Mortgage Rates

[RockMonkey]

Mortgage Capital Associates.
http://www.mtgcapital.com/
$950 underwriting fee, $350 for appraisal, $400 escrow fee, $550 for title insurance. Plus the prepaid interest and taxes and insurance. This total was significantly less than refinancing with my current lender.

 

[waynehartwig]

Mortgage Capital Associates.
http://www.mtgcapital.com/
$950 underwriting fee, $350 for appraisal, $400 escrow fee, $550 for title insurance. Plus the prepaid interest and taxes and insurance. This total was significantly less than refinancing with my current lender.

Maybe it's a WA thing, then, because I just used their calculator and it shows nearly $4k closing costs @0 points and 5.6%...hmmmmmmmm Have I mentioned yet that WA sucks?

 

[RockMonkey]

Maybe it's a WA thing, then, because I just used their calculator and it shows nearly $4k closing costs @0 points and 5.6%...hmmmmmmmm Have I mentioned yet that WA sucks?

Keep shopping, you can do better. Check bankrate.com. You can get similar closing costs to that and get a rate of 5.125%, or pay lower closing costs and get a rate of 5.375%. Here's a link, but I don't know if it will work. This should take you to today's rates for the Spokane area.

http://www.bankrate.com/brm/rate/mt...200&product=215&points=1&pType=f&refi=1&pct=0

 

[waynehartwig]

Keep shopping, you can do better. Check bankrate.com. You can get similar closing costs to that and get a rate of 5.125%, or pay lower closing costs and get a rate of 5.375%. Here's a link, but I don't know if it will work. This should take you to today's rates for the Spokane area.

http://www.bankrate.com/brm/rate/mt...200&product=215&points=1&pType=f&refi=1&pct=0

It worked! Thanks!! I think I'll still wait and talk to BofA - supposedly their loans don't require PMI anymore - that in itself is a good saver on $'s. I've also had 2 mortgages with them in the past and they treated me really good - one was when I was with my ex wife that couldn't save money and I was 2-3 months late all the time. I ended up leaving her and moving back into the house. I told BofA my intentions, and they worked with me at nearly 4 months behind. I went from a nearly 800 score to under 300 in a year. She was making over $40 an hour as a flight attendent and I was making $25 an hour and we still couldn't even afford cell phones. Dang wimmens...

 

[Maverick]

What is this mortgage thing you speak of??????

See, there are benefits to getting older.

No one likes you

 

[Greg]

We locked in today. 5% fixed for 15 years. No points, no origination fee. Very reasonable closing costs. :greg:

If I can ask, how much different is your payment vs. your previous loan?

We need to do something, we also have a HELOC out with an adjustable rate. There's a few thousand out on it, but we're paying around 7.5% currently. I may roll everything into one loan, looks like we can take out some extra to pay off bills, get a rate of 5.125% on a 30 & drop our payment by over $100/mo.

The 20 yr option is very tempting too. Increase our payment by less than $100/mo, pay 5.25% & consolidate some bills.

Hmmmmm....

 

[Cody]

do you guys feel weird about using online mortgage companies?

 

[Bucking Bronco]

I assure you the interest savings far outway the tax benifet

 

[RockMonkey]

If I can ask, how much different is your payment vs. your previous loan?

We need to do something, we also have a HELOC out with an adjustable rate. There's a few thousand out on it, but we're paying around 7.5% currently. I may roll everything into one loan, looks like we can take out some extra to pay off bills, get a rate of 5.125% on a 30 & drop our payment by over $100/mo.

The 20 yr option is very tempting too. Increase our payment by less than $100/mo, pay 5.25% & consolidate some bills.

Hmmmmm....

Our payment will go up about 9%. Well worth it to cut the term in half.

do you guys feel weird about using online mortgage companies?

I don't know if there are many exclusively online mortgage companies. There are many traditional mortgage companies that do business online, as with most other industries. Neither would make me nervous. I filled out my application online, but have a rep that I've been working with over the phone and through email since then. Doing business online is cheap, so they can offer more attractive terms to their customers, and I can shop from home. What's not to like?

 

[waynehartwig]

do you guys feel weird about using online mortgage companies?

