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01-24-2008, 10:47 AM
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#1
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Recycles dryer sheets
Join Date: May 2007
Posts: 216
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Yeah, just called PenFed and they quoted me 5.125. To those who struck yesterday while the iron was still hot, congrats!
__________________
"...I'm the kind of guy who if he can't have too much of a thing doesn't want any at all."
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01-24-2008, 04:38 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Boise
Posts: 1,489
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Interesting (well, interesting to me, anyway) update: On the 15 year fixed, PenFed will loan at 90% LTV. I guessed, wrongly, that they would only do 80% LTV.
I got my 30 year fixed last year and put 20% down. After a year of regular payments and modest appreciation, I'm sitting at about 76% LTV.
If I back up the truck and do 90% LTV, they'll give me a check at closing for...let's see...about $36,000.
The catch, of course, is being able to afford the monthly payments, right?
Advice on how much to take?
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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01-25-2008, 01:02 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Boise
Posts: 1,489
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 Quote:
Originally Posted by SecondCor521
Advice on how much to take?
2Cor521
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Anyone? Bueller?
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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01-25-2008, 01:04 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: Milford, OH
Posts: 1,341
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I don't think taking cash out is good idea. In this market you could go from 90% LTV to 110 LTV in a year or so.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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01-25-2008, 01:13 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Boise
Posts: 1,489
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Quote:
Originally Posted by jIMOh
I don't think taking cash out is good idea. In this market you could go from 90% LTV to 110 LTV in a year or so.
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...and that would be bad because...? I'd be trapped in the house, granted. Any other reasons?
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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01-25-2008, 08:43 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 9,992
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Quote:
Originally Posted by SecondCor521
...and that would be bad because...? I'd be trapped in the house, granted. Any other reasons?
2Cor521
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It really depends on your goals, liquidity/net worth, and risk tolerance. If you can swing the payments no problem, even in the worst economic climate, and you can beat the after tax cost of the debt with your investments, then it may be worth doing a cash out refi and investing the excess proceeds. But be prepared for some bumpy times, at least on paper.
Personally, I am getting past the point where I need to squeeze every last basis point out through financial engineering, so I am more interested in nailing down what could go wrong and eliminating it. If it results in me working an extra 6 months, so be it. Part of that disaster-proofing is paying down debt and reducing overall leverage. If I want leveraged investments, there are plenty of ways to do so that don't involve recourse to me ersonally or the home where I and my family live. Think leveraged company equities, levered closed end funds, 2X long etfs, etc.
__________________
"And Jesus spake, 'Become thou now fishers of adjustable rate mortgages'" - New Conservative Bible
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01-25-2008, 01:43 PM
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#7
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Recycles dryer sheets
Join Date: Jan 2007
Posts: 63
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Those of you who snagged the 4.625 rate are lucky. PedFen rate on the 15yr is up another 1/8th today.
Damn damn damn....back to waiting I guess 
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01-25-2008, 02:10 PM
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#8
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 300
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Quote:
Originally Posted by jblack
Those of you who snagged the 4.625 rate are lucky. PedFen rate on the 15yr is up another 1/8th today.
Damn damn damn....back to waiting I guess |
I think they'll be back under 5 next week. If I have to pay half a point to get 4.625, so be it. All you need is the market to tank - like it is today.
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02-12-2008, 08:05 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: Milford, OH
Posts: 1,341
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Quote:
Originally Posted by jblack
Those of you who snagged the 4.625 rate are lucky. PedFen rate on the 15yr is up another 1/8th today.
Damn damn damn....back to waiting I guess |
keep watching, the rates I am tracking are dropping by around .125 per week.
ameriprise will e-mail you each time rate changes
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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01-25-2008, 01:59 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Posts: 1,377
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Who needs luck when you have a crystal ball? 
The rate is a function of MBS bond yields and a spread. It's hard to find quotes on various MBS bonds, but they track the 10-year treasury pretty well.
The 10-year yield dropped to a very low level on the day I locked. PenFed had their busiest day ever when that happened. They jacked rates back up when the bond yields climbed, but they also did it to reduce demand while they catch up on all the processing they have to do this week.
Watch the 10-year, and lock if you catch a low rate when bond yields are risiing. Gotta love this cheap money. And you can always refi if it gets much cheaper, but I kinda doubt it will.
