4.375% mortgage. f'k yeah!

[hellorhih2o]

Re: Re: 4.375% mortgage. f'k yeah!

Pretty good for a 5 yr ARM. After the 5th year the rate adjusts every year. You should have gone with a 5/25. It's less risky than the 5/1 ARM. After the 5th yr. on the 5/25 the rate adjusts to a fixed rate for 25 yrs. If you want the lowest rate I'd go with a 6 month LIBOR ARM Interest only. You can probably get 3% on this product. It's awesome because it provides you with much lower monthly payments while letting you build equity in your property at the same time. You elect how much you want to go into principal each month. It's greast for people who have a variable income of month to month. Also the LIBOR rate has always been lower than the conventional 30 yr. rate so you never have to worry about your rate going sky high. Let's say you were to borrow $240,000 at a 3% rate, your payment would be $600/month. You could take that extra money you save and put it towards principal.

good point about the LIBOR rate but the rate after 5 years is pretty darn irrelevant to me. i'm 99.9% sure that i won't stay in one place for more than 5 years no matter what. i've always moved in to up and coming areas and moved out when i've built enough equity to get something nicer.

 

[FreakMonster]

Re: Re: Re: 4.375% mortgage. f'k yeah!

good point about the LIBOR rate but the rate after 5 years is pretty darn irrelevant to me. i'm 99.9% sure that i won't stay in one place for more than 5 years no matter what. i've always moved in to up and coming areas and moved out when i've built enough equity to get something nicer.

That's what's great about a 5 yr. ARM

 

[hellorhih2o]

Re: Re: Re: Re: 4.375% mortgage. f'k yeah!

That's what's great about a 5 yr. ARM

yup. the one thing i just don't get is why anyone would rent? You never build any equity. Friends who live in apartments comparable to my condo pay about twice what i'm paying by now. and i'm paying myself...

 

[FreakMonster]

Re: Re: Re: Re: Re: 4.375% mortgage. f'k yeah!

yup. the one thing i just don't get is why anyone would rent? You never build any equity. Friends who live in apartments comparable to my condo pay about twice what i'm paying by now. and i'm paying myself...

They probably have to rent because either A) they have horrible credit or B) they don't have the money for a down payment or closing costs.

 

[bignate73]

Re: Re: Re: Re: Re: Re: 4.375% mortgage. f'k yeah!

They probably have to rent because either A) they have horrible credit or B) they don't have the money for a down payment or closing costs.

you can get around "B".

 

[gonelifting]

I refinanced a few months ago at a tad less than 5 3/8 % No points for 30 year. Very low closing costs. I actually had 5 people refi`ing at the same time within 2 weeks cause the rates were so good I was calling everybody I knew with a mortgage. lol That made my mortgage broker very happy.

2 other people got 4 7/8% 15 year fixed No points. My Wife`s mother and I got the 30 year like mine. and Mine was a cash out also.

I`m staying in this house for a while. I`m actually paying off the principle with extra payments. If I keep going at this rate I`ll be done in 15 years. I will not stay at 500 extra a month but I`ll do it while I can.

 

[hellorhih2o]

Re: Re: Re: Re: Re: Re: Re: 4.375% mortgage. f'k yeah!

you can get around "B".

yeah you can and you can probably get around "A" as well if you accept a higher rate. I absolutely think it's worth it. Think about all these people who rent for 20 years. THEY HAVE NO EQUITY after 20 years of payments. There's definitely a way out of that but it takes some short-term pain to get there.

 

[vixenbabe]

call a broker that's working with HSBC. I'm telling ya, they're willing to do ANYTHING for good customers.

I would have done a 5 year ARM! Hubby was all worried cuz we have ten year's left on the home loan! I'm sure we could have doubled up the payments and paid it off in five! HE did not want to do that though!

 

[beastboy]

I'm going to be looking to pull a new mortgage soon......not sure what I should go with. This house is the one I plan on living in for a very long time.

 

[FreakMonster]

I would have done a 5 year ARM! Hubby was all worried cuz we have ten year's left on the home loan! I'm sure we could have doubled up the payments and paid it off in five! HE did not want to do that though!

You know some companies offer 7/1 and 10/1 ARMS.