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MechEng

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How and where do I start looking for a good refi options? I'm in the Chicagoland area and think I should consider it the way rates are looking these days.

Currently, I'm at about 92% loan to value and have a 5/1 ARM at 6.0%.

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How and where do I start looking for a good refi options? I'm in the Chicagoland area and think I should consider it the way rates are looking these days.Currently, I'm at about 92% loan to value and have a 5/1 ARM at 6.0%.

You should really look into it.I'd check with your current lender and I'd also compare rates on www.loanrates.com and www.bankrate.com and if you want to try the Lending Tree route that works for some but I think you have to give your social security number.
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5.250 today at WB for the 30 year.

No points?
None.
Link?I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.
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5.250 today at WB for the 30 year.

No points?
None.
Link?I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.
The 5.25% rate seems to be -.125 points and a .750 origination fee.
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What kind of rates are people getting on a jumbo loan with cash out option, no points?

Depends on a wide variety of factors such as credit score, loan amount versus value of the house and how much cash is taken out. I'd expect something in the mid 6's. Rates for Jumbo loans are not hot right now and if your anticipate doing a loan amount under $700,000 I'd examine holding the first mortgage at $417,000 and following up with a second. I know I priced a customer yesterday who was putting wanted a $600,000 loan and we discovered his blended rate and payments were a good deal less by breaking the loan into two.
I'm looking to get a $600K loan, with cash out to pay off some debt. My current mortgage balance is $446, but I also need to pay off a $110K line of credit. I'm estimating my home to be worth $750K, which was certainly accurate a year ago or so, hopefully still the case here in CT. My credit is good, but I don't think it would rate as excellent, probably 680 or so. Maybe the blended rate option would work better, I'll have to check around.
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5.250 today at WB for the 30 year.

No points?
None.
Link?I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.
The 5.25% rate seems to be -.125 points and a .750 origination fee.
Loan rates do vary by state and I adjust my loan rate depending on the loan size but I'm about to change my rates for today and offer a 5.25% with no points $725 in fixed lender fees. I don't say this to use me to tell you to keep checking.
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What kind of rates are people getting on a jumbo loan with cash out option, no points?

Depends on a wide variety of factors such as credit score, loan amount versus value of the house and how much cash is taken out. I'd expect something in the mid 6's. Rates for Jumbo loans are not hot right now and if your anticipate doing a loan amount under $700,000 I'd examine holding the first mortgage at $417,000 and following up with a second. I know I priced a customer yesterday who was putting wanted a $600,000 loan and we discovered his blended rate and payments were a good deal less by breaking the loan into two.
I'm looking to get a $600K loan, with cash out to pay off some debt. My current mortgage balance is $446, but I also need to pay off a $110K line of credit. I'm estimating my home to be worth $750K, which was certainly accurate a year ago or so, hopefully still the case here in CT. My credit is good, but I don't think it would rate as excellent, probably 680 or so. Maybe the blended rate option would work better, I'll have to check around.
I'm almost 100% certain you will be better off breaking your loan into two loans.
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5.250 today at WB for the 30 year.

No points?
None.
Link?I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.
The 5.25% rate seems to be -.125 points and a .750 origination fee.
Loan rates do vary by state and I adjust my loan rate depending on the loan size but I'm about to change my rates for today and offer a 5.25% with no points $725 in fixed lender fees. I don't say this to use me to tell you to keep checking.
Speaking of which, thank you for your initial response to my PM on Friday. I sent you another PM with some follow up questions.
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5.250 today at WB for the 30 year.

No points?
None.
Link?

I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.

Got it right off the front page under "mortgage rates". No state indication or anything.

Rates

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5.250 today at WB for the 30 year.

No points?
None.
Link?

I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.

Got it right off the front page under "mortgage rates". No state indication or anything.

Rates

Due to the high APR I would say that loan probably has points or some kind of high lender fee.
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is a 5.25% on a 5 year ARM and 6.25% fixed on a secondary still considered competitive today? I bought my current home a little over 2 years ago, and am 99% sure we'll sell it before the 5 year ARM is up, but thought it wouldn't hurt to ask one of you pros if I could bring the monthly bills down by refinancing now?

