Mortgage rates at all time low

[burntfish]

I just refinanced today for 15 years at 3%. I was coming from a 4.25% so this is a nice chunk of change.

 

[spidey07]

New 15yr record low 2.77%, 30yr ties at 3.49%

http://abcnews.go.com/blogs/business/2012/09/mortgage-rates-match-all-time-low/

 

[sjwaste]

Wow. We're on a 30 year at 4%. I might refi us to a 15 year. Sub-3% is seriously going to beat inflation in the long run.

 

[spidey07]

Wow. We're on a 30 year at 4%. I might refi us to a 15 year. Sub-3% is seriously going to beat inflation in the long run.

Take the 30 year, take the free money. Make your money make more money for you.

 

[Red Squirrel]

Speaking of mortgages I just blended in my 17k credit line into mine. I increased the payment a bit, so I'll be sitting at the same amortization. Once the process goes through I'll then do an extra payment increase to bring myself even more ahead (could not do it in one shot since I wanted the option to be able to decrease the payment if I want to). Due to the house value going up over the past 3-4 years since I bought it, and the extra money I've been putting in, I had like 30k of equity to dip into. It was tempting to take an extra couple grand to build myself a new server or buy a laptop, but I rather save up normally for stuff like that. It will be a relief to see that credit line at zero again though. Just need to go sign something once it goes through. The banker told me I was doing quite well for myself actually. Always nice to hear.

Definitely something to look into for those that have an expense such as major renovations. Save a lot on interest that way.

 

[OCGuy]

Just closed my first refinance for an ATOTer, went pretty smooth. 27 days or so.

Anyone who hasn't taken advantage of either a conventional or Streamline (FHA) refi in this market must hate money.

 

[NetWareHead]

Just closed my first refinance for an ATOTer, went pretty smooth.

Anyone who hasn't taken advantage of either a conventional or Streamline (FHA) refi in this market must hate money.

Who did you use?

 

[SunnyD]

Just closed my first refinance for an ATOTer, went pretty smooth.

Anyone who hasn't taken advantage of either a conventional or Streamline (FHA) refi in this market must hate money.

For me to refi would cost me more money per month than I'd save thanks to PMI, even though I'm currently at 4.25%.

Figure that out.

 

[gorcorps]

I'm kind of looking at buying my own house fairly soon. I'm a single guy making a touch >$70k in the midwest. For those who know, what kind of downpayment would I need to qualify for a decent rate? I was looking at the 130-180k range.

 

[sdifox]

I'm kind of looking at buying my own house fairly soon. I'm a single guy making a touch >$70k in the midwest. For those who know, what kind of downpayment would I need to qualify for a decent rate? I was looking at the 130-180k range.

20%

 

[OOBradm]

I'm kind of looking at buying my own house fairly soon. I'm a single guy making a touch >$70k in the midwest. For those who know, what kind of downpayment would I need to qualify for a decent rate? I was looking at the 130-180k range.

Im in a similar life situation as you. just bought a house in July. Got a 3.5% FHA loan with only 5% down.

 

[OCGuy]

Who did you use?

I'm the one that a member used.

I'm kind of looking at buying my own house fairly soon. I'm a single guy making a touch >$70k in the midwest. For those who know, what kind of downpayment would I need to qualify for a decent rate? I was looking at the 130-180k range.

You can get a great rate with 3.5% down, but there is monthly and up-front MI. To avoid monthly MI, you have to put at least 5% down and qualify for a conventional loan instead of FHA, but 10% down is preferred in that scenario.

There is still MI if you put only 10% down, but rates are so good right now that I am able to buy out the MI for borrowers in one lump sum, so they never even realize they have a MI policy, because they don't pay for it monthly.

For me to refi would cost me more money per month than I'd save thanks to PMI, even though I'm currently at 4.25%.

Figure that out.

When did you refinance into the 4.25%? Do you have MI now? What do you think your Loan to Value is currently? How big of a loan is it?

 

[thing1thing2]

Has rates inched back up, I missed when the 15yr rates dipped below 3%, currently we're at 3.25% which is not too bad, but hitting 2.75% would be sweet.

 

[NetWareHead]

I'm the one that a member used.

Not sure what you mean. Do you have a company name that I could research or call to get a quote?

I'm dealing with another company to refinance a a mortgage on an investment property I own and the rate I'm being offered is 3.625% for a 30 year mortgage, $3300 in closing fees. Trying to shop around a bit more...

