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Old 12-18-2008, 10:56 AM   #21
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Are the lenders strict on having at least 20% equity, or are they doing 100% financing on good credit?

Maybe the credit freeze is thawing a shade.........
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Old 12-18-2008, 01:47 PM   #22
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Just applied online, got instant approval for 30 year 4.875 with 0 points. Some misc fees (appraisal, etc) but shouldn't be too much since its a refi with existing CU.

Plan to use the appraisal to file an abatement for property taxes. No way my house will sell for what the town tax office has it appraised for.
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Old 12-19-2008, 10:34 AM   #23
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Hmm, local CU only doing 70% loans. May be close, but unsure what my house will appraise for. Tax has it at 260K, so I said 220K on the loan application.
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Old 12-19-2008, 10:39 AM   #24
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Plan to use the appraisal to file an abatement for property taxes. No way my house will sell for what the town tax office has it appraised for.
Two birds with one stone. Nice.
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Old 12-19-2008, 11:14 AM   #25
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Dang it, PenFed just RAISED the rates on the 20 year conforming loan I was looking at from 4.75 to 5%. Bummer. That was after the Fed rate cut. What tha??
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Old 12-19-2008, 11:19 AM   #26
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They are borrowing from Freddie Mac.

You might find the posted rate is not what you are offered (in a positive sense). I just locked at a different credit union for a 30 year fixed at 4.625%, while their posted rate is 4.75%. I think the reason for the lower rate was my credit score (800+).

YMMV.

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Old 12-19-2008, 11:54 AM   #27
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I locked a 20yr fixed par rate refinance with PenFed last night at 4.75% (4.753% APR). I just got off the phone with them to confirm the rate since their website rates changed this morning. phew!
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Old 12-19-2008, 09:02 PM   #28
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Not necessarily -- if bankers remain tight sober about their lending practices and approvals.
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Not much of a concern. Folks can short treasuries at close to 0% and use the free money to buy other securities.
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