kip stabone
Footballguy
Appreciate the heads up, thanks.'Random said:
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Mortgage Rates (6 Viewers)
- Thread starter MechEng
- Start date
FavreCo
Footballguy
You logic is fabulous as long as rates always are going down. For anyone that is getting a mortgage and plans on being in their home long term, the minute the trend reverses, that logic blows up in their face. If I can get a 2.875 15 year and pay closing costs and rates reverse and head up, I made the correct move. You can't get great rates without paying closing costs in FL. Period.Prove me wrong. Go find a mortgage of under 3.0 in Fl with no closing costs. You couldn't earlier in ther thread, you can't now.I'm just going to go ahead and chalk this up as "you just dont get it".Fixed.The local bank I'm refinancing with has a flat fee of $199 + recording fees for this rate. I've said many times in this thread there is no reason to pay closing costs, in Ohio, in this rate environment.In his defense, 5k is something like a 1/10th of a pt for him.Quit your job, dude!Jesus.We just closed on a 15 year at 3.25%. We paid like 5k in closing costs or something stupid like that.
5 years ago X was a good rate with no closing costs. X-.5 was a great rate but cost $2K.
4 years ago X-.5 was a good rate with no closing costs. X-1 was a great rate but cost $2K.
3 years ago X-1 was a good rate with no closing costs. X-1.5 was a great rate but cost $2K.
2 years ago X-1.5 was a good rate with no closing costs. X-2 was a great rate but cost $2K.
1 years ago X-2 was a good rate with no closing costs. X-2.5 was a great rate but cost $2K.
Today X-2.5 is a good rate with no closing costs. X-3 is a great rate but cost $2K.
X might be 5.5 for me and 6.5 for you. It doesn't matter.
Do you really think buying down your rate has been a good move? Anywhere?
Random
Footballguy
When rates do reverse and start going back up I'm pretty confident I'll be within .25% of the low. Because I can refi anytime rates go down. Because I'M NOT PAYING CLOSING COSTS. How exactly is that "blowing up in my face"?
Ministry of Pain
Footballguy
Refi?'Premier said:
Ministry of Pain
Footballguy
We are going thru Wells Fargo for our 203k loan, would have gone thru them for a non 203k loan as well. i have a good friend from when I was in the mtg industry and he has been very helpful with the process so far.'Michael Brown said:'Premier said:We're at 3.49 with no points on a 30-year, but figuring the closing costs will be aboue the same. Also, looks like we're doing our loan through Weichert Financial but now we're being told by some friends that it's better to go through a bank. Don't want to rush into anything but we're also in the middle of the process, out of attorney review, etc. What are the upsides/downsides to using Weichert instead of say Wells Fargo?
Seems like numbers are numbers to me, but I'm dumb with this stuff.
Ministry of Pain
Footballguy
You can't really on a refi but you can limit the costs on a purchase or make the seller pick up some of the costs if they are motivated to sell.'Otis said:
Ministry of Pain
Footballguy
Ned
Footballguy
Random
Footballguy
FavreCo
Footballguy
Note that I did not say 'your' face. I said 'their' face. Here's a fact that you can't get thru your thick skull: Not everyone lives in a state where there mortgages with no closing costs. I would have thought you would have put various states in the amerisave calculator (or any other website you try and pimp) as I did to find that Ohio can do this yet FL has costs. Must be too hard for you to figure out.
Random
Footballguy
Not sure why this upsets you so much.So just for fun, I put FL in the Amerisave calculator and got the following:
15 year fixed Rate Payment APR All Lender Fees & Points Closing Costs Loan Details 2.250% $1,212 Calculate $6,487 View View 2.375% $1,223 Calculate $5,207 View View 2.500% $1,234 Calculate $3,931 View View 2.625% $1,244 Calculate $3,329 View View 2.750% $1,255 Calculate $1,940 View View 2.875% $1,266 Calculate $1 View View 3.000% $1,278 Calculate $-1,357 View View 3.125% $1,289 Calculate $-2,032 View View 3.250% $1,300 Calculate $-2,617 View View 3.375% $1,311 Calculate $-3,249 View View 3.500% $1,323 Calculate $-3,928 View View 3.625% $1,334 Calculate $-4,143 View ViewClosing Costs for 3.125%:
Just ask if you need any more help with this.
