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-   -   4.75% rate - 30 year fixed (https://www.early-retirement.org/forums/f28/4-75-rate-30-year-fixed-42438.html)

tsturbo 02-12-2009 09:48 PM

4.75% rate - 30 year fixed
 
Just locked in a 4.75% intrest rate on our refi mortgage with a 1% origination fee through Wells Fargo. Our current mortgage rate is 5.875 and I calculate that it will take us one year to recoup the closing costs in the amount we save with new payment. Not bad huh? Thoughts/comments?

samclem 02-12-2009 10:25 PM

Sounds like a good deal for you. Just as we now think it's only barely believable that banks offered 15% CDs in 1981, in a few years we'll look back and think it amazing that it was possible to lock in a 30 yr mortgage at less than 5%.
"Why didn't I do that then!"

Dude 02-12-2009 10:26 PM

Seems like a pretty good rate, are you paying any points in addition to the origination fee to get the 4.75% rate?

I closed end of January on a 20 year fixed with PenFed at 4.75% paying 0.375 points with no origination fee, I was happy with the deal and the service. This was to refi my Wells Fargo mortgage;D

Dude 02-12-2009 10:28 PM

Watch the closing costs, mine were about $1500 on a $137k refi, not including the points paid.

kyounge1956 02-13-2009 01:43 AM

My mortgage is already with Wells Fargo. I called earlier this year about refinancing but the option I was interested in would not have lowered my interest rate enough to make it worthwhile. Maybe it's time for another phone call. I'm paying over 6% now.

tsturbo 02-13-2009 09:23 PM

Quote:

Originally Posted by Dude (Post 783316)
Seems like a pretty good rate, are you paying any points in addition to the origination fee to get the 4.75% rate?

No, no other points paid.

tsturbo 02-13-2009 09:55 PM

Quote:

Originally Posted by Dude (Post 783317)
Watch the closing costs, mine were about $1500 on a $137k refi, not including the points paid.

Total closing costs including 1% loan origination on 180K loan = 3700.00

cardude 02-14-2009 07:32 AM

I locked with Wells at that same rate, but the approval is taking longer than expected and still not done. They recently asked for my company tax return, which I thought was stupid and told them so, then gave it to them because I need the loan. Swallow pride. Get loan.

tsturbo 02-14-2009 08:43 AM

Quote:

Originally Posted by cardude (Post 783860)
I locked with Wells at that same rate, but the approval is taking longer than expected and still not done. They recently asked for my company tax return, which I thought was stupid and told them so, then gave it to them because I need the loan. Swallow pride. Get loan.

They told me refi's are taking about 60 days and they gaurantee the rate for 90 days.

Elderdude 02-15-2009 02:04 PM

Well then, I guess there is still hope for our refi with Wells Fargo. We are a little shy of 60 days. We applied around Christmas. Mortgage broker keeps apologizing for the long delay but doesn't give us any probable time table.


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