- Location
- Sandy, Ut
That we do, no late payments and we usually pay a hundred or so extra a month.
ARM's, when should I lock in a rate?
- Thread starter cruiseroutfit
- Start date
That we do, no late payments and we usually pay a hundred or so extra a month.
waynehartwig
www.jeeperman.com
- Location
- Mead, WA
See, that's all in your favor as proof you can make the payment even if it were higher. I don't think you would have any issues with the bigger banks and getting the better rates.
RockMonkey
Suddenly Enthusiastic
I bet most lenders will not even take that into account. They will look at your debt, your income, your credit, and the loan to value ratio of your house. I was surprised how much the mortgage process changed from August '06 to February '08. They have really tightened things up. The appraisal will really be important.
This is what I was thinking. They've really tightened things up. There's no more grey area, it's quite clear cut yes or no.
Corban_White
Well-Known Member
- Location
- Payson, AZ
I just refinanced two months ago. We purchased the house about 2.5 yrs ago. We went from a 30 yr fixed to a 15 yr fixed and I am at 5.25% Both times the only debt thet was factored in was what showed up on our credit report. The only proof of income needed was our last 3 pay stubs. We went thru America First Credit Union both times, The first was a FHA loan done by UHA; and this time we kept it with AFCU. What RockMonkey says is the truth. The most important things (in order) are your credit rating, then your debt to income (the debt that shows up on your credit report) and then the loan to value ratio. The max loan to value ratio will be based the other two factors. In my case, the max they could do with the info we provided was 95% If we would have wanted more we would have had to provide some proof that some of the discrepancys on our credit report had been payed off/proof of more income/higher rate, etc. We didn't need that much so I didn't worry about it but they did mention that there were ways to get the max loan to value higher. You are right that NOW is the time to get out of the ARM. Good luck with the refi process. 
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waynehartwig
www.jeeperman.com
- Location
- Mead, WA
Dang I was pretty good.... Greg Drew with Vision Mortgage
RockMonkey
Suddenly Enthusiastic
As to the question of when to lock in a rate, take a look at this graph.
This is 30-year fixed mortgage rates over the last year. There are daily/weekly/monthly variations, but there was a general downward trend until early this year, and now there is a general upward trend. So pick your lender today, watch the rates every day, and call them to lock in on a day that you see the rate dip a little. Don't wait too long, the trend shows rates rising.
This is 30-year fixed mortgage rates over the last year. There are daily/weekly/monthly variations, but there was a general downward trend until early this year, and now there is a general upward trend. So pick your lender today, watch the rates every day, and call them to lock in on a day that you see the rate dip a little. Don't wait too long, the trend shows rates rising.
- Location
- Sandy, Ut
Fingers crossed, we are set up to lock in at 5.9% on a 30 yr fixed... getting us out of the ARM. Meet with my accountant and mortgage dude/FIL to find out how much its going to cost me :-\
Brian P
Misanthropic Fuel
- Location
- Taylorsville
good luck Kurt!
Its been a few years since we refi'd, But we managed a 5.XX% along with a 15year, finally under 100K
Mortgage companies have you by the short hairs from time to time.
Other than that I really got nuthin.
Its been a few years since we refi'd, But we managed a 5.XX% along with a 15year, finally under 100K
Mortgage companies have you by the short hairs from time to time.
Other than that I really got nuthin.
- Location
- Sandy, Ut
Locked in, 5.5% fixes, all approved just waiting for the close This is a big releif, I've been worried about this for months. I will have to come up with some cash for closing, but at least we are out of our ARM and at a decent rate.
This is a big releif, I've been worried about this for months. I will have to come up with some cash for closing, but at least we are out of our ARM and at a decent rate.
Locked in, 5.5% fixes, all approved just waiting for the close
Good choice
My crystal ball says rates are only going to go up from here. Seems like after the Fannie May/Freddie Mac takeover hit the fan, rates plummeted again, and although they might stabilize, they're not getting much lower. Now's the time to do it if you've been thinking about it! (IMHO of course)