Mortgage market has gone crazy

[Bimmerbill]

I am going to try to get my 4.875 fixed rate with about 25-26 years left refinanced into a 15 year at 3.00 or so. Shave off 10 years and my P&I only goes up $200 a month.
Maybe I should price out a 20 year as well.

[jayc]

Did a refinance at the credit union last week and got a 10 year fixed 3.37% with closing costs capped at $900. No escrow. They even let me keep the current HELOC which is 2.68%. I thought they would make me roll it in. They do not sell the loans. They were more interested in monthly income than total assets. But when asked for any other income, I said 'You guys pay me about 10K year in CD interest', she did not even write it down. We had to show them paycheck stubs 2 different times and at closing. My average CD ladder rate for the next 2 years is 3.9%.

[Texas Proud]

Quote:

Originally Posted by Bimmerbill I am going to try to get my 4.875 fixed rate with about 25-26 years left refinanced into a 15 year at 3.00 or so. Shave off 10 years and my P&I only goes up $200 a month. Maybe I should price out a 20 year as well.

I am going to go for the 3% also... lower rates cost more than it is worth...

The 20 year rate does not seem to be that much different than 30...

[ronocnikral]

Well...my credit isn't the greatest (long story, and everyone has one). But, with home box loans, I'm at a 3.625 30 yr no cost. It will save just under $100/month. So, I'm in!

[Texas Proud]

Quote:

Originally Posted by ronocnikral Well...my credit isn't the greatest (long story, and everyone has one). But, with home box loans, I'm at a 3.625 30 yr no cost. It will save just under $100/month. So, I'm in!

I filled out the app for Box today... but the cost went up from yesterday by about $300 for some reason... I will check it out next week and lock it in soon.. or get a bit higher rate for less money...

[brewer12345]

Quote:

Originally Posted by Texas Proud I filled out the app for Box today... but the cost went up from yesterday by about $300 for some reason... I will check it out next week and lock it in soon.. or get a bit higher rate for less money...

Box' pricing comes direct from the MBS market and is updated at least once a day. So the move was due to moves in the MBS market.

I told them that I would be out of town on the proposed date of the closing and they said a POA for DW would be fine. Appraiser showing up on Monday.

[tmm99]

Quote:

Originally Posted by tryan And if we follow the path of Japan ...

That's exactly what I was wondering about a few posts back.
I haven't checked in a while, but the mortgage rate was about 2 percent; deposit interest rate 0.5%.

[brewer12345]

Quote:

Originally Posted by tmm99 That's exactly what I was wondering about a few posts back. I haven't checked in a while, but the mortgage rate was about 2 percent; deposit interest rate 0.5%.

Then I will refinance yet again...

[Gabieta]

I am definitely guilty of being a serial mortgage refinancer. I promised my husband last fall when we did a VA streamline refi to a 30 year fixed at 3.75% that we were done.

Then, last week I get an email from the same mortgage broker:

"I hope you are doing well. I am following up with past clients to inform you of the recent rate decrease. I could drop your interest rate to 3.25% for 30 year fixed. Some loan details:
1) No income or assets needed
2) No appraisal needed
3) 0 points and 0 origination fee
4) Lender credit for title charges , so no cost loan"


So, I guess we are going to re-fi again at 3.25% . . . I'm sure this time will be the last . . .

[Lsbcal]

Quote:

Originally Posted by Gabieta ... So, I guess we are going to re-fi again at 3.25% . . . I'm sure this time will be the last . . .

I would do this too. But is it too good to be true? I'd call the lender using a phone number that I knew to be legitimate.

[ejman]

Quote:

Originally Posted by Gabieta I am definitely guilty of being a serial mortgage refinancer. I promised my husband last fall when we did a VA streamline refi to a 30 year fixed at 3.75% that we were done. Then, last week I get an email from the same mortgage broker: "I hope you are doing well. I am following up with past clients to inform you of the recent rate decrease. I could drop your interest rate to 3.25% for 30 year fixed. Some loan details: 1) No income or assets needed 2) No appraisal needed 3) 0 points and 0 origination fee 4) Lender credit for title charges , so no cost loan" So, I guess we are going to re-fi again at 3.25% . . . I'm sure this time will be the last . . .

