home owners..Need help with refinancing

[Sundance]

Is this still a good time to refinance? What is the best interest rate?

 

[raydogg]

Now is still a good time to refinance, just make sure you will be in the home long enough to recoup the costs of the actual refinancing. It is also best to get at least 2% better rate than you have now. Try not to take extra money out either, just get the overall goodness of the low rates.......good luck!

 

[hooch]

The "2% better rate" is just a myth. I dropped my rate by 1% and I lowered my monthly mortgage payment almost $200 a month (my mortgage is rather large). I will recoup my closing costs in about 18 months. Well worth it. Now is an EXCELLANT time to refinance....look for around 5.5% 0 points on a 30-year mortage. Even less if you pay some points or do a 15 year. Good luck.

 

[Sundance]

The "2% better rate" is just a myth. I dropped my rate by 1% and I lowered my monthly mortgage payment almost $200 a month (my mortgage is rather large). I will recoup my closing costs in about 18 months. Well worth it. Now is an EXCELLANT time to refinance....look for around 5.5% 0 points on a 30-year mortage. Even less if you pay some points or do a 15 year. Good luck.

i am looking at a 15 year..What mortagage compamy have the best rates? I am lloking at lendingtree.com...

 

[Sundance]

As of now I have a AMR and my current interest rate is 4,78%..Would be beneficial to lock in at a 5%-5.5% fixed interest rate for the next 15 years as opposed to what I have.. As yo know AMR varies and you never know what your AMR would be next month or next year..

 

[the nature boy]

hell yeah it is. I close today!!!!

 

[gtrcivic]

See if your current mortgage company offer a low refi.. I refied 2 months ago with Wells Fargo, which was my current lender . At the time i thought 5.375% APR was good for 15 yrs, no closing costs. Went from 7.5% 1st loand and 9.5% on 2nd loan back in 99 to 5.375 %... So good for me!! So i'll own my townhouse in 1/2 the amount of time.

Only found out that my sis refied with Countrywide at 4.78 % APR, no closing costs. So in 2 months the rates have dipped even further.

 

[Sundance]

I got a few offers from Lendingtree.com:


Lender Loan Amount Interest Rate Points APR Monthly Payment Loan Product


Secured Funding $99,165 6.25% 1.000% 6.645% $850 15 year fixed

Secured Funding $99,165 4.25% 1.000% 4.461% $488 2 year ARM/30 yrs

Secured Funding $99,165 6.25% 1.000% 6.488% $611 30 year fixed

Aames Home Loan $99,165 5.00% 4.000% 5.847% $784 15 year fixed

Aames Home Loan $99,165 5.00% 4.000% 5.492% $532 2 year ARM/30 yrs


What does points reffer to?

Do I have to pay for points in order to get that particular APR?

 

[Sundance]

Closing fee:
Fees (Broker, Lender, Third Party):

Credit Report Fee $8.24

Underwriting Fee $450.00

Flood Certification Fee $22.00

Loan Processing Fee $450.00

Appraisal Fee $350.00

Tax Service Fee $75.00

Application Fee $0.00

Points:

Point Amount $3,966.60

Interim Interest:

Per Diem Interest Amount $190.12





Total Estimated Closing Costs: $5,511.96


How much have you guys paid?

 

[the nature boy]

Closing fee:
Fees (Broker, Lender, Third Party):

Credit Report Fee $8.24

Underwriting Fee $450.00

Flood Certification Fee $22.00

Loan Processing Fee $450.00

Appraisal Fee $350.00

Tax Service Fee $75.00

Application Fee $0.00

Points:

Point Amount $3,966.60

Interim Interest:

Per Diem Interest Amount $190.12





Total Estimated Closing Costs: $5,511.96


How much have you guys paid?

wow, is that at one point? or one and a half?

 

[Sundance]

wow, is that at one point? or one and a half?

4 pts...

 

[Crazy Ivan]

I work as a Loan Consultant. I'll help you out. You are getting raped, 4pts is a total ripoff.

Points is literally buying down the interest rate. What state do you live in ?

Right now the interest rates are still at record-lows, around 5-5.75 % for 30yr fixed. 4.75% for 15 yr fixed. Your credit is a major influencing factor in determining the lowest rate you can get. Say your credit is excellent and you can get 4.75% for 15yr fixed with no points, then you can also buy it down to get the best deal. 1 point is 1% of the loan amount. You pay 1 point and the rate goes down to 4.5% ,for instance.

According to the rates you were given by Lendingtree.com, you probably don't have good credit history. 4pts is outragious. Do not deal with them !

 

[Sundance]

I work as a Loan Consultant. I'll help you out. You are getting raped, 4pts is a total ripoff.

Points is literally buying down the interest rate. What state do you live in ?

Right now the interest rates are still at record-lows, around 5-5.75 % for 30yr fixed. 4.75% for 15 yr fixed. Your credit is a major influencing factor in determining the lowest rate you can get. Say your credit is excellent and you can get 4.75% for 15yr fixed with no points, then you can also buy it down to get the best deal. 1 point is 1% of the loan amount. You pay 1 point and the rate goes down to 4.5% ,for instance.

According to the rates you were given by Lendingtree.com, you probably don't have good credit history. 4pts is outragious. Do not deal with them !

that was just an estimate from lendingtree.com..AS far as credit I have around 680 pts..