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Chadstroma
Footballguy
The Big Guy
Fear the Blitz
BTW..after the garbage that this site did with personal loans I wouldn't deal with them if they were 1% better and paying me closing costs. I understand that they aren't carrying the loan or even servicing it, but they have a track record as shysters and I would think twice and three times before going near them.They were the ones who had Gary Coleman shilling for them on TV a while back for their 99% unsecured loans. Would not touch.'Random said:
Black Sunshine
Footballguy
Phoenix area where we have had some appreciation. Bought as a short sale and got a fairly good price. I'm guessing appraisal maybe 285,000-290,000 but that's just a guess.
Chadstroma
Footballguy
Wow. Did not realize Phoenix was making a bounce back. Where are you getting that guess on valuation from?
Michael Brown
Footballguy
GFE means a whole nother thing to some of us...
Dragons
Delusions of Grandeur
Go F everyone?GFE means a whole nother thing to some of us...
Black Sunshine
Footballguy
I could be off. Combination of recent sales in area and places like Zillow.
Ned
Footballguy
Go F everyone?GFE means a whole nother thing to some of us...
GFE = Girl Friend Experience (hookers)I had to look it up on urban dictionary to get what he meant. 
Random
Footballguy
I have zero experience with them. Just passing along the info. Alot of the Fatwallet posters have been using them recently with minimal complaints though.
The Captain
Footballguy
I'm in an underwater adjustable mortgage that adjusts on September 1 of each year based on the LIBOR Average. Last September my apr went to 3.0%. This year it went up to 3.37%. Haven't mortgage rates been the lowest in history this past year? What am I missing?
Don't get me wrong, 3.37 is great, but I didn't expect an increase this year.
Don't get me wrong, 3.37 is great, but I didn't expect an increase this year.
BroncoFreak_2K3
sucker for Orange
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FavreCo
Footballguy
Who give a #### about 3.125%? I want 2.875 at a minimum. As a matter of fact, I want 2.5 now.'Random said:'FavreCo said:
So just for fun, I put FL in the Amerisave calculator and got the following:
15 year fixed Rate Payment APR All Lender Fees & Points Closing Costs Loan Details 2.250% $1,212 Calculate $6,487 View View 2.375% $1,223 Calculate $5,207 View View 2.500% $1,234 Calculate $3,931 View View 2.625% $1,244 Calculate $3,329 View View 2.750% $1,255 Calculate $1,940 View View 2.875% $1,266 Calculate $1 View View 3.000% $1,278 Calculate $-1,357 View View 3.125% $1,289 Calculate $-2,032 View View 3.250% $1,300 Calculate $-2,617 View View 3.375% $1,311 Calculate $-3,249 View View 3.500% $1,323 Calculate $-3,928 View View 3.625% $1,334 Calculate $-4,143 View ViewClosing Costs for 3.125%:Just ask if you need any more help with this.
Random
Footballguy
Who give a #### about 3.125%? I want 2.875 at a minimum. As a matter of fact, I want 2.5 now.'Random said:'FavreCo said:
So just for fun, I put FL in the Amerisave calculator and got the following:
15 year fixed Rate Payment APR All Lender Fees & Points Closing Costs Loan Details 2.250% $1,212 Calculate $6,487 View View 2.375% $1,223 Calculate $5,207 View View 2.500% $1,234 Calculate $3,931 View View 2.625% $1,244 Calculate $3,329 View View 2.750% $1,255 Calculate $1,940 View View 2.875% $1,266 Calculate $1 View View 3.000% $1,278 Calculate $-1,357 View View 3.125% $1,289 Calculate $-2,032 View View 3.250% $1,300 Calculate $-2,617 View View 3.375% $1,311 Calculate $-3,249 View View 3.500% $1,323 Calculate $-3,928 View View 3.625% $1,334 Calculate $-4,143 View ViewClosing Costs for 3.125%:Just ask if you need any more help with this.
I think I see the problem here.......
Chadstroma
Footballguy
I guess so.GFE means a whole nother thing to some of us...
Shadowfax
Footballguy
I've used them 3 times this past year alone. They don't have the best customer service and I need to check all the documents carefully (they've had the wrong name and address before). But as long as you're reviewing everything, I haven't had a problem. As long as the rates keep dropping and I don't have to pay anything out of pocket, I'll keep using them.
