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Old 01-25-2008, 01:04 PM   #81
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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.
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Old 01-25-2008, 01:13 PM   #82
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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.
...and that would be bad because...? I'd be trapped in the house, granted. Any other reasons?

2Cor521
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Old 01-25-2008, 01:43 PM   #83
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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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Old 01-25-2008, 01:59 PM   #84
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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.
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Old 01-25-2008, 02:10 PM   #85
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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
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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Old 01-25-2008, 06:42 PM   #86
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Navy Fed has 4.5
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Old 01-25-2008, 06:52 PM   #87
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4.5%, 0 points on a 15-year conforming! Nab it quick.

Navy Federal: Rates
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Old 01-25-2008, 07:05 PM   #88
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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
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Old 01-25-2008, 07:42 PM   #89
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Navy Fed has 4.5
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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Old 01-25-2008, 08:16 PM   #90
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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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Old 01-25-2008, 08:43 PM   #91
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...and that would be bad because...? I'd be trapped in the house, granted. Any other reasons?

2Cor521
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.
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Old 02-11-2008, 10:58 PM   #92
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PENFED has 4.99% on HEL 15 year Zero Closing Costs. Membership, if not otherwise qualified, cost $20.
Many thanks to R. Wood and others who pointed me in the direction of this great deal. We closed today on a HEL / refi that paid off our existing mortgage that had 17 years to go. We'll now have the house paid off in 10 years.

$0 closing cost, excellent service and only 3 weeks from joining / applying to closing on the loan (including Texas' mandatory 12-day HEL waiting period.)

The gal who handled the closing at the mortgage service company (another Texas quirk) said she sees a lot of loans and lenders come through her shop, but none of them are more competitive or professional than PenFed. I believe her.
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Old 02-12-2008, 08:05 AM   #93
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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
keep watching, the rates I am tracking are dropping by around .125 per week.

ameriprise will e-mail you each time rate changes
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Old 02-12-2008, 12:50 PM   #94
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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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Old 02-12-2008, 12:56 PM   #95
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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.
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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Old 02-12-2008, 01:41 PM   #96
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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.
Same at my credit union. Rats!
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Old 02-12-2008, 02:31 PM   #97
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10 year, HEL, is still 4.99% FIXED as of today.
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Old 02-12-2008, 08:25 PM   #98
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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%.
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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Old 02-14-2008, 11:42 AM   #99
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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%.
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Old 02-14-2008, 12:01 PM   #100
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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.
I am looking for lowest rate and I think the one I am tracking has some points on it. I am in year 2 of a 30 yr fixed, so paying points is not a huge issue for me.

I meant amerisave, not ameriprise. My error.

here's my search for today

e-loan
http://www.eloan.com/s/quotesubmit
5.375% with points
6.375 with no points

bankrate.com
Compare Mortgage Rates | CD Rates | Home Equity Loans Mortgages Quotes Best Rate Calculator Bankrate.com
5.64%


Mortgages and Mortgage Loan Rates in OH, Cincinnati Refinance $165,000 to $300,000 Fixed Rate 30 yr fixed mtg refi -- Free search for the best Mortgage rates
5.875% to 6.125%

Amerisave
Mortgage Refinancing | Mortgage Quote | Mortgage Loan at Amerisave=
5.25% with points
6.125% without points

My thought is we still have 1-3 months before we might see 30 year rates drop below 5%. I am not expecting an immediate drop right now. I am tracking the rates so I see the trending, but with a 5.75% right now, no hurry to see rates go down.
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