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i did the 30 year mortgage thing. sold the house after 9 years, got an apartment, and i swear to fucking god i will never take a loan out for longer then 10 years. ever. i honestly plan on starting a business and saving up to buy a house with CASH. yeah, apartment living sucks compared to house living. but being stuck in a bad mortgage that switched hands to a company you dont like is just hell. fuck that shit. from now on, if i cant buy it i cant afford it. loans are for emergencies only.
 
Vdubchaos said:
Something is not right. THere is ALWAYS a lawyer 🙂 and there is always fees (Title, Tax escrow, etc)
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True, but sometimes the bank "charges" the title, tax, lawyer etc. fees by giving you a slightly higher rate. Given how low rates are to begin with, this can be a good deal for some people, and can make for a truly cashless refinance. Read ALL the fine print, though.
 
30yr fixed down to an average of 3.53%.

Does anybody know when they quote these averages whether they're the monthly rate or the APR?
 
I think we found our house... it's only 5 blocks from her Mom, but the way I look at it is it'll be free babysitting when we have kids 😛

$235k house, so approx $224k mortgage/loan
@ 3.25% FHA, 5% down it would be 11200
Taxes are 5300/annually

$1720/mo with PMI, mortgage insurance, taxes, and mortgage.. definitely doable!
 
GT1999 said:
I think we found our house... it's only 5 blocks from her Mom, but the way I look at it is it'll be free babysitting when we have kids 😛

$235k house, so approx $224k mortgage/loan
@ 3.25% FHA, 5% down it would be 11200
Taxes are 5300/annually

$1720/mo with PMI, mortgage insurance, taxes, and mortgage.. definitely doable!
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Where is everyone getting their mortgage through?

My credit union rates are terrible. 4.25% no closing costs with 10% down and automatic withdrawals on a 30 year. Their lowest rate is 3.75% for 15 year.
 
alm99 said:
Where is everyone getting their mortgage through?

My credit union rates are terrible. 4.25% no closing costs with 10% down and automatic withdrawals on a 30 year. Their lowest rate is 3.75% for 15 year.
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Chase. We both have really good credit, never a late payment ever and I've had a credit card since 98 or something I think. No balances on credit cards, no debt except student loans and minimal on cars.

They were asking 3.75 on a conventional 30 year, no idea what their 15 year rate is.
 
alm99 said:
Where is everyone getting their mortgage through?

My credit union rates are terrible. 4.25% no closing costs with 10% down and automatic withdrawals on a 30 year. Their lowest rate is 3.75% for 15 year.
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Check other local banks. Credit unions aren't always cheaper.
Also, check Bankrate.com. You don't have to refi through a local bank.
 
Closing on my refi today. 3.75%. Not the greatest rate with FHA, but it's pretty much the easiest possible refi. Contacted my mortgage person, sent them a few financial documents, signed a few papers, set a closing date. Will save a little over $200/month. I'll probably continue paying the same amount and just pay off the loan early.
 
Not the best from what you guys are posting but what do you guys think:

Not locked in yet so numbers are estimated.

3.375 - 3.45 APR
20 Years
No Points

I am choosing impound voluntarily, not because I have to.

Excluding impound deposits-

$500 Good faith deposit (supposedly refunded after the loan closes. I am not happy about this but I trust my credit history and finances will pass their underwriters)

$2387.00 Closing Costs
-850.00 Lender credit

$1,537 Total Net Closing Cost

This is for a 170K refi. Thoughts?
 
Just closed today on a refi for 15 years at 3.0%. Shaved more than 8 years off my current mortgage for less than $50 bucks more a month on my payment.

Closing costs where under a $1,000 too because my bank doesn't sell off their mortgage to Sallie or Fannie.
 
goobee said:
Not the best from what you guys are posting but what do you guys think:

Not locked in yet so numbers are estimated.

3.375 - 3.45 APR
20 Years
No Points

I am choosing impound voluntarily, not because I have to.

Excluding impound deposits-

$500 Good faith deposit (supposedly refunded after the loan closes. I am not happy about this but I trust my credit history and finances will pass their underwriters)

$2387.00 Closing Costs
-850.00 Lender credit

$1,537 Total Net Closing Cost

This is for a 170K refi. Thoughts?
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What is an impound deposit?
 
