Mortgage Rates

[Kiel]

So is anybody still watching rates, I have been a little bit. Threy went back up to 5- 5.25 for the last couple months, but are getting back down into the high 4's. I really am trying to get below 4.75. What is a good price for refinancing costs? Is now a bad time to try and do this, since Obama might just lower rates with some crazy bill? I can just see myself refinancing then getting screwed by some government plan that helps even better

 

[Cody]

I think in the long run, you'll never consider yourself screwed at anything below 5%. Might be a bad deal up front if you get hit with big closing costs, but over the course of time you'll make up for it.

 

[Kiel]

I think in the long run, you'll never consider yourself screwed at anything below 5%. Might be a bad deal up front if you get hit with big closing costs, but over the course of time you'll make up for it.

I'm sure its just like everything else, there will always be a better deal. Due to when I had to close, I locked in at 6.375 which was low at the time, but 2 months later below five:-\ So far the costs would be about 2 percent of the loan amount which the saving would pay off in less then 2 years. But my payment would be about 150 less Is that the going rate?

 

[jpest]

I locked in at 4.80% a month or two ago. When it came time to close they informed me that I'd need to bring $20K to closing because my appraisal came in way less than I expected.

Home values are down. If you can still get a loan you might want to jump on it

 

[RockMonkey]

Shop around for lender fees. You don't have to pay the 1% origination fees that many lenders charge. You can get flat $999 in lenders fees, plus appraisal ($350, I think), plus prepaids. In most cases you'll have to pay a few months worth of taxes and insurance at closing to start your escrow account. I inquired about a streamlined refinance with Wells Fargo. I'm at 5.125% right now, and today's 15 year rate at Wells Fargo is 4.625. They have a streamlined refinance program if your mortgage is already through them, but I don't have the details yet. I don't want to extend the period of my loan or take cash out, but I want the lower rate. I would pay a thousand or two to get it. I would probably keep paying my same payment, and just pay it off quicker.

 

[Caleb]

I got a good faith from a local bank about two weeks ago that came in at 4.5%. I would have jumped all over it but my house will be paid off in approx. four years, so the two steps back the closing costs and fees would put me I decided wasn't worth it.

Take Braden's suggestion, check in to streamlining. If you have an FHA loan, you don't even need a new appraisal. If it's not an FHA loan then you will still need to get an appraisal but usually you can avoid most of the fees if you streamline.

 

[Greg]

... I would have jumped all over it but my house will be paid off in approx. four years...

How'd you manage that? You become a drug dealer or something?

 

[Caleb]

How'd you manage that? You become a drug dealer or something?

Something along that line :greg: (need anything?) I kid...


My wife and I have just decided to buckle down and get things taken care of. We both make good money, have almost no bills (besides our house), no kids besides our dog, and I'm tired of having a mortgage (aren't we all ). We plan to buy another home (cabin?) somewhere once this home is paid for and we save a good chunk for our down.

 

[Greg]

Something along that line :greg: (need anything?) I kid...


My wife and I have just decided to buckle down and get things taken care of. We both make good money, have almost no bills (besides our house), no kids besides our dog, and I'm tired of having a mortgage (aren't we all ). We plan to buy another home (cabin?) somewhere once this home is paid for and we save a good chunk for our down.

Good for you guys!! Seriously, that's impressive. That's what we should have done, not build a TJ. :-\

 

[Herzog]

That is very impressive Caleb. I'm jealous.

 

[RockMonkey]

Rad, Caleb. I'm trying to find a way to pay ours off in 9 years (before I turn 40). I can't wait to get rid of this debt.

