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Old 05-09-2012, 09:24 PM   #21
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I got denied by Penfed due to a weird rule they had (apparently they have to follow Fannie Mae guidelines) on calculating income. I called another credit union and explained my situation and I'm pretty sure I will be able to refinance. But looking more online I found aimloan.com. By far the lowest rate but I am skeptical. I also entered my info on the mortgage professor's site (thanks brewer) and it gives Amerisave and Goodmortgage.com, and it seems like the fees are lower with goodmortgage.com.

Anyone have experience with www.aimloan.com or www.goodmortgage.com?
I refinanced with aimloan last July and had no issues. I am in a ten year fixed at 3.25% with no points. I found them to be reputable and professional. I was referred to them by a friend so I can vouch for two good experiences.
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Old 05-16-2012, 02:08 PM   #22
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Anyone have any experiences with loan depot? The person offered me an excellent rate on the phone after taking down all of my details and pulling my credit, but is being really high-pressure for me to give my CC info today. It sounds okay and he has said he will not charge the $495 rate-lock fee until he runs the numbers but I am a bit turned off by the pressure.

I am learning an enormous amount and will post a message with my experiences with a bunch of loan companies as I think it will be useful to others.
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Old 05-16-2012, 10:46 PM   #23
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No experience with them, but high pressure would turn me off.
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Old 05-17-2012, 10:40 AM   #24
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If anyone is about to retire, be sure to get that loan before you quit.
That is certainly good advice. I re-financed after I retired and had no problem. I needed to show them a steady stream of income and investments that proved I had enough cash to cover the monthly costs.

-- Rita
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Old 05-17-2012, 11:11 AM   #25
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At the advice of someone on this forum, I took out a Home Equity Loan from Penfed this last February to pay off my mortgage ($58,000). The rate was 2.99 with no closing costs--quite the deal. The process went flawlessly. I subsequently applied for a Penfed rewards credit card that came with $250. bonus points. I'm a happy Penfed customer!
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Old 05-17-2012, 11:57 AM   #26
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That is certainly good advice. I re-financed after I retired and had no problem. I needed to show them a steady stream of income and investments that proved I had enough cash to cover the monthly costs.

-- Rita
Some of us total returners have a problem showing that "steady stream of income" when it's coming from equity sales instead of conventional "income" sources. DW is still working and had enough income to cover our 2009 refi. They never asked about the portfolio, just income.
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Old 05-17-2012, 04:37 PM   #27
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I'm trying to get a 15 year fixed and am deciding between a 2.875% rate and 2.750%. Both are obviously low, but I'd have to pay about $1200 more in points to get the 2.750. Over the 15 yrs I think that it would be about $3000 more for the 2.875%. So it seems like I should pay for the lower rate, right? Using a compound interest calculator, it seems like I would have to get 6.5% on the $1200 to make up the difference which is higher than a CD. Am I thinking about this right?
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Old 05-18-2012, 02:49 PM   #28
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I'm trying to get a 15 year fixed and am deciding between a 2.875% rate and 2.750%. Both are obviously low, but I'd have to pay about $1200 more in points to get the 2.750. Over the 15 yrs I think that it would be about $3000 more for the 2.875%. So it seems like I should pay for the lower rate, right? Using a compound interest calculator, it seems like I would have to get 6.5% on the $1200 to make up the difference which is higher than a CD. Am I thinking about this right?
Any thoughts? Maybe I should put this in a separate post.
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Old 05-18-2012, 04:08 PM   #29
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Your message contains at least two questions (I think):
2.875 v 2.750 with points -- see the Mortgage Professor's website for an analysis of which is best. Points are not the only thing to consider.

What off-settiing investment return would be needed to make up the $1200 difference in points. Again, see the Mortgage Professor's web site for an analysis.
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Old 10-09-2012, 01:32 PM   #30
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As the rates are going down, I decided to post again on this thread.
I just applied for a refinance with my existing lender (saves on intangible tax in GA): 2.5% rate with .375 points for 15 years conforming loan.
Also managed to drop escrow at the same time, with no increase in rate/points.
Hope to close in 3 weeks.
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Old 10-09-2012, 10:57 PM   #31
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We're closing on 3.25% tomorrow. More than 1% lower than our old mortgage. And rates are even lower now.
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Old 10-10-2012, 11:08 AM   #32
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I am working on a 3.125% for 15 years... low cost to refi....

I am surprised how much the 'cost' moves day by day...
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Old 10-10-2012, 03:44 PM   #33
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We refi'd about a month ago - 2.75%, no points, 15 yrs. I asked for 10 yr. but the lender said it was the same rate, so we went with 15 and can pay down early if we want. Easy money to go down from 4.875% which we thought was the lowest rates could ever go when we got that rate 3 years ago.
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Old 10-10-2012, 08:27 PM   #34
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Dang, I feel cheated with my 3.75%, 30yr fixed. But the house will be mine in 2042...
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Old 10-11-2012, 11:30 AM   #35
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Dang, I feel cheated with my 3.75%, 30yr fixed. But the house will be mine in 2042...
Same rate I received when I closed back in June this year. Currently doing a refi down to 3.25% for a 30 yr VA loan. Lender credits are nearly double the closing costs, so it's a no-brainer to do a refi. Wish I could afford the payments on a 15 yr loan, those rates are crazy-low!
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Old 10-11-2012, 12:07 PM   #36
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Same rate I received when I closed back in June this year. Currently doing a refi down to 3.25% for a 30 yr VA loan. Lender credits are nearly double the closing costs, so it's a no-brainer to do a refi. Wish I could afford the payments on a 15 yr loan, those rates are crazy-low!
I'm more interested in getting my payment as low as possible. Paying the thing off is not a priority.
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Old 10-18-2012, 01:17 PM   #37
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I just applied at a local CU for a 15 year fixed at 2.5%, 0 points, closing costs about $3K.
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Old 10-18-2012, 01:49 PM   #38
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I just applied at a local CU for a 15 year fixed at 2.5%, 0 points, closing costs about $3K.

Seems like a good rate... but it makes a difference on how much you owe... they can make a better deal if you owe a lot...
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Old 10-18-2012, 02:01 PM   #39
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Seems like a good rate... but it makes a difference on how much you owe... they can make a better deal if you owe a lot...
Can you elaborate how much is a lot?
The lender I'm dealing with has higher rates (about .25%) for jumbo loans (up to 3 million I think) versus conforming loans.
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Old 10-18-2012, 02:33 PM   #40
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Can you elaborate how much is a lot?
The lender I'm dealing with has higher rates (about .25%) for jumbo loans (up to 3 million I think) versus conforming loans.
If you go to Box Home Loans (can not remember who suggested it, but thanks)...

Put in a loan for $150,000 and look at a rate....

I get a total cost of $867 for a 3.125 15 year loan...

Put in $300,000 and you can get a 3.125 15 year at no cost...

I was surprised that the higher loan cost more at 2.5%... but at that rate you are paying points.... instead of getting them....


SOOO, nevermind....
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