Mortgage Rates

[kip stabone 9]

Just got a quote of 3.875% for 30 year fixed with $2,400 in closing costs, in Ohio, yesterday. 15 year was 3.25%. Need to live in the house for about a year and a half to recoup closing costs (actually longer considering the monthly interest payment is tax deductible). Holding off for the time being as we just refinanced a couple years ago at 4.375%.

Call these guys. They're doing my 2.875 15yr for about $300.http://www.usavingsbank.com/default.aspx

Appreciate the heads up, thanks.

[FavreCo 6]

Doing a 2.875 15yr as well. Total costs end up being about $300.

Jesus.

We just closed on a 15 year at 3.25%. We paid like 5k in closing costs or something stupid like that.

Quit your job, dude!

In his defense, 5k is something like a 1/10th of a pt for him.

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.

Fixed.

I'm just going to go ahead and chalk this up as "you just dont get it".

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.

It doesn't matter if its 2.5 3.0 3.5 or 4.0. The last time you, Otis, me, or anyone refi'd it was higher than what it is today (assuming you haven't refi'd in the past few months. Try to follow this:

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?

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.

[gianmarco 28,506]

Other annoying thing about my refi with Wells: they totally effed me.

Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.

I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

Of course you did. They knew Otis from the innerwebs was coming so they had it planned all along.

"Alright gang, we'll get an extra $5k for nothing easy"

[Random 383]

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.

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 5,607]

How do you guys get no closing costs? I'm looking at 3.375 now but around 6-7k in closing.

Refi?

[Ministry of Pain 5,607]

How do you guys get no closing costs? I'm looking at 3.375 now but around 6-7k in closing.

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.

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.

[Ministry of Pain 5,607]

How do you guys get no closing costs? I'm looking at 3.375 now but around 6-7k in closing.

Thank you. I don't understand this.

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 13,527]

Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

How was that even possible if you were reviewing the GFEs?

The what now?

[Ministry of Pain 5,607]

You can't get great rates without paying closing costs in FL. Period.

:notebook:

Had not figured you for a Floridian.

[rascal 1,733]

How do you guys get no closing costs? I'm looking at 3.375 now but around 6-7k in closing.

Not sure about refi, but for purchase I was stating no closing costs paid to the bank. Unless you reach an agreement with the sellers, you will stay have to pay your prepaids (assuming an escrow) and title paperwork.

[Ned 10,585]

Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

How was that even possible if you were reviewing the GFEs?

The what now?

Jesus christ, Oat. No wonder...

[Random 383]

Another 2.875 no closing cost site

http://www.cashcallmortgage.com/Rates.aspx

[FavreCo 6]

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.

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"?

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 383]

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.

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"?

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.

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	View

Closing Costs for 3.125%:

Rebate From Amerisave

This rebate is being provided to you from Amerisave to help cover your closing costs.

Credit Towards Closing Costs ($2,032.85)

Email/Print Closing Costs

Closing Attorney/Agent, Appraiser, Title Insurance, & Credit Reporting

These fees are not paid to Amerisave. Title insurance, closing fees and attorney fees are paid to your closing attorney/agent. The appraisal fee is paid to your appraiser for the appraisal of your property. By law, mortgage companies are not allowed to markup or make money on any of these fees. If a fee is guaranteed, this means that Amerisave has negotiated a special deal on your behalf for this fee. You can always select your own closing attorney/agent and ask them for a quote for title, closing, and attorney fees.

Appraisal Review Guaranteed $100.00

Credit Report Guaranteed $15.00

Flood Fee (if Cert is Life of Loan) Guaranteed $11.00

Appraisal Fee Estimated $400.00

Document Preparation Fee Estimated $50.00

eDoc Fee Estimated $35.00

Endorsements Estimated $125.00

Lender's Coverage Estimated $548.00

Rec/Svc Fee Estimated $0.00

Settlement Fee Estimated $410.00

VOE/ Verify of Employment Fee Estimated $15.00

Closing Attorney/Agent, Appraiser, Title Insurance, & Credit Reporting $1,709.00

Email/Print Closing Costs

Estimated Prepaid & Escrow Items

This covers your home insurance and property taxes for the first few months. If you do not want to pay for home insurance or property taxes at closing, you can choose to waive escrows/impounds. If you choose to waive escrows/impounds you will responsible for your home insurance and property taxes when you receive the bills. This also covers interest that is due for the first partial month. If you close on the 15th of the month, you will owe interest for about half of the month at closing. This is the same as making your payment, but it is due at closing. Prepays can vary significantly based on the location of the property, date you close on, when the tax and insurance bills are due, and several other factors. To determine an accurate estimate for these expenses, please click "Calculate" below. These are exactly the same for all mortgage companies.

