Mortgage Rates

[Shawn]

Well then, by all means refinance! If you hear about 5%, please update this thread. I'd be all over it.

If I can get 5% I'd honestly do a 20 yr loan. That would be about the same payment I'm making now, with 7 yrs less than the mortgage I'm paying on.

When I locked in my first home from an ARM @ 5.5% to 7.25% I was able to refy for 15 yrs. My loan dropped, I mean you could tell month to month that the loan was being payed off, that was cool...

Watch Credit Unions, banks sux. Washington Mutual held my loan for the past 4+ years... now??? Chase has it and I want out of that.

America First CU is the BEST.

 

[waynehartwig]

America First CU is the BEST.

They will get as much of my business as possible. They're awesome!!! :greg:

 

[RockMonkey]

When I locked in my first home from an ARM @ 5.5% to 7.25% I was able to refy for 15 yrs. My loan dropped, I mean you could tell month to month that the loan was being payed off, that was cool...

Watch Credit Unions, banks sux. Washington Mutual held my loan for the past 4+ years... now??? Chase has it and I want out of that.

America First CU is the BEST.

I LOVE watching my balance drop! Ever since we refi'd to a 15 year this spring we've been paying off over $1,000 of principle every month. It makes me want to pay more and get the thing paid off!

 

[Herzog]

I LOVE watching my balance drop! Ever since we refi'd to a 15 year this spring we've been paying off over $1,000 of principle every month. It makes me want to pay more and get the thing paid off!

Damn!

 

[RockMonkey]

They will get as much of my business as possible. They're awesome!!! :greg:

We do all of our banking with America First, and we had our original mortgage on this house with them. When we refi'd their rates and fees could not compete with what we could find online. We went with some place out of california that sold our mortgage to Wells Fargo after one month. Wells Fargo is far superior to America First for a mortgage. I was continually frustrated with the lack of account information available from America First. They were unable to even tell me my escrow account balance.

 

[Shawn]

I LOVE watching my balance drop! Ever since we refi'd to a 15 year this spring we've been paying off over $1,000 of principle every month. It makes me want to pay more and get the thing paid off!

Just remember, paying it off faster results in less itemized deductions at the end of the year. So times thing is a good thing and some times not. Eventually you don't get that 15-30K in deductions and you end up owing the government buckets of money come tax time.

 

[Jeremy]

i would rather owe uncle sam a few bucks than have a house payment

 

[RockMonkey]

Just remember, paying it off faster results in less itemized deductions at the end of the year. So times thing is a good thing and some times not. Eventually you don't get that 15-30K in deductions and you end up owing the government buckets of money come tax time.

I'd rather owe a small bucket of money to the government than owe large buckets of money to the bank.

 

[Kiel]

When I was shopping for a mortgage, I went to america first becuase they have been my credit union for about 10 years. I have paid off a couple car loans through them etc etc. They were my highest bid I'm talking about 1 percentage point and about 1 grand in clocing costs. I was surprised.

 

[Corban_White]

Wow, AFCU was the best rate I could get. (and I've done all my banking there for the last 15 yrs) I refid this spring for a 15 yr loan at 5.125 and am very happy. It makes me never want to move because I can already see the light at the end of the tunnel and it hasn't even been a year yet! The total we will pay over the life of the loan dropped over $100,000 from the 30 year we started with. Instead of like 10 percent of every payment going to the principal it is about 46-48 percent! And this is during the first year!!! I love the 15 year loan.

 

[Bucking Bronco]

I also am on a 15 and the only thing that sucks is the rate is so good and seeing all the money go to principal I wish I would have loaned more and not put as much down payment

I guess this is a good thing and I should not complain

 

[Greg]

Wow, I'm impressed with all the 15 yr loans! You guys are smart! I could swing it, really should do it. 5% at 15 yrs would be incredible.

