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Old 02-12-2009, 09:35 AM
 
Location: Charlotte, NC dreaming of other places
984 posts, read 1,252,273 times
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Did any of you buy or refinanced recently, did you get a rate less than 5%? who did you use? did you pay points? high closing costs? any feed back is really appreciated.
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Old 02-12-2009, 11:52 AM
 
Location: Right where I want to be.
4,508 posts, read 5,474,978 times
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DH inquired at BBT for a refi and was told 4.8ish. Sorry I don't remember all the details but I don't think that was with any points. The closing costs were reasonable but we are set to pay off in less than 5 years so still not worth it for us to pursue.
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Old 02-12-2009, 12:25 PM
 
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4.75 through MetLife Home Loans on a re-fi, no points, with the ability to negotiate a float down if rates went even lower...found that they had consistently lower rates than I was seeing elsewhere. 80% LTV, high 700s credit.

Closing costs are reasonable. Locked this back in Jan, but rates are a bit higher now.
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Old 02-12-2009, 01:29 PM
 
199 posts, read 367,393 times
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Rates will go down, wait.
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Old 02-12-2009, 01:57 PM
 
Location: South Charlotte
1,405 posts, read 3,877,662 times
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Quote:
Originally Posted by lukeb321 View Post
Rates will go down, wait.


Doubtful, they have been trying for a while now. How much lower can they go before investors stop buying them?!
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Old 02-12-2009, 01:57 PM
 
Location: Waxhaw, NC
293 posts, read 636,235 times
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We just refinanced last week. 4.625....no points. Closing fees were very reasonable. We locked in back in early January. The rates have gone up since.
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Old 02-12-2009, 02:00 PM
 
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Bank of A .. Was a builder special through Brentwood.. 4.375 30 yr fixed and they paid all closing costs. I couldn't believe it. But you are going to start seeing builders offer below 4% on specs and new construction very soon if you use their prefferred lender. That is an incredible deal.
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Old 02-12-2009, 03:33 PM
 
7 posts, read 27,555 times
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NACA. 1.25% 30 year fixed. No closing costs.
I did the closing back in april 08, almost a year ago.
NACA interest is 4.75% right now but you can buy down the interest rate (points).
That's what i did to get that 1.25%. (1% of mortgage permanently reduces interest rate by 0.25%)
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Old 02-12-2009, 03:53 PM
 
Location: Fort Mill, SC
1,105 posts, read 3,135,065 times
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How much did you ultimately pay to buy down the points? How long do you think you will be in the house? I thought conventional wisdom was not to buy down points but I don't really understand it myself.

I've been wondering if I should refinance but my situation is different very unique. I'm a widow and I don't work but do have a small morgage and live off of SS and savings. My interest rate is at 5.375. don't know what my credit score would be. It was very good five years ago but I had a small hiccup last year. Totally my fault, not intentional, but a blip just the same. My dad was saying that if I could get it a point lower it would be worth it but other people have said 2 points lower.
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Old 02-12-2009, 03:58 PM
 
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I think they will as well.

We arent' in any real need to refi as our rate is decent right now, but if they come down far enough, we will.

Dawn

Quote:
Originally Posted by lukeb321 View Post
Rates will go down, wait.
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