New Mortgage News....

#26
#26
Jonesey said:
ok all you finance gurus...

We bought our house in August.

the Principal balance is $132,241.61

monthly payment is $1,082.95

interest rate is 6.75%

when would be the best time to refinance and what would be the approximate closing costs? I am not very smart when it comes to this stuff. Thanks for anyone that can help!
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Depends. Each state has different closing costs.
 
#29
#29
VolByBirth said:
This article is misleading. The current plan is for purchase transactions only -- and only those transactions that qualify under Fannie/Freddie/FHA guidelines and loan limits. The refinancing aspect is still under heavy debate -- though I'd be all for it.

This would certainly spur home buying -- but would do nothing to "unfreeze" the jumbo loan market and spark any sort of lending by the banks. The fact that banks are taking TARP money and sitting on it is a crime. The lack of regulation on the TARP money is a problem.

I like the overall idea because the housing market got us into this mess and it will get us out. We need to spur buying and stem foreclosures creating an overall reduction in inventory. Once the inventory clears up we can reach some stability.
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I was wondering when someone would pick up on this. refi's are not included and probably will not be.
Good Posts VBB
 
#30
#30
T-TownVol said:
I was wondering when someone would pick up on this. refi's are not included and probably will not be.
Good Posts VBB
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Thanks -- I could write a few pages on this industry right now (only because I'm highly opinionated). The mishandling of things is really going to prolong this recession.

I'll spare you my boring opinions though....
 
#31
#31
I locked in at 4.875% for a 30 year fixed.

I close after the first of the year. My origination fee was only 0.375%, and all in all, my payback period is only 18 months. This deal is cutting almost 10 years off my original mortgage with the extra principle I will be able to pay.

I'm feeling good right now.
 
#32
#32
unbelievable. time to lock in your rates now if you can. we aren't going to see these rates ever again in our lifetime. i'm actually thinking of buying a house just to lock in these rates.
 
#33
#33
Dang 4.875% wow, as you should... I just tried to refi at BOA and the rate was 6%, I was like wtf, I have good credit.
 
#34
#34
call countrywide. even though they are now the same company, for some reason countrywide is much lower.
 
#36
#36
droski said:
call countrywide. even though they are now the same company, for some reason countrywide is much lower.
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Mine was through countrywide. I have a friend I went to school with that works for them that set it up. Give them a call, I shopped around and they offered the best rate.
 
#37
#37
VolsNSkinsFan said:
Dang 4.875% wow, as you should... I just tried to refi at BOA and the rate was 6%, I was like wtf, I have good credit.
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If you live in the N. Alabama region PM me and I will give you my guy's contact info. He would love the referrel.
 
#38
#38
droski said:
unbelievable. time to lock in your rates now if you can. we aren't going to see these rates ever again in our lifetime. i'm actually thinking of buying a house just to lock in these rates.[/QUOTE]

And that statement there sums up the point of the Treasury buying up MBS's and dropping the spreads between MBS's and Treasuries.

Housing has to recover before anything else will.
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#39
#39
rjd970 said:
I locked in at 4.875% for a 30 year fixed.

I close after the first of the year. My origination fee was only 0.375%, and all in all, my payback period is only 18 months. This deal is cutting almost 10 years off my original mortgage with the extra principle I will be able to pay.

I'm feeling good right now.
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Hey did you pay any closing costs?

I got preapproved at BOA for 4.875% but I would be paying 2% of the loan in closing costs. Which is BS
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#40
#40
VolsNSkinsFan said:
Hey did you pay any closing costs?

I got preapproved at BOA for 4.875% but I would be paying 2% of the loan in closing costs. Which is BS
Posted via VolNation Mobile
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I have the beauty of a VA Loan. 5.25% for a 30 year fixed and 0 closing.
 
#41
#41
VolsNSkinsFan said:
Hey did you pay any closing costs?

I got preapproved at BOA for 4.875% but I would be paying 2% of the loan in closing costs. Which is BS
Posted via VolNation Mobile
Click to expand...

I am paying for the appraisal, associated legal fees, and 0.375% of the loan for closing.

With what I am saving each month (from my old rate at6.5%) my payback period is ~18 months, but I am going to be able to pay more extra towards the principle now too. If I count the interest I am saving the payback period is much, much quicker.

I don't know what your old rate was, but it still sounds like you got a pretty good deal even with the 2%. I talked to my loan agent today and he said the rates started to inch up again. We may have got in at just the right time.
 
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#42
#42
DC Vol said:
I have the beauty of a VA Loan. 5.25% for a 30 year fixed and 0 closing.
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I would have taken 5% with zero closing, but I decided anything less than a point and a half less than what I am paying now wasn't worth it. I wasn't really looking for anything over-5%.

That sounds like a nice deal though.
 
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#43
#43
Naw I live just outside Atlanta... Wish I could give your buddy the business

CWF has a 4.125% but you are paying 3.125 points and $2.5k in fees... I started laughing at the guy

I am looking for just under 5% and 0-little closing costs.
 
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