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5.625 would be very hard to get....that's putting AT least 20% down with most lenders....or at least 5% with some.
You will need a 720+ score....
And you will need to provide full documentation including a DNA sample!
You may receive a higher rate if it's cashout..depends on the LoanToValue.
Quote:
Originally Posted by vpcats
Banker you sound like a pretty smart guy (I've seen a lot of your other posts).
I was going to post a question very, very similar to JCO's (Hi JCO!!!).
so.....I currently have 5.625, 30 yr fixed, which I've had for 5 years.
I was thinking about whether refinancing, even with my own current lender (Countrywide), was worth doing at all.
The only thing I could see worthwhile might be getting some cash out (for a nice vacation maybe) but otherwise ????? is there any benefit????
Oh... I could document until they are blue in the face and over 800 credit score. Would that get me any lower than the 5.625?
That's good to know JCO.
I've had so many other problems with them recently because I changed homeowner carriers. They went and paid the regular one when they received the renewal notice (escrowed) despite the fact that I told them not to pay and then I sent them the new policy. Now they've paid the new carrier TWICE! So I'm waiting for a refund check from #1 to endorse to Countrywide for them to take out the payment for new #2, and to send me the difference. I'd like to know what they heck they plan to do about the duplicate payment.
In the meantime, they just upped my payments, effective February by about $500.00. I gave them hell, with no return trip, on the phone yesterday.
Location: Lots of sun and palm trees with occasional hurricane :)
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No I'm fixed. Have been for 5 years. The mortgage that is. :-)))
Payments will go up because they paid the HOI (@$5643) and then they paid the 2nd HOI carrier that I switched to TWICE. So, in essence they have paid homeowner's insurance for me (from escrow) three times for this next renewal period.
Yeah, they were very fast to send me a new statement with my new payments due to my escrow shortage but they can't fix their own screw ups.
If anything my payments will be going down about $300/mth because I've gone from $6489 HOI premium to $5643 to now $2427. I'm in Florida remember.
Location: Lots of sun and palm trees with occasional hurricane :)
8,293 posts, read 16,160,105 times
Reputation: 7018
Quote:
Originally Posted by banker0679
5.625 would be very hard to get....that's putting AT least 20% down with most lenders....or at least 5% with some.
You will need a 720+ score....
And you will need to provide full documentation including a DNA sample!
You may receive a higher rate if it's cashout..depends on the LoanToValue.
Well, I haven't done any new appraisals on this house but even with the prices coming down, because of where I am (location), not the greatest but extremely close to very good commuting options and shopping and all that.....I probably have at least 50% equity and my FICO is excellent.
But I guess I should leave well enough alone for now eh?
That's good to know JCO.
I've had so many other problems with them recently because I changed homeowner carriers. They went and paid the regular one when they received the renewal notice (escrowed) despite the fact that I told them not to pay and then I sent them the new policy. Now they've paid the new carrier TWICE! So I'm waiting for a refund check from #1 to endorse to Countrywide for them to take out the payment for new #2, and to send me the difference. I'd like to know what they heck they plan to do about the duplicate payment.
In the meantime, they just upped my payments, effective February by about $500.00. I gave them hell, with no return trip, on the phone yesterday.
Our Mortgage just went down starting in Jan $150.It was done because we would have to much money in our escrow acc't.Pleasant surprise.
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