Any good Refi deals going on?

[brewer12345]

When comparing rates, it's useful to use APRs rather than the "interest rate".

Only for fixed rate loans. APRs for ARMs are effectively meaningless and one should look at a combination of the initial rate and what the rate could be upon reset.

 

[samclem]

Only for fixed rate loans. APRs for ARMs are effectively meaningless and one should look at a combination of the initial rate and what the rate could be upon reset.

Right, I should have said that. With ARMs it's all about the caps, reset schedules, and how long you plan to keep the house--or at least the mortgage.

 

[Bimmerbill]

You know, I saw the same rates listed on the USAA page, but when I called they wanted crazy points to get to 3.8.

On a side note, how close are Credit Karma credit scores to the real deal? The USAA rep asked me my credit score and when I logged in to Credit Karma I realized I had under reported my score by 60 or so points.

 

[brewer12345]

Mine were pretty close. Credit Karma was a bit lower than my actual scores.

 

[Bimmerbill]

Cool, thanks for the info. I think I will call USAA again and see what the deal is.

 

[dtbach]

I'm doing a refi of a 15yr @ 5.25 to a 10 yr @ 3.125 plus taking out 10K in cash to buy a new car next year. Had 9 years left on the 15 so no big deal. Monthly bill should go down about $280 from the previous.

 

[ohyes]

We are re-financing--just have to sign those final papers when they ready. Our credit score was 13 points higher than shown on Credit Karma at the last update.

 

[Tif7]

I check wholesale mortgage rates before I rate shop. Being a retail customer I expect a mark-up. Typically the best quotes have been around 0.625% above wholesale, which I am happy with. I always opt for no closing costs, no points, no pre-payment penalties, no escrow for taxes or insurance. Conforming loan, excellent credit, LTV <= 80%. Google will get you a site providing daily wholesale data on a variety of products.

T

 

[Bimmerbill]

I used mortagemarvel.com and found a few good prospects. Anyone heard of aimloan.com? Seems to be a direct broker?

 

[brewer12345]

I used mortagemarvel.com and found a few good prospects. Anyone heard of aimloan.com? Seems to be a direct broker?

If you look at the fatwallet finance forum they have a whole humongous thread on mortgages. Do a quick search and you will get an idea as to whether they are a mess or not.