Refi Now, Or Wait?

[ikarcuaso]

Originally Posted by RoninLB

It better be lower for the lower style mortgage.

I'm in for a $550k mortgage as a jumbo.

My bride manages this crap so my numbers may be a tad off. I'll check when I take her to the Good & Plenty choo choo in the am.

We did have to pay the higher rate. That much I know.

thx

Conforming limits up to $625k apply only to 59 designated high-cost areas, but your area appears covered. Based on that, you s/b able to save a large chunk on you monthly. I'd start by checking with a lender to see what's avail to you.

[widebody911]

I found 4.99 through quickenloans.com - thinking about pulling the trigger.

I was doing some research, and it seems that since I only owe $132k, my loan is 'non-conforming' which seems to make things difficult - WTF?

[Aurel]

Originally Posted by widebody911

I found 4.99 through quickenloans.com - thinking about pulling the trigger.

I was doing some research, and it seems that since I only owe $132k, my loan is 'non-conforming' which seems to make things difficult - WTF?

Huh, are you sure? Usually, non-conforming is when the loan amount is higher than $417,000, not too little...Unless your LTV ratio is upside down maybe?

[widebody911]

Originally Posted by Aurel

Huh, are you sure? Usually, non-conforming is when the loan amount is higher than $417,000, not too little...Unless your LTV ratio is upside down maybe?

http://www.bankrate.com/brm/rate/mtgRsearch_product.asp?params=132000.00,CA,54&refi=1&product=0&pct=0&points=6

NOTE: The amount you have entered is below $165,000, the minimum amount for a conventional loan (for definitions, use our glossary). The quote that you are about to see is based on a loan amount within the range of $165,000 to $474,950. Since the amount you have entered is not within that range, the rates, points, fees and terms of your loan may vary from those quoted. Please call the lenders directly to discuss available options and details.

[therotman]

Originally Posted by widebody911

http://www.bankrate.com/brm/rate/mtgRsearch_product.asp?params=132000.00,CA,54&refi=1&product=0&pct=0&points=6

NOTE: The amount you have entered is below $165,000, the minimum amount for a conventional loan (for definitions, use our glossary). The quote that you are about to see is based on a loan amount within the range of $165,000 to $474,950. Since the amount you have entered is not within that range, the rates, points, fees and terms of your loan may vary from those quoted. Please call the lenders directly to discuss available options and details.

That's just guidelines for that lender then- fannie mae would still purchase the loan and consider it conforming.

Some lenders don't like to give out small first mortgages, although I usually see the minimum amount at $100k



I haven't had a job or seen any loans since 2007 though so what do i know!?

[rexav8r]

Neilk: Like Ronin, the spousal unit is the one who does all this stuff, she's very good and more importantly, she's got the opportunity to take the time it needs.

(Me, I'd just be surfing Porsche for sale ads)

Like I said. She was keeping a close watch on several sites, Navy Federal Credit Union and Wells Fargo were two of them. She found the 4.75 as a web-only special listed as 'for a few hours today, contact your agent and lock in this rate.'

[therotman]

Originally Posted by RoninLB

It better be lower for the lower style mortgage.

I'm in for a $550k mortgage as a jumbo.

My bride manages this crap so my numbers may be a tad off. I'll check when I take her to the Good & Plenty choo choo in the am.

We did have to pay the higher rate. That much I know.

thx

When did you get your jumbo loan? They just changed these numbers last year.

[turbo6bar]

Penny pinchers, take it while the gettin's good. On $200k in principal, going from 5% to 4.75% equals monthly savings of $30. Rates are being pushed lower by artificial forces. Those forces can go away as quickly as they emerged.

[onewhippedpuppy]

Thanks for the advice guys, they're prepping the papers now. 20 year fixed at 5%, too good to pass up. I won't complain about an extra $130/month.

[krichard]

pulled the trigger today as well. 15 year fixed at 4.375% with .25 points. Too good to pass up.

[RANDY P]

Originally Posted by widebody911

http://www.bankrate.com/brm/rate/mtgRsearch_product.asp?params=132000.00,CA,54&refi=1&product=0&pct=0&points=6

NOTE: The amount you have entered is below $165,000, the minimum amount for a conventional loan (for definitions, use our glossary). The quote that you are about to see is based on a loan amount within the range of $165,000 to $474,950. Since the amount you have entered is not within that range, the rates, points, fees and terms of your loan may vary from those quoted. Please call the lenders directly to discuss available options and details.

LOL. Just a reason to charge you more. The loan is so small they can't make any money..

rjp

[gr8fl4porsche]

Started the process today, 25-30 years $200k loan, good credit, no points, 5%

20 years 4.875%

[RoninLB]

Originally Posted by ikarcuaso

Conforming limits up to $625k apply only to 59 designated high-cost areas, but your area appears covered.

from your site
"The exceptions are properties in Alaska, Hawaii, Guam, and the Virgin Islands, where that range is 50 percent higher ($625,500 to $938,250). The 2009
conforming loan limit of $417,000 is in place everywhere else. Loan limits for 2-4 unit properties are proportional to the 1-unit limit.

well the $625k is the max amount of their loan, not the conventional loan limit.

thx anyway.




So far I've found the jumbos down a little but still over 6%. I'm in at 6.75%

the bride also said that the new mortgage paperwork is like that at initial closing.. meaning lawyers etc and fees around $2,500.

[RoninLB]

Originally Posted by therotman

"I'm in for a $550k mortgage as a jumbo."

When did you get your jumbo loan? They just changed these numbers last year.

Around June of 2008 was when the 90 day contract started. The $417k conforming loan was raised from about $410k


I may be stuck with 6.75% ?

[ikarcuaso]

Originally Posted by RoninLB

from your site
well the $625k is the max amount of their loan, not the conventional loan limit.

$625k is the max for a conforming loan in your area (is that the same as "conventional"?)

If you refi $550k, you s/b able to do it as a conforming loan, not a jumbo loan. On bankrate.com, they show a 30-year fixed conforming loan at 5.13%

I've been shopping myself. Depending if I want to pay points (and how many) or not, I could get a 30-year $500K+ loan below 5.00% fixed.