A mortgage at 4% is not cheap if it is a loan on a property being artificially propped up to 50% more than the property is worth. And all these money printing games are the only thing propping it up. Rates could very easily fall to under 3% for a 30 yr fixed. Japan has been pulling this crap for 30 years now and it hasnt solved anything. And it wont. Because its not meant to. It is meant to completely bankrupt the middle class. So ask yourself, who the frick is going to buy houses if the big banks are in collusion with the government to destroy the middle class? 50 million retiring idiot Obomney loving baby boomers? Ha! Dont count on it.
 
We are locked at 3.65% with no closing cost and $5500 cash back on closing (30yr fixed). This is compared to my 4.375% (I think) on the house I am selling.
 
Anyone else doing the refi through the HARP2 having it take FOREVER in the underwriting or whatever? Like taking months?
 
sm625 said:
A mortgage at 4% is not cheap if it is a loan on a property being artificially propped up to 50% more than the property is worth. And all these money printing games are the only thing propping it up. Rates could very easily fall to under 3% for a 30 yr fixed. Japan has been pulling this crap for 30 years now and it hasnt solved anything. And it wont. Because its not meant to. It is meant to completely bankrupt the middle class. So ask yourself, who the frick is going to buy houses if the big banks are in collusion with the government to destroy the middle class? 50 million retiring idiot Obomney loving baby boomers? Ha! Dont count on it.
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Does your tin-foil hat make your head itch?

I agree that home prices were significantly inflated but that wasn't because of some underhanded scheme, it was because people were each individually acting in their own self interest. People wanted houses and banks wanted to give them loans. Both parties were operating under the assumption that home prices were going to remain stable or grow. This got even more complex when the parties that were assuming the risk were not the parties making the decisions about approving loans. It skewed the incentives and allowed a large number of lousy loans to be made.

You shouldn't try to explain something with a conspiracy when it can just as easily be explained by people following fairly predictable courses of action. Everyone was looking out for themselves and it created a very unstable situation that eventually collapsed. End of story. There were no smoke filled rooms or secret deals to destroy the middle class involved.
 
Woo! Gave it a second roll of the dice after some homes recently sold in my neighborhood last month at very favorable prices. My appraisal came back over $30,000 higher than it did this spring making my LTV at 77%. Locked in for 30 years at 3.625% and about $1500 in closing costs. My mortgage payments are going down $300 a month and only slighltly alter my repayment window since I was only 2 years into the first mortgage.

Just taking that extra $300 and putting it right back against the loan would take me from a 30 year to a roughly 22 year loan. I'd shave off close to $65,000 in interest.
 
vi edit said:
Woo! Gave it a second roll of the dice after some homes recently sold in my neighborhood last month at very favorable prices. My appraisal came back over $30,000 higher than it did this spring making my LTV at 77%. Locked in for 30 years at 3.625% and about $1500 in closing costs. My mortgage payments are going down $300 a month and only slighltly alter my repayment window since I was only 2 years into the first mortgage.

Just taking that extra $300 and putting it right back against the loan would take me from a 30 year to a roughly 22 year loan. I'd shave off close to $65,000 in interest.
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Grats.
 
vi edit said:
Woo! Gave it a second roll of the dice after some homes recently sold in my neighborhood last month at very favorable prices. My appraisal came back over $30,000 higher than it did this spring making my LTV at 77%. Locked in for 30 years at 3.625% and about $1500 in closing costs. My mortgage payments are going down $300 a month and only slighltly alter my repayment window since I was only 2 years into the first mortgage.

Just taking that extra $300 and putting it right back against the loan would take me from a 30 year to a roughly 22 year loan. I'd shave off close to $65,000 in interest.
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did you consider a 20 or 15 year? i locked 2.75 on 15yr
 
I can't do a 15 year. At least not right now with two kids in daycare still. I'd rather take the lower payment and then paydown when I can. I can really knock things down once I get the $1800 a month daycare noose off from around my neck.

There is zero interest incentive to going for a 20.
 
I was ready to aggressively pay down the mortgage (just inherent to my nature - I hate bills!) but at 2.75% I have to remind myself it's not worth it.

I might just toss in an extra few hundred a month to cool my senses.
 
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