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Might as well throw my question out here. Lot of good info thrown around.

I currently have a seven year balloon at 5.2%. It's set to go up to the current rate in about three years.

My current bank (they have my mortgage) has a 5.375% 30 year fixed listed on their site right now. No points. However, it says 'services transferred'. I'm assuming that means they farm this out to some mortgage company or other bank.

Anyway, is it worth it to refinance this now?

Running quick numbers, the monthly payment would be about the same. Just curious if I should hold off to see if a 30 year fixed might reach my current rate.

Edited by Man in the yellow hat
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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.
I'm going to be demanding that my broker rework my loan terms for the second time inside of a week. :lmao:I'll report back with my results. :shrug:
This exactly what your broker should be doing for you right now. :goodposting:
This is actually a direct lender who then sells the paper shortly after the deal closes, so they've been reluctant to do this, telling me about how they've been locking rates in, etc. I've been insistent, however. I'm neither a schlub who doesn't know the way this stuff works, nor am I shy about asking for it. :D
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is a 5.25% on a 5 year ARM and 6.25% fixed on a secondary still considered competitive today? I bought my current home a little over 2 years ago, and am 99% sure we'll sell it before the 5 year ARM is up, but thought it wouldn't hurt to ask one of you pros if I could bring the monthly bills down by refinancing now?

The second is actually better than anything you could locate today. The first is competitive as well. You might be able to do a little better but not enough to mess with.
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is a 5.25% on a 5 year ARM and 6.25% fixed on a secondary still considered competitive today? I bought my current home a little over 2 years ago, and am 99% sure we'll sell it before the 5 year ARM is up, but thought it wouldn't hurt to ask one of you pros if I could bring the monthly bills down by refinancing now?

The second is actually better than anything you could locate today. The first is competitive as well. You might be able to do a little better but not enough to mess with.
Thanks! Maybe if they do this emergency interest rate cut I'll check and see if it makes more sense after that.
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is a 5.25% on a 5 year ARM and 6.25% fixed on a secondary still considered competitive today? I bought my current home a little over 2 years ago, and am 99% sure we'll sell it before the 5 year ARM is up, but thought it wouldn't hurt to ask one of you pros if I could bring the monthly bills down by refinancing now?

The second is actually better than anything you could locate today. The first is competitive as well. You might be able to do a little better but not enough to mess with.
Thanks! Maybe if they do this emergency interest rate cut I'll check and see if it makes more sense after that.
say what?

rates dropped today right? is this emergency rate cut something different?

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Aimloan's thing won't load the counties in Texas :wall:ETA: Nevemind, it was a FF problem.

Sometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.
Man I wish my credit was better right now. I would really like to refinance my house and get out of my PMI
PMI :lmao: Who was your mortgage broker? Bill Clueless?
Didnt have much of a choice with my credit and 100% financing
I was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.
Forgive my ignorance on the subject, but what is a PMI? I kind of understand that it is basically insurance that you have to pay on a mortgage to protect the lender if the borrower is not able to pay back the loan. A quick google search tells me that anyone who does not put down 20% or more on a house is subject to a PMI. Is this true in all cases? So all the people who took on ARMs with little down had to pay PMI's as well? I am planning on buying my first home in the $275,000 range, does that mean I'll have to put down $55,000 or be subject to a PMI?
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Might as well throw my question out here. Lot of good info thrown around.I currently have a seven year balloon at 5.2%. It's set to go up to the current rate in about three years.My current bank (they have my mortgage) has a 5.375% 30 year fixed listed on their site right now. No points. However, it says 'services transferred'. I'm assuming that means they farm this out to some mortgage company or other bank.Anyway, is it worth it to refinance this now?Running quick numbers, the monthly payment would be about the same. Just curious if I should hold off to see if a 30 year fixed might reach my current rate.

You are facing the a tough dilemma many in your position share. You have a good ARM rate with more time on it but you fear if you pass on the current rates you will be subject to higher fixed rates in the future. My advice: if you think you are going to be in the home after your ARM re-sets than refinance.
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Aimloan's thing won't load the counties in Texas :wall:ETA: Nevemind, it was a FF problem.

Sometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.
Man I wish my credit was better right now. I would really like to refinance my house and get out of my PMI
PMI :lmao: Who was your mortgage broker? Bill Clueless?
Didnt have much of a choice with my credit and 100% financing
I was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.
Forgive my ignorance on the subject, but what is a PMI? I kind of understand that it is basically insurance that you have to pay on a mortgage to protect the lender if the borrower is not able to pay back the loan. A quick google search tells me that anyone who does not put down 20% or more on a house is subject to a PMI. Is this true in all cases? So all the people who took on ARMs with little down had to pay PMI's as well? I am planning on buying my first home in the $275,000 range, does that mean I'll have to put down $55,000 or be subject to a PMI?
You don't have to put 20% down, exactly, but the 1st mortgage can only be for a max of 80% of the value. The rest can come from other financing, but you pay a higher rate to get a 2nd mortgage. For those who can't put 20% down, it seems to make the most sense for most people to do an 80% first mortgage with a 15% second mortgage while putting 5% down. But, the math may vary depending on your situation.
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Forgive my ignorance on the subject, but what is a PMI? I kind of understand that it is basically insurance that you have to pay on a mortgage to protect the lender if the borrower is not able to pay back the loan. A quick google search tells me that anyone who does not put down 20% or more on a house is subject to a PMI. Is this true in all cases? So all the people who took on ARMs with little down had to pay PMI's as well? I am planning on buying my first home in the $275,000 range, does that mean I'll have to put down $55,000 or be subject to a PMI?

That's a basic understanding of PMI, but you can avoid paying for PMI if you take out a 2nd mortgage to cover the balance of the 20% instead. Typically this is a cheaper option for borrowers, but you should review all of your options with your mortgage broker once you have a home and price point picked out.
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Aimloan's thing won't load the counties in Texas :wall:ETA: Nevemind, it was a FF problem.

Sometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.
Man I wish my credit was better right now. I would really like to refinance my house and get out of my PMI
PMI :eek: Who was your mortgage broker? Bill Clueless?
Didnt have much of a choice with my credit and 100% financing
I was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.
Forgive my ignorance on the subject, but what is a PMI? I kind of understand that it is basically insurance that you have to pay on a mortgage to protect the lender if the borrower is not able to pay back the loan. A quick google search tells me that anyone who does not put down 20% or more on a house is subject to a PMI. Is this true in all cases? So all the people who took on ARMs with little down had to pay PMI's as well? I am planning on buying my first home in the $275,000 range, does that mean I'll have to put down $55,000 or be subject to a PMI?
On most loans if you exceed 80% of the value or purchase price on one loan you are subject to PMI. PMI does nothing for you but protects the lender as you probably read about. The only way to avoid it is halt your first mortgage at 80% and than do a second for the rest or of course just put 20% down. Not all loans have PMI. Subprime loans did not have PMI but than they are gone. ING mortgage is a lender that only does 5 and 7 year ARMS and they offer those with no PMI no matter but with a higher rate. You can also do a loan with what is called lender paid MI. On this loan you would get a slightly higher rate and your lender would pay the PMI for you as one fee so it would not be a monthly charge to you.
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Wow what to do. Bought my house in March 07 with a 80/15/5 loan

Loan A. 6.125% 30 year fix

Loan B. 10% 30 year fix (I plan on playing this off in 10 years)

I'd like to refi A if not both loans (B I'm not too worried about since I'm paying it off early, but then again a penny saved is a penny earned)

Wife's credit rating 800's, I'm in the 750's

Any thoughts on this? If I can get a rate under 5.5 with little to no closing or points I would jump at the chance, but everything I'm seeing has closing cost at or around 3k+. Yeah we would make up that 3k in a year or two, but I would prefer to pay as little as possible right now. Since I bought the house less then a year ago would they really have to run a new title and appraisal on the house?