Amazing, this nails it. It must be deflation for the next 30 years so 3.25 % for 30 years looks awfully good to whoever is lending the money.

[Gabieta]

Quote:

Originally Posted by Lsbcal I would do this too. But is it too good to be true? I'd call the lender using a phone number that I knew to be legitimate.

Yes, it's legitimate, and we are in the process now. This one came out of nowhere, and completely unsolicited on my part.

There was a time when VA mortgages cost more than the conventional, but that has changed -- plus they offer a streamline refinance option that is completely painless, officially known as IRRRL (Interest Rate Reduction Refinancing Loan.)

[Semiretired2008]

Recently, I have been getting telemarketing calls offering the low rate of 6.75%... What planet are they on?

[ripper1]

Quote:

Originally Posted by ejman Amazing, this nails it. It must be deflation for the next 30 years so 3.25 % for 30 years looks awfully good to whoever is lending the money.

Well, I am in the process of getting 3.375 with 0 lender costs but third party costs of 1400 total. So I guess so far it looks like you got the best deal so far. How long was that offer out there......30 seconds.

[ripper1]

Quote:

Originally Posted by Lsbcal I would do this too. But is it too good to be true? I'd call the lender using a phone number that I knew to be legitimate.

In talking to my lender at First Financial Services, Inc. he said that 3.25% rate was out there for maybe one day and you had to have at least a 60% equity stake and of course stellar credit.

[Lsbcal]

Quote:

Originally Posted by ripper1 Well, I am in the process of getting 3.375 with 0 lender costs but third party costs of 1400 total. So I guess so far it looks like you got the best deal so far. How long was that offer out there......30 seconds.

I too have a 3.375% loan in the pipes with some closing costs. The lender allows me to take a lower rate before closing by paying 0.5 points. In July there were some days where the rate dropped to 3.25%. If it had gone to 3.125 I might have reset the loan.

[Gabieta]

Quote:

Originally Posted by ripper1 In talking to my lender at First Financial Services, Inc. he said that 3.25% rate was out there for maybe one day and you had to have at least a 60% equity stake and of course stellar credit.

Well, I think in our case, it was the fact that we have a VA mortgage. While we fit the "stellar credit" category, we sure don't meet the 60% equity. We do not even have to do an appraisal to do a streamline refi. VA mortgages sure have become a lot more desirable than they were when I first qualified . . .

[ripper1]

Quote:

Originally Posted by ejman Amazing, this nails it. It must be deflation for the next 30 years so 3.25 % for 30 years looks awfully good to whoever is lending the money.

How can someone do a loan without doing an appraisal or checking ones income. Something doesn't add up.

[Gabieta]

Quote:

Originally Posted by ripper1 How can someone do a loan without doing an appraisal or checking ones income. Something doesn't add up.

For those carrying a VA mortgage, there is a streamline refinancing option, or Interest Rate Reduction Refinancing Loan (IRRRFL) which is authorized by the VA.

The IRRRL program does not require appraisal or credit underwriting, though an individual lender may.

Here is a link to the details of the program.


IRRRL Facts for Veterans - Home Loan Links

[ripper1]

Quote:

Originally Posted by Gabieta For those carrying a VA mortgage, there is a streamline refinancing option, or Interest Rate Reduction Refinancing Loan (IRRRFL) which is authorized by the VA. The IRRRL program does not require appraisal or credit underwriting, though an individual lender may. Here is a link to the details of the program. IRRRL Facts for Veterans - Home Loan Links

Thank you, Gabieta. I would have been eligible for this if this was coming from an existing VA loan. Too bad I am already in the process of my new loan with the appraiser coming today. If there is another refi opportunity I definitely will look into VA funding.