Who's refinancing their mortgage?

[aircooled]

I refi-ed in 2000 at 5.5%. I'm cool till I sell the place.

 

[Adul]

my and the gf are thinking of the FHA streamline refi. This would drop our interest from 6.35 to something lower

 

[JS80]

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.

and the days of zero down mortgages are basically over?

 

[Bulk Beef]

I :heart: my mortgage.

4.25% - 15 year fixed since 2003.

 

[Gunslinger08]

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

That's what I just did. Got 5%.

 

[dullard]

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.

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.

 

[Aharami]

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.

who did you refi with? how much equity do you have in your house?

 

[sdifox]

on variable and since there is very little principal left, I don't really care.

 

[ITJunkie]

refi-ing from a 5.875% 30 yr to a 4.75% 20yr. Hopefully will close just before I lose my job...

 

[Vette73]

Originally posted by: dullard

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.

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.

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.

 

[CPA]

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.

Paulson has already said he won't do that, nor should he.

 

[Aharami]

Originally posted by: Marlin1975

Originally posted by: dullard

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.

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.

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.

true, but a "no fee" loan can come in handy if you're putting down less then 20%. i closed with a BoA no fee loan back in July at 6.5%. BoA paid most of the closing fees and is also not charging me PMI. a regular loan + PMI wouldve cost me more.

 

[ViviTheMage]

our mortgage is only 100k or so now...soo we would have to drop 2% or so to see even a hundred or two in lower monthly.

 

[gordita]

all this refi boom is causing me anxiety... (in a good sense)

currently, I have a
a) 30yr fixed @ 5.875% (got the loan 50 months ago for $102k)and
b) 15 yr fixed @ 7.5%(got the 2nd mortgage 50 months ago for $19k)

today, I owe about $103.5k combined for both loans and my equity is > than 25%.
I wonder if i should refi.
my credit union quoted a 5.625% for 15yr fixed with no closing cost.
I am in NY so I think I still have to pay mortgage tax and perhaps title insurance?? even though the online quote shows that I would owe about $750 for tax + odd days interest only, no mention of title insurance)

trouble is, we don't intend to live in the house for more than 2 yrs but if we both continue working (new born on the way) and stay put in the same area, I would be very inclined to continue owing this house and become a renter....
so i'm not sure if I should refi from the current blended 6.14% to this 15yr fixed 5.625% or wait till I get an even better rate.

any suggestions....or should I just not worry about these small drops and continue on with my life...
one last thing, is it true that all lenders/brokers will run a credit check on me before quoting their best rates?
I don't mind them doing this but was wondering what effect it would have on my score?

currently, my fico is about 760 and my wife's is 800 and we have 0 debt with annual HHI > cost of the house.

another option that I did not think about earlier but this thread helped me with is about going with a traditional penfed 15yr fixed with closing cost but I can take the costs and just roll it into the mortgage? or refi with cash out and pay closing costs out of that cash out.

essentially, I want to pay as close to $0 as possible while refinancing and get a 15yr or even a 30yr fixed

ofcourse, one reason to go with my local credit union is that now I would have only 1 mortgage (instead of two) to deal with and it will be linked to my checking/savings account so I can transfer $$$ into my mortgage as and when I feel like.
currently, with my 2nd mortgage, i'm unable to do this. everytime I want to add to principal, I have to send a check to them via snail mail from NY to CA. in this day and age, it's almost ludicrous!

any suggestions?

 

[Aharami]

just got off the phone with BoA. they're saying I'd have to reach 80% of appraised value for me to not pay PMI (refis are not no-fee). they are saying my house was appraised for 313K. I bought it for 280K. the guy just basically told me it doesnt make sense to refi right now.

<-- Confused

edit. i get what he was saying. since i'd have to have to owe less then 80% of appraised value to not pay PMI, and I owe about 252K right now, house would have to be appraised for 315K (which is not happening) for it to make sense to refi...

 

[Linflas]

If by some miracle they get down to 4% then I will definitely do it since VA streamline re-fi's are quick and painless.

 

[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?

 

[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?

 

[mrrman]

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?

As long as the savings out weigh the penalty...then go for it....if you feel that its worth it. I just contacted my broker to

 

[Kelvrick]

That 4.5% package sounds pretty sweet. Was going to put off buying a home until spring time but may have to do it in the middle of my tax season if it goes through.

If I can get that with a 3% down with an FHA loan, I can keep my savings in tact as well.

 

[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?

 

[Capt Caveman]

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?

The terms are standardized (30, 20, 15, etc) for selling on the secondary markets.

 

[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.

 

[Capt Caveman]

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.

That's what I locked in earlier today. You can also relock for free once before closing. The closing costs are $1.5k. My broker locked in himself today. Rates at IndyMac went up from 4.5 to 4.75 later in the day. Rates might tick up tomorrow overall for all of the banks.

If anybody in MA is interested, I can forward you contact info of my Chase broker.

 

[Aharami]

Ive been talking with a guy from Chase, he just sent me a good faith estimate. closing costs are much higher than 1.5K for me
Non Refundable Application Fee 395.00
Processing Fee 300.00
Underwriting Fee 295.00
Courier Fee-Prepaid 50.00
Flood Certification LOL
Wiring Fee
Settlement/Closing
Abstract/Title Srch
Title Examination
Title Insurance
Title Policy Endorsement
E-Doc Closing Fee-Settle Agnt
Recording/Filing Fee
3rd Party Courier-Not Prepaid
14.00
50.00
395.00
150.00
150.00
883.00
50.00
50.00
395.00
25.00