Mortgage Rates? Wow

[Foolds]

Just looked up the rates today and a 15yr is around 3.45% and im at 4.25%.. Guess it time to send chad23's wife another email and see about refying again. Any one know how much of a drop it makes sense at?

and as a free plug because shes AWESOME! Cat if you read this Let me know if its time to work with you and Lori again!

Catherine Eusea
Selling Branch Manager
Eusea Team at Prospect Mortgage
2032 Caribou Drive, Suite 102
Fort Collins, CO 80525
970-223-8300 Direct
720-300-6777 Cell
877-260-7114 Fax ***NEW FAX NUMBER
www.EuseaTeam.com
NMLS License-237244
CO License-100029963

[Clovis]

I'm a former mortgage guy. Like any good lawyer I'll answer your question with "it depends".

It comes down to determining if the monthly payment savings outweigh the closing cost. If it's a FHA or VA loan don't forget the associated funding/upfront insurance cost.

It also depends on your current rate and loan size. There comes a point (around 4.75% on a 30 year) where further reductions in interest rates have demising returns. I'd further reductions in rate have a smaller and smaller impact on the payment. At some point you actually have to make principal payments ;)

[TinkerinWstuff]

also depends on how long you've paid on your current mortgage. You may have already paid a bulk of your interest and even though a new lower rate mortgage might lower your monthly payment, a larger part will be going back toward interest instead of principle. Thus, you're losing money in the long run. Like buying toys on credit, you're just throwing money away in interest costs.

I'm going through the same process with my sister who's an underwriter for Wells

Some mortgage broker about had our folks sold on a refi'. Then my sister broke down the numbers and showed them how much money the'd be losing even though they would be able to brag about some new lower rate.

[Clovis]

Oh, for example last year I was going to refi from 5.875 to 3.25% which is a huge rate reduction but the closing cost (factoring in the FHA fee) were too high to justify it. The break even point was close to 2 years (which is pretty average) and we may be moving to Denver around that time.

I've heard people recommend Cat before so I'm sure she'll give you good advise.

[Ezzzzy1]

also depends on how long you've paid on your current mortgage. You may have already paid a bulk of your interest and even though a new lower rate mortgage might lower your monthly payment, a larger part will be going back toward interest instead of principle. Thus, you're losing money in the long run. Like buying toys on credit, you're just throwing money away in interest costs.

I'm going through the same process with my sister who's an underwriter for Wells

Some mortgage broker about had our folks sold on a refi'. Then my sister broke down the numbers and showed them how much money the'd be losing even though they would be able to brag about some new lower rate.

+1

MANY people refi without understanding that they are really hurting themselves in the long run. On top of that like Clovis is saying the cost of it all can really hurt you if you dont get the right deal. IE - You walk in owing 200K and walk out owing 210K.

Just today I almost made the jump from 4.75 to 4.25. I have a fair amount of equity and it STILL didnt make since to pay 2k and reset the scale that is now leaning towards the principal payment.

Going to the right broker means everything in this game, so do a little networking and make sure whoever it is knows their shit and is not a smuck!

[TinkerinWstuff]

Going to the right broker means everything in this game, so do a little networking and make sure whoever it is knows their shit and is not a smuck!

Right on. The mortgage broker is paid to sell you mortgages. Sort of like statistics, it's easy to spin the numbers to suit what you're selling.

He sold you a lower monthly payment and that's what you asked for. But did he really tell you where you'd be in the end?

[CatNip]

I'm here folks and would be happy to discuss any details with you. I'm personally not a fan of refis and I talk out about 50+ from doing it. All of you made great points with regards to refinancing. Most of mine are with little costs and you recover those costs within the first year.

On a side note, we are no longer paid on the type of mortgage, interest rate or what we charge you. We are paid a flat rate per loan amount, it's made this business better. Those that are good are doing GREAT those that are not are getting out.

Like I said I'm happy to help answer anything you need and to see if it make sense. Call me, I'm not a big fan of just quoting general rates, I like to have the big picture. (respond to work e-mail below)

You guys are AWESOME, Thanks!

Catherine Eusea
970-223-8300 or 720-300-6777
catherine.eusea@prospectmtg.com (catherine.eusea@prospectmtg.com)

[Foolds]

Just Saw on Fox News the rates are at another ALL TIME LOW good for us.. Bad for other things. So I'm going to bump this up! I did just send Catherine an email to find out what local rates are doing.. She might just pop on here and post.

Last time it didnt make sense for me.. Maybe this time though.

[Ghosty]

A Mod should merge this with the other more recent Mortgage thread. Lots of good info.

Yeah, if you have decent credit, today you should be able to get 4% on a 30yr note, with zero points and less than $3k closing costs. Low to mid 3's on a 15yr., if you got 800+ FICO, good history/salary, zero other-debt, and decent LTV.

[tecknojoe]

The latest I believe is 3.8%

I went to talk about a home loan 2 weeks ago and found out I had a bullshit 90 day delinquency on my credit report so now I'm in dispute nightmare fuck hell.

hopefully I'll get it resolved and buy a piece of property this summer like a real man

[grim]

3.8%???

Damn!!! If it gets to 3% going i am refinancing im locked in at 4% right now.

