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Mortgage rates at all time low

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spidey07 said:
Look to see if it's a "non-conforming" loan (of which jumbo is). The rate difference between those and regular has been slim.

With rates this low and housing prices on the rise one would be a fool not to mortgage as much as they can for 30 years. Even if it's a very minor rate increase for non-conforming loans.
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Yeah, it is non-conforming. And yes, we could have put more down, but at this interest rate, we thought it was better to keep extra in reserve rather than into the house.
 
OCGuy said:
Just closed my first refinance for an ATOTer, went pretty smooth. 27 days or so.

Anyone who hasn't taken advantage of either a conventional or Streamline (FHA) refi in this market must hate money. 😛
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I can second that since I was the ATOTer.😀 It went very smooth and OCGuy was great to work with.
 
So how will this play out? In 10-15 years, there will be a lot of people who own their homes outright. Depending on your job and personal situation, it might make sense to stay in that house much longer and live a few years without mortgage payments.
 
JoeyP said:
So how will this play out? In 10-15 years, there will be a lot of people who own their homes outright. Depending on your job and personal situation, it might make sense to stay in that house much longer and live a few years without mortgage payments.
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Even so, if you move laterally, it really shouldn't cost that much for such a move. That is, your house should hopefully appreciate at the same rate as other similar properties. Thus, in 15 years, if you really wanted to move, you could sell the house & buy a similar house, without a tremendous amount of expense (realtor fees, etc.)

And, for younger families just getting their first house, in 15 years, they might be nearing empty nest time - time to downgrade to a smaller house. They could even manage to come out ahead in the process.
 
Just locked in my new condo/townhouse, FHA 30-year fixed rate loan at 3.25%, no points, 3.5% down, PMI rolled in. Wasn't the most fun experience ever, but I eventually got them to match a local lender's rate.

Could not be happier.
 
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Shopping around at the moment and the best I've found is 3.49% for a conventional 30 year with no points/origination.

These guys offer 3.125% but I don't know if there is any points/origination associated with that.

Anyone else shopping?

On a side note, I know this has probably been beaten to death, but rates have dropped. Going with a 30 year 3.5% FHA vs a 20% down 30 year, I haven't been able to find an advantage for the FHA option (unless you assume a high return on your left over cash). Circumstances my differ. I am assuming a $160k home value and at least a ten year time horizon for keeping the house. FHA assumes you pay MIP for 5 years.
 
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overst33r said:
Shopping around at the moment and the best I've found is 3.49% for a conventional 30 year with no points/origination.

These guys offer 3.125% but I don't know if there is any points/origination associated with that.

Anyone else shopping?
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I used Absolute Mortgage for my current refinance - which I did like 3 years or so ago. They had the best rate at the time, and closing costs weren't too high, but damn were they a pain in the ass. Ridiculous how much documentation needed. I felt like I was constantly sending new forms, and statements of various things. Maybe that's how things just are nowadays, but 2 prior mortgages via other companies seemed to be a lot less work.
 
overst33r said:
Shopping around at the moment and the best I've found is 3.49% for a conventional 30 year with no points/origination.

These guys offer 3.125% but I don't know if there is any points/origination associated with that.

Anyone else shopping?

On a side note, I know this has probably been beaten to death, but rates have dropped. Going with a 30 year 3.5% FHA vs a 20% down 30 year, I haven't been able to find an advantage for the FHA option (unless you assume a high return on your left over cash). Circumstances my differ. I am assuming a $160k home value and at least a ten year time horizon for keeping the house. FHA assumes you pay MIP for 5 years.
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Funny, just started looking today. Didn't find anything as low as the one you found. It does say 0 points in the chart.
 
Another question for the gods...

If I plan to own (live in or rent out) the house for at least 10 years, should I buy points? The most I can afford?

Why or why not?
 
For those looking at FHA you might want to get going sooner than later. At some point this year they are changing their PMI policy and will require you pay PMI for the life of the loan. They are supposed to make an announcement by March 31 with an implementation date to be determined.
 
overst33r said:
Another question for the gods...

If I plan to own (live in or rent out) the house for at least 10 years, should I buy points? The most I can afford?

Why or why not?
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You can use a mortgage calculator to find out the break even date for different point configurations.
 
I just posted this in slick deals finance but maybe some of you might be better advisers...

Buying a house in TX - Best mortgage broker to use?
Hi guys, I'm currently about to streamline refinance our first home (FHA) and also looking to buy a new home and am looking for a broker to go with to beat out Wells Fargo who currently holds my FHA loan, and who I have pre-approval with for the new loan.

I know there is a thread in "Hot Deals" over at slickdeals about some great rates from a broker but for the life of me can't find it.


Also, my streamline with wells is 3.75% (we pay nothing at closing) but about 2K get's rolled into the loan, which seems a little steep.


What rates should I be looking for a 30 year conventional with 5-10% down? Mortgage of 350K or under. Sadly, credit is only ~690's, a couple derogatory marks from retarded stuff like 3+ years ago when some APT complex we lived in decided to not notify us we owed them 100 bucks for cleaning so they sent it straight to collections (didn't know we should have fought to have that removed). and also one negative from a credit card missed payment on a card I didn't use anymore when the annual fee billed.
 
Wow some people in this thread get ripped off or get quoted rates/fees that are impossible.

No wonder my industry has such a bad reputation.
 
A few years ago, we tried to go FHA and it was denied because the house was older than ~1970. They assumed since it was older than 1970, all of the paint on the barns were lead based. No tests, just denied.
We went conventional, 10% down, and the payment and rate was actually lower than FHA.

FHA isn't all it's cracked up to be.
 
My house loan was through FHA, simply because I wanted to get in on the good fixed rates, and by the time I saved up 10% for a conventional, the rates would risk going up. My mortgage is a 30 year fixed at 3.625%, I'm pretty happy. 🙂
 
j&j said:
I just posted this in slick deals finance but maybe some of you might be better advisers...

Buying a house in TX - Best mortgage broker to use?
Hi guys, I'm currently about to streamline refinance our first home (FHA) and also looking to buy a new home and am looking for a broker to go with to beat out Wells Fargo who currently holds my FHA loan, and who I have pre-approval with for the new loan.
Click to expand...


I'm looking for recommendations for a Texas broker too. Any advice?
 
I'm pretty much screwed. I'm stuck at 5%. I contacted Chase re: HEAP and they said I didn't qualify because they didn't do the origination on my laon, they purchased it through a different lender. And the fact that I went through the Rural Home Loan program, I have to find someone who does those loans to streamline the loan. I'll have to do more research. I keep getting mailings on refinancing, Quicken Loans seems to be pretty aggressive and mailing me stuff at least every 2 wks.
 
thestrangebrew1 said:
I'm pretty much screwed. I'm stuck at 5%. I contacted Chase re: HEAP and they said I didn't qualify because they didn't do the origination on my laon, they purchased it through a different lender. And the fact that I went through the Rural Home Loan program, I have to find someone who does those loans to streamline the loan. I'll have to do more research. I keep getting mailings on refinancing, Quicken Loans seems to be pretty aggressive and mailing me stuff at least every 2 wks.
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Assuming that you aren't underwater or anything, why not just do a conventional refinance (with a reappraisal and all)? Slightly higher closing costs and a slower turnaround will be more than worth it to reduce that interest rate.
 
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