 

[rockreligious]

dang, I have some friends that got a 4.25 percent rate, they had to buy it down some, but it motivated me to refi, I took in all my info, with no debt other than my home and shop, a perfect credit score, and half equity in my home they said I couldnt get a better rate than I have for under 6 percent because I havent owned my current buisiness for more than two years. My income alone qualified me, but the year old buisiness didnt, even though it is doing well, and never been late on any payments or bills, and has cash reserves. It didnt matter that I have been self employed most my life without any troubles, never been late on a house payment, always paid a couple hundred more each month than my payment is, wasnt trying to take out more money just wanted a lower rate and was shut down, I already have a six percent rate, what a joke, then I hear nObama's going to give people in forclosure 4.5 percent rates to bail them out, secured with my tax money.

 

[Greg]

Bumping this back up... mortgage rates are at an all time low! Anyone re-fi recently?

We've applied for a re-fi from Amerisave, looking at getting into a 20 yr mortgage with a 4.25% rate and a 5% APR.

 

[RockMonkey]

Bumping this back up... mortgage rates are at an all time low! Anyone re-fi recently?

We've applied for a re-fi from Amerisave, looking at getting into a 20 yr mortgage with a 4.25% rate and a 5% APR.

We refi'd again in March to 4.5% 15 year. FWIW, 5% APR is pretty high for a 4.25% rate. That indicates that you'll be paying quite a bit up front. You should be able to get a loan with APR much closer to the rate. I wouldn't pay more than .25% more APR than rate.

 

[Greg]

We refi'd again in March to 4.5% 15 year. FWIW, 5% APR is pretty high for a 4.25% rate. That indicates that you'll be paying quite a bit up front. You should be able to get a loan with APR much closer to the rate. I wouldn't pay more than .25% more APR than rate.

Less than $2000 to pay down the rate, seems reasonable to me. I'd love to get the APR down to 4.5% though.

Who did you re-fi with?

 

[RockMonkey]

Less than $2000 to pay down the rate, seems reasonable to me. I'd love to get the APR down to 4.5% though.

Who did you re-fi with?

I don't remember who we went through last time. The time before, we went through Mortgage Capital Associates, and it was fairly painless. Have you checked out Bankrate.com?

Check with some of these guys.

http://www.bankrate.com/funnel/mort...et=1243&loan=200000&perc=20&prods=215&points=
(hopefully that link works...)

 

[Greg]

I don't remember who we went through last time. The time before, we went through Mortgage Capital Associates, and it was fairly painless. Have you checked out Bankrate.com?

Check with some of these guys.

http://www.bankrate.com/funnel/mort...et=1243&loan=200000&perc=20&prods=215&points=
(hopefully that link works...)

I had checked out Bankrate.com in the past, but have been focusing on Amerisave recently. Funny how their claimed rates were lower before we applied, then then went up after. I'm not too impressed at this point.

The link works, I'm searching on Bankrate now.

 

[sixb]

15 year mortgage is the only way to go because intrest sucks. I paid off a 185,000.00 machine loan in 5 years that cost me less than 20,00.00 in intrest. Personally I have been debt free since 04, that's when I paid my house off. We pay cash for everything now even automobiles and am basically my own bank paying me the intrest instead.
Not trying to brag here but intrest really does suck and the only way to get around that is to pay it off quickly.

 

[rockreligious]

15 year mortgage is the only way to go because intrest sucks. I paid off a 185,000.00 machine loan in 5 years that cost me less than 20,00.00 in intrest. Personally I have been debt free since 04, that's when I paid my house off. We pay cash for everything now even automobiles and am basically my own bank paying me the intrest instead.
Not trying to brag here but intrest really does suck and the only way to get around that is to pay it off quickly.

I would agree that compound interest sucks....Unless you are earning compound interest. I would rather get a 15 year mortgage. Pay cash for everything else, but also invest in mutual funds before I paid off my house too fast. cause mortgage interest is less than mutual fund interest. My wife and I have made a pact not to borrow money on ANYTHING that doesnt go UP in value.

 

[mesha]

I just checked bankrate and it has some sweet deals. I could knock about 10 years off my loan and be paying a few bucks less. Hope it works out. I sent out some emails and we will see.