NJDawgPound
Footballguy
I'm putting 3.5% down on a 30 year FHA loan for $286,500. The PMI on that is $291 per month.
Approximately how long do I have to pay that until I have enough equity built up to get rid of that? Also, what's the process?
Thanks guys.
Approximately how long do I have to pay that until I have enough equity built up to get rid of that? Also, what's the process?
Thanks guys.
Chadstroma
Footballguy
FHA's monthly mortgage insurance payments will be automatically terminated when these conditions occur: -For mortgages with terms 15 years and less and with Loan to Value ratios 90 percent and greater, annual premiums will be canceled when the Loan to Value ratio reaches 78 percent regardless of the amount of time the mortgagor has paid the premiums. -For mortgages with terms more than 15 years, the annual mortgage insurance premiums will be canceled when the Loan to Value ratio reaches 78 percent, provided the mortgagor has paid the annual premium for at least 5 years. -Mortgages with terms 15 years and less and with loan to value ratios of 89.99 percent and less will not be charged annual mortgage insurance premiums.
Ned
Footballguy
It's official. Amerisave sucks. I've asked for their cancellation policy and they just ignored my question. You can't ask more than one question at a time if you really want answers. I'm afraid to see what fees I may owe if I cancel. Everything I've searched in terms of canceling a refi revolves around the rescission process which is very specific to after signing the closing paperwork. They've since extended our lock a second time all the way out to 8/29. I feel trapped into this at this point.Probably not but I can tell you if rates go up yours will too. Get them to get this closed soon or move onto another company, as I said there should be no reason for this to be dragging on this long. Good Luck.We've had zero issues on our end. They said right up front that they'd pay for the first extension and not to worry about it. They said their underwriters are really backlogged. I'm just tired of the waiting and want to get this over with.
What if rates are lower? Will they drop it?
Ministry of Pain
Footballguy
NJDawgPound
Footballguy
So even if I make extra payments towards the principal, I still have to pay this thing for 5 years?
Dragons
Delusions of Grandeur
Yes. But, when you consider that making the minimum payments will take 9 years to reach 78%, you'd have to pay quite a bit extra towards principle to get there before 5. If you can pay that much towards principle, why not go with a 15 year?
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towney
Footballguy
They have only extended your lock because rates are holding firm. I don't care what any one says on here it is always better to deal with a local mortgage company or broker. If you cancel best case you are out the appraisal/application fee. This just gripes the H out of me when I hear someone feels trapped.Cancel of a refi usually means you are out any upfront fees you paid and possibly the origination fee, but since this has dragged on so long because of them I'd think you would only lose the appraisal/application fee. Move on if nothing happens after 8/29It's official. Amerisave sucks. I've asked for their cancellation policy and they just ignored my question. You can't ask more than one question at a time if you really want answers. I'm afraid to see what fees I may owe if I cancel. Everything I've searched in terms of canceling a refi revolves around the rescission process which is very specific to after signing the closing paperwork. They've since extended our lock a second time all the way out to 8/29. I feel trapped into this at this point.Probably not but I can tell you if rates go up yours will too. Get them to get this closed soon or move onto another company, as I said there should be no reason for this to be dragging on this long. Good Luck.We've had zero issues on our end. They said right up front that they'd pay for the first extension and not to worry about it. They said their underwriters are really backlogged. I'm just tired of the waiting and want to get this over with.
What if rates are lower? Will they drop it?
Ned
Footballguy
Well, Amerisave sucks ####. Plain and simple. The day after my last post here they conditionally approved the loan. They had a list of the normal idiotic questions about activity in our checking account (which were payments on loans that were in our credit reportThey have only extended your lock because rates are holding firm. I don't care what any one says on here it is always better to deal with a local mortgage company or broker. If you cancel best case you are out the appraisal/application fee. This just gripes the H out of me when I hear someone feels trapped.Cancel of a refi usually means you are out any upfront fees you paid and possibly the origination fee, but since this has dragged on so long because of them I'd think you would only lose the appraisal/application fee. Move on if nothing happens after 8/29It's official. Amerisave sucks. I've asked for their cancellation policy and they just ignored my question. You can't ask more than one question at a time if you really want answers. I'm afraid to see what fees I may owe if I cancel. Everything I've searched in terms of canceling a refi revolves around the rescission process which is very specific to after signing the closing paperwork. They've since extended our lock a second time all the way out to 8/29. I feel trapped into this at this point.Probably not but I can tell you if rates go up yours will too. Get them to get this closed soon or move onto another company, as I said there should be no reason for this to be dragging on this long. Good Luck.We've had zero issues on our end. They said right up front that they'd pay for the first extension and not to worry about it. They said their underwriters are really backlogged. I'm just tired of the waiting and want to get this over with.
