- This topic has 21 replies, 11 voices, and was last updated 12 years, 2 months ago by
CardiffBaseball.
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September 19, 2012 at 7:23 AM #20133September 19, 2012 at 7:29 AM #751549
CoronitaParticipantLol… Borrowing 417000 at 3.2% for 30years is like $1800/month…
Plus it locks your housing costs for awhile from inflation (sort of) and you can let inflation eat away at the value of what you owe over the next 30 years…
No shit why people are buying instead of renting….
September 19, 2012 at 7:47 AM #751552Ren
ParticipantDAMN IT!!
September 19, 2012 at 8:51 AM #751554UCGal
ParticipantAm I misreading that – or are fixed rates significantly cheaper than ARM loans?
Maybe I just wasn’t paying attention in the past – but I thought adjustable was always cheaper than fixed.
September 19, 2012 at 9:16 AM #751556ljinvestor
ParticipantIf it’s conforming then 30 or 40yr fixed is usually lower than ARM except for the 5/1. If jumbo then the 5, 7, & 10yr ARMs look better than fixed especially if one wants IO.
September 19, 2012 at 9:18 AM #751557Huckleberry
ParticipantWow flu, that credit union you belong to gives awesome rates!
I can’t find rates that good anywhere. The best I can find is 3.37% for a no cost 30 yr.
Are there any criteria or stipulations to becoming a member of Aerospace Federal Credit Union?
September 19, 2012 at 9:40 AM #751560an
ParticipantAFCU fees are quite low and their rates are quite good. Too bad I can’t become a member.
September 19, 2012 at 9:52 AM #751562CoronitaParticipant[quote=UCGal]Am I misreading that – or are fixed rates significantly cheaper than ARM loans?
Maybe I just wasn’t paying attention in the past – but I thought adjustable was always cheaper than fixed.[/quote]
That’s correct! Best time to be in a fixed rates.
September 19, 2012 at 10:15 AM #751568CoronitaParticipant[quote=Huckleberry]Wow flu, that credit union you belong to gives awesome rates!
I can’t find rates that good anywhere. The best I can find is 3.37% for a no cost 30 yr.
Are there any criteria or stipulations to becoming a member of Aerospace Federal Credit Union?[/quote]
Yes, you had to have been an employee or intern at some point and/or have a family member that has done so.
September 19, 2012 at 10:21 AM #751567CoronitaParticipantguys. I went with the credit union last time but had to pay closing costs. Really regret that decision.
Some folks have recommended absolutemortgageco..I think their rates are comparable.
http://www.absolutemortgageco.com/
I think for me, the worst decision way paying closing costs, especially when rates keep plummeting the way it is.
Pretty soon, if we see a 30year below, 3% that will be ridiculously cheap…
Yes, ucgal, ARM rates are worse than fixed right now (at least it would be for me)….
Heloc rates at AFCU are prime -0.25% but cannot go below 2%. also they are capped at 6% above initial rate. The bad part is you have to pay for the heloc application ($300 and pay for the appraisal)…If you do it together (heloc +loan, some of the fees get waived)…I have not found the heloc cheaper elsewhere, but if someone does…please share.
Cheap borrowed money…Getting even cheaper now….
September 19, 2012 at 10:33 AM #751570ParticipantI just finish a refi with Sheldon at 3.625% with ~$4k net credit. Which will pay for 80% of my property tax for the year. At the time that I locked, absolute mortgage was offering 3.625% with ~$4500 net credit. But I rather go with someone who get things done and I know personally. I did 4 loans with him now and have been happy every single time. I would highly recommend you guys check with him too.
Currently, on absolute mortgage, a 3.625% rate have a $6100 net credit and a 3.5% rate have a $2800 net credit. I’ll probably refi again when I can get 3.375% with a $4k credit. Hopefully that’ll be the end of this year. All these refi means I don’t have to pay property tax and insurance for the last couple of years, all the while, getting lower rates than I did before.
September 19, 2012 at 11:14 AM #751573Participant[quote=flu]Pretty soon, if we see a 30year below, 3% that will be ridiculously cheap…[/quote]
Do you really think the 30 yr. will get down to 3%? What are the realistic chances of that happening?
I will wait to research refi rates if we really think they will continue lower.
September 19, 2012 at 11:15 AM #751575CoronitaParticipant[quote=Huckleberry][quote=flu]Pretty soon, if we see a 30year below, 3% that will be ridiculously cheap…[/quote]
Do you really think the 30 yr. will get down to 3%? What are the realistic chances of that happening?
I will wait to research refi rates if we really think they will continue lower.[/quote]
who knows…If you do a no cost loan, no big deal if it does..
September 19, 2012 at 11:41 AM #751577sdnerd
ParticipantI recently finished a 417K 30 year fixed refinance @ 3.375% w/ no costs.
Going to be real interesting to see if rates keep going down. 3.0 or under would result in ridiculously low monthly payments… as it is now it’s already cheaper then 2 bedroom apartments.
September 19, 2012 at 12:11 PM #751578enron_by_the_sea
ParticipantWhat’s going on with Jumbo & high-balance conforming rates? Are they also approaching 3.25/3.5%?
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