Interest For Partial First Month Estimated Calculate

Homeowner's Insurance Estimated Calculate

Property Taxes Estimated Calculate

Estimated Prepaid & Escrow Fees Calculate

Email/Print Closing Costs

Total Closing Costs

This is the total of all of your estimated third party fees and our Lender Fee.

Total Closing Costs ($323.85)

Just ask if you need any more help with this. Edited August 6, 2012 by Random

[Chadstroma 2,488]

Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

How was that even possible if you were reviewing the GFEs?

The what now?

[The Big Guy 579]

Another 2.875 no closing cost sitehttp://www.cashcallmortgage.com/Rates.aspx

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.

[Black Sunshine 5]

I bought 2 years ago for $260,000 and put only 5% down and got 4.5% but also have to pay about $200/month in PMI. Any reason for me to see if I can re-fi so soon? I'd love to get out from under the PMI but don't think i've got 80% equity even with a little bit of appreciation on the house. If I understand correctly it would have to appraise at $300,000. I think I may be a little short of that figure.

Did you buy in Miami? I don't know of many places that have appreciated much at all let alone to a 7% or so yearly clip. Or did happen to buy at massively below market value? Or invest a whole bunch of money into the property over the two years?Anyways... If you are at 4.5% rate, there are some products out there where you can pay a higher rate and get the PMI off- at current rates, you would still be reducing your current rate. It would be worth you discussing it further with someone. If you don't have any luck, PM me and I might be able to help.

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 2,488]

I bought 2 years ago for $260,000 and put only 5% down and got 4.5% but also have to pay about $200/month in PMI. Any reason for me to see if I can re-fi so soon? I'd love to get out from under the PMI but don't think i've got 80% equity even with a little bit of appreciation on the house. If I understand correctly it would have to appraise at $300,000. I think I may be a little short of that figure.

Did you buy in Miami? I don't know of many places that have appreciated much at all let alone to a 7% or so yearly clip. Or did happen to buy at massively below market value? Or invest a whole bunch of money into the property over the two years?Anyways... If you are at 4.5% rate, there are some products out there where you can pay a higher rate and get the PMI off- at current rates, you would still be reducing your current rate. It would be worth you discussing it further with someone. If you don't have any luck, PM me and I might be able to help.

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.

Wow. Did not realize Phoenix was making a bounce back. Where are you getting that guess on valuation from?

[flapgreen 5,995]

I pay cash for all of my homes.

[Michael Brown 668]

Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

How was that even possible if you were reviewing the GFEs?

The what now?

GFE means a whole nother thing to some of us...

[Dragons 212]

Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

How was that even possible if you were reviewing the GFEs?

The what now?

GFE means a whole nother thing to some of us...

Go F everyone?

[Black Sunshine 5]

I bought 2 years ago for $260,000 and put only 5% down and got 4.5% but also have to pay about $200/month in PMI. Any reason for me to see if I can re-fi so soon? I'd love to get out from under the PMI but don't think i've got 80% equity even with a little bit of appreciation on the house. If I understand correctly it would have to appraise at $300,000. I think I may be a little short of that figure.

Did you buy in Miami? I don't know of many places that have appreciated much at all let alone to a 7% or so yearly clip. Or did happen to buy at massively below market value? Or invest a whole bunch of money into the property over the two years?Anyways... If you are at 4.5% rate, there are some products out there where you can pay a higher rate and get the PMI off- at current rates, you would still be reducing your current rate. It would be worth you discussing it further with someone. If you don't have any luck, PM me and I might be able to help.

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.

Wow. Did not realize Phoenix was making a bounce back. Where are you getting that guess on valuation from?

I could be off. Combination of recent sales in area and places like Zillow.

[Ned 10,585]

Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

How was that even possible if you were reviewing the GFEs?

The what now?

GFE means a whole nother thing to some of us...

Go F everyone?

GFE = Girl Friend Experience (hookers)I had to look it up on urban dictionary to get what he meant.

[Random 383]

Another 2.875 no closing cost sitehttp://www.cashcallmortgage.com/Rates.aspx

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.

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 529]

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.

[BroncoFreak_2K3 2,590]

Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

How was that even possible if you were reviewing the GFEs?

The what now?

Edited August 7, 2012 by BroncoFreak_2K3

[FavreCo 6]

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.

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"?

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.

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	View

Closing Costs for 3.125%:

Rebate From Amerisave

This rebate is being provided to you from Amerisave to help cover your closing costs.

