealing with a mortgage company I've never heard of before.
Any of the larger banks better or worse to deal with? Chase is giving me the run around, I avoid BofA like the plague...but I would like to deal with a bigger bank if they can come close to what I'm getting quoted.
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.'adonis said:
CletiusMaximus
Footballguy
I just closed a refi with Capwest a few weeks ago. The closing went very smooth, and I have no complaints so far. I was referred to them through Costco's mortgage program, so had at least a minimal amount of comfort due to that association. Its certain the loan will be sold, so I really have no idea who the ultimate mortgage holder will be.
Random
Footballguy
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.
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I would have said no to this question six months ago, and rates dropped, so who the #### knows for sure.
towney
Footballguy
When your talking about no cost, is the mortgage company paying all the closing costs less escrow or are they rolling them into your loan?If they are truly paying closing costs this is reflected in your higher 3.625% rate for this enables them to pick up the costs. Traditionally your 15yr would be 3.25%.
culdeus
Footballguy
I think the 30 year doesn't have a ton of room to move down. The 15 still could widen the spread. It's already i think at a record spread on a relative basis to the 30 as is so
shuke
Black Ice Skeptic
Shop around. No idea if having an FHA loan makes a difference. My mortgage was with BOA until I just refi'ed. They couldn't come close to the rate I got with 5/3, and their customer service is horrible to boot.
Random
Footballguy
I'm using Amerisave. Yes, they gave me a $1900 credit on $1600 closing costs. The GFE shows the extra $300 going into the escrow account.When your talking about no cost, is the mortgage company paying all the closing costs less escrow or are they rolling them into your loan?If they are truly paying closing costs this is reflected in your higher 3.625% rate for this enables them to pick up the costs. Traditionally your 15yr would be 3.25%.
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Did you have an FHA loan? How many years into it were you when you refi'ed? % equity?
shuke
Black Ice Skeptic
I had a Fannie Mae loan, so they said I qualified for FHA refinancing which meant I could waive the appraisal. I was 6 years into a 30 year fixed. Went from 5.75% to 4.125%/no points/.125% cash back.
towney
Footballguy
Usually an appraisal waiver is when your doing a FHA streamline refi and for that you must be going from an FHA to an FHA. Have not seen a Fannie to FHA streamline, but if you are staying with your same lender they might have something unique. Everyone should be getting more than one estimate for rates are low and you should have no problems finding a 30yr fixed rate 0 pts. below 4%.
shuke
Black Ice Skeptic
I locked in like 3-4 weeks ago. 4.125 was the lowest at the time. It was with a different lender.
Thanks. I'm only two years into a 30 year fixed FHA at 5%, so I'm wondering if I should even bother shopping around.
ragincajun
Footballguy
So 1.5 years into my 5.5%/30yr loan. Have to stay in this house a minimum of 17 more months to fully take advantage of the 8k tax credit. After the 3 year period thinking about moving into a different area of town.
I am up in the air about taking out a rural dev. loan and building now at the current rates / wait out the 17 months then make a move risking higher interest rates or refi now and sit back at the lower rate then sell in 17 months (possibly recouping closing costs by that point).
Are rural dev loans typically lower int. rates?
TF,
I am going to check my mortgage guy out, and see if he can get close to your rate. If he cant I may bother you for your brokers info if you dont mind.
I am up in the air about taking out a rural dev. loan and building now at the current rates / wait out the 17 months then make a move risking higher interest rates or refi now and sit back at the lower rate then sell in 17 months (possibly recouping closing costs by that point).
Are rural dev loans typically lower int. rates?
TF,
I am going to check my mortgage guy out, and see if he can get close to your rate. If he cant I may bother you for your brokers info if you dont mind.
-jb-
Footballguy
Apologies if this is a re-hash, but can someone tell me which of these fees are bunk?
ORIGINATION
Processing Fee
Underwriting Fee
OTHER
Appraisal Fee
Credit Report Fee
Credit Report Re-Issue
Appraisal Review
Closing/Escrow Fee
Document Preparation Fee
Notary Fee
Lender's Title Insurance
Recording service Fee
Loan Tie In Fee
Owner's Title Insurance
Mortgage Recording Charge
City Transfer Tax, Buyer's Portion
Daily Interest Charges
Hazard Insurance Premium
Also, any advice on the variable items from a % to loan perspective is greatly appreciated.
This is for a home purchase, not refi.
thx
ORIGINATION
Processing Fee
Underwriting Fee
OTHER
Appraisal Fee
Credit Report Fee
Credit Report Re-Issue
Appraisal Review
Closing/Escrow Fee
Document Preparation Fee
Notary Fee
Lender's Title Insurance
Recording service Fee
Loan Tie In Fee
Owner's Title Insurance
Mortgage Recording Charge
City Transfer Tax, Buyer's Portion
Daily Interest Charges
Hazard Insurance Premium
Also, any advice on the variable items from a % to loan perspective is greatly appreciated.