Not at all. There are laws in place to protect you, the consumer, from their fraudulant activities.

Just remember, if they qoute you one thing in writing, and you go to sign docs in title and they are different - that is HIGHLY ILLEGAL!!! Don't let them make you feel like you have to sign the papers. If you do, then your ignorant and you just gave them an out. You can't do anything legally if you sign them... The bad thing is a lot of shady companies will try to pull this crap on you and most people will just sign because they want the horrific experience to end. Sometimes they even make you feel like you couldn't get the loan if you declined them. Now granted, if you failed to pay any bills and your credit rating dropped significantly, then they can change the rate. But if your ability and proven ability has changed, then they have no right to change the terms.

I've also dealt with several...

Wells Fargo sucks
Bank of America was awesome
America's Servicing Company Awesome
PHH average
Option One average
RBMG average
Ocwen Financial average

None of them are mortgage brokers and will keep your loan to the end (not sell it off to another company). Average just means they didn't do anything to 'impress me'. Awesome means they went above and beyond in some way.

 

[Greg]

Our payment will go up about 9%. Well worth it to cut the term in half.

Wow, good for you guys! :freak:

I don't know if there are many exclusively online mortgage companies. There are many traditional mortgage companies that do business online, as with most other industries. Neither would make me nervous. I filled out my application online, but have a rep that I've been working with over the phone and through email since then. Doing business online is cheap, so they can offer more attractive terms to their customers, and I can shop from home. What's not to like?

x2 Not being stuck with local-only lenders opens up many new, better options.

 

[Cody]

Thanks Greg for editing that trash.

My 1st is through National City and I've been nothing but pleased with them. I'm at 5 7/8 right now so I'm not too far above the market.

My 2nd was bought by Bank of America and it drives me crazy. You can't pay online unless you have a BOM checking account, and you pay over the phone they charge you $15 unless you have a BOM checking account. So the only other options are to setup recurring auto payment, which takes 2 months payment in advance to setup, or mail a check. Well, being that I don't live in the 80's anymore the check option is obviously not going to happen so I had to break down and do the auto deduction from my account. I just prefer to be incontrol of when and where my money is moving.

I'm trying to consoldate my 1st and 2nd into a single mortgage someplace that isn't BOM. I need to look at what my escrow/tax/insurance comes out at to see if I could move into a 15 or 20 year loan without increasing my payment too much.

 

[RockMonkey]

Thanks Greg for editing that trash.

My 1st is through National City and I've been nothing but pleased with them. I'm at 5 7/8 right now so I'm not too far above the market.

My 2nd was bought by Bank of America and it drives me crazy. You can't pay online unless you have a BOM checking account, and you pay over the phone they charge you $15 unless you have a BOM checking account. So the only other options are to setup recurring auto payment, which takes 2 months payment in advance to setup, or mail a check. Well, being that I don't live in the 80's anymore the check option is obviously not going to happen so I had to break down and do the auto deduction from my account. I just prefer to be incontrol of when and where my money is moving.

I'm trying to consoldate my 1st and 2nd into a single mortgage someplace that isn't BOM. I need to look at what my escrow/tax/insurance comes out at to see if I could move into a 15 or 20 year loan without increasing my payment too much.

Does your bank/credit union offer online bill pay? We go through America First and you put in a list of all your bills once, then any time you want to pay a bill you just put in how much you want to pay and they send a check for you. Free. It rules.

 

[Cody]

Does your bank/credit union offer online bill pay? We go through America First and you put in a list of all your bills once, then any time you want to pay a bill you just put in how much you want to pay and they send a check for you. Free. It rules.

You know, they do and I've never really looked into it. Maybe I'll set that up because that could be much easier than going in every week and logging into a dozen different epay sites and keeping track of account numbers, usernames, PW's etc.

I'll look into that tonight. I hate paying bills. For my phone and dish I just wait until they call me after a couple months then pay over the phone. Thats how much I hate sitting down and paying bills.

 

[waynehartwig]

Thanks Greg for editing that trash.

My 1st is through National City and I've been nothing but pleased with them. I'm at 5 7/8 right now so I'm not too far above the market.

