Mortgage Rates: What Did Y'all Get?

[Iron Chef]

The casa is going up for sale in a week or two, and I'm looking at new digs. For those who have bought or refinanced recently, what rate did you get for what kind of term? Points?

:bigears:

[DAB]

:eek:

you're selling the Manor?? need to add a little brass plaque near the front door: "Site of Barn Raising I" should add at least 15K to the price.

can't help you on rates, no mortgage here. sorry.

[Joecooool]

The casa is going up for sale in a week or two, and I'm looking at new digs. For those who have bought or refinanced recently, what rate did you get for what kind of term? Points?

:bigears:
Bought in December got 3.75% for 30 years on a VA loan. Actually got a check when I closed.

Talk to Fastguy, he may be able to hook you up.

[Iron Chef]

:eek:

you're selling the Manor?? need to add a little brass plaque near the front door: "Site of Barn Raising I" should add at least 15K to the price.

:rofl: Well if it's any consolation, the casa that I'm looking at now is even better. Custom home on 6 acres. :seasix:

Bought in December got 3.75% for 30 years on a VA loan. Actually got a check when I closed.

Talk to Fastguy, he may be able to hook you up.

Actually got a good hookup here with a local bank, but I'm just doing my due diligence and checking what's out there. His rates seem to be pretty competitve so far.

[JRC27]

I got 4.25% for 15 yrs on a refi this summer

[NB2K]

It's as low as it's going to get right now.

They'll be up a point or two by the end of 2012.

[73sbVert]

I'm looking at (potentially) about 3.5-3.75% here, whenever mine closes (May-ish?), only giving up one point, but the seller is paying that.

If I can get a 15 yr mortgage though, I'm going for it!

Good luck!
Paul

[Iron Chef]

If I can get a 15 yr mortgage though, I'm going for it!

15 year is what I'd be looking at, but there is also a 20year fixed that I didn't even know existed. I'm really interested in that! :yesnod:

[GRN ENVY]

PM my Dad, he just refied his house :cert:

[GS Ragtop]

Regular or Jumbo (non-conforming, >$417k) loan?

We got a non-conforming, 30-year fixed loan about 18 months ago for 4.875. The banks are back in the Jumbo business, I hear, and we might be able to shave some off that rate - I'll have to check to see how much closing costs would be.

I just looked at the Wells interest rate page -- looks like their Conforming 30-year fixed is at 4.00% and Non-conforming are at 4.25%.

https://www.wellsfargo.com/mortgage/rates/

[FasterTraffic]

If you're in it for the long haul, pretty much anything under 4% fixed should have you laughing all the way to the bank.

I refi'd into a 3.75%, zero point, ARM to get a lower rate since we should be in new digs long before the first (possible) adjustment.

[Iron Chef]

So far I'm looking at a conventional fixed. My loan guy was quoting me 3.65% for a 30year, 3.45% for a 20year.

In fact, the pre-approval letter said the rate will be no higher than 3.75% :D

[DAB]

pretty good rates, historically speaking.

[FasterTraffic]

pretty good rates, historically speaking.

My point exactly. Whatever he chooses, he's going to have his cake and eat it, too.

[73sbVert]

So far I'm looking at a conventional fixed. My loan guy was quoting me 3.65% for a 30year, 3.45% for a 20year.

Holy hell! Sign that bad boy!

I'm waaaayyyyy under what I can afford, just want my own place, and to have enough left over at the end of the month to play and make improvements on to build equity fast.

$250k for a newly renovated place on an acre, in a good section of town!

:cert:

[bsmith]

15 year is what I'd be looking at, but there is also a 20year fixed that I didn't even know existed. I'm really interested in that! :yesnod:

3 years ago when I refinanced, there was no rate difference between the 15 & 20.

[RonC5]

PM my Dad, he just refied his house :cert:

We got 4.625, no points, 30 year fixed, nothing out of pocket.

[Hoog]

We re-fied late last year. 3.25 for 10 years, no points, no escrow, no closing costs, appraisal and doc fees only. House will be paid in 5 years, 4 months and counting....

[8Up]

3.85 for 15 years with Wells Fargo. :seasix:

[ConstantChange]

I refinanced a few months back. 15 year fixed at 3.5%.

[Wathen1955]

What if you are upside down on your mortgage? I bought my house in 2003 for $260k. Its worth about $190k at best. I would like to refinance and get a lower rate knowing that I still own ~$250k or so. I just want a lower interest rate and time.