Edited by Dexter
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Wow what to do. Bought my house in March 07 with a 80/15/5 loan Loan A. 6.125% 30 year fix Loan B. 10% 30 year fix (I plan on playing this off in 10 years)I'd like to refi A if not both loans (B I'm not too worried about since I'm paying it off early, but then again a penny saved is a penny earned)Wife's credit rating 800's, I'm in the 750'sAny thoughts on this? If I can get a rate under 5.5 with little to no closing or points I would jump at the chance, but everything I'm seeing has closing cost at or around 3k+. Yeah we would make up that 3k in a year or two, but I would prefer to pay as little as possible right now. Since I bought the house less then a year ago would they really have to run a new title and appraisal on the house?

Yes you will need a new title and appraisal and I'd look to refi both loans. If you really hate closing costs ask whoever you contact if they can offer you a no fee loan. The way a no fee loan works is you get a higher rate than normal and your lender/broker will cover your closing costs. On larger loans you might see a minimal rate increase but this is harder to do on smaller loans.
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5.250 today at WB for the 30 year.

No points?
None.
Link?

I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.

Got it right off the front page under "mortgage rates". No state indication or anything.

Rates

Due to the high APR I would say that loan probably has points or some kind of high lender fee.
Dragons mentioned it above. There is a 0.75 Origination fee on the loan.

If my understanding is correct, there are 2 types of points, the discount points which you can raise or lower and that will change the rates and an origination point, which is the same as "fees" except that I believe normal fees are not tax deductible, but origination points are. Please correct me if I am wrong.

ETA: aimloan.com had 5.25% with 0.398 points (combined). They also have a fee as well, not sure if Wachovia does or not, hard to tell. I usually go to bankrate.com anyway to check a bunch of sites out at once and look at their charts which tend to tell you the up and down nature of the overall market.

Edited by stbugs
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My broker said this:

With that said, the costs will always be less when you stay with your current lender, b/c we can "assign your current "

loan which saves you the NY Mortgage Tax/Stamps, which is the biggest part of the normal closing costs.

Is that true?

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Anyone have any experience with lending tree? positive/negative?

I can't comment on lending tree but I can advise you to stay away from AASENT mortgage. Their rates were good but I've been trying to close on a refinance since mid-November. I've been told seven times that my loan should close "next week". It's getting comical.
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My broker said this:With that said, the costs will always be less when you stay with your current lender, b/c we can "assign your current "loan which saves you the NY Mortgage Tax/Stamps, which is the biggest part of the normal closing costs.Is that true?

It might be, but only if you can get them to match the rates you find. I refi'd through my bank, but I got them to match the rate, etc. and they threw me some friends and family rebates, etc. so that the fees did come out less. I am in NC though, so I have no idea about Tax/Stamps in NY.Actually, I would be very surprised if your lender could do that. I would assume that the state rules are the same no matter who is the lender of the refi, i.e. it is more of a timeframe thing, unless they aren't really do a whole new loan. Seems fishy to me, but could be true.
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Anyone have any experience with lending tree? positive/negative?

I can't comment on lending tree but I can advise you to stay away from AASENT mortgage. Their rates were good but I've been trying to close on a refinance since mid-November. I've been told seven times that my loan should close "next week". It's getting comical.
Why are you continuing? Rates have definitely dropped since November, looks like almost 0.5% since mid-November. I would dump them in a heart beat or at least force them to change the rates. It has been 60+ days, so I would assume your original lock is up.Also, if it hasn't closed yet, their financing is probably up in the air, so I would run, not walk to bankrate.com and find someone else and make sure any fees you paid up front are reimbursed.
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5.250 today at WB for the 30 year.

No points?
None.
Link?

I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.

Got it right off the front page under "mortgage rates". No state indication or anything.

Rates

Due to the high APR I would say that loan probably has points or some kind of high lender fee.
Dragons mentioned it above. There is a 0.75 Origination fee on the loan.

If my understanding is correct, there are 2 types of points, the discount points which you can raise or lower and that will change the rates and an origination point, which is the same as "fees" except that I believe normal fees are not tax deductible, but origination points are. Please correct me if I am wrong.

ETA: aimloan.com had 5.25% with 0.398 points (combined). They also have a fee as well, not sure if Wachovia does or not, hard to tell. I usually go to bankrate.com anyway to check a bunch of sites out at once and look at their charts which tend to tell you the up and down nature of the overall market.

