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Old 01-29-2008, 12:37 PM
 
Location: New York, Westchester
506 posts, read 2,002,483 times
Reputation: 232

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I am thinking about re-financing a couple of property' s so I have been watching the market very closely lately. Well when I contact the banks to check their rates they kept me on hold for 20-40 Min's each, just to let me know that they are to busy now and someone will call you back in 1-3 business days....They won,t even give me the rates ?????????????? Well I guess this all has to do with all the lay-offs in the mortgage industry...........so beware
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Old 01-29-2008, 12:56 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
no...it has to do with the rates going down.

EVERYONE and their mother is getting a lot of calls from ppl looking to refinance.
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Old 01-29-2008, 01:56 PM
HDL
Status: "Here's to finding common ground" (set 27 days ago)
 
Location: Seek Jesus while He can still be found!
3,090 posts, read 5,853,635 times
Reputation: 8078
Smile Well then renriq02 (and other MB's), what do you suggest that common folks do to find out

what the rates are at 'this minute' just in case they want to refinance to a lower rate and they don't want to miss the BOAT like like week's big plunge below 5% ????

I've got a 'friend' who wants to go from 6% to ~4.5% (or better yet less ) with excellent credit, job stabilty, etc. and do it at NO COST (i.e. streamline and no cash out). They are in Northern CA and looking to do a Jumbo loan (of course )!

I've been 'enlisted' to keep an eye out for rates !!!

Quote:
Originally Posted by renriq02 View Post
no...it has to do with the rates going down.

EVERYONE and their mother is getting a lot of calls from ppl looking to refinance.
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Old 01-29-2008, 02:01 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
4.5%? Looks like you're helping them in the 'long term'.

I love it when someone asks for no closing costs..and the lowest rate possible...

Then I remember Obadiah 1:4
"Though thou exalt thyself as the eagle, and though thou set thy nest among the stars, thence will I bring thee down, saith the LORD."

Rates are 5.375%-5.5% with 1 origination fee with other closing costs.




Quote:
Originally Posted by HDL View Post
what the rates are at 'this minute' just in case they want to refinance to a lower rate and they don't want to miss the BOAT like like week's big plunge below 5% ????

I've got a 'friend' who wants to go from 6% to ~4.5% (or better yet less ) with excellent credit, job stabilty, etc. and do it at NO COST (i.e. streamline and no cash out). They are in Northern CA and looking to do a Jumbo loan (of course )!

I've been 'enlisted' to keep an eye out for rates !!!
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Old 01-29-2008, 02:53 PM
HDL
Status: "Here's to finding common ground" (set 27 days ago)
 
Location: Seek Jesus while He can still be found!
3,090 posts, read 5,853,635 times
Reputation: 8078
Smile What can I say renriq02?????

I'm a GOOD friend and a lot of the people I know think I can walk on water !! Therefore the request to 'locate' this type of deal !!!

Would you like to know what I told them? I said "You should contact your Mortgage Lender friend and let them know to contact you IMMEDIATELY when this type of deal comes up !!!" Then they said to me, "Well, my Mortgage Lender friend had to take another job to support their family and now only does loans on the side !" I thought, well, can't they STILL notify you ???

So, back to my ORIGINAL question Mortgage Lenders and Brokers, etc. : What is the BEST way for the common man/woman to be notified when RATES get to where they want to pull the trigger????

p.s.
Thanks for the scripture verse! Though I am perplexed as to how it pertains to anything, I still love to see God's WORD !!!

BibleGateway.com - Passage*Lookup: Obadiah 1;;


Quote:
Originally Posted by renriq02 View Post
4.5%? Looks like you're helping them in the 'long term'.

I love it when someone asks for no closing costs..and the lowest rate possible...

Then I remember Obadiah 1:4
"Though thou exalt thyself as the eagle, and though thou set thy nest among the stars, thence will I bring thee down, saith the LORD."

Rates are 5.375%-5.5% with 1 origination fee with other closing costs.
Quote:
Originally Posted by HDL View Post
what the rates are at 'this minute' just in case they want to refinance to a lower rate and they don't want to miss the BOAT like like week's big plunge below 5% ????

I've got a 'friend' who wants to go from 6% to ~4.5% (or better yet less ) with excellent credit, job stabilty, etc. and do it at NO COST (i.e. streamline and no cash out). They are in Northern CA and looking to do a Jumbo loan (of course )!

I've been 'enlisted' to keep an eye out for rates !!!
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Old 01-29-2008, 03:01 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
they can speak to a local bank/loan officer.

I'm sure they will notify them if rates go down....
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Old 01-29-2008, 03:09 PM
 
372 posts, read 760,665 times
Reputation: 126
I'm not a mortgage broker, but it sounds like your friend should hire one that's more active than his friend that does it on the side.

When you say no closing cost do you mean 100% no closing cost or no cash out of pocket? I'm sure your friend could get a rate somewhere in the ball park of where they're looking, but they're going to pay points and closing costs. Depending on their LTV ratio, they may be able to roll those costs into their new loan, but they will be paying for those closing costs one way or another.

Just my 0.02.

I just noticed that they're looking for a jumbo loan... Rates are going to have to drop significantly for jumbo to come in at 4.5 with even with points.
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Old 01-29-2008, 03:15 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
Good Catch.....

That would mean that regular conventional would need to be at 4%
When that happens....everyone would be calling her lol
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Old 01-29-2008, 03:18 PM
 
4,542 posts, read 11,542,319 times
Reputation: 3063
Quote:
Originally Posted by DasNootz View Post
I just noticed that they're looking for a jumbo loan... Rates are going to have to drop significantly for jumbo to come in at 4.5 with even with points.
Don't hold your breath!
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Old 01-29-2008, 03:34 PM
 
Location: New York, Westchester
506 posts, read 2,002,483 times
Reputation: 232
Default I called today

No one was refinancing today???????????????????????????????????? so Like I said wait till tommorrow when and if the rates go down you will never get hold of any one............Last week wachovia had the best rate on the 15 and 30 yr fixed rates.....................But if their not going to call you back for 3 days thats no good....................And are you kidding me that the fact that most banks and mortgage company's laid of probably 1/3 of their work force has nothing to do with them not getting back to you for 3 DAYS..........
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