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Mortgage Rates (4 Viewers)

 We want to refi here to pull out a little equity. We are 7 or so years into a 30 year at 3.75%, but we want to pull a little equity to pay off some debt that has just accumulated over the past two years. I am 50 and I plan to retire here in 3-4 years so I want this debt gone. Our house has basically doubled in value so we have a ton of equity built up and I really would love to get into a 15 fixed.

We are with BOA and I can't say I have really been happy with them. Our house was destroyed by hail last year and it was like pulling teeth with them to get monies released. 

Just a question--would it be easier to do the refi with BOA or would it be better to go with another company? We just want it to be as painless as possible. 

 
Courtjester said:
 We want to refi here to pull out a little equity. We are 7 or so years into a 30 year at 3.75%, but we want to pull a little equity to pay off some debt that has just accumulated over the past two years. I am 50 and I plan to retire here in 3-4 years so I want this debt gone. Our house has basically doubled in value so we have a ton of equity built up and I really would love to get into a 15 fixed.

We are with BOA and I can't say I have really been happy with them. Our house was destroyed by hail last year and it was like pulling teeth with them to get monies released. 

Just a question--would it be easier to do the refi with BOA or would it be better to go with another company? We just want it to be as painless as possible. 
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I would get a quote from B of A and shop around as well.

 
Courtjester said:
 We want to refi here to pull out a little equity. We are 7 or so years into a 30 year at 3.75%, but we want to pull a little equity to pay off some debt that has just accumulated over the past two years. I am 50 and I plan to retire here in 3-4 years so I want this debt gone. Our house has basically doubled in value so we have a ton of equity built up and I really would love to get into a 15 fixed.

We are with BOA and I can't say I have really been happy with them. Our house was destroyed by hail last year and it was like pulling teeth with them to get monies released. 

Just a question--would it be easier to do the refi with BOA or would it be better to go with another company? We just want it to be as painless as possible. 
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At this point, who you are with now is irrelevant. It's not going to be any easier with them just because you currently have a loan. Just shop for rates and title companies. 

 
Juxtatarot said:
 appraisal fee and credit report  - credit report is about $4 per person.  Appraisal usually $325 but more for multi-unit.  Appraisals aren't always required.
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I think $325 is at the low end of the range.  My typical fee is $400 for a conventional loan and $500-550 for an FHA for a non-complex assignment in SWFL and that's before the appraisal management fee tacks on another 15%-30%.  We're seeing more direct lender appraisal requests in the past 2 years but still a majority of the assignments for loans are coming through these AMCs.  They supply us with the total fees charged and it's quite common to see the total cost to the borrower exceed $500.

Of course fees vary based on location due to supply and demand so I bet you are on point in your area...but it seems low in the swamplands.

 
Can I ask an appraisal question and this may sound dumb, but like I mentioned above our 3000 sq foot house was basically gutted last summer due to hail. I mean everything we owned was put into pods in front of our house. We have slowly over the past year begun redecorating. We changed the whole theme of the house (carpet, furniture, window coverings, etc) and I am embarrassed to say, our main room and our master bedroom have nothing on the walls. We are the anti-model home. Does an appraiser take into account something like that?  I mean does how a house is decorated (or lack thereof) lower the price of the appraisal. I am picky and I have a main room with a 22 foot high 48 foot long wall that I "need" the right theme for and I haven't found it yet. 

 
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Courtjester said:
Can I ask an appraisal question and this may sound dumb, but like I mentioned above our 3000 sq foot house was basically gutted last summer due to hail. I mean everything we owned was put into pods in front of our house. We have slowly over the past year begun redecorating. We changed the whole theme of the house (carpet, furniture, window coverings, etc) and I am embarrassed to say, our main room and our master bedroom have nothing on the walls. We are the anti-model home. Does an appraiser take into account something like that?  I mean does how a house is decorated (or lack thereof) lower the price of the appraisal. I am picky and I have a main room with a 22 foot high 48 foot long wall that I "need" the right theme for and I haven't found it yet. 
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decorations no,  things like hard wood floors, tile bathrooms, granite countertops yes.

 
Courtjester said:
 We want to refi here to pull out a little equity. We are 7 or so years into a 30 year at 3.75%, but we want to pull a little equity to pay off some debt that has just accumulated over the past two years. I am 50 and I plan to retire here in 3-4 years so I want this debt gone. Our house has basically doubled in value so we have a ton of equity built up and I really would love to get into a 15 fixed.

