Originally posted by: Capt Caveman
Originally posted by: JS80
Is the 20% down payment pretty much a set thing? i.e. are there no more 5-10% down loans that exist anymore?
Probably but at higher rates.
Originally posted by: Adul
my and the gf are thinking of the FHA streamline refi. This would drop our interest from 6.35 to something lower
I'll look into IndyMac. With fees being $1000 and my savings in interest being $100 a month for 10 months, they cancel and there would be no reason to refinance. But, if there were no fees, then I'd save a grand. That is why I want a no fee refinance. Heck, most of those fees are so worthless. Yeah, lets pay $300 for a title insurance policy that says there are no leins against the house when I ALREADY have a $300 title insurance policy that says the same thing. Title insurance for refinances is such a ripoff. Same goes with many of the other refinance fees.Originally posted by: Capt Caveman
In the FW thread/link, someone has mentioned that IndyMac does but no one has a link to it.
You could always refinance and take just enough extra out to cover the fees. That's what I'm doing.
Originally posted by: Descartes
I just locked in at 4.875% last Friday. With the recent developments, I'm going to hold off for a few and see if I can get even lower. I'll end up saving upwards of $1000/mo if I can refinance at a lower rate.
Originally posted by: dullard
I'll look into IndyMac. With fees being $1000 and my savings in interest being $100 a month for 10 months, they cancel and there would be no reason to refinance. But, if there were no fees, then I'd save a grand. That is why I want a no fee refinance. Heck, most of those fees are so worthless. Yeah, lets pay $300 for a title insurance policy that says there are no leins against the house when I ALREADY have a $300 title insurance policy that says the same thing. Title insurance for refinances is such a ripoff. Same goes with many of the other refinance fees.Originally posted by: Capt Caveman
In the FW thread/link, someone has mentioned that IndyMac does but no one has a link to it.
You could always refinance and take just enough extra out to cover the fees. That's what I'm doing.
Originally posted by: Capt Caveman
Yes, I'm looking into it. Though I have heard rumors of the Government implementing a 4.5% 30 year fixed mortgage product in the near future.
Originally posted by: Marlin1975
Originally posted by: dullard
I'll look into IndyMac. With fees being $1000 and my savings in interest being $100 a month for 10 months, they cancel and there would be no reason to refinance. But, if there were no fees, then I'd save a grand. That is why I want a no fee refinance. Heck, most of those fees are so worthless. Yeah, lets pay $300 for a title insurance policy that says there are no leins against the house when I ALREADY have a $300 title insurance policy that says the same thing. Title insurance for refinances is such a ripoff. Same goes with many of the other refinance fees.Originally posted by: Capt Caveman
In the FW thread/link, someone has mentioned that IndyMac does but no one has a link to it.
You could always refinance and take just enough extra out to cover the fees. That's what I'm doing.
There is no such thing as a no-fee loan of any type. Its liek the "free lunch". Soemone has to pay for it. With a no cost Mortgage you just get a higher % rate and/or get negative points (cash out) to cover the cost.
Right now it looke like a "no cost" mortgage should come in around 5.5%. For me that would cut $200 off a month. But we will just pay the old number for the first year to make up the difference.
Originally posted by: spidey07
Careful with refinancing guys. You reset your amortization tables when you do so that money you think you saved each month is actually costing you more money depending on how long you plan on staying in the house.
Originally posted by: GrantMeThePower
i just got off the phone with a mortage broker and he said the best he cna get is a 5% with 3000 in fees, which would drop my monthly payments down 500 per month. SHould i hold off or look somewhere else or is this a good deal?
Originally posted by: PingSpike
Originally posted by: spidey07
Careful with refinancing guys. You reset your amortization tables when you do so that money you think you saved each month is actually costing you more money depending on how long you plan on staying in the house.
Can't you just change the loan length from 30 to say 28 or whatever years?
Originally posted by: LordSnailz
Originally posted by: PingSpike
Originally posted by: spidey07
Careful with refinancing guys. You reset your amortization tables when you do so that money you think you saved each month is actually costing you more money depending on how long you plan on staying in the house.
Can't you just change the loan length from 30 to say 28 or whatever years?
bump - I was thinking the same thing, the only issue with that is whether they have 28yr. loans or the 'good' interest rate loans on limited to the standard 30yr, 20yr, and 15yr. fixed.
anyone know?
Originally posted by: Descartes
Guys...
JP Morgan is now offering 4.875% with no points. This is a 30 year fixed. Your credit must be > 720 (FICO I'm assuming?) and you must have 10% equity.
This is from my neighbor, so if you want a reference let me know and I'll pass it on. I would imagine this is for all of JP Morgan though.
As I said earlier, I'm holding out for a little better, but so far I'm locked in a refi at 4.875% and dropping my payment by hundreds of dollars a month.