This is for a home purchase, not refi.
thx
Towney, thank you for your industry input in this thread. I have held a VA 30 year @4.75% since March of this year, it was pretty decent at the time. We received negative points at closing after putting 5% down and may actually have some equity as we purchased for 6% less than the original build (2006). I would love to refinance at 3.75% or better through a streamline if possible. 30, 20, and even 15 year deals are workable, but all of the bank reps seem like used car salesmen. Is it too soon to re-roll this loan? What should I be looking at, or asking for? We are putting in extra every month and could cover an increased payment if needed, but a liability of the same or less allows for peace of mind during crazy times like this.
towney
Footballguy
Most of all are legit fees. I would consider the processing fee a junk fee for me just for the sake that the loan officer is taking your loan application and then handing it off to a processor to finish it up. I have always processed my loan start to finish so I have no need to charge this.
towney
Footballguy
I take it that this was a purchase? When you say you received negative points was this a credit towards you closing costs? If your having concerns about loan officers and their qualification try using a LOCAL mortgage broker. I always try to tell my clients shopping to find out how long the person has been origination mortgage loans, get an estimate in writing and in your case how qualified are they in doing VA loans. You'd be surprised there are many that don't know the first thing about VA origination. Also ask if they have the ability to do a IRRRL (streamline refi)w/o an appraisal & requalifying.It's never to soon to take advantage of lower rate you just have make sure the refinance makes sense, for example how long do I plan on staying in the home and how loan will it take to re-capture the closing costs. If I had your loan amount I might be able to give you a ball park. HTHAs I mentioned in previous posts always get an estimate of closing costs with at least 3 mortgage professional before proceeding and make sure that the loan officer locks you in when you request it.
Missed your reply when posted, I appreciate the feedback. Your assumptions were correct as far as this being a purchase and the negative points being applied to the closing. Purchase price was $290,000, $275,000 of that was financed. The plan is to remain in this home until we decide to downsize in retirement (20+ years from now). Shortest term would be after the child has finished college and that is still a decade away. Concern about familiarity with VA loans from local brokers in a non-military community (and our own lack of knowledge as first time buyers) led to us using USAA even though the mortgage side of the house is one of their weaker areas. They shopped us out to GMAC. While looking at new options I have been limited to national "discount" brokers so far (due to be being on the fringe of actually acting and currently being deployed to the Middle East). The IRRRL has seemed like a wonderful option, especially since we are still well under 20% equity (purchase price) and have no desire to be forced into PMI. From what I have understood we would only be looking at the new VA fees and whatever other closing costs are attached to the new mortgage. If the closing costs were in roughly the same ball park as our original costs, I would probably just pay them out of pocket again and not try to roll them into the loan. I think my biggest weakness is not really knowing what range of rates cancel out the premium of current and future closing fees incurred under identical mortgage terms (I know the rate and fee costs are both important considerations). Apples to apples seems like the best place to start as there is some uncertainty about the ability to cover short-term payment increases once I retire from the military (early 2013 I become a full-time student, spouse is a recent RN grad and was not employed until after we obtained the current loan...her pay more than makes up the difference, but is not as secure). Once that has been determined it seems like it would be easier to see what terms would be required to adjust the term to a comfortable payment.Your work in here has been yet another example of why this forum is such a valuable resource. I hope that you can get me a little bit closer to a conclusion, but the information already received has increased my understanding and knowledge-base immensely.
culdeus
Footballguy
It's 2001 all over again!!!!!!!!!!!
Sand
Footballguy
I'm considering doing a Home Equity Loan through Penfed to finish up my house payments - right now at 2.99% for a five year with no closing costs (other than a possible appraisal). Anyone in here gone that route?
17seconds
root of all aliai
If true, that's a good sign. Banks wanting 20% in CA is seriously hurting the housing market here. You need $100K or more in cash to buy a decent family home. We need to get back to 5% down and PMI at least.
Meat
Footballguy
Great rate. I've seen 4.625% on the board; and as low as 4.5% - but certainly no problem at all with 4.875% - pretty amazing that rates have dipped that far for Jumbo loans.
Redwes25
Footballguy
What is the loan amount for a jumbo these days? 625K?
-jb-
Footballguy
It varies, based on Fannie/Freddie or privately backed.
otello
Footballguy
what is the LTV?
Johnny Rock
Footballguy
Local B&M bank that I originally used for my house. 3.75% Conventional 30-yr fixed, no points.
Could be about the best buying opportunity in our lifetime.
Could be about the best buying opportunity in our lifetime.
BroncoFreak_2K3
sucker for Orange
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.
Can't be more than 105% LTV to qualify.
Grahamburn
Footballguy
How do you pull off the bolded? I'm a Wells Fargo customer looking to refinance as well. That sounds like a damn good deal.
BroncoFreak_2K3
sucker for Orange
That's what the program offers
I couldn't believe it either. It's not a HARP its called 1-2-3 Refi.My actual closing costs were around $500, but in my final loan document, those costs were backed out and a $0. They were not carried over into the loan, they were eliminated. Not sure how they justify eating those costs, but thats what they did. I can PM you the guy's name I talked to if interested...
Grahamburn
Footballguy
PM sent.That's what the program offers