We are with BOA and I can't say I have really been happy with them. Our house was destroyed by hail last year and it was like pulling teeth with them to get monies released. 

Just a question--would it be easier to do the refi with BOA or would it be better to go with another company? We just want it to be as painless as possible. 
Click to expand...
I am with Wells Fargo now and didn’t even bother. Their website had so many fees and points and closing costs, and It wasn’t worth my time to call someone.

The local guy I went to came out strong and I’m pleased so far. Ask your buddies for referrals. Don’t be afraid to venture out from the big banks. It’s all just paper to these mortgage guys.

 
shady inc said:
The total loan costs were $990, but then we got a "lender credit" for $990 to net it to zero.  We could have picked a lower interest rate, but the lender credit wouldn't have applied.  Payback period on the 3.625 with closing costs didn't make sense in our situation so we went with the no closing costs and 3.75
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I did this multiple times (in the same year) with some online lender 8-9 years ago.  Never paid a dime out of pocket or had my balance increased.  Just took the lowest rate with zero fees.  Finally settled on 15 yr 2.875 fixed.  I believe its documented in this (or another) thread.  Good times.

 
Juxtatarot said:
This can be hard to compare since there are different state and local fees and requirements and different loan types and structures.  But just for ####s and giggles, as a lender, this is what we typically charge:

underwriting and processing fees -  none 

 appraisal fee and credit report  - credit report is about $4 per person.  Appraisal usually $325 but more for multi-unit.  Appraisals aren't always required.

 lenders title ins - $65

 title settlement fee - none

title insurance services - none

 recording fee - usually $50 to $100 depending on county

 transfer taxes - none

There are a few other fees that total about $100.
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So Capella who you were responding to paid almost $9k in closing costs and you're charging less than a grand while there's other people that aren't paying anything?    That's a huge difference.   

 
Random said:
:pickle:
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I'm looking at quotes from Amerisave right now.   I think I got to them via Lending Tree.   Its been obnoxious getting phone calls from everyone.  

The quote I've zeroed in on is 3.1% on a 30 year fixed, but I have to buy points for $6400, but it saves $200 a month.   

The no point option is 3.8% but only saves $100 a month.  

Not going with a local guy, or local bank has me slightly hesitant.  Sounds like you had a good experience with Amerisave though. 

 
jb1020 said:
I'm looking at quotes from Amerisave right now.   I think I got to them via Lending Tree.   Its been obnoxious getting phone calls from everyone.  

The quote I've zeroed in on is 3.1% on a 30 year fixed, but I have to buy points for $6400, but it saves $200 a month.   

The no point option is 3.8% but only saves $100 a month.  

Not going with a local guy, or local bank has me slightly hesitant.  Sounds like you had a good experience with Amerisave though. 
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Multiple good experiences.  

By taking the lowest free rate, you can refi anytime the rates drop without losing anything.  I believe I would just email the guy at amerisave and tell him to start another one anytime I could lower my rate.  

 
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jb1020 said:
I'm looking at quotes from Amerisave right now.   I think I got to them via Lending Tree.   Its been obnoxious getting phone calls from everyone.  

The quote I've zeroed in on is 3.1% on a 30 year fixed, but I have to buy points for $6400, but it saves $200 a month.   

The no point option is 3.8% but only saves $100 a month.  

Not going with a local guy, or local bank has me slightly hesitant.  Sounds like you had a good experience with Amerisave though. 
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So you save $100/month buying points for $6400. So in 64 months (just over 5 years), you break even and then keep saving.  If you aren't planning to move in 2-3 years, then it's a good decision.

Although Random's point above is valid too.

 
gianmarco said:
So you save $100/month buying points for $6400. So in 64 months (just over 5 years), you break even and then keep saving.  If you aren't planning to move in 2-3 years, then it's a good decision.

Although Random's point above is valid too.
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I'm sure I can ask them, but I would assume I won't be out of pocket?  This will all be rolled into the new loan right? 

 
Juxtatarot said:
This can be hard to compare since there are different state and local fees and requirements and different loan types and structures.  But just for ####s and giggles, as a lender, this is what we typically charge:

underwriting and processing fees -  none 

 appraisal fee and credit report  - credit report is about $4 per person.  Appraisal usually $325 but more for multi-unit.  Appraisals aren't always required.

 lenders title ins - $65

 title settlement fee - none

title insurance services - none

 recording fee - usually $50 to $100 depending on county

 transfer taxes - none

There are a few other fees that total about $100.
Click to expand...
Wow I don’t understand how this is possible. In Florida at least the taxes and recording fees aren’t negotiable. I need to get some answers about title fees though. Thanks for replying. 

