Mortage rates hit ridiculous lows this week

[Foolds]

People do understand you are charged fees right when you refinance? This needs to be weighed against what the interest rate would save you in the long run. Of course a mortgage person is going to tell you to do it; this is how THEY get paid. No disrespect, but people should understand that refinance is not free and it may hurt you more than help in some case.

I'll admit I am no expert, just a homeowner since I was 20 years old! Maybe I am wrong, but I was always charged fees when I did this. Not saying this can't be a good idea for some homeowners that have not refinanced in a long time.

Experts please enlighten me when it is worth it to refinance and if their are "average" costs associated with it....

I looked at refi again about 6 months ago (11 months after I refi'ed with Catherin) and we talked about 15 min, she ran the numbers and told me to stay put, the pay off time for the refi was 4 years.. Which was just to long to benefit. She's a Straight shooter, if it dosn't make sense she will tell you, just ask her!

[kingtut]

Yikes, I thought 62 bucks was too much. What does that buy?

- Water: I've requested that individual units pay their own way, just as you would pay Xcel for energy usage. But alas, no can do- they tell me. So its like the 'Obama Water Plan'. Everyone pays equal amounts, regardless of usage or size of unit. Ironic thing is, the bigger (sq ft) your unit is, the more HOA dues you pay (whaa?)
- Roof/Exterior: Includes paint, siding, etc.
- Small community pool, nothing fancy.
- Clubhouse: The "gym" consists of a few pos machines from the 80's-- literally.
- Lawn/Snow removal

** Good point made about cost/charges to refi ...

[Ghosty]

One of my lenders just offered me 4% on a 30yr, but paying 1/2 point and almost $3k in (total) closing costs on top of that, ugh. Would've only saved me around $150/mo. Decent, but not as good as I want. Gonna shop around to see if I can get 3 1/2 on a 30, and zero points, might be tough though unless rates drop a bit more, or I go for a 20yr fixed instead...

[kingtut]

One of my lenders just offered me 4% on a 30yr, but paying 1/2 point and almost $3k in (total) closing costs on top of that, ugh. Would've only saved me around $150/mo. Decent, but not as good as I want. Gonna shop around to see if I can get 3 1/2 on a 30, and zero points, might be tough though unless rates drop a bit more, or I go for a 20yr fixed instead...

You'd be hard pressed to get under 4% on a 30, imo. Props to you if you can swing it though (with no points of course).

Good luck!

[mxer]

- Water: I've requested that individual units pay their own way, just as you would pay Xcel for energy usage. But alas, no can do- they tell me. So its like the 'Obama Water Plan'. Everyone pays equal amounts, regardless of usage or size of unit. Ironic thing is, the bigger (sq ft) your unit is, the more HOA dues you pay (whaa?)
- Roof/Exterior: Includes paint, siding, etc.
- Small community pool, nothing fancy.
- Clubhouse: The "gym" consists of a few pos machines from the 80's-- literally.
- Lawn/Snow removal

** Good point made about cost/charges to refi ...

They don't put individual water meters on condos and townhomes I think. The water is pretty miniscule if you don't have to worry about watering a yard.

The larger units paying higher rates makes absolutely no sense except for the added insurance that is carried on it but I'm guessing that's pretty miniscule as well.

[CatNip]

[QUOTE=Foolds;664523]Call Chad's Wife.. Shes AWESOME!


Thanks for the plug JJ!

I read through this post and the biggest thing to keep in mind that there are A LOT of new programs out and every situation is different.

For instance, if you got an FHA mortgage BEFORE 6/2009 you may be eligible the NEW streamline FHA refinance. (there is a streamline available for most FHA loans) Most folks in an FHA loan have not been able to refi because the new mortgage insurance is really high but with the new rules (can't close until mid June) the mortgage insurance is a lot cheaper and the upfront mortgage insurance is like .05%. It's crazy! I just got done working on a refi her rate was 5.875% and we saved about $300. We never pursued it before because it just didn't make sense. Keep in mind when doing a streamline FHA, there is no appraisal and we verify you have a job but I don't have to verify if you qualify income wise. I cannot roll any money on top of the loan except for the upfront mortgage insurance so I try to cover as much of the costs as possible. I personally try to make sense of every refinance and be able to show the ability to recover costs within the first year. So if you have considered a refinance before with FHA and it didn't make sense, I would suggest working the numbers again.