What if rates are lower? Will they drop it?
). They also said the appraisal noted potential water damage in the basement. I told them the appraiser never made mention of it when I walked him through the house. I also went back down to check and didn't see any. They said they'll reach out to the appraiser to verify.Yesterday I get an email with the subject - "Action Taken". Inside was a short email saying they've denied the loan and to refer to the attached letter for an explanation why. The letter was nothing more than a form letter with a series of check boxes for various reasons why a loan would be denied. The only box checked was "unacceptable property". I was beyond livid and sent them a love letter. I CC'ed the mortgage processor who was the only one who seemed to have a clue or gave a crap. He quickly responded stating they'd refund me the appraisal fee. So there's at least that.
moleculo
Footballguy
my re-fi took forever too. My initial application was 6/5, and I didn't close until August 15. There were a ton of silly questions from my application that they needed answered, and apparently the underwiters had a huge backlog.
I was able to finally close, and they did lower my rate as rates continued to drop. My final deal was 20 year fixed @ 3.3875 with -1.5 points (i.e. they paid >$2k in closing costs). When I applied originally, it was 3.5% & -1.125 ($1300 in closing cost), so I'm pleased.
Bottom line is my monthly payment stays about the same from where it was, I took off 10 years in duration, and it cost me less than $1k. I'm looking at a break-even of well less than a year, and a 5 year savings of almost $11k.
I was able to finally close, and they did lower my rate as rates continued to drop. My final deal was 20 year fixed @ 3.3875 with -1.5 points (i.e. they paid >$2k in closing costs). When I applied originally, it was 3.5% & -1.125 ($1300 in closing cost), so I'm pleased.
Bottom line is my monthly payment stays about the same from where it was, I took off 10 years in duration, and it cost me less than $1k. I'm looking at a break-even of well less than a year, and a 5 year savings of almost $11k.
towney
Footballguy
Ned sorry for the final results you had.
You need to request a copy of the appraisal and see why the property was "unacceptable" , you have the right to receive a copy of the appraisal since you paid for it. If it's just some water damage usually the underwriter will condition for the issue to be fixed and reinspected if it is not structural damage, something seems fishy if this was the denial reason. With that said rates are still low so go out and find a local reputable mortgage broker/company, heck you might even have a lower rate now too. Sure things are busy but it should not take more then 45 days to close a loan. Also make sure you fix the water damage noted in the appraisal before the next appraiser comes out.
Good Luck.
You need to request a copy of the appraisal and see why the property was "unacceptable" , you have the right to receive a copy of the appraisal since you paid for it. If it's just some water damage usually the underwriter will condition for the issue to be fixed and reinspected if it is not structural damage, something seems fishy if this was the denial reason. With that said rates are still low so go out and find a local reputable mortgage broker/company, heck you might even have a lower rate now too. Sure things are busy but it should not take more then 45 days to close a loan. Also make sure you fix the water damage noted in the appraisal before the next appraiser comes out.
Good Luck.
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What if you pay it down to 78% and then re-fi to a non-FHA loan? Is that a possible way to get around the 5 year window?
Dragons
Delusions of Grandeur
Yes, as long as there is no prepayment penalty (my loan doesn't have one). If rates are still low and you hit 80% in any way (appreciation, home improvement, pay down the balance), you could re-fi without M.I.
SofaKings
Footballguy
Points? With who?
Sand
Footballguy
What is your LTV? Penfed has home equity loans that cover everything but the cost of an appraisal.
IGKYA!!!
Footballguy
Link?
Chadstroma
Footballguy
Just accepted a counter offer to purchase a home. Looking at a 3.375% 30 year conventional fixed. 
IGKYA!!!
Footballguy
VA703? You there?Just purchased at 2.625% on 15 yr fixed w/20% down.