My 2nd was bought by Bank of America and it drives me crazy. You can't pay online unless you have a BOM checking account, and you pay over the phone they charge you $15 unless you have a BOM checking account. So the only other options are to setup recurring auto payment, which takes 2 months payment in advance to setup, or mail a check. Well, being that I don't live in the 80's anymore the check option is obviously not going to happen so I had to break down and do the auto deduction from my account. I just prefer to be incontrol of when and where my money is moving.

I'm trying to consoldate my 1st and 2nd into a single mortgage someplace that isn't BOM. I need to look at what my escrow/tax/insurance comes out at to see if I could move into a 15 or 20 year loan without increasing my payment too much.

I've never had that problem with BofA before, but then again, I have always an account with them. You might look into this, Cody....If you have any account with over $30k? in it, they give you all kinds of free stuff - accounts, safe deposit boxes, cashiers checks, online trading, etc. The min balance, whatever it is, can be cash or a loan amount.

BofA also has the best online bill payment I've seen. So much so, I would transfer money from my Utah credit union accounts to BofA and then pay bills. I still do! transfer money from Kathleen's credit union account to pay bills. The transfer is free and so is the bill pay - yeah, I know...All banks anymore have free bill pay, but the ones I have used are cumbersom and difficult to set up and/or use. BofA takes about 30 seconds to setup a new bill and then make that payment today - to anyone, personal or commercial.

Anyway...I'd seriously look into keeping the BofA loan.... Oh, and don't open a BofA account in Idaho or Washington - they are still on their own Seattle First system and aren't conected to the other states. Go to Wendover or etc and do it....

 

[waynehartwig]

You know, they do and I've never really looked into it. Maybe I'll set that up because that could be much easier than going in every week and logging into a dozen different epay sites and keeping track of account numbers, usernames, PW's etc.

I'll look into that tonight. I hate paying bills. For my phone and dish I just wait until they call me after a couple months then pay over the phone. Thats how much I hate sitting down and paying bills.

lol I know what you mean!!! But serioulsy check into that bill pay thingie... I've had my BofA checking account for 20 years? now??? and I'm on check number 223 (I've writtne 122 checks in about 20 years). I still have some 37 cent stamps laying around, too.... On my business account, I've only written 32 in the past 4 years. Most of those have gone to the state for sales tax payments. The online deal is so easy it's almost, dare I say, 'fun'?

 

[Cody]

The online deal is so easy it's almost, dare I say, 'fun'?

shut your mouth when you're talking to me!

The problem with having a BOA account is that A) they have no offices in Utah B) All of my cars are through my credit union and I kind of like having as many things as possible in one place.

I'll say this, BOA is infinately better than the Evil Empire aka Chase. Man, do I hate them.

 

[waynehartwig]

shut your mouth when you're talking to me!

The problem with having a BOA account is that A) they have no offices in Utah B) All of my cars are through my credit union and I kind of like having as many things as possible in one place.

I'll say this, BOA is infinately better than the Evil Empire aka Chase. Man, do I hate them.

Yeah, I had that problem the last 2 years in Utah, kind of a pain, and even up here in WA to an extent - even though there are BofA's all over the place. There is only one BofA ATM in SLC/Provo area, and I think it's at the Southtown mall by LHM. I think there is also one in the Ogden mall? Either way, a royal pita if you wanted to grab a quick $20 (lol more like $60) for the movies or something.

But still, check into your crdit union about online bill pay. They are all handy. I just hope it's not Family First Good bank, crappy bill pay. Although my wife never minded it...

 

[Greg]

Well, just checking into our finances again... our Adj Rate HELOC is currently at 5.8%, when we took it out it was 6.5%, then rose to 7.5% not long ago. We have the option to lock our rate at any time, I'm thinking wait a few more months & try lock in the rate under 5.5%.

We haven't refinanced our mortgage, I think the interest rates will continue to drop for at least the next 6 months. I'm shooting for 5% @ 30 yrs.

 

[RockMonkey]

Looks like rates are creeping up slowly. They are up a quarter percent since we locked in. We are finally closing tomorrow morning.