Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
refi at 4.875, 0 pts almost done!
Old 01-13-2009, 05:51 PM   #1
Thinks s/he gets paid by the post
Bimmerbill's Avatar
 
Join Date: Jan 2006
Posts: 1,631
refi at 4.875, 0 pts almost done!

Should hear from my CU about my refi application soon. They are only loaning 70% LTV now a days, but luckily that is right about where my HELOC and 1st mortgage combined (with closing costs rolled in) is.

In a perfect world I'd rather refi my primary mortgage (120K) and pay down my HELOC (37K). HELOC is at prime +/-, 3.75% right now.

But, it ain't a perfect world so I think I'll lump them together to refi at the rate of 4.875. Old 1st mortgage is at 6.25%.

Anyone else have any luck getting in on the historically low rates?

ALso, plan to use the appraisal to file a tax abatement. Town has my place at 259.9K, appraisal came in at 225K. (Hight COLA area, I have a 1400 sq foot ranch!).
__________________

__________________
Bimmerbill is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-13-2009, 07:01 PM   #2
Recycles dryer sheets
slouch's Avatar
 
Join Date: Aug 2008
Posts: 152
4.750% (4.753%APR) 20yr fixed 80%LTV from penfed. My appraisal came in $10k under the county's tax appraisal. The closing is in a few weeks.

My original 30yr fixed 80%LTV from 3 years ago was at 6.375%APR.

For those of you still searching for rates, I used the following sites while price shopping daily:
__________________

__________________
slouch is offline   Reply With Quote
Old 01-14-2009, 12:13 PM   #3
Thinks s/he gets paid by the post
Gotadimple's Avatar
 
Join Date: Feb 2007
Posts: 1,758
Closed today on a 4.625% 30% refi, 0 points, .75% loan origination fee plus all the other fees and taxes at my credit union. Appraisal came in where I expected it as there had been recent sales in the neighborhood.
__________________
Only got A dimple, would have preferred 2!
Gotadimple is offline   Reply With Quote
Old 01-14-2009, 12:14 PM   #4
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by slouch View Post
My appraisal came in $10k under the county's tax appraisal.
I smell a protest coming.
__________________
"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)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 01-15-2009, 09:48 AM   #5
Recycles dryer sheets
slouch's Avatar
 
Join Date: Aug 2008
Posts: 152
Quote:
Originally Posted by ziggy29 View Post
I smell a protest coming.
It'll save me a whopping $77.40/yr on my property taxes
__________________
slouch is offline   Reply With Quote
Old 01-15-2009, 01:04 PM   #6
Dryer sheet wannabe
 
Join Date: Jan 2008
Posts: 17
I locked in at 4.375% for a 15 year fixed with 0 points last week. The appraisal is this Saturday, but I don't anticipate any issues. We close at the end of the month.

The nice thing is that we were in a 30 year fixed at 5.75% and for an extra $400 a month we shaved 12 years off our loan. Well on our way to FIRE!!!
__________________
ChiSaver is offline   Reply With Quote
Old 01-15-2009, 01:49 PM   #7
Full time employment: Posting here.
Frugality_of_Apathy's Avatar
 
Join Date: Jul 2008
Posts: 622
Just locked in a 5% APR yesterday, down from 6.5%, bundled in all my house related debt and took out $6000 to finish remodeling the bathroom, building a deck and residing. Best I could do with my credit (thanks BofA) but with those changes I'm going to have an extra $550 in my pocket every month I can start saving or more actively investing.

I learned my lesson, never again am I gonna stick construction cost on a 0% teaser card unless I already have the money for it sitting in the bank gathering interest.
__________________
Frugality_of_Apathy is offline   Reply With Quote
Old 01-15-2009, 06:03 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,418
In the process of completing a 4.5% 30 year fixed with 0 points, all closing costs paid for. Currently have a 5.75% ARM interest only. Paying down the mortgage to get a conventional.

It will be interesting to see what the appraisal is. The neighbors just put their place on the market for an absurdly high price. They haven't been happy since we built next to them. I'm torn between hoping they'll get the full amount and hoping it will just sit there for a while, since they've been such PITAs.

If they get anywhere near what they are asking I'll have to consider selling too. We sort of over-built here, right in the middle of the boom. An incredible view, but too much house.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 01-15-2009, 07:45 PM   #9
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
We watched NFCU, USAA, & PenFed all through December like hawks.

Then the last week of the month a tiny local bank (Territorial Savings) popped up on BankRate.com at 4.5% for a 30-year fixed with two points. We phoned just before New Year's and were told that 4.25% 30-year fixed was available for three points. When we actually met on Friday the 2nd to process the paperwork it was 4.5% at 2.375 points. None of the other banks/credit unions had even come close on points, let alone on rates.

In another sign that the refinancing boom is in full swing, our appraiser was at least 70 years old. I wouldn't be surprised if he was 75.

As I mentioned in another thread, NFCU has refused to resubordinate our HELOC (with its zero balance) to our new mortgage. Well, they haven't actually refused-- if we give them $250 and pay for their own appraisal then they'll give us back what we got over three years ago for nothing. I notice that PenFed is offering a no-costs HELOC, so NFCU will lose that as well as our current 5.375% mortgage. Hopefully we'll close in the next couple weeks.