 

[Vdubchaos]

Has rates inched back up, I missed when the 15yr rates dipped below 3%, currently we're at 3.25% which is not too bad, but hitting 2.75% would be sweet.

Wouldn't make too much sense to switch....wait until at least .75/1% difference.

 

[thing1thing2]

Wouldn't make too much sense to switch....wait until at least .75/1% difference.

I just refi'd 6months ago, I thought the general rule was that if it's >0.5% it's worth it? We're doing the no pt./no cost refi, so it's no really costing us anything refi (slightly higher interest rate) unless I'm missing something.

 

[overst33r]

Im in a similar life situation as you. just bought a house in July. Got a 3.5% FHA loan with only 5% down.

Any reason you chose FHA over conventional?

 

[marmasatt]

Any reason you chose FHA over conventional?

Well I don't know if this is his reason but I just found out that going w/ FHA you don't have do PMI again if you don't quite have the equity you used to.

 

[jagec]

I just refi'd 6months ago, I thought the general rule was that if it's >0.5% it's worth it? We're doing the no pt./no cost refi, so it's no really costing us anything refi (slightly higher interest rate) unless I'm missing something.

Those are rules of thumb...but really you have to run the numbers in every case to see if it makes sense.

 

[overst33r]

Well I don't know if this is his reason but I just found out that going w/ FHA you don't have do PMI again if you don't quite have the equity you used to.

It sounds like your scenario is for refinancing? Correct me if I'm mistaken.

 

[OCGuy]

Has rates inched back up, I missed when the 15yr rates dipped below 3%, currently we're at 3.25% which is not too bad, but hitting 2.75% would be sweet.

Below 3% is easily do-able unless you are at an extremely high LTV and poor credit. I am commonly writing 15 year loans in California at 2.875 or less.

 

[OCGuy]

Not sure what you mean. Do you have a company name that I could research or call to get a quote?

I'm dealing with another company to refinance a a mortgage on an investment property I own and the rate I'm being offered is 3.625% for a 30 year mortgage, $3300 in closing fees. Trying to shop around a bit more...

Unless you are in California I can't help you (we do out of state loans but I personally don't). If you are in CA then PM me and I can send you the BBB info for my company.

But honestly that rate and fees on an investment property is not bad. Investment property off the bat takes a 1.75-2% hit in rebate (what the bank pays the person doing your loan for finding you). If you have under 720 credit or a > 60% LTV, it gets even worse.

I just refi'd 6months ago, I thought the general rule was that if it's >0.5% it's worth it? We're doing the no pt./no cost refi, so it's no really costing us anything refi (slightly higher interest rate) unless I'm missing something.

If it is worth it or not is dependent on the loan amount. On a $150,000 loan, not so much. On a $350,000+ loan, .5% can be a good savings.

 

[OCGuy]

Well I don't know if this is his reason but I just found out that going w/ FHA you don't have do PMI again if you don't quite have the equity you used to.

What you are talking about is if you have a FHA loan that was endorsed by FHA before June, 2009.

If that is the case, you can streamline refinance without an appraisal (which you can with FHA no matter what), but you get a special waiver for MI where the upfront is only .01% (basically nothing), and the monthly rate you get to keep at .55% annual.

Any FHA loans endorsed after that date are subject to the new MI rates of 1.75% upfront and 1.2-1.25% annually. The problem with this is that for most people even dropping the rate a whole point does not benefit them much, because the new higher MI rates cancel out the Principal and Interest savings.

 

[MrScott81]

Just closed at 3.625% for a 30 year fixed "high balance" loan (not sure if that's the same as jumbo). We put 20% down and paid $5200 in closing costs, but most of the closing costs were partial months interest, prepaid property taxes and home owners insurance. I think I got a good deal, but not 100% sure

 

[spidey07]

Just closed at 3.625% for a 30 year fixed "high balance" loan (not sure if that's the same as jumbo). We put 20% down and paid $5200 in closing costs, but most of the closing costs were partial months interest, prepaid property taxes and home owners insurance. I think I got a good deal, but not 100% sure

Look to see if it's a "non-conforming" loan (of which jumbo is). The rate difference between those and regular has been slim.

With rates this low and housing prices on the rise one would be a fool not to mortgage as much as they can for 30 years. Even if it's a very minor rate increase for non-conforming loans.