 

[Bucking Bronco]

If I dont sell my house it will be payed off before I turn 39. Definately worth the extra 200 a month

 

[waynehartwig]

That's weird because they do so well on auto/RV loans...

...I've been with Wells Fargo (subsidiary of, technically), and I'll never go back. So if you think WF is better than AFCU, then I will never go with AFCU for my home loan either.

 

[Shawn]

http://money.cnn.com/2008/12/03/news/economy/treasury_mortgage_rates/?postversion=2008120407

 

[Bucking Bronco]

http://money.cnn.com/2008/12/03/news/economy/treasury_mortgage_rates/?postversion=2008120407

Unfortunately that plan will only apply to new home purchases and not refinances.

 

[Cody]

4.5 would be sweet though. I'd put my home up for sale pretty quick if that happened. I'd love to get out of my mortgage for a couple of months.

I remember renting a room at a house a few years back for $300 including all utilities and cable/internet. I was so stressed that I could afford that lol. If I only had a $300 payment for a home right now I'd have so much more free capital.

 

[Greg]

I posted this up earlier today, then deleted it after doing some research on Amerisave... they seem questionable. They like changing the numbers on people after giving them a quote. I'll put it up again, but buyer beware. Also, there are a handful of complaints from people who were buying homes, Amerisave dragged their feet and eventually added massive headaches to buyers who had a set timeline to get financing. If you're refinancing, like I will be, it may not be as big of a deal. But keep a close eye on the numbers... There are also many happy Amerisave customers, so take it for what it is.


I was on Bankrate.com checking what kind of mortgage rates we can get with a refinance and clicked on one of their advertisers. It was for Amerisave. I plugged in our numbers and got offers for and 4.5% rate (APR ends up at 5.0%) at 15 yrs fixed. The lender fees and points end up being pretty high, in the $3k range, but theres a big savings to be had.

A 15 yr fixed at 4.5% (5.0% APR) would increase our payments about $300/mo. and knock 17 yrs off our mortgage. I think I'm going to apply.

 

[waynehartwig]

I posted this up earlier today, then deleted it after doing some research on Amerisave... they seem questionable. They like changing the numbers on people after giving them a quote. I'll put it up again, but buyer beware. Also, there are a handful of complaints from people who were buying homes, Amerisave dragged their feet and eventually added massive headaches to buyers who had a set timeline to get financing. If you're refinancing, like I will be, it may not be as big of a deal. But keep a close eye on the numbers... There are also many happy Amerisave customers, so take it for what it is.


I was on Bankrate.com checking what kind of mortgage rates we can get with a refinance and clicked on one of their advertisers. It was for Amerisave. I plugged in our numbers and got offers for and 4.5% rate (APR ends up at 5.0%) at 15 yrs fixed. The lender fees and points end up being pretty high, in the $3k range, but theres a big savings to be had.

A 15 yr fixed at 4.5% (5.0% APR) would increase our payments about $300/mo. and knock 17 yrs off our mortgage. I think I'm going to apply.

I was wondering why that wasn't here when I clicked on the notification email... I followed the link in the notification and looked. You were right, huge fees but 4.75% is very nice I then went to BofA (Bank of America) and checked them out. For a purchase, they have 0 fee loans and a very low rate, but for refi's I think it was 5.25%? and about $2200 in fees. Still, not bad... I've had several BofA loans, and liked 'em a lot.

Oh, and if they change their fees/interest rate without you agreeing to it, that is highly illegal and is fraudulant.... Kathleen is constantly busting mortgage brokers for this all the time.

 

[sixb]

I LOVE watching my balance drop! Ever since we refi'd to a 15 year this spring we've been paying off over $1,000 of principle every month. It makes me want to pay more and get the thing paid off!

Do it, It's the only way to go, I also always paid extra and paid my house off before I turned 40. The same goes with veichles, I cant believe people will finance a vehicle for more than 3 years or a house for 30.

INTREST SUCKS.
CASH IS KING.