I'm not an accountant but from what I've read all points are tax deductible.

I would venture to guess Aimloan would beat Wachovia which is why I provided the link. They have been a competitor of mine on bankrate.com and another website for a few years.

You are right that Bankrate is a pretty solid source but it's not what it was back in the summer before the crash. Most days back than you would see about 20-25 lenders in a given section and today you might see 2-7. This is important to note if you are using Bankrates graphs because the sample size is way off right now. There is also an issue with the way some lenders post rates. For instance you have seen some lenders post rates with no points but over $5k in lender fees. I don't see how on earth you can have no points and $5k in lender fees but on a graph this will show the same as someone like myself who post a no point rate with $725 in fees.

BTW- The way Bankrate works is it's a cost per click which means every time you click on a lenders web page you cost them money, usually $7.50 per click.

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How and where do I start looking for a good refi options? I'm in the Chicagoland area and think I should consider it the way rates are looking these days.Currently, I'm at about 92% loan to value and have a 5/1 ARM at 6.0%.

I have some contacts that I can direct you to that I would trust. If you want/need I can direct you to them- just PM me.
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5.250 today at WB for the 30 year.

No points?
None.
Link?

I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.

Got it right off the front page under "mortgage rates". No state indication or anything.

Rates

Due to the high APR I would say that loan probably has points or some kind of high lender fee.
Dragons mentioned it above. There is a 0.75 Origination fee on the loan.

If my understanding is correct, there are 2 types of points, the discount points which you can raise or lower and that will change the rates and an origination point, which is the same as "fees" except that I believe normal fees are not tax deductible, but origination points are. Please correct me if I am wrong.

ETA: aimloan.com had 5.25% with 0.398 points (combined). They also have a fee as well, not sure if Wachovia does or not, hard to tell. I usually go to bankrate.com anyway to check a bunch of sites out at once and look at their charts which tend to tell you the up and down nature of the overall market.

I'm not an accountant but from what I've read all points are tax deductible.

I would venture to guess Aimloan would beat Wachovia which is why I provided the link. They have been a competitor of mine on bankrate.com and another website for a few years.

You are right that Bankrate is a pretty solid source but it's not what it was back in the summer before the crash. Most days back than you would see about 20-25 lenders in a given section and today you might see 2-7. This is important to note if you are using Bankrates graphs because the sample size is way off right now. There is also an issue with the way some lenders post rates. For instance you have seen some lenders post rates with no points but over $5k in lender fees. I don't see how on earth you can have no points and $5k in lender fees but on a graph this will show the same as someone like myself who post a no point rate with $725 in fees.

BTW- The way Bankrate works is it's a cost per click which means every time you click on a lenders web page you cost them money, usually $7.50 per click.

I know all points are, I was comparing an origination point with what you call your $725 in fees. I may be wrong, but I think your "flat fee" is what is not deductible, whereas in the Wachovia case their "fee" may be an origination fee, which I believe is deductible. That said, they probably also have a similar "fee" to yours.

Actually, I have noticed a lot fewer lenders, but I like the way the fees are on the front page. I think a couple years ago, only points and rates were on the first page, so it made it harder to compare.

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5.250 today at WB for the 30 year.

No points?
None.
Link?

I don't see anything close to that on their site. A couple of the cheaper brokers I have researched are all more than that. I don't see anyone with 5.25% and 0 points. Some show "fees", so you have to compare the final closing costs anyway.

Got it right off the front page under "mortgage rates". No state indication or anything.

Rates

Due to the high APR I would say that loan probably has points or some kind of high lender fee.
Dragons mentioned it above. There is a 0.75 Origination fee on the loan.

If my understanding is correct, there are 2 types of points, the discount points which you can raise or lower and that will change the rates and an origination point, which is the same as "fees" except that I believe normal fees are not tax deductible, but origination points are. Please correct me if I am wrong.

ETA: aimloan.com had 5.25% with 0.398 points (combined). They also have a fee as well, not sure if Wachovia does or not, hard to tell. I usually go to bankrate.com anyway to check a bunch of sites out at once and look at their charts which tend to tell you the up and down nature of the overall market.

