![]() |
Refi Now, Or Wait?
What does the braintrust think? My bank has offered to refinance my 20-fixed at 5.75% down to 5%, it would save me about $120/month. Fee is $700. It's a total no-brainer, but I'll wait if rates are projected to drop further. Anyone have an informed opinion?
|
I just got 4.875 fixed on a 20 with no points. Closing cost were $250. My bank will always refi for $250. If you are new it is $450. I went from a 30 year to a 20 year for about $50 month. I looked into this a few days ago and decided that I would do it if they went below 5%. On Tuesday the best I could get w/0 points was 5.25 and the next morning (Wed) they emailed me with the 4.875 and she said to jump on it and I did. Im pretty happy about it. Even if they go down a bit I can refi fr cheap or just sit tight. When you get much under 5% the difference isnt that huge.
Disclaimer, Im a financial idiot........ |
Damn, I thought I was getting a good deal for $750. At least I don't pay PMI.
|
$750 is good!
|
take it. the skipped payment will pay for that. it really is a good deal.
|
I just locked a 30yr fixed 4.99% rate with no points, and the bank fee is $199, but the total cost is ~$2,400 rolled in the new mortgage. Saving over $300/month, I break even in eight months. When you guys talks about $250-$750 closing costs, is that absolutely all it costs you? From this perspective, I am paying a lot, but I am in NJ, and got several similar quotes.
|
You get 5% interest FIXED for 20 years? That's virtually free money!
|
Quote:
|
Just skip 3 months payment, then ask for a government bailout. They'll let you stay in your house for a lot less than you owe on it. Seems it works for everyone else, especially on Wall Street! ;)
|
Check web sites too. Every day.
Just closed on a Web Only ("For a Few Hours Today") special through Wells Fargo, got 4.75 fixed for 30 years. No pts. |
I called my current mortgage co - the late Washington Mutual - and the ESL dropout I ended up with in the call queue quoted me 5.5/30-year and 4.75/15-year I'd also have to pay a $300 app fee up-front with a credit card.
|
everyone just do it when it makes sense.
By the time you realize it's a good deal it's too late. The indices aren't following historic tracking methods. If it's a free loan you can always refi again if it goes down, not like your balance is going up. rjp |
Check bankrate.com for a 15 year fixed. You can get 4.5% and save a bundle !
|
Don't go back to a 30 year, you'll begin paying lots of interest again. You pay interest at the beginning of the loan, and principal at the end. If you have say a 30 with 25 left to go, go with a 20 or 25. Otherwise, you'll just be paying lots of interest.
|
Can you guys name some banks here?
|
Quote:
|
The $700 fee is made-up, kinda like when you go to a car rental place and they tell you how much the "upgrades"are. They are just trying to get what they think they can.
Tell them you will pay $200 and they just make take you up on it or at least give you a counteroffer. |
afai know, jumbos are a different game getting a lower rate?
can anyone comment? right now I'm in at 6.75% 30year. I got the mortgage this past summer when banks were tighter than a crabs ass and that's water tight. |
I believe the current limit for 'conforming' loans is $625,000. Rates for jumbos are a least a point higher.
|
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 |
Quote:
|
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? |
Quote:
|
Quote:
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. |
Quote:
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!? |
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.' |
Quote:
When did you get your jumbo loan? They just changed these numbers last year. |
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.
|
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.
|
pulled the trigger today as well. 15 year fixed at 4.375% with .25 points. Too good to pass up.
|
Quote:
rjp |
Started the process today, 25-30 years $200k loan, good credit, no points, 5%
20 years 4.875% |
Quote:
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. |
Quote:
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% ? |
Quote:
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. |
All times are GMT -8. The time now is 05:44 PM. |
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2025, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2025 Pelican Parts, LLC - Posts may be archived for display on the Pelican Parts Website