__________________
Favorite ERF quote: "I'm not going to waste my time on someone who's more interested in being stubborn or obtuse or intolerant." -- Nords
Favorite ERF error message: "Sorry Nords is a moderator/admin and you are not allowed to ignore him or her."
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01-25-2008, 06:42 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: Laurel, MD
Posts: 1,239
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Navy Fed has 4.5
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01-25-2008, 06:52 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Posts: 1,377
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4.5%, 0 points on a 15-year conforming! Nab it quick.
Navy Federal: Rates
__________________
Favorite ERF quote: "I'm not going to waste my time on someone who's more interested in being stubborn or obtuse or intolerant." -- Nords
Favorite ERF error message: "Sorry Nords is a moderator/admin and you are not allowed to ignore him or her."
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01-25-2008, 07:05 PM
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#13
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 300
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Rates quoted below require a 0.75% loan origination fee. The origination fee may be waived for a 0.25% increase in the interest rate.
Not sure about closing costs...prob still not a bad deal.
I don't think I could join anyway even if I wanted to.
Navy Federal: Membership
Last edited by JohnDoe; 01-25-2008 at 07:52 PM.
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01-25-2008, 07:42 PM
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#14
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Full time employment: Posting here.
Join Date: Mar 2005
Posts: 915
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Quote:
Crikey! My Air Farce credit union is offering 4.75 with 2 points for a 15-year fixed.
Reminds me of cadence in Navy bootcamp...
I don't know but I been told, Navy wings are made of gold,
I don't know but it's been said, Air Force wings are made of lead.
Am I right or wrong?
Etc.
Phttttt.
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01-25-2008, 08:16 PM
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#15
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Full time employment: Posting here.
Join Date: Jan 2008
Posts: 798
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Has anyone looked at AmeriSave? I did a mortgage with them a few years ago. I think they have more payment options and their rates seems as good, or maybe even better, than the PenFed everyone is quoting on this thread. I did the application online and it went off without a glich.
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02-12-2008, 12:50 PM
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#16
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Recycles dryer sheets
Join Date: Jan 2007
Posts: 63
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Really? The 15yr fixed I'm eyeing at PenFed has been steadily going UP over the past 2 weeks, not down.
Now at 5.375%. Frustrating.
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02-12-2008, 12:56 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: Milford, OH
Posts: 1,341
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Quote:
Originally Posted by jblack
Really? The 15yr fixed I'm eyeing at PenFed has been steadily going UP over the past 2 weeks, not down.
Now at 5.375%. Frustrating.
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the web site e-mails me when rates drop, and two times I have seen the rate I am looking at closely (30 yr fixed) drop by .125%.
But it didn't start low enough to make me jump. Current rate is 5.5% and I want less than 5%.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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02-12-2008, 01:41 PM
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#18
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Full time employment: Posting here.
Join Date: Mar 2005
Posts: 915
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Quote:
Really? The 15yr fixed I'm eyeing at PenFed has been steadily going UP over the past 2 weeks, not down.
Now at 5.375%. Frustrating.
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Same at my credit union. Rats!
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02-12-2008, 08:25 PM
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#19
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Recycles dryer sheets
Join Date: Jan 2007
Posts: 63
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Quote:
Originally Posted by jIMOh
the web site e-mails me when rates drop, and two times I have seen the rate I am looking at closely (30 yr fixed) drop by .125%.
But it didn't start low enough to make me jump. Current rate is 5.5% and I want less than 5%.
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No sure we're looking at the same thing or talking the same language. Where are you seeing 5.5% for a 30yr fixed? You mention Ameriprise but their website is showing 30yr fixed at 5.75% and that's with paying 1 point (6.0% with 0 points). The 15yr there is 5.625% with 0 points.
Ameriprise Financial — Main Page
PenFed is still the best I've seen given the no closing costs.
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02-14-2008, 11:42 AM
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#20
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 187
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I think we're done. No more refi for us.
We just signed for 4.625% for a conforming 15 year mortgage on Feb 5th, with 0 points, and closing costs of just under $2,000 (mostly title search fees ). Looks like I'll be 59 when it's paid in full (literally to the day if I paid it on the 5th).
Oh, and our mortgage broker sent me an email (no doubt to make me feel good), letting me know that the current 15 year rates were at 5.75%. 
__________________
Primary title "chief moron"
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