[vtelvr]

What if you are upside down on your mortgage? I bought my house in 2003 for $260k. Its worth about $190k at best. I would like to refinance and get a lower rate knowing that I still own ~$250k or so. I just want a lower interest rate and time.

Your appraisal will be your killer. If your house won't appraise out, forget it. That was our problem. We ended up doing a mortgage adjustment, stayed with the same lender, and they adjusted our rate down. Dropped our payment a few bucks a month. We use the "extra" money towards the payment anyways, and even though it isn't much, we are paying it a bit faster.

[GRN ENVY]

What if you are upside down on your mortgage? I bought my house in 2003 for $260k. Its worth about $190k at best. I would like to refinance and get a lower rate knowing that I still own ~$250k or so. I just want a lower interest rate and time.

My dad just got a Refi with out an appraisal. It can be done

[RonC5]

My dad just got a Refi with out an appraisal. It can be done

Look into the HARP program, that is what we did.

Home Affordable Refinance Program (HARP) (http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx)

[Bucwheat]

3% on a 15 year note.

[Woody]

Locked in at 3.7 last week with 0-0 for 30 years. Looked at the 15 years, but it's only .45 cheaper. We stayed with the 30 and will just pay additional to principle.

[Rob]

Refi 11 years ago...got 3.75% for 15 years - no points no closing cost.

[cmb396]

I got 4.15 8 years ago when we built our house, and have not bothered to refi, not worth it imho. We are looking to sell n the next year and build again, so I hope they are still low!

[yell01]

I refi'd 16 months ago and got 4.375% for a 30 year fixed. My mortgage guy (friend of mine) called and said he could get me 4.125 for a 30 but it wasn't worth it to me for $40/month.

Plus I'm paying this b*tch off. Citi has my mortgage and I'm not giving those pr*cks another penny of interest so they can use it to give to people who have defaulted or are underwater. :wtf:

[BuckyThreadkiller]

:rofl: Well if it's any consolation, the casa that I'm looking at now is even better. Custom home on 6 acres. :seasix:


Where?

[Fastguy]

I'm only licensed in MA but 30 year VA/FHA loans are about 3.75% no closing costs and conforming 30 year loans are about 3.75%-3.875% with closing costs.

Your actual rate depends on the loan type (purchase, refi or cashout refi), loan to value, credit score, property type (1,2,3,4 unit or condo) and sometimes loan size.

[Fastguy]

I refi'd 16 months ago and got 4.375% for a 30 year fixed. My mortgage guy (friend of mine) called and said he could get me 4.125 for a 30 but it wasn't worth it to me for $40/month.

Plus I'm paying this b*tch off. Citi has my mortgage and I'm not giving those pr*cks another penny of interest so they can use it to give to people who have defaulted or are underwater. :wtf:

Citi just pulled out of the wholesale market last week. People underwater refinancing is not funded by Citi, that is through the HARP program.

[Fastguy]

What if you are upside down on your mortgage? I bought my house in 2003 for $260k. Its worth about $190k at best. I would like to refinance and get a lower rate knowing that I still own ~$250k or so. I just want a lower interest rate and time.

This depends entirely on the type of loan you have. If its VA, you are very lucky, the IRRL (Interest Rate Reduction Loan) lets you refi with very little documentation. FHA, similar. You can do a streamline with no appriasal. If it is owned by Fannie Mae or Freddie Mac, HARP 2.0 is now out and allows rate and term refi up to 125% loan to value and unlimited total loan to value.
Some versions have no appraisal needed. If you have PMI and need a HARP loan, you have to go back to the same servicer you have now.
If you have a non VA,FHA, Fannie or Freddie loan, you are stuck. Obama did say he wants to have a program open to all loans with unlimited loan to value, but I doubt Congress will pass it.

[yell01]

Citi just pulled out of the wholesale market last week. People underwater refinancing is not funded by Citi, that is through the HARP program.

Then what's this??:dunno:

President Barack Obama called the $26 billion settlement between government authorities and five of the nation’s biggest banks a "landmark event" in a press conference on Thursday.


CNBC
President Obama Lauds Mortgage Deal in a Press Conference Thursday, Feb. 9
Indeed it is the largest federal and state settlement in U.S. history.

Federal officials said Thursday that the nation's five largest mortgage lenders reached the settlement with 49 states over foreclosure abuses that took place after the housing bubble burst.