I'm not an accountant but from what I've read all points are tax deductible.

I would venture to guess Aimloan would beat Wachovia which is why I provided the link. They have been a competitor of mine on bankrate.com and another website for a few years.

You are right that Bankrate is a pretty solid source but it's not what it was back in the summer before the crash. Most days back than you would see about 20-25 lenders in a given section and today you might see 2-7. This is important to note if you are using Bankrates graphs because the sample size is way off right now. There is also an issue with the way some lenders post rates. For instance you have seen some lenders post rates with no points but over $5k in lender fees. I don't see how on earth you can have no points and $5k in lender fees but on a graph this will show the same as someone like myself who post a no point rate with $725 in fees.

BTW- The way Bankrate works is it's a cost per click which means every time you click on a lenders web page you cost them money, usually $7.50 per click.

I know all points are, I was comparing an origination point with what you call your $725 in fees. I may be wrong, but I think your "flat fee" is what is not deductible, whereas in the Wachovia case their "fee" may be an origination fee, which I believe is deductible. That said, they probably also have a similar "fee" to yours.

Actually, I have noticed a lot fewer lenders, but I like the way the fees are on the front page. I think a couple years ago, only points and rates were on the first page, so it made it harder to compare.

Standard fixed fees like my $725 are not tax deductible but if this is ever a concern I work with customers so if need be I label everything as a point.

Bankrate got sued a few years ago and had to make some changes. They got sued because of allowing false advertising.

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Requesting info on timing things.We're planning an out-of-state move in June (to MN). When, typically, should we begin house-hunting (in earnest, we're currently just looking casually), mortgage-hunting (including locking in a rate), etc? TIA

What the hell? You're leaving?Wuss.
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Anyone have any experience with lending tree? positive/negative?

I can't comment on lending tree but I can advise you to stay away from AASENT mortgage. Their rates were good but I've been trying to close on a refinance since mid-November. I've been told seven times that my loan should close "next week". It's getting comical.
Why are you continuing? Rates have definitely dropped since November, looks like almost 0.5% since mid-November. I would dump them in a heart beat or at least force them to change the rates. It has been 60+ days, so I would assume your original lock is up.Also, if it hasn't closed yet, their financing is probably up in the air, so I would run, not walk to bankrate.com and find someone else and make sure any fees you paid up front are reimbursed.
:mellow:
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Aimloan's thing won't load the counties in Texas :sadbanana:ETA: Nevemind, it was a FF problem.

Sometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.
Man I wish my credit was better right now. I would really like to refinance my house and get out of my PMI
PMI :blackdot: Who was your mortgage broker? Bill Clueless?
Didnt have much of a choice with my credit and 100% financing
I was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.
Forgive my ignorance on the subject, but what is a PMI? I kind of understand that it is basically insurance that you have to pay on a mortgage to protect the lender if the borrower is not able to pay back the loan. A quick google search tells me that anyone who does not put down 20% or more on a house is subject to a PMI. Is this true in all cases? So all the people who took on ARMs with little down had to pay PMI's as well? I am planning on buying my first home in the $275,000 range, does that mean I'll have to put down $55,000 or be subject to a PMI?
On most loans if you exceed 80% of the value or purchase price on one loan you are subject to PMI. PMI does nothing for you but protects the lender as you probably read about. The only way to avoid it is halt your first mortgage at 80% and than do a second for the rest or of course just put 20% down. Not all loans have PMI. Subprime loans did not have PMI but than they are gone. ING mortgage is a lender that only does 5 and 7 year ARMS and they offer those with no PMI no matter but with a higher rate. You can also do a loan with what is called lender paid MI. On this loan you would get a slightly higher rate and your lender would pay the PMI for you as one fee so it would not be a monthly charge to you.
Thanks, I appreciate the feedback. I am at the point now where I want to buy in, I am making good money, but probably cannot afford to drop $60,000 up front. I guess I will weigh my options.
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Anyone have any experience with lending tree? positive/negative?