Credit Towards Closing Costs ($2,032.85)

Email/Print Closing Costs

Closing Attorney/Agent, Appraiser, Title Insurance, & Credit Reporting

These fees are not paid to Amerisave. Title insurance, closing fees and attorney fees are paid to your closing attorney/agent. The appraisal fee is paid to your appraiser for the appraisal of your property. By law, mortgage companies are not allowed to markup or make money on any of these fees. If a fee is guaranteed, this means that Amerisave has negotiated a special deal on your behalf for this fee. You can always select your own closing attorney/agent and ask them for a quote for title, closing, and attorney fees.

Appraisal Review Guaranteed $100.00

Credit Report Guaranteed $15.00

Flood Fee (if Cert is Life of Loan) Guaranteed $11.00

Appraisal Fee Estimated $400.00

Document Preparation Fee Estimated $50.00

eDoc Fee Estimated $35.00

Endorsements Estimated $125.00

Lender's Coverage Estimated $548.00

Rec/Svc Fee Estimated $0.00

Settlement Fee Estimated $410.00

VOE/ Verify of Employment Fee Estimated $15.00

Closing Attorney/Agent, Appraiser, Title Insurance, & Credit Reporting $1,709.00

Email/Print Closing Costs

Estimated Prepaid & Escrow Items

This covers your home insurance and property taxes for the first few months. If you do not want to pay for home insurance or property taxes at closing, you can choose to waive escrows/impounds. If you choose to waive escrows/impounds you will responsible for your home insurance and property taxes when you receive the bills. This also covers interest that is due for the first partial month. If you close on the 15th of the month, you will owe interest for about half of the month at closing. This is the same as making your payment, but it is due at closing. Prepays can vary significantly based on the location of the property, date you close on, when the tax and insurance bills are due, and several other factors. To determine an accurate estimate for these expenses, please click "Calculate" below. These are exactly the same for all mortgage companies.

Interest For Partial First Month Estimated Calculate

Homeowner's Insurance Estimated Calculate

Property Taxes Estimated Calculate

Estimated Prepaid & Escrow Fees Calculate

Email/Print Closing Costs

Total Closing Costs

This is the total of all of your estimated third party fees and our Lender Fee.

Total Closing Costs ($323.85)

Just ask if you need any more help with this.

Who give a #### about 3.125%? I want 2.875 at a minimum. As a matter of fact, I want 2.5 now.

[Random 383]

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.

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"?

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.

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	View

Closing Costs for 3.125%:

Rebate From Amerisave

This rebate is being provided to you from Amerisave to help cover your closing costs.

Credit Towards Closing Costs ($2,032.85)

Email/Print Closing Costs

Closing Attorney/Agent, Appraiser, Title Insurance, & Credit Reporting

These fees are not paid to Amerisave. Title insurance, closing fees and attorney fees are paid to your closing attorney/agent. The appraisal fee is paid to your appraiser for the appraisal of your property. By law, mortgage companies are not allowed to markup or make money on any of these fees. If a fee is guaranteed, this means that Amerisave has negotiated a special deal on your behalf for this fee. You can always select your own closing attorney/agent and ask them for a quote for title, closing, and attorney fees.

Appraisal Review Guaranteed $100.00

Credit Report Guaranteed $15.00

Flood Fee (if Cert is Life of Loan) Guaranteed $11.00

Appraisal Fee Estimated $400.00

Document Preparation Fee Estimated $50.00

eDoc Fee Estimated $35.00

Endorsements Estimated $125.00

Lender's Coverage Estimated $548.00

Rec/Svc Fee Estimated $0.00

Settlement Fee Estimated $410.00

VOE/ Verify of Employment Fee Estimated $15.00

Closing Attorney/Agent, Appraiser, Title Insurance, & Credit Reporting $1,709.00

Email/Print Closing Costs

Estimated Prepaid & Escrow Items

This covers your home insurance and property taxes for the first few months. If you do not want to pay for home insurance or property taxes at closing, you can choose to waive escrows/impounds. If you choose to waive escrows/impounds you will responsible for your home insurance and property taxes when you receive the bills. This also covers interest that is due for the first partial month. If you close on the 15th of the month, you will owe interest for about half of the month at closing. This is the same as making your payment, but it is due at closing. Prepays can vary significantly based on the location of the property, date you close on, when the tax and insurance bills are due, and several other factors. To determine an accurate estimate for these expenses, please click "Calculate" below. These are exactly the same for all mortgage companies.

Interest For Partial First Month Estimated Calculate

Homeowner's Insurance Estimated Calculate

Property Taxes Estimated Calculate

Estimated Prepaid & Escrow Fees Calculate

Email/Print Closing Costs

Total Closing Costs

This is the total of all of your estimated third party fees and our Lender Fee.