 
Check out your local Credit Union especially if it isn't just some little 3 branch credit union.  Most likely they also have better deposit products as well.  We are a larger one and have a full web branch option and just about any product any big bank has and we won't fee you to death.  We do sell most of our mortgages but that is after the fact and is just a matter of where you send your check and I would guess most have that automated.

 
Capella said:
Wow I don’t understand how this is possible. In Florida at least the taxes and recording fees aren’t negotiable. I need to get some answers about title fees though. Thanks for replying. 
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Yes, I have no understanding why lenders title insurance would need to cost $2,500.   I'm assuming you don't live in a multi-million dollar mansion or something.  But I have no experience in Florida.  Maybe there is a decent reason.

 
I'm in year 7 of a 30 year fixed @ 3.375 so I don't even check rates.  A refi to a 15 year might make sense to pay it off sooner (the whole peace of mind not having a mortgage) but then my monthly payment would go up.  I can always pay more on my current loan which seems like the better option if I ever decide to pay it off sooner.  OTOH, the rate is so low I'm probably just going to ride it out until the end.  Hell, I might be able to get a better rate in one of these online savings accounts pretty soon  :lol:  

 
On all this shopping for best rates, do they do soft or hard inquires on your credit or can they give you a solid ballpark rate without it. I know too many inquires in a time period can hurt your score. 

 
shady inc said:
The total loan costs were $990, but then we got a "lender credit" for $990 to net it to zero.  We could have picked a lower interest rate, but the lender credit wouldn't have applied.  Payback period on the 3.625 with closing costs didn't make sense in our situation so we went with the no closing costs and 3.75
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Could I get the contact info on this place? That's the kind of thing I'm looking to do.

 
Courtjester said:
On all this shopping for best rates, do they do soft or hard inquires on your credit or can they give you a solid ballpark rate without it. I know too many inquires in a time period can hurt your score. 
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If shopping for a mortgage all the hard pulls will combine after a month or so. 

 
dino259 said:
Check out your local Credit Union especially if it isn't just some little 3 branch credit union.  Most likely they also have better deposit products as well.  We are a larger one and have a full web branch option and just about any product any big bank has and we won't fee you to death.  We do sell most of our mortgages but that is after the fact and is just a matter of where you send your check and I would guess most have that automated.
Click to expand...
You can check CU's and some have some good rates but mostly because of scale CU's are limited in options and many times not nearly as competitive as they are in car loans and deposit accounts. I am a huge fan of CU's and refer business to them often. But I have many who refer business to me.

Local mortgage brokers is where you want to check. With wholesale rates available and multiple lenders that they work with they have tons of options and low rates. 

I am licensed in Illinois but know brokers around the country so if you wanted to connect with a good one, let me know and which state you are in and a most likely can get you someone. 

I am also happy to answer any questions anyone has. 

 
jb1020 said:
I'm looking at quotes from Amerisave right now.   I think I got to them via Lending Tree.   Its been obnoxious getting phone calls from everyone.  

The quote I've zeroed in on is 3.1% on a 30 year fixed, but I have to buy points for $6400, but it saves $200 a month.   

The no point option is 3.8% but only saves $100 a month.  

Not going with a local guy, or local bank has me slightly hesitant.  Sounds like you had a good experience with Amerisave though. 
Click to expand...
Worst thing in the world is to go to lendingtree. It will make you want to get a new phone number. 

3.8% is a decent rate on par. You have to lool at all fees though. APR means more than rate. 

 
ChiefD said:
I am with Wells Fargo now and didn’t even bother. Their website had so many fees and points and closing costs, and It wasn’t worth my time to call someone.

The local guy I went to came out strong and I’m pleased so far. Ask your buddies for referrals. Don’t be afraid to venture out from the big banks. It’s all just paper to these mortgage guys.
Click to expand...
Wells is on mandatory 120 day locks for refis. In general, unless you are doing a jumbo and are in or getting sold on getting into their wealth management areas, big banks should generally be avoided. They suck. On the jumbos mentioned above they are willing to give dang good rates because they know they will make their money off of you in the wealth management. 

 
culdeus said:
If shopping for a mortgage all the hard pulls will combine after a month or so. 
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Yup... you don't want to do hard pulls willy nilly but two things 1) The above is correct, as long as the inquires are coded the same. 2) Even if not, inquires are the least important factor to your credit scores. If you do 5 of different codes in a couple month span with good credit, you might lose around 2-10 points. On the other side, if you go to a retail lender and don't shop like 77% of Americans, chances are you are going to end up costing yourself thousands and thousands of dollars. 

