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Mortgage rates at all time low

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Rage187 said:
Mid March, we are aiming for 2.75 for 10 years. We have 11 years left at 5.25, so our payments will go down and we will be paying a year less.
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you should still run the numbers through the calculators. depending on the term for your first mortgage, since the interest is front loaded you may have already paid most of it off and into mostly principal now. refinancing will reset that and you will be back to paying interest.
 
endervalentine said:
bah! this makes me sad, we refi-d to 3.375% at 15yr a couple months ago 🙁 I know I know never do 15yr, but we did ...

hopefully rates stay low for the next 4 months, so we can refi again for a 30yr,
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I don't think there's anything wrong with a 15 yr. I tried to refi to a 15 yr. but they wouldn't let me because of FHA streamline rules.

Your getting a lower interest rate and you're building equity much faster.
 
endervalentine said:
bah! this makes me sad, we refi-d to 3.375% at 15yr a couple months ago 🙁 I know I know never do 15yr, but we did ...

hopefully rates stay low for the next 4 months, so we can refi again for a 30yr,
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what's wrong with the 15 year? at that rate it will save you tons.
 
I'm refi-ing through my current lender once HARP 2.0 is live in the underwriting software. That should avoid us having to have the house appraised.

We shall see.
 
Train said:
did you check Zillow? What percentage drop are we talking here?
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It's a 9% drop. Zillow doesn't do me much good. I'm new (custom) construction in an area that has had less than 10 sells in my price range in the last year. It's not a high turnover area.
 
Train said:
what's wrong with the 15 year? at that rate it will save you tons.
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That's how we decided on the 15yr plan, we were like wow, we could pay off our house in 12yrs (we pay a bit extra to it to catch up with refi). But it also eats into our liquitidy ... we're looking for an investment property and a few hundred a month would help with any fixes or emergency that comes up with the place.
 
endervalentine said:
That's how we decided on the 15yr plan, we were like wow, we could pay off our house in 12yrs (we pay a bit extra to it to catch up with refi). But it also eats into our liquitidy ... we're looking for an investment property and a few hundred a month would help with any fixes or emergency that comes up with the place.
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Don't get me wrong, liquidity is good; but I think the 15yr mortgage will actually help more with the investment property. It will lower your debt ratios substantially.
 
Anybody dealt with any internet bank/lenders that are willing to throw out some recommendations? I'm looking to get a 30 yr fixed/FHA loan with minimal closing costs. Wells Fargo prequalified me at 3.75% but with no buyer's incentives(we didn't ask for it on the offer), we'll be paying about 7% (closing costs + down payment) of the loan out of pocket. I rather save some of that upfront cost to buy new furniture, etc.
 
I'm hearing 15th of March is when HARP 2.0 software updates go live.

If true, I'll be doing my refi as soon as I can after. With new rules I should not need an appraisal.
 
lokiju said:
I'm hearing 15th of March is when HARP 2.0 software updates go live.

If true, I'll be doing my refi as soon as I can after. With new rules I should not need an appraisal.
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What new rules? Does it still require that your loan was sold to one of the FM's before 5/31/2009? Do you have to prove that you are unable to receive a traditional refinance?
 
I own two homes, my primary residence and a house that I rent out because I don't want to sell and take the loss. Can I refinance my rental property under HARP 2.0?
 
JD50 said:
I own two homes, my primary residence and a house that I rent out because I don't want to sell and take the loss. Can I refinance my rental property under HARP 2.0?
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Can I refinance a second/vacation home with HARP?

Yes, you can refinance an second/vacation property with HARP, even if the home was once your primary residence. The loan must meet typical program eligibility standards.

Can I refinance an investment/rental property with HARP?

Yes, you can refinance an investment/rental property with HARP, even if the home was once your primary residence. You can refinance a home on which you're an "accidental landlord" via HARP. The loan must meet typical program eligibility standards.

I rent out my old home. Is it HARP-eligible even though it's an investment property now?

Yes, you can use the HARP Refinance program for your former residence -- even if there's a renter there now.
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All of that was taken from here
 
I refined today through Quicken Loans. I probably paid .25% more than I should have but Chase is slow as fuck. Quicken Loans verified my loan and closed in 10 days. No appraisal and $2500 in closing costs on $140k loan.

My payment was cut in half although my repayment is now in 2042. We are going to use that half payment to payoff the credit card and my car over the next couple years.
 
Rage187 said:
I refined today through Quicken Loans. I probably paid .25% more than I should have but Chase is slow as fuck. Quicken Loans verified my loan and closed in 10 days. No appraisal and $2500 in closing costs on $140k loan.

My payment was cut in half although my repayment is now in 2042. We are going to use that half payment to payoff the credit card and my car over the next couple years.
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What was the %?
 
called my current mortgage holder, citimortgage yesterday
started a VA streamline ReFi @ 3.875%, one full point less than my current rate, which i refi'ed summer of 2009

dude said at their current volumes, should only take 30-40 days to complete, VA streamline doesn't require appraisal or extra paperwork, basically just a credit check and processing time to make sure my VA eligibility is authentic

it will knock about $130 off my monthly payments, which due to property tax/insurance increases will put me back approximately at my starting payments when we bought the house in 2004
 
I'm getting close to pulling the trigger on a re-fi, I think. I refinanced about 2 years ago and saved a full point, and if I refinanced today, I'd save more than another point. Do you guys think we'll see sub-3.5% on a 30-year fixed? It is getting pretty close now.
 
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