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Refi your Wells Fargo mortgage, no closing costs

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Those are some really good rates, considering that I work at First Franklin collecting on mortgages. First time I saw an 800k loan w/18% interest in CA I about fell over in my chair.
 
Roger that. My first mortgage in Feb. of 1982 in Calif. was 14 & 1/2% plus 1/2% for M.I.P. So 15% interest on a graduated mortgage was what allowed me to scrape by & qualify for my first home. Luckily we refied, & moved; others were not as lucky. If you can qualify without graduated mortgage (deferred interest in the first 5 yrs.), or adjustable it's cheaper on you in the long run.
 
How about 5-year adjustable mortage rate? It seems that Wells Fargo is offering 4.75% right now, any better deal with a reliable mortgage broker or bank? Thanks!
 
Go to www.loansatwholesale.com and check it out there before doing anything with Wells Fargo. I was a WF customer, and just recently refi'd at 4.25% on a 7 yr adjustable, with no PMI. Saved about $400+ a month. I did have out of pocket costs (about the same as one month's payment) + rolled a small amount into the note- I believe only around $1800 or so. But do the math. I don't have a payment due until June 1, and saving $400 a month, it doesn't take long to make up for that amount rolled in.

WF Blows. They supposedly sent me an Escrow refund about 6 weeks ago. Never received it. Contacted them and let them know. They put a stop payment on it and said another check would go out immediately. That was 2 weeks ago. Whatever.

QnD
 
Usually, would people choose a 0 point loan or 1-2 point loan? Just curious. This loan business is full of traps and is so tricky that the lender basically could have a lot of hidden cost impose to the borrower. Here is two rates that I got from aapexmortgage.com and etrade.com/lending:

Today's Rates: 04/29/2003 (aapexmortgage.com)
***************************************************
Program * Rate * Points * APR
***************************************************
30 Year Fixed * 5.250% * 1.000* 5.442%
30 Year Fixed * 5.375% * 0.000* 5.476%
15 Year Fixed * 4.375% * 2.000* 4.844%
15 Year Fixed * 4.750% * 0.000* 4.916%

30 Year Fixed (Jumbo) * 5.250% * 2.000* 5.482%
30 Year Fixed (Jumbo) * 5.625% * 0.000* 5.677%
15 Year Fixed (Jumbo) * 4.500% * 2.000* 4.885%
15 Year Fixed (Jumbo) * 4.875% * 0.000* 4.957%

5 Year Balloon * 4.250% * 0.000* 5.036%
7 Year Balloon * 4.625% * 0.000* 5.083%

1 Year ARM * 4.375% * 1.000* 4.522%
3 Year ARM * 3.500% * 0.000* 3.883%
5 Year ARM * 3.750% * 1.000* 3.987%
1 Year ARM (Jumbo) * 4.500% * 1.000* 4.979%
3 Year ARM (Jumbo) * 3.500% * 1.000* 3.920%
5 Year ARM (Jumbo) * 4.250% * 1.000* 4.427%

VA 30 Year Fixed * 7.250% * 0.000* 7.331%
VA 15 Year Fixed * 6.750% * 0.000* 6.594%
--------------

Etrade.com/lending/

April 30, 2003 7:09 AM EST Jumbo 5/1 Arm
Interest Rate Points or Credit Payment APR Margin Lifetime Cap Guaranteed Closing Costs Choose This & Apply Select Program to Compare
4.375% 1.750 $2146.93 4.381% 2.750 9.375 View Continue
4.500% 1.375 $2178.75 4.500% 2.750 9.500 View Continue
4.625% 1.000 $2210.80 4.625% 2.750 9.625 View Continue
4.750% 0.625 $2243.09 4.750% 2.750 9.750 View Continue
4.875% 0.250 $2275.60 4.875% 2.750 9.875 View Continue
5.000% 0.000 $2308.34 5.000% 2.750 10.000 View Continue
5.125% 395.00 credit $2341.30 5.125% 2.750 10.125 View Continue

Jumbo 30 Yr Fixed
Interest Rate Points or Credit Payment APR Margin Lifetime Cap Guaranteed Closing Costs Choose This & Apply Select Program to Compare
5.375% 2.000 $2407.88 5.581% n/a n/a View Continue
5.500% 1.375 $2441.49 5.656% n/a n/a View Continue
5.625% 0.750 $2475.32 5.731% n/a n/a View Continue
5.750% 0.125 $2509.36 5.794% n/a n/a View Continue
5.875% 395.00 credit $2543.61 5.875% n/a n/a View Continue

What do you think? which one is better? Any other better deals out there? Many thanks!


 
does anyone have an experience with aapexmortgage.com? their rates are pretty nice, but they have an unsatisfactory record at the better business bureau
 
Bump for anyone who hasn't done this yet. Rates have come down about 3/8 points since this thread began.

And for those of you who took advantage of this already, Wells Fargo once told me that you are eligible to do this again every 90 days. So you may be able to save even more money! There is also speculation that the Fed may cut short term rates at the next FOMC meeting in June, so mortgage rates might still drop a little bit more. The Fed last met on May 6, so their next meeting will be around the 3rd week of June.
 