 
Please don't pay points to lower your rate right now. It is highly likely rates are going to drop to all time lows when we hit the next recession. Try a no fee refi if at all possible so you can take advantage if/when they drop another 1%.

 
Chadstroma said:
Wells is on mandatory 120 day locks for refis. In general, unless you are doing a jumbo and are in or getting sold on getting into their wealth management areas, big banks should generally be avoided. They suck. On the jumbos mentioned above they are willing to give dang good rates because they know they will make their money off of you in the wealth management. 
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Where did you hear this regarding the 120 day rate lock? Also I'm assuming at no additional cost given their experience from 3 years ago?

 
CR69 said:
Please don't pay points to lower your rate right now. It is highly likely rates are going to drop to all time lows when we hit the next recession. Try a no fee refi if at all possible so you can take advantage if/when they drop another 1%.
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how much lower can they possibly go?  

I have noticed over my 3-4 days of looking on Amerisave my costs to buy points has gone down from $6500 to $5400.  

 
This appraisal thing is such a scam in our area.  I mean the tax appraisal value is up over the purchase price.  Equity wise at this point would be financing like half the tax appraised value.  So you need someone to come out to look at that for 500 bucks?   An empty lot with nothing but dog poop and dead grass goes for more than what my loan would be.  #### you.

 
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Walking Boot said:
There's always the other side of zero. 

I mean, they're already negative in parts of Europe, and you can get a pretty good deal on a 30 year fixed in that environment. 
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German rates are like 1.8% on a 30.  They have totally different rules though about all sorts of crap so it's not exactly apples/apples.

 
CR69 said:
Where did you hear this regarding the 120 day rate lock? Also I'm assuming at no additional cost given their experience from 3 years ago?
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First from other mortgage professionals and then confirmed by a Wells mortgage loan officer in a online forum for loan officers where we discussing how Wells sucks. LOL

 
culdeus said:
This appraisal thing is such a scam in our area.  I mean the tax appraisal value is up over the purchase price.  Equity wise at this point would be financing like half the tax appraised value.  So you need someone to come out to look at that for 500 bucks?   An empty lot with nothing but dog poop and dead grass goes for more than what my loan would be.  #### you.
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I have a lender that does appraisal waivers for certain loans. It is pretty cool. 

 
CR69 said:
Please don't pay points to lower your rate right now. It is highly likely rates are going to drop to all time lows when we hit the next recession. Try a no fee refi if at all possible so you can take advantage if/when they drop another 1%.
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I would agree with this. Barry Habib who is a rock star at projecting future rates saidnl a couple of months ago that we were headed to all time rate lows. I was skeptical then but in the last few weeks, I have become a believer. Paying down your rate right now would be a bad gamble in my view. 

 
jb1020 said:
how much lower can they possibly go?  

I have noticed over my 3-4 days of looking on Amerisave my costs to buy points has gone down from $6500 to $5400.  
Click to expand...


Walking Boot said:
There's always the other side of zero. 

I mean, they're already negative in parts of Europe, and you can get a pretty good deal on a 30 year fixed in that environment. 
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Pretty much this. Another 1% drop over the next year or two wouldn't surprise me. 

 
Chadstroma said:
I would agree with this. Barry Habib who is a rock star at projecting future rates saidnl a couple of months ago that we were headed to all time rate lows. I was skeptical then but in the last few weeks, I have become a believer. Paying down your rate right now would be a bad gamble in my view. 
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I'm a big Barry fan. Had the chance to chat with him at Mastermind in Vegas a couple months ago and he really made an impact on our team's production. Hopefully with some of his advice we'll cross the $100m mark this year.

 
I have a rental property with about 50k and 13 years left on a 15 year mortgage at 4.25%.

Any idea on a refi and what I could expect with a 15 or even a 30 year?

Ideally as little out of pocket as possible

 
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ghostguy123 said:
I have a rental property with about 50k and 13 years left on a 15 year mortgage at 4.25%.

Any idea on a refi and what I could expect with a 15 or even a 30 year?

Ideally as little out of pocket as possible
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You should be able to refi that with no money out of pocket.  You can likely drop that by a point.

 
CR69 said:
Pretty much this. Another 1% drop over the next year or two wouldn't surprise me. 
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If home prices drop and mortgage rates decrease, I'll feel like an idiot for not having more cash for a down payment on rentals. 

Time to start hiding cash?

 
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