With regards to Conventional the new HARP program is pretty amazing! We can go well above 100% loan to value and the underwriting is flexible, I have been able to extend ratios higher than I ever have. Even those loans that do not qualify for HARP (Fannie Mae owned) I'm getting appraisal waivers where we only need a drive by with no value. (not many lenders can accept a drive by appraisal)

Where I'm getting at is, with the new programs it's been easier to get people qualified...a lot easier.

A lot of my clients start by sending me a mortgage statement and a rough estimate of where your credit sits. I'm happy to run initial numbers to see if I can spot which program that you would qualify in. I will give you a rough break down and you will see if it make sense. Sometimes if I can't fit you into a program I have to run the file through the automated underwriting system to see if I can pick up any waivers.

Right now most lenders are taking 60-90 days to close refinances, we are averaging 14-21 days. I turned in loans on the 16th and they all closed today, right before the end of the month. Again, every case is different, but I won't drag you on for 60-90 days!

Either way...I'm happy to try and look into every option. I have done several loans with CSC members and I don't think there has been one dissatisfied client here. (I hope I'm pretty honest and forth right in everything I say and I'm here to help you. Below is my contact information, please feel free to call or e-mail me. You can e-mail or fax statements to the contact info below. Thanks for the opportunity to be of service to your group, I love working with all of you.

Catherine Eusea
Area Sales Manager
ceusea@firstcal.net

Office: 970-372-6939
Cell: 720.300.6777
Fax: 855.502.6873
NMLS#: 237244

[CatNip]

I looked at refi again about 6 months ago (11 months after I refi'ed with Catherin) and we talked about 15 min, she ran the numbers and told me to stay put, the pay off time for the refi was 4 years.. Which was just to long to benefit. She's a Straight shooter, if it dosn't make sense she will tell you, just ask her!

I heart you JJ!!! You are right on, I will tell you NO, we have to justify that it makes sense...period.

I would be happy to help, please contact me below. I don't check CSC too often...my hubby is all over it though
Catherine Eusea
Area Sales Manager
ceusea@firstcal.net

Office: 970-372-6939
Cell: 720.300.6777
Fax: 855.502.6873
NMLS#: 237244

[drago52]

I'm purchasing a home within the month and just locked in a loan for 10% down at 4.125% on the 1st mortgage. No points purchased. If I had 20% down, I could get 4% without any points.

[Cars-R-Coffins]

They don't put individual water meters on condos and townhomes I think. The water is pretty miniscule if you don't have to worry about watering a yard.

The larger units paying higher rates makes absolutely no sense except for the added insurance that is carried on it but I'm guessing that's pretty miniscule as well.

It makes sense to me. A larger condo usually means more people living in it. More people equals more trash to dispose of, more water used, more use of the pool and fitness room. Obviously more use of the pool and fitness room cause for more maintanence and new equipment over time.

I don't think it's my respinsibility to cover shared expenses, especially if another unit has a family of 6 living in it.

[Ghosty]

I would be happy to help, please contact me below.

Catherine Eusea
Area Sales Manager
ceusea@firstcal.net

Office: 970-372-6939
Cell: 720.300.6777
Fax: 855.502.6873
NMLS#: 237244

Nice, I'll give you a shout in the very near future.

[Ghosty]

Might've dropped a bit AGAIN. I'm seeing high 2's on a 15yr note, and high 3's on a 30yr! Waiting on a callback from Catherine @ FirstCalifornia to see how they compare with LoansAtWholesale and my credit union.

[Clovis]

Rates moved slightly up this afternoon (about a .25% to pricing, NOT .25% to the rate).

I'm a mortgage loan officer with a local bank and I can offer CSC members substantial discounts.

[kalibra]

Hahaha here we go again. All time lows. Buy buy buy buy buy. You cant afford it? YOU CANT AFFORD NOT TO!

A few years from now. You have to buy now.. its not going to get any cheaper. Soon you wont be able to afford a house. You mean my 330k home is now worth 1.5 mill? Hell yes. Sell that bad dog. Wait your saying the house i just bought for 1.5 mill is only worth 330k??

Crash.

After 12 years in this country I am still trying to understand what "the more you spend..the more you save" MEANS????? The math I took in school in Europe will have me believe otherwise!

[kingtut]

I am still trying to understand what "the more you spend..the more you save" MEANS?????

Costco. They get me everytime.

Good info in this thread though. Woot for Streamline FHA...