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12-18-2008, 09:56 AM
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#21
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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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......... 
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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12-18-2008, 12:47 PM
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#22
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
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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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12-19-2008, 09:34 AM
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#23
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
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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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12-19-2008, 09:39 AM
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#24
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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 Quote:
Originally Posted by Bimmerbill
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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Two birds with one stone. Nice.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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12-19-2008, 10:14 AM
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#25
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Full time employment: Posting here.
Join Date: Feb 2006
Posts: 599
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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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12-19-2008, 10:19 AM
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#26
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,613
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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.
-- Rita
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Only got A dimple, would have preferred 2!
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12-19-2008, 10:54 AM
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#27
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Recycles dryer sheets
Join Date: Aug 2008
Posts: 155
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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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12-19-2008, 08:02 PM
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#28
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Quote:
Originally Posted by ziggy29
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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