I am in California...

 

[Crazy Ivan]

Also, keep in mind that anytime you refinance you pay twice the closing costs because it the lender is paying off your first loan and then creating a new loan for you.

 

[the nature boy]

that was just an estimate from lendingtree.com..AS far as credit I have around 680 pts..

I am in California...

dude forget lendingtree.com. go to some different local lendors and start talking with them. I'm not a fan of lending tree. They hooked me up with some real losers.

4 points is a joke.

 

[Sundance]

dude forget lendingtree.com. go to some different local lendors and start talking with them. I'm not a fan of lending tree. They hooked me up with some real losers.

4 points is a joke.

Lendingtree was my starting point in my journey..Gotta start somewhere..

ANyone has any good deal going on as far as lenders goes?

 

[Crazy Ivan]

I work for a company called First Fidelity Lending. We only specialize in refinancing. The company started 8 years ago and now services 3 states: California, Oregon, and Washington. There is something I can do for you. I am going to work in an hour and you can PM me your number and I'll call you and see what we can do for you, i'll get some of your info over the phone and then call you back within 5-10 minutes with an exact quote. Your credit is good so I don't see why we can't get you the best rates. The thing is that we have about 200 lenders to choose from so we do the shopping for you and then call you back with the best we can get.

PM me your number

 

[Sundance]

I work for a company called First Fidelity Lending. We only specialize in refinancing. The company started 8 years ago and now services 3 states: California, Oregon, and Washington. There is something I can do for you. I am going to work in an hour and you can PM me your number and I'll call you and see what we can do for you, i'll get some of your info over the phone and then call you back within 5-10 minutes with an exact quote. Your credit is good so I don't see why we can't get you the best rates. The thing is that we have about 200 lenders to choose from so we do the shopping for you and then call you back with the best we can get.

PM me your number

I may check your website...which is..?

Are you aware that every time a company check your credit you lose 5 pts? Why the hell is that?

Now I have my credit check score so I was wondering how can I avoid having my credit check again by different companies when I am inquring about their rates..They usually wanna know your SS to check your credit but there is no need as I got mine already.

 

[Crazy Ivan]

I may check your website...which is..?

Are you aware that every time a company check your credit you lose 5 pts? Why the hell is that?

Now I have my credit check score so I was wondering how can I avoid having my credit check again by different companies when I am inquring about their rates..They usually wanna know your SS to check your credit but there is no need as I got mine already.

Yes, every time your credit is checked you loose points but if it hasn't been checked in a while it bounces back up.

It depends how old that credit score it, if it is recent then they shouldn't have to run a credit report again.

 

[Sundance]

Yes, every time your credit is checked you loose points but if it hasn't been checked in a while it bounces back up.

It depends how old that credit score it, if it is recent then they shouldn't have to run a credit report again.

Just got it today...But when I one tries to apply on line thay would ask to all kind of info and they would check one's credit. How can one avoid this?

How long would the paperwork for refi would take?
How fast can I get cash back ?

thanks for your input

 

[the nature boy]

Just got it today...But when I one tries to apply on line thay would ask to all kind of info and they would check one's credit. How can one avoid this?

How long would the paperwork for refi would take?
How fast can I get cash back ?

thanks for your input

if you're quick about getting the required documentation it should take a month or so. of course I was a slacker so it took me 3 months.

 

[Sundance]

if you're quick about getting the required documentation it should take a month or so. of course I was a slacker so it took me 3 months.

Did you get a good deal ? Is there a lot of paperwork to do?

 

[the nature boy]

Did you get a good deal ? Is there a lot of paperwork to do?

I got 5.75 for 30 years, but I did pay .5 points.. this was for refinancing. Had I just borrowed for the amount of my loan I would have paid 0 points, but since the value of my house went up greatly, I made my loan bigger so I got cash back, and that's why I had to pay .5 points. There's a name for what I did... crazy ivan can tell me.


basically they wanted me to sign the initial loan papers... which I slacked on, and get pay stubs and bank statements which I slacked on (notice a trend?). Once that stuff is in you have to provide copies of the title, and if you have title insurance provide that, as well as proof of house insurance. I'm sure I'm missing something, crazy ivan will correct me. You can pretty much get your loan officer to do most of the paper work for you.

 

[hooch]

Check here..They are my mortgage company..I refinanced with them twice....you can get an instant quote....

http://my.countrywide.com/Default.aspx

Plug your info in the window on the right.....

 

[Sundance]

Check here..They are my mortgage company..I refinanced with them twice....you can get an instant quote....

http://my.countrywide.com/Default.aspx

Plug your info in the window on the right.....

What rate did you lock in?
i am trying to get 115,000 refi and a fixed 15 years rate.

I dont want to have my credit report checked again as Iwould lose 5 pts..Any idea what should I do if I already got my credit check report?

Did you get cash back?How many closing pts?

 

[Sundance]

is the lock period 60 days? How long did it take you from start to finish?

 

[hooch]

I refinanced with them about 2 months ago at 5.75% and 0 points(30 year). The rates are even better now. Lock to close took about 2 1/2 weeks. The best thing for you to do is call some reputable places and ask them about your situation.....