Total Closing Costs ($323.85)

Just ask if you need any more help with this.

Who give a #### about 3.125%? I want 2.875 at a minimum. As a matter of fact, I want 2.5 now.

:lmao: I think I see the problem here.......

[Chadstroma 2,488]

Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

How was that even possible if you were reviewing the GFEs?

The what now?

GFE means a whole nother thing to some of us...

I guess so.

[Shadowfax 22]

Another 2.875 no closing cost sitehttp://www.cashcallmortgage.com/Rates.aspx

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.

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.

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 0]

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.

[Chadstroma 2,488]

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.

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 10,585]

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?

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.

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.

[Ministry of Pain 5,607]

I pay cash for all of my homes.

Flap's Crib

[NJDawgPound 0]

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.

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.

So even if I make extra payments towards the principal, I still have to pay this thing for 5 years?

[Dragons 212]

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.

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.

So even if I make extra payments towards the principal, I still have to pay this thing for 5 years?

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? Edited August 14, 2012 by Dragons

[towney 31]

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?

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.

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.

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 8/29

[Ned 10,585]

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?

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.

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.

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 8/29

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 report ). 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.

On Mon, Aug 27, 2012 at 11:09 PM, <customerservice@amerisave.com> wrote:

Dear Ned:

After reviewing your application, we have closed your file for incompleteness or we are unable to approve you for a loan program. Thank you for allowing Amerisave Mortgage Corporation the opportunity to assist you. Attached is a notice of declination which indicates the reason(s) your loan request could not be approved.

Warmest Regards,

Jonathan <snipped his personal info>

The best compliment I can receive is for a customer I have worked with to refer business to Amerisave.

---------------------

Hello Johnathan,

This is a joke, right? I've spent 84 days with Amerisave on this loan and after all this time I get some form letter giving me a canned response on why the loan was denied. Is this what you call customer service? I consider this as a complete slap in the face. I've been beyond patient with your company throughout this long process to only be handed this piece of crap response.

I'd like to understand exactly why this is just now coming to light when you've had the appraisal for nearly 2 months now. The last correspondence I had was nearly 2 weeks ago, which was the underwriter was going to ask the Appraiser to confirm the apparent water damage. I cannot find this water damage nor was it pointed out to me when walking the appraiser through the house. The next correspondence I received was your letter, so it shouldn't be surprising that I'm just a tad disgusted with the way this has gone.

I've been jerked around by Amerisave ever since the process hit underwriting. Each step of the way, I've had to milk status updates from Brittany to only get either ignored or given a bland (and repeated) response. I've saved every piece of correspondence along the way. I'd be happy to share the details if you truly care about your customer service. This has been an incredible waste of my personal time and all I have to show for it is a $413.50 hole in my wallet.

I enjoy irony and got a good laugh from your signature. I will without a doubt recommend Amerisave to all of my friends and family as a company to completely avoid for any mortgage products.

Warmest Regards,

Ned

--------------------

Hi Ned, I just talked to my manager and asked him to refund the cost of your appraisal, he agreed to refund it. I am sorry that this did not go through.

Again I am sorry,

Steve

<snipped his personal info>

The best compliment I can receive is for a customer I have worked with to refer business to Amerisave.

[xulf 2,417]

Oof. Sorry to hear that completely sucks.

I will keep this in mind if anyone says they are looking into them. Thats horrible service.

[moleculo 9,257]

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.

[towney 31]

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.

Edited August 29, 2012 by towney

[Slapdash 16,240]

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.

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.

So even if I make extra payments towards the principal, I still have to pay this thing for 5 years?

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?

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 212]

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.

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.

So even if I make extra payments towards the principal, I still have to pay this thing for 5 years?

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?

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?

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.

[Random 383]

Closed on a 2.875 15 yr fixed, total costs about $350.

[SofaKings 118]

Closed on a 2.875 15 yr fixed, total costs about $350.

Points? With who?

[Sand 5,809]

Links to no closing cost refis?

What is your LTV? Penfed has home equity loans that cover everything but the cost of an appraisal.

[VA703 924]

hate how congress just tacked on an additional 1.25 percent

[IGKYA!!! 0]

hate how congress just tacked on an additional 1.25 percent

Link?

[Chadstroma 2,488]

Just accepted a counter offer to purchase a home. Looking at a 3.375% 30 year conventional fixed.

[IGKYA!!! 0]

hate how congress just tacked on an additional 1.25 percent

Link?

VA703? You there?Just purchased at 2.625% on 15 yr fixed w/20% down.