I can't comment on lending tree but I can advise you to stay away from AASENT mortgage. Their rates were good but I've been trying to close on a refinance since mid-November. I've been told seven times that my loan should close "next week". It's getting comical.
Why are you continuing? Rates have definitely dropped since November, looks like almost 0.5% since mid-November. I would dump them in a heart beat or at least force them to change the rates. It has been 60+ days, so I would assume your original lock is up.Also, if it hasn't closed yet, their financing is probably up in the air, so I would run, not walk to bankrate.com and find someone else and make sure any fees you paid up front are reimbursed.
I was looking at a 10/1 Interest Only ARM at 6.0%. It is a jumbo amount so I would have to break it up to avoid PMI and Jumbo rates.My first 30 day lock expired because they said they couldn't get the appraiser to "recert" the appraisal in their name on time. Frankly, I think they were dragging ### because of the holidays/vacations etc.. They then changed lenders and put us in a different loan program. This lock was set to expire January 5th but they extended it until the end of January. They are telling me that underwriting is taking between 14 and 21 days which seems astronomical. Last week we had to resubmit our last two months pay stubs, 401 statements and telephone bill because the lender said what we originally submitted was too old. I have my own reasons for wanting to close quickly and don't want to lose the $500 deposit I paid up-front as well as start the whole process over again. :popcorn:
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Requesting info on timing things.We're planning an out-of-state move in June (to MN). When, typically, should we begin house-hunting (in earnest, we're currently just looking casually), mortgage-hunting (including locking in a rate), etc? TIA

What the hell? You're leaving?Wuss.
Well, if you'd quit closing the drapes and let a guy get a look at your wife's new ha-ha's (was that the final decided-upon term to use for that thread - "ha-ha's"? :hot: ), maybe I'd stay! :angry:Meh, wise men do stupid things for a love of a woman. :confused: (my wife has had enough of the heat here, and so we'll be moving to a place so cold that my boys will be migrating somewhere north of my pancreas for several months out of the year :cry: )
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Requesting info on timing things.We're planning an out-of-state move in June (to MN). When, typically, should we begin house-hunting (in earnest, we're currently just looking casually), mortgage-hunting (including locking in a rate), etc? TIA

What the hell? You're leaving?Wuss.
Well, if you'd quit closing the drapes and let a guy get a look at your wife's new ha-ha's (was that the final decided-upon term to use for that thread - "ha-ha's"? :bag: ), maybe I'd stay! :angry:Meh, wise men do stupid things for a love of a woman. :shrug: (my wife has had enough of the heat here, and so we'll be moving to a place so cold that my boys will be migrating somewhere north of my pancreas for several months out of the year :cry: )
What the heck.... extreme heat to extreme cold.... you could not talk your way out of that one? Not sure if your q's were answered but I would say first get a pre-approval to know what you can get with what, then start looking in hard when you are serious about moving, you find the house etc then you get the full mortgage and lock in etc is worked out with the loan rep.
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With the rate drops, would it be time to refinance the following?We have currently a $550,000 fixed 30 year at 6.375%What are the typical costs to refinance?Thanks!

First of all, jeebus, that is a big mortgage. I sold my last house for a good bit more than that, but I had built up a ton of equity to roll into my new house. I would bet there are some folks in my neighborhood with a mortgage that big, although not many since it seems like everyone in Charlotte is a transplant so most of them, like me <_<, moved from a much more expensive housing market where we got out before the big blow up.To be honest, you are in a Jumbo scenario, so I would look, but ignore all the rates you have been seeing in this thread. Jumbo rates are much higher because they are deemed much more risky nowadays. Go to bankrate.com and check out the 0 point rates and see how much better they are. If you aren't looking at taking out cash, I would bet for 0 cost (i.e. no fees at all) you could easily drop your rate. In that case, your principal would stay exactly the same, but you would pay less every month.ETA: Just noticed that you live right around where we left in summer 2006. Did you buy my house? It just sold again since the lady that bought my house the year before went into foreclosure. Edited by stbugs
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With the rate drops, would it be time to refinance the following?We have currently a $550,000 fixed 30 year at 6.375%What are the typical costs to refinance?Thanks!