[tecknojoe]

I can't see it getting lower. I know everyone said the same thing last year when it was ~4.5. But I really can't see it getting lower

4 is good

[Foolds]

I just sent me info in trying to lock at 3.15 or 3.25 on a 15 yr

[Clovis]

PM Sent

[Foolds]

Closing on my Refi Tomorrow Catherine Eusea Treated me GREAT again! Insanely low rates 3% on 15 yr, and STUPID fast Closing. I started this processes less then 23 days ago, I only Returned the Signed Documents (when the process really starts) on 7/10 so 13 Days for a closing! how do they do it?

As for the Process, it was simple, after I sent the initial paperwork they requested in it was done, no back and forth needing more stuff, letters or any of that stuff!

And I'm just a super satisfied customer, this is my Second refi with her in 3 years. I am not affiliated with Catherine in any way.

Catherine Eusea
Area Sales Manager
ceusea@firstcal.net

Office: 970.372.6939

[Clovis]

2.75 on 15 year fixed at zero points or 3% with closing cost paid by the bank. 30 year fixed at 3.5 zero points. No cost version is 3.75 to 4% depending on factors. Rates are litterly the lowest they have ever been.

Id you're on the fence about refing or just wondering if it makes sense, now is the best time to find out.

If your current mortgage is owned by Fannie Mae and its from prior to June 2009 then you may qualify for a du refi plus. Debt ratios are not calculated and an appraisal is waived in many cases. As long as you have no late mortgage payments in the last 12 moths or at least not more then 1 30 day late for months 7 through 12 then you probably already qualify.

Good times, too bad low rates mean bad things for other sides of the economy but might as well get it while the gett'ns good!

[modette99]

Even if you lower your cost, say $2,000 a month down to $1,600 you should still pay the $2,000 a month to pay it off ASAP. Just saying.

[Ghosty]

Even if you lower your cost, say $2,000 a month down to $1,600 you should still pay the $2,000 a month to pay it off ASAP. Just saying.
If you can afford it yes, makes a HUGE difference in payoff time, knocks years right off. And avoid throwing TENS OF THOUSANDS (if not more) of $$$ right down the drain in interest over the course of the note.

Just remember to specify "APPLY TO PRINCIPAL" for the amount you pay extra on that monthly. Some bank websites will default to princ & int on the extra. My credit union will do that when you do it online, gotta be careful.

[Streetdoctor]

I just locked in at 3.5% 30 year fixed FHA with no points and the broker is covering all closing costs.

PM me if you want my guys information

[Foolds]

Another Bump for Even lower rates... Thinking about buying another house rates are so low! Its almost like free money.

And I'm just a super satisfied customer, I am not affiliated with Catherine in any way. Email she sent me today with her rates! Mid to low 3's on a 30 year....FHA is at 3.25% no cost.

Catherine Eusea
Area Sales Manager
ceusea@firstcal.net

Office: 970.372.6939

[Sean]

...FHA is at 3.25% no cost.
:hibye:

30 year fixed @ 3.25, no cash down, no closing costs.

Ours isn't FHA though. Yes, it's a good time to buy.

[derekm]

another free plug for eusea team. 1st home purchase, refi for garage addtn as well!

[Clovis]

For both FHA and VA I can do 3.25 and cover not just closing cost but also prepaid items (taxes, insurance, interest) as well. Includes both Purchase and refi.

For anyone on the fence and that's been waiting for rates to drop a bit more, boss your chance!

[Monster]

can you do conventional at the same rates? I am curious I might be refiancing at 3% but I would pay the closing costs otherwise it is 3.25.

[Clovis]

FHA/VA and conventional are attached to separate coupons. FHA and VA are backed directly by the government and command a higher premium (better pricing) compared to conventional which is backed by Fannie and Freddie, GSE's of the government.

I would take the 3.25 with no cost over 3 with cost as the payment difference on $100k is only $14 a month. Compare the savings with how much the closing cost are.

[Monster]

14 a month x 15 years is 2520. The closing costs would only be like 800. I will let you know. You must do mortgages I take it.

[Clovis]

Yes, I've closed around 450 mortgages

That argument is valid only if you keep the loan for the full term and make just 1 payment at a time. I have seen that exactly one time. A guy took out. an arm of in the late 80s and the rate just kept going down.

Realisticly I think rates will continue to decline and you will end up refinancing again in 6 months to a year.

[texlurch]

Looks like I need to talk with a couple of you guys and gals.. getting ready to shop for a loan on the new digs.

[modette99]

Hopefully you pay more then the minimum on the Principle and pay it off sooner then 15 years so the $14 extra a month is not a huge deal.

[Snowman]

Hey, how hard is it to get an off number year refinance? You know like 10 yrs, 8yrs, 5yrs?

[Clovis]

It's easy. My office # is 719-325-7484 and my cell is 719-201-9383.

Pricing on a 10 year and 15 year are both the same currently. So if you want a shorter term like 7, 8 or 9 years the easiest thing to do is to take a 15 year and then call customer service and say "Hey, set up my automatic payments to pay this off is xx years" - I can also calculate what that payment would need to be for you.

Justin

[modette99]

There is also lots of online free calculators that you can plug in the figures and it will show you in detail.

[dm_gsxr]

Email sent. I need to get Rita off of the mortgage anyway and it might be a good time for a refi too.

Carl