refi at 4.875, 0 pts almost done!

Bimmerbill

Bimmerbill

Thinks s/he gets paid by the post
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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!).
 
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:
 
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.
 
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!!!
 
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.
 
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. >:D

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.
 
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!
 
please share where are the deals? I've got 350k at 5.75% 30 yr fixed now, looking to do better.
thanks
 
harley said:
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.

.
Click to expand...
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 said:
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?
Click to expand...

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.
 
Maybe your friend is making money by getting some of the TARP money to get you out of the ARM.
 
DD called us today - very excited - first ever house, fixed rate of 4.6%, 30yr.
 
harley said:
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.
Click to expand...
Well you're lucky. My lone friend in the mortgage business recently switched occupations---unemployed:(
 
ChiSaver said:
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!!!
Click to expand...


4.375% With who?

Mike
 
JPatrick said:
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?
Click to expand...

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.
 
Not sure yet. I work through a broker in Illinois. My last mortgage was with Wells Fargo.
 
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 said:
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!
Click to expand...
5.5% from a five-year-old refinance with NFCU, but there's no way I'd get that again.

I'm reluctant to refinance a rental in this market, especially when I could be tempted to sell to the tenant. If I was a landlord-for-life then I might feel differently, but I'm happily seeking an exit.
 
Where are you folks finding the sub 5% rates? Bankrate's listings don't even come close.

Additionally, I just purchased a home 4 months ago at 6.125%, 30 yr fixed...can anybody shed share their thoughts on whether I should just keep what I have or try to refinance? If the suggestion is to refinance...can you suggest the highest rate I should refi at?
 
I would stay away from Bank Rate or at least search much farther. They do not have the "best rates" IMHO on anything.
 
LeBlanc said:
Where are you folks finding the sub 5% rates? Bankrate's listings don't even come close.

Additionally, I just purchased a home 4 months ago at 6.125%, 30 yr fixed...can anybody shed share their thoughts on whether I should just keep what I have or try to refinance? If the suggestion is to refinance...can you suggest the highest rate I should refi at?
Click to expand...


Have a look at all the goodies on the mortgage professor's site: The Mortgage Professor's Website

He also shows wholesale lending rates, from which you can derive a retail rate.
 
LeBlanc said:
Additionally, I just purchased a home 4 months ago at 6.125%, 30 yr fixed...can anybody shed share their thoughts on whether I should just keep what I have or try to refinance? If the suggestion is to refinance...can you suggest the highest rate I should refi at?
Click to expand...

If you haven't already, you may want to read this guide published by the Federal Reserve. A Consumer's Guide to Mortgage Refinancings. Follow the links inside to the mortgage calculators, crunch the numbers and decide what rate & break-even point makes sense for your current situation.

If you can get a refinance APR that starts with a "4" it is seriously worth considering; just my opinion.
 
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