You should check into it but a lot will depend on what kind of second you get. It won't do you any good to refinance into another jumbo loan but if you do a first at $417,000 you should be able to drop at least a point without paying a point but your second is going to be higher than were you are at. I suspect your blended rate will improve even with the higher second but I don't know what kind of closing costs you would endure. Lender fee's vary depending on who you go with. Appraisals usually run between $325-450. Not sure on title fees as I don't do business in DC but according to a chart I have from a national title company I use you should be looking at around $1800 in title but I could be wrong on that. One thing to know. Despite the rate drop the secondary market for non-government backed loans remains soft. Investors are just not buying them. Flagstar Bank which bills itself as I think the 6th or 7th largest bank in the US actually discontinued all Jumbo loans on Friday and several other non-government backed loans. This means that while rates for Fannie and Freddie loans is great that rates for loans that are not government backed have had almost no change. This is why rates for jumbo loans and seconds remains fairly high.
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With the rate drops, would it be time to refinance the following?We have currently a $550,000 fixed 30 year at 6.375%What are the typical costs to refinance?Thanks!

First of all, jeebus, that is a big mortgage. I sold my last house for a good bit more than that, but I had built up a ton of equity to roll into my new house. I would bet there are some folks in my neighborhood with a mortgage that big, although not many since it seems like everyone in Charlotte is a transplant so most of them, like me :shrug:, moved from a much more expensive housing market where we got out before the big blow up.To be honest, you are in a Jumbo scenario, so I would look, but ignore all the rates you have been seeing in this thread. Jumbo rates are much higher because they are deemed much more risky nowadays. Go to bankrate.com and check out the 0 point rates and see how much better they are. If you aren't looking at taking out cash, I would bet for 0 cost (i.e. no fees at all) you could easily drop your rate. In that case, your principal would stay exactly the same, but you would pay less every month.ETA: Just noticed that you live right around where we left in summer 2006. Did you buy my house? It just sold again since the lady that bought my house the year before went into foreclosure.
Thanks for the info..Very useful. The housing market in NoVA is crazy. We bought the house in McLean for $700K. Did a 80-10-10 back then. Paid off the first 10% with a downpayment and the next 10% when we sold our home.So we are stuck with the 80% in a jumbo right, that's correct.I'll have to check the site you mentioned...thx
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With the rate drops, would it be time to refinance the following?We have currently a $550,000 fixed 30 year at 6.375%What are the typical costs to refinance?Thanks!

You should check into it but a lot will depend on what kind of second you get. It won't do you any good to refinance into another jumbo loan but if you do a first at $417,000 you should be able to drop at least a point without paying a point but your second is going to be higher than were you are at. I suspect your blended rate will improve even with the higher second but I don't know what kind of closing costs you would endure. Lender fee's vary depending on who you go with. Appraisals usually run between $325-450. Not sure on title fees as I don't do business in DC but according to a chart I have from a national title company I use you should be looking at around $1800 in title but I could be wrong on that. One thing to know. Despite the rate drop the secondary market for non-government backed loans remains soft. Investors are just not buying them. Flagstar Bank which bills itself as I think the 6th or 7th largest bank in the US actually discontinued all Jumbo loans on Friday and several other non-government backed loans. This means that while rates for Fannie and Freddie loans is great that rates for loans that are not government backed have had almost no change. This is why rates for jumbo loans and seconds remains fairly high.
Thanks for the info!!! Great stuff!
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Heard on a financial show last nite that they predicted the feds to cut another half percent by next week.

Two thoughts... One is that would be interesting because that puts the Fed in a position of almost being out of bullets to do much more in the future if needed. Second, I have stated this over and over but the Fed and mortgage rates do not walk hand in hand. The chances of mortgage rates going down is not overwhelming. For instance, June 25, 2003 the Fed Rate was at 1.00 and it is currently at 3.5 but from memory mortgage rates are actually offered lower now than then. In all honesty this is a way for loan officers and brokers to use the news coverage of the Fed to get business from excited customers. It is a good time to look at your options to re-fi if you have a loan over 6% right now because rates are at historically very low levels, I would not get too excited about looking for very much lower- possible of course but not extremely likely.
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