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Old 03-17-2009, 07:57 PM
 
Location: Charlotte, NC
7,041 posts, read 13,106,172 times
Reputation: 2323

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Quote:
Originally Posted by Hoagie58 View Post
We closed yesterday with 5/3rd @ 5.25%, 30 year fixed with no points. We paid $2800 OOP @ closing.

Chicago- great advice! However, a mortgage inquiry is unlikely to lower your credit score much, and all related pulls in 30 days are counted as just 1 pull. Also, most banks will offer their best rates to anyone with a 740 or higher- frankly, I'd be surprised if there were more than 4 or 5 people on this board with a score above 800.
Hoagie, it depends. Sometimes, I see credit scores impacted by 50-75 points by one mortgage pull. Supposedly, the rule that all related pulls in 30 days are counted as one...but, I have seen a lot of contrary information when reviewing credit reports at work.

At work, our "great" rates start at an 800 credit score. Anything below 750 is considered suspicious and requiring an extra-hard look. Below 700 and it is pretty much a decline....(unless there are some serious mitigating factors)....
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Old 03-17-2009, 08:05 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,641,651 times
Reputation: 3690
Locked today w/Wachovia (WF?) at 4.75 fixed / 4.924 APR. 30 yr no points.

Did a float down option (expect to close in 45 days). If the rate is lower during the 10 days prior to closing, I have the option to lower.

Application fees were $110, appraisal $375, & float down was $300....all costs will be credited to closing if I don't back out..Closing costs (which I'm rolling into the the note) are approx $3k. The refi won't pay for itself until approx 1 1/2 yrs for me...a very good deal I thought I got...
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Old 03-18-2009, 08:49 AM
 
Location: Charlotte, NC
7,041 posts, read 13,106,172 times
Reputation: 2323
Quote:
Originally Posted by CouponJack View Post
Locked today w/Wachovia (WF?) at 4.75 fixed / 4.924 APR. 30 yr no points.

Did a float down option (expect to close in 45 days). If the rate is lower during the 10 days prior to closing, I have the option to lower.

Application fees were $110, appraisal $375, & float down was $300....all costs will be credited to closing if I don't back out..Closing costs (which I'm rolling into the the note) are approx $3k. The refi won't pay for itself until approx 1 1/2 yrs for me...a very good deal I thought I got...
Very good deal!
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Old 03-18-2009, 07:30 PM
 
Location: livin' the good life
2,147 posts, read 3,660,180 times
Reputation: 1238
Per this article mortgage rates likely to fall on Federal Reserves actions.
The Fed's plan to buy up to $300 billion of long-term government bonds and $750 billion in additional mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac, should benefit many -- but not all -- borrowers.
It's likely to produce a big drop in mortgage rates. Analysts expect rates will fall 0.25 to 0.5 percentage points as soon as Thursday.

Mortgage rates likely to sink on Federal Reserve's actions - Business – cleveland.com

Looks like good time to refi....
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Old 03-18-2009, 08:32 PM
 
469 posts, read 876,285 times
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Lightbulb Don't "reset" your loan term!

One might find it tempting to refi into another 30 year loan, but . . . 30 more years?! Since the new rates are lower, why not get a 15 year loan? This would be especially true if the current loan has already been paid for many years.
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Old 03-18-2009, 08:39 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,641,651 times
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Quote:
Originally Posted by Oldsmobile View Post
Since the new rates are lower, why not get a 15 year loan? .
Very easy to answer.

30 yr gives you the flexibility a 15yr can't. Say you run into rough times and have trouble paying your mortgage. A 30 yr will bail you out w/a smaller payment.

If you wan't to do a 15yr, I'd suggest a 30yr note and pay a month's worth of principal extra every year...! That will shorten the duration of your 30 yr mortgage and still you'll have the flexibility....!
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Old 03-18-2009, 08:40 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,641,651 times
Reputation: 3690
Quote:
Originally Posted by ZnGuy View Post
Per this article mortgage rates likely to fall on Federal Reserves actions.
The Fed's plan to buy up to $300 billion of long-term government bonds and $750 billion in additional mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac, should benefit many -- but not all -- borrowers.
It's likely to produce a big drop in mortgage rates. Analysts expect rates will fall 0.25 to 0.5 percentage points as soon as Thursday.

Mortgage rates likely to sink on Federal Reserve's actions - Business – cleveland.com

Looks like good time to refi....
I can't believe it. I just checked Wachovia's site and it dropped 25 basis points today (since I locked yesterday...)

Well, hopefully I can put the "float down" to good use....
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Old 03-19-2009, 04:38 AM
 
7,105 posts, read 9,701,079 times
Reputation: 2564
Default Lenders

Are there any plans by the FICO scoring system to change how they score a foreclosure, short sale, walk away.Will they score these differently? How will these various senarios affect a person's score?
Does the gub plan on altering the system (short term?) during the credit crisis?
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Old 03-19-2009, 04:40 AM
 
7,105 posts, read 9,701,079 times
Reputation: 2564
Default float down

CJ--what are the mechanics of a "float down" and how is the cost determined?
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Old 03-19-2009, 04:42 AM
 
Location: Charlotte, NC
7,041 posts, read 13,106,172 times
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Quote:
Originally Posted by johne482 View Post
Are there any plans by the FICO scoring system to change how they score a foreclosure, short sale, walk away.Will they score these differently? How will these various senarios affect a person's score?
Does the gub plan on altering the system (short term?) during the credit crisis?
John, I read something about that, but, I don't know that it is a hard/fast rule yet. I know at my place of employment, any foreclosure in the past 4 years is an automatic decline. (today). Heck, ONE 30 day late in the last 4 years requires an explanation!!
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