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Home › Forums › Financial Markets/Economics › I’ve locked in a refinance (again) @ 3.375%

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  • August 12, 2011 at 9:35 AM #719451
    bearishgurl
    Participant

    [quote=threadkiller]Just got off the phone with Bank of America and they said because I have FHA loan @ 4.875% (30 year) I would probably never realistically be able to get a better deal in the future. He said can’t roll fees into loan and that MIP has doubled since I took out my loan. Oh well, I know in 10 years my loan will be really good when interest rates are over 10%.[/quote]

    TK, hopefully you can get out of your MIP before 10 years is up. If your property eventually appraises for 125% or more of your original loan, you will be eligible to receive a refund of prepaid MIP and have your mtg pymt lowered.

    September 9, 2011 at 7:05 AM #728712
    Coronita
    Participant

    [quote=ljinvestor]flu- who did you use for refi[/quote]

    I used my friend. However, she told me not to send her any more customers because she can’t handle any more clients at this point.

    PM if you really want to know. But looks like rates have fallen further anyway. It shouldn’t be that hard to get a lower rate now.

    September 9, 2011 at 7:06 AM #728711
    Coronita
    Participant

    Well guys. My refi loan just closed.

    3.375 no points/no cost on a 15 year. Actually, I got a small refund because the fees came lower than expected and my agent+lender was rebating more than the fees.

    Unfortunately, since I closed, it seems like rates have further fallen…

    http://aerofcu.mortgagewebcenter.com/Default.asp?bhcp=1

    30 Year Fixed Rate
    Rate APR Points
    3.875% 3.934% 0.000%
    3.625% 3.838% 1.875%
    15 Year Fixed Rate
    Rate APR Points
    3.000% 3.102% 0.000%
    2.750% 3.125% 1.875%

    So perhaps we’ll see sub-3% no points/no fee% 15 year conforming soon 🙂

    But oh well, I can’t exactly refinance in next month because I’m going to be out on medical leave, and I don’t think that would help me qualify…

    September 9, 2011 at 8:32 AM #728720
    as
    Participant

    Good for you, Flu.
    I refinanced last Dec. with 15-year-fixed, 3.625% rate. Talked with the loan officer yesterday and she said she could give me 3.375% for 15-year-fixed. Do you guys think I should refinance now or I should wait?

    September 12, 2011 at 11:41 PM #728899
    an
    Participant

    Looks like rates are dropping again. 30 year fixed is now at 3.875% with 0 point and 15 year fixed is now at 3.125% with 0 point at aimloan.com. It’s a little lower with Amerisave. I’m tempted to refi again.

    September 13, 2011 at 9:30 AM #728917
    all
    Participant

    3.875% comes with $3K+ in closing cost. If you go with aimloan tell them you have an email with a coupon for $300 off the closing cost.

    September 16, 2011 at 1:42 AM #729215
    CA renter
    Participant

    The scariest part is that even with these ultra-low rates…sales are rather dismal, and prices are NOT moving up as they usually do when rates reach levels like this.

    It feels like something has drastically changed this year.

    Perhaps people finally understand that when they say they’re waiting for the “market” to come back, what they’re really waiting for is the **bubble** to come back. That ain’t gonna happen. Maybe more people are finally grasping this fact.

    September 16, 2011 at 6:22 PM #729293
    an
    Participant

    30 years fixed is now 4% flat with a cost of ~$1800 at aimloan.

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