|
08-07-2010, 04:42 PM
|
|
|
|
207 posts, read 340,245 times
Reputation: 53
|
|
|
With 30 year fixed mortgages at historical lows I need advice on refinancing. I currently have 5.75 30 year and want to take advantage of these low rates. My question is how low of a rate can I get now if I acted immediately, how much should I expect to pay in points and other fees, for it to be considered a "good deal". Anyone recommend a trusted, established, financial institution, preferably national where I can walk away happy with a good deal. Any advice of what to watch out for etc. I have good equity, good credit scores etc.
|
|
08-07-2010, 04:54 PM
|
|
|
|
29,984 posts, read 41,651,537 times
Reputation: 12818
|
|
Quote:
Originally Posted by HotchildintheCity
With 30 year fixed mortgages at historical lows I need advice on refinancing. I currently have 5.75 30 year and want to take advantage of these low rates. My question is how low of a rate can I get now if I acted immediately, how much should I expect to pay in points and other fees, for it to be considered a "good deal". Anyone recommend a trusted, established, financial institution, preferably national where I can walk away happy with a good deal. Any advice of what to watch out for etc. I have good equity, good credit scores etc.
|
You should be contacting your local lending institutions to compare rates and ask those questions of the loan officer as there may be some variance depending on the rate and terms you want.
Personally, rather than paying points on a re-fi I'd put that money toward paying down the principle.
Only you know how much equity you have compared to the current appraisal values in your neighborhood and if you are better off re-financing or saving those fees and working at paying of your entire mortgage more quickly. |
|
08-07-2010, 05:12 PM
|
|
|
|
Location: NC
5,131 posts, read 2,444,357 times
Reputation: 2398
|
|
|
The poster was looking for ballpark figures (my guess) and obviously will talk to a lender when the time is right.
That said, I was offered 4.375 on a 30 this past week. I have excellent credit (750+) and have roughly 55% LTV. This was for a cash-out refi.
I'm waiting on 4% 30s. It feels like its coming.
|
|
08-07-2010, 06:10 PM
|
|
|
|
29,984 posts, read 41,651,537 times
Reputation: 12818
|
|
|
|
|
08-09-2010, 03:19 PM
|
|
|
|
Location: Boise, ID
8,046 posts, read 27,549,244 times
Reputation: 9453
|
|
|
I was offered a 3.75% on a 15 year last week, closing costs were about $3000. That was with Zions Bank. Wells Fargo was almost a half point higher, but closing costs were only about $2500. Credit score in the upper 700s and about 30% equity.
So if you consider a 15 year, that is what is out there.
|
|
08-09-2010, 10:06 PM
|
|
|
|
14 posts, read 25,104 times
Reputation: 12
|
|
Quote:
Originally Posted by tripleh
The poster was looking for ballpark figures (my guess) and obviously will talk to a lender when the time is right.
That said, I was offered 4.375 on a 30 this past week. I have excellent credit (750+) and have roughly 55% LTV. This was for a cash-out refi.
I'm waiting on 4% 30s. It feels like its coming.
|
In NC, I would quote this scenario at a 4.125% on a 21 day lock... There would be closing cost, but I would be able to put .5% Yield spread toward closing. At 4.0% I would have to charge him .375% plus all of the closing cost. Depending on the loan amount and how long you are going to stay in your home will depend if that actually pay off. This does not even touch a scenario, if you are only going to be there for five to ten years. If you are going to be in your home for a shorter term with a larger loan amount, ask about having the closing cost covered with the interest rate. A possible .125%-.25% on your interest rate could possibly save you 3-6K in closing cost.
I think the main thing is to shop around and make the loan officers compete to work for you. Obviously loan officers are going to make money off of the transaction but there are perks that you should ask for after a rate is quoted: Will you cover my appraisal at closing? Will you float my interest rates down, if rates drop? and finally my favorite... Ask them how much closing cost are and then ask how much yield spread they can put toward your closing cost? Make them explain to you, where your money is going.
More info in your scenario will give you a better idea. |
|
08-11-2010, 07:00 AM
|
|
|
|
9,732 posts, read 9,337,293 times
Reputation: 6396
|
|
|
I am trying to figure out how I can refinance. Here is my situation:
Purchase price in 2006 $852,000
1st Trust for $643,000 with CitiMortgage 7/1 ARM at 6.5%
2nd Trust for $123,000 wih Bank of America 15yr balloon at 9.5%
Total mortgage payment w/escrow is $5400/month.
House was appraised last week for $740,000.
Can I refi into a single loan with a 30yr fixed?
Should I just short-sell and get out?
I want to sell because our income has been reduced and we are now living paycheck to paycheck.
|
|
08-24-2010, 03:19 PM
|
|
|
|
Location: NC
1,225 posts, read 2,334,737 times
Reputation: 673
|
|
|
Kevin , i am no mortgage expert but if you refi to a low 30yr fixed would save you.
Although I dont know if you can since you are a bit underwater. I think the best case for you is wait till value goes up some more and then do a refi or come up with 20K somehow.
I wouldnt recommend short selling since this do damage to your credit..Unless you have to move.
|
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