When we bought this place in August 2000 the 30-year fixed zero-points interest rate was 8.5%, one of the best rates available at the time. Been a few changes since then!
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 01-15-2009, 08:13 PM   #10
Dryer sheet wannabe
 
Join Date: Jun 2008
Posts: 13
please share where are the deals? I've got 350k at 5.75% 30 yr fixed now, looking to do better.
thanks
__________________
swkoo is offline   Reply With Quote
Old 01-15-2009, 08:46 PM   #11
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,494
Quote:
Originally Posted by harley View Post
In the process of completing a 4.5% 30 year fixed with 0 points, all closing costs paid for. Currently have a 5.75% ARM interest only. Paying down the mortgage to get a conventional.

.
Sounds like you got a deal, but when you say all closing costs paid for, does that mean none were levied on the tranaction? If so, how did you manage that?
__________________
JPatrick is offline   Reply With Quote
Old 01-15-2009, 09:15 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,418
Quote:
Originally Posted by JPatrick View Post
Sounds like you got a deal, but when you say all closing costs paid for, does that mean none were levied on the tranaction? If so, how did you manage that?
This is a dealing with a friend of a friend. We've done mortgages with her 4 times now, so she's taking good care of us. The way it works is they are giving us 4.5% with 0 points and a lender credit that will cover pretty much all of the closing costs. We'll have to pay between $50-$100 bucks in the end, but on a $417K mortgage I consider that insignificant. I'm not sure how they are making money on us. Maybe they just want to get that giant Interest Only ARM off the books.

It's not finalized yet, so it could fall through. But I'm positive I can do at the very least a 4.625% with the same deal, so only a $31 difference in monthly payments.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 01-15-2009, 09:17 PM   #13
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Maybe your friend is making money by getting some of the TARP money to get you out of the ARM.
__________________
73ss454 is offline   Reply With Quote
Old 01-15-2009, 09:25 PM   #14
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,074
DD called us today - very excited - first ever house, fixed rate of 4.6%, 30yr.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 01-15-2009, 09:49 PM   #15
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,494
Quote:
Originally Posted by harley View Post
This is a dealing with a friend of a friend. We've done mortgages with her 4 times now, so she's taking good care of us.
Well you're lucky. My lone friend in the mortgage business recently switched occupations---unemployed
__________________
JPatrick is offline   Reply With Quote
Old 01-16-2009, 07:12 AM   #16
Recycles dryer sheets
wrigley's Avatar
 
Join Date: Nov 2008
Location: Jacksonville
Posts: 345
Quote:
Originally Posted by ChiSaver View Post
I locked in at 4.375% for a 15 year fixed with 0 points last week. The appraisal is this Saturday, but I don't anticipate any issues. We close at the end of the month.

The nice thing is that we were in a 30 year fixed at 5.75% and for an extra $400 a month we shaved 12 years off our loan. Well on our way to FIRE!!!

4.375% With who?

Mike
__________________
wrigley is offline   Reply With Quote
Old 01-20-2009, 06:38 AM   #17
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Quote:
Originally Posted by JPatrick View Post
Sounds like you got a deal, but when you say all closing costs paid for, does that mean none were levied on the tranaction? If so, how did you manage that?
Your mortgage broker gets a gross commission of 1 to 1.5% of the amount of the loan. If they want to they can pay your closing costs out of this which mine does.
__________________
saluki9 is offline   Reply With Quote
Old 01-22-2009, 01:10 PM   #18
Dryer sheet wannabe
 
Join Date: Jan 2008
Posts: 17
Not sure yet. I work through a broker in Illinois. My last mortgage was with Wells Fargo.
__________________
ChiSaver is offline   Reply With Quote
Old 01-23-2009, 05:00 AM   #19
Recycles dryer sheets
wrigley's Avatar
 
Join Date: Nov 2008
Location: Jacksonville
Posts: 345
Quote:
Originally Posted by ChiSaver View Post
Not sure yet. I work through a broker in Illinois. My last mortgage was with Wells Fargo.
That's a great rate! My CU currently is offering 4.689% with 0.250 points.

Mike
__________________
wrigley is offline   Reply With Quote
Old 01-23-2009, 08:24 PM   #20
Recycles dryer sheets
knucklehead 61's Avatar
 
Join Date: Nov 2008
Posts: 136
anyone getting any better than 6% on rental property? i have 3 at 6.375% & 1 at 5.5% & would LOVE to lower the rates!
__________________

__________________
knucklehead 61 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How Long Should Refi Processing Take? tgotch Other topics 4 01-05-2009 08:47 PM
refi rental properties? knucklehead 61 FIRE and Money 0 12-08-2008 08:57 PM
Refi Question jimnjana FIRE and Money 5 11-28-2008 12:28 PM
Gold hits $875 Trek FIRE and Money 41 01-13-2008 05:15 PM
Re: REFI Cut-Throat Other topics 13 11-25-2004 08:24 AM

 

 
All times are GMT -6. The time now is 12:12 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.