There is also speculation that the Fed may cut short term rates at the next FOMC meeting in June, so mortgage rates might still drop a little bit more. The Fed last met on May 6, so their next meeting will be around the 3rd week of June.
Click to expand...
This is not correct. If the Fed cuts the funds rate in June, mortgage rates will most likely go up. A drop in short-term rates would bring inflation worries back into the long-bond markets which control mortgage rates. Just FYI.
If you're thinking about refinancing, don't wait. This may be the last gasp. Use that lower rate to get a shorter term.
 
I just locked a 30 year conforming 0 points 0 closing costs loan at 5 3/8 on Wednesday...from a local reliable guy, too.

Rates are currently incredibly good...

Just a FYI for anyone sitting on the fence.

Kwad
 
Originally posted by: Vic
There is also speculation that the Fed may cut short term rates at the next FOMC meeting in June, so mortgage rates might still drop a little bit more. The Fed last met on May 6, so their next meeting will be around the 3rd week of June.
Click to expand...
This is not correct. If the Fed cuts the funds rate in June, mortgage rates will most likely go up. A drop in short-term rates would bring inflation worries back into the long-bond markets which control mortgage rates. Just FYI.
If you're thinking about refinancing, don't wait. This may be the last gasp. Use that lower rate to get a shorter term.
Click to expand...

I understand your logic, but if the Fed lowers short term rates, they will be doing it to PREVENT deflation. They've stated repeatedly that they are not concerned about inflation just yet. Now, I agree that there is not a direct connection between the Fed Fund Rate and mortgage rates, but there is a pretty good correlation. My Wells Fargo loan agent once told me that WF sets their mortgage rates according to the 10 year bond rates. A drop in the Fed Funds Rate would put some downwards pressure on 10 year bond yields. Without any inflationary pressures, mortgage rates may drop slightly as well or remain the same. In fact, 10 year bond yields have already dropped significantly in the past couple of weeks in anticipation of another Fed cut. I think that the drop in mortgage rates over the last few weeks reflects the 10 year bond yields.

In any event, I do agree with your second statement. If I were shopping for a loan right now, I would definitely not wait any further. However, there are a lot of people here, including myself, that took advantage of this deal back in March. I am pointing out that there is another window of opportunity to sweeten the deal a little bit further in June when we should all become eligible to do this deal again.

 
I have friends who do mortgage arbitrage at very big and mighty firms...They tell me that everyone thinks long-term mortgage rates are currently at or around a nearterm low. Every one of them says that if you've been waiting for a good rate, this is the time to lock.

Of course, they can be wrong like anyone else. But these guys are a lot more informed than most...Their opinion carries some weight.

Kwad
 
Originally posted by: Kwad Guy
I have friends who do mortgage arbitrage at very big and mighty firms...They tell me that everyone thinks long-term mortgage rates are currently at or around a nearterm low. Every one of them says that if you've been waiting for a good rate, this is the time to lock.

Of course, they can be wrong like anyone else. But these guys are a lot more informed than most...Their opinion carries some weight.

Kwad
Click to expand...

Kwad,

You're absolutely right. If I could do another no-cost refi today, I'd jump all over it. I'm just hoping that the rates will stay at present levels or that they will drop slightly by June 15
 
Thanks for your perspective, PHL1365 -- I think you're right -- if Alan lowers ST rates, there is likely to be a further decrease in mortgage rates, but, in truth, we're talking just a few dollars/month (depending on loan amount, of course).... Locking in anywhere at these levels makes good sense. Once the tide turns, I doubt we'll ever see these rates again....
 
Just FYI for those of you who did this deal back in March.

I called Wells Fargo and confirmed that I am eligible to apply for this again after 90 days. The downside is that the clock started ticking when the first refi closed. In my case, this was March 31, even though I put in the original application on March 4. So, on July 1, I should be able to resubmit and hopefully shave another 1/4 to 1/2 percentage point off my mortgage.

Most of the people here that did this deal will probably have the same closing date, so your target date for doing this deal again would be the same. Let's all cross our fingers and hope that mortgage rates continue to go down a little bit.
 
Originally posted by: gr8tango
Yeah, got my broker to setup a deal, no fees at all.

BTW: wells fargo has been banned in california!
see the article - http://www.msnbc.com/news/908585.asp
Click to expand...


Not quite the whole story 🙂

The mortgage unit said the revocation will not affect customers, and will make no difference to its ability to issue mortgages or service home loans because it is a unit of a national bank operating legally under a federal charter.
Click to expand...
 
TTT for anyone that hasn't done this yet. Mortgage rates have hit new lows.

I'm looking to do this again July 1 (as soon as I am eligible) to drop another 3/8 to 1/2 point off my rate
 
Originally posted by: ScAndal
Has anyone successfully done this for a second time with Wells Fargo yet?

ScAndal
Click to expand...

Don't know yet. But I was told by a Wells Fargo rep that I would become eligible again after June 30. My first refi closed on March 31
 
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