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Old 05-30-2013, 12:01 PM
 
Location: NYC
241 posts, read 734,425 times
Reputation: 114

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Quote:
Originally Posted by CuriousGeorge13 View Post
Hmm, I'm no expert, but I had my rate locked about 6 weeks ago at 3.5%. What would your rate be if you locked in today?
We are refinancing and locked in this rate. Rates are over 4 now. Good luck. Not all of us are mean idiots lol.
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Old 05-30-2013, 12:10 PM
 
238 posts, read 1,961,031 times
Reputation: 143
Quote:
Originally Posted by UpIslander View Post
We are refinancing and locked in this rate. Rates are over 4 now. Good luck. Not all of us are mean idiots lol.
I'm a mean idiot?
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Old 05-30-2013, 05:37 PM
 
429 posts, read 856,149 times
Reputation: 315
Nevermind - I got my answer (thanks, google!).

I'm officially under contract as of tomorrow and closing is on or around July 13th. I wonder when we'll be able to lock in a rate :-\
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Old 05-30-2013, 05:47 PM
 
Location: Long Island
9,934 posts, read 23,220,471 times
Reputation: 5914
Quote:
Originally Posted by csteen85 View Post
Nevermind - I got my answer (thanks, google!).

I'm officially under contract as of tomorrow and closing is on or around July 13th. I wonder when we'll be able to lock in a rate :-\

Congratulations!
When you submit your completed application, you can lock in the rate.
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Old 05-30-2013, 07:21 PM
 
63 posts, read 223,311 times
Reputation: 25
To the OP: We are in your situation. We are now in contract and locked in our 30 yr fixed conventional at 3.625% right away. I watched interest rates inch up since the beginning of May and felt if we didn't act quickly rates would be at 4% or higher. If rates go lower so be it, at least now I have piece of mind. Plus my first house was at 6.25% so this is a huge improvement.
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Old 05-30-2013, 07:43 PM
 
Location: Long Island (chief in S Farmingdale)
22,231 posts, read 19,544,681 times
Reputation: 5331
Quote:
Originally Posted by LIgirl74 View Post
Is the PMI becoming a permanent thing also on conventional loans or just FHA? I'm so relieved I closed my refi on Friday....I have PMI as well but I went conventional, not FHA. I know I looked over my paperwork and it says PMI will go away in like 2021. Not that far away when you think about it. i can't wait to get rid of it. It will free up another $177 per month for us! Yay! Sux about it becoming permanent on some loans. Especially if it's FHA b/c their PMI is so much to begin with!
Its Permanent on FHA. What is on your paperwork would be how long it would take to get to 78% LTV in order to get it removed. However, if homes do rise (which they should albeit not at the boom levels) and/or if you pay down your principal it can be removed sooner
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Old 05-30-2013, 11:15 PM
 
196 posts, read 419,968 times
Reputation: 150
Have GFE in front of me Bethpage charges $525 origination fee, then $600 for appraisal and tax/insurance fees.
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Old 05-31-2013, 05:43 AM
 
429 posts, read 856,149 times
Reputation: 315
Quote:
Originally Posted by Elke Mariotti View Post
Congratulations!
When you submit your completed application, you can lock in the rate.
Thanks! Better get that in as soon as possible!
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Old 05-31-2013, 05:53 AM
 
783 posts, read 1,430,807 times
Reputation: 301
Quote:
Originally Posted by breetai3 View Post
Have GFE in front of me Bethpage charges $525 origination fee, then $600 for appraisal and tax/insurance fees.
Continental charges $1255 origination fee plus $375 loan application fee. Appraisal is slightly lower at $450.
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Old 05-31-2013, 07:53 AM
 
Location: Long Island
9,934 posts, read 23,220,471 times
Reputation: 5914
Here's a link to The Federal Reserve Board's explanation of mortgage settlement costs. It also gives national averages of certain costs:

FRB: A Consumer's Guide to Mortgage Settlement Costs
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