The deal also ends a separate investigation into Bank of America and Countrywide for inflating appraisals of loans from 2003 through most of 2009. Bank of America will pay $1 billion to settle that investigation.

The President expressed lofty goals for the settlement's impact, meant to hold banks accused of reckless foreclosure practices accountable to the more than 4 million Americans affected.

The banks involved in the deal are Bank of America [BAC 7.98 -0.27 (-3.27%) ], Wells Fargo[WFC 30.055 -0.565 (-1.85%) ], JPMorgan Chase [JPM 37.575 -0.725 (-1.89%) ], Citigroup [C 31.77 -1.11 (-3.38%) ] and Ally Financial [ALLY'B 21.4601 -0.1899 (-0.88%) ].

"It will beging to turn the page on an era of recklessness that left so much damage in its wake," he told the roomful of reporters.

The President concluded by pressing Congress to take the final step and send the bill to him for signing.

"There is no excuse for inaction. The bipartisan nature of this settlement is a testament to what happens when eveybody's pulling in the same direction," he concluded.

Reuters contributed to this report.

[Admiral Blue]

I refi'd 16 months ago and got 4.375% for a 30 year fixed. My mortgage guy (friend of mine) called and said he could get me 4.125 for a 30 but it wasn't worth it to me for $40/month.

Plus I'm paying this b*tch off. Citi has my mortgage and I'm not giving those pr*cks another penny of interest so they can use it to give to people who have defaulted or are underwater. :wtf:


Find a better friend. :slap: ;) I have locked in many people at 3.875% on 30 or 25 year fixed notes without any closing costs in the last few weeks. Plus, friends don't let friends use Citibank. Ok, enough of me being mean, I'm just giving you a hard time. :cert:

[yell01]

Find a better friend. :slap: ;) I have locked in many people at 3.875% on 30 or 25 year fixed notes without any closing costs in the last few weeks. Plus, friends don't let friends use Citibank. Ok, enough of me being mean, I'm just giving you a hard time. :cert:

He did call before the holidays. :leaving:

[Admiral Blue]

Ok, then you can still call him your friend. Timing is everything. :seasix:

[yell01]

Ok, then you can still call him your friend. Timing is everything. :seasix:

:Jeff '79: I just don't know if I want to refi. I've got the money to pay it off, I just don't want a mortgage. Two paid off houses would be nice. :cert:

[Admiral Blue]

That's a tough call and an emotional decision, rather than a financial one. As a planner, I run into this all the time. Even though it might not make financial sense, like you said, to own a house or two without debt is very nice.

One thought that has been on my mind quite a bit over the last few weeks is how much money market accounts were yielding 6 or 7 years ago, let alone in the 1980s. I am not suggesting you park the money in cash and hang on to your mortgages, but this notion makes the decision that much more difficult.

[Fastguy]

Then what's this??:dunno:

That is something completely different. That is a fine imposed on Citi and the other banks for sloppy foreclosure practices. It has nothing to do with HARP.
That is money Citi is paying out, not sure how they plan to disburse it though. It will most likely be like any other class action lawsuit where the recipients get a token sum, maybe a thousand bucks each.

[yell01]

That's a tough call and an emotional decision, rather than a financial one. As a planner, I run into this all the time. Even though it might not make financial sense, like you said, to own a house or two without debt is very nice.

One thought that has been on my mind quite a bit over the last few weeks is how much money market accounts were yielding 6 or 7 years ago, let alone in the 1980s. I am not suggesting you park the money in cash and hang on to your mortgages, but this notion makes the decision that much more difficult.
I still have other accounts that I'm doing well on. I'd by no means be zeroing out anything.:cert:
That is something completely different. That is a fine imposed on Citi and the other banks for sloppy foreclosure practices. It has nothing to do with HARP.
That is money Citi is paying out, not sure how they plan to disburse it though. It will most likely be like any other class action lawsuit where the recipients get a token sum, maybe a thousand bucks each.
In the end that money still comes from me by way of interest and that's what pizzes me off. I'm at the point that if the .gov wants to take from me and give to their buddies and irresponsible people, I'm done supporting any of them.

Man am I becoming grumpy the older I get. Now I know why my parents were always so pizzed. :rofl:

[navyndi2]

I got a 30yr VA loan 3.75%, finnaly closing tommarow at 3:30
:cheers: