Rates were up and down this week. I finally locked in at 4.47/30 year at 1 pt at BofA, wells fargo was 4.625 for the same. I have perfet credit (790 me/820 wife) and more than 60% equity. This is more than 1% less than the current 5.5
I locked in my second house, the inlaws place, at nearly a 2 pt drop.
Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs. By paying the same payment as we were before, was an extra payment per year, will now be 2-3 extra payments per year reducing the loan below 20 years.
I suggest looking at several and pulling the trigger soon. Weird things are happening, all loan agents are swamped. worst case if rates go substantially lower in the 60 days before closing, you lose the $500 lock fee.
I believe that the FED/Govt has told the TARP banks to make loans near 4.5% or else. They believe turning all of this money over will help the financial community by taking in fees, but what then? no one who was speculating or far under water is not going to be able to take advantage. Many loans will change over but most housing won’t. We know an agent in CA, less then 200K priced product in Riv/SBDO is moving again. Many soon to be landlords picking up deals.
[quote=steveno]
Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs.
$500 lock fee. [/quote]
StevenO,
Are you saying that you are saving $6600 a year and it will take 3 years to recover your cost, meaning that these 2 loans cost you $20,000 in closing costs….
Can you please clarify ?
[quote=steveno]
Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs.
$500 lock fee. [/quote]
StevenO,
Are you saying that you are saving $6600 a year and it will take 3 years to recover your cost, meaning that these 2 loans cost you $20,000 in closing costs….
Can you please clarify ?
[quote=steveno]
Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs.
$500 lock fee. [/quote]
StevenO,
Are you saying that you are saving $6600 a year and it will take 3 years to recover your cost, meaning that these 2 loans cost you $20,000 in closing costs….
Can you please clarify ?
[quote=steveno]
Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs.
$500 lock fee. [/quote]
StevenO,
Are you saying that you are saving $6600 a year and it will take 3 years to recover your cost, meaning that these 2 loans cost you $20,000 in closing costs….
Can you please clarify ?
[quote=steveno]
Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs.
$500 lock fee. [/quote]
StevenO,
Are you saying that you are saving $6600 a year and it will take 3 years to recover your cost, meaning that these 2 loans cost you $20,000 in closing costs….
Can you please clarify ?
I can’t figure our how to find your private e-mail, but would like to be able to contact you in the future. If rates go down just a bit, I think we may want to go ahead with a refi.
I can’t figure our how to find your private e-mail, but would like to be able to contact you in the future. If rates go down just a bit, I think we may want to go ahead with a refi.
I can’t figure our how to find your private e-mail, but would like to be able to contact you in the future. If rates go down just a bit, I think we may want to go ahead with a refi.
I can’t figure our how to find your private e-mail, but would like to be able to contact you in the future. If rates go down just a bit, I think we may want to go ahead with a refi.
I can’t figure our how to find your private e-mail, but would like to be able to contact you in the future. If rates go down just a bit, I think we may want to go ahead with a refi.
Feel free to check with me, there’s no obligation.
If there is a target rate or max costs that you are looking for, I can try to monitor them for you.
There has been much movement lately.
Feel free to check with me, there’s no obligation.
If there is a target rate or max costs that you are looking for, I can try to monitor them for you.
There has been much movement lately.
Feel free to check with me, there’s no obligation.
If there is a target rate or max costs that you are looking for, I can try to monitor them for you.
There has been much movement lately.
Feel free to check with me, there’s no obligation.
If there is a target rate or max costs that you are looking for, I can try to monitor them for you.
There has been much movement lately.
