Home › Forums › Closed Forums › Buying and Selling RE › Re-Fi closes, 3.5% Fixed for 30
- This topic has 11 replies, 7 voices, and was last updated 10 years, 7 months ago by CAwireman.
October 18, 2012 at 1:36 PM #20202October 18, 2012 at 1:41 PM #752797CoronitaParticipant
any fees and points?
I’m on a 15 year, but looking at the rates of a 30 year, my monthly would be a joke…Around $1600/month for a 5-3 in carmel v.October 18, 2012 at 1:41 PM #752798NotCrankyParticipant
Refi- appraisals are frequently low, especially if the LTV is easy to get to. I wouldn’t consider that FMV necessarily..it could be.
Good Job.October 18, 2012 at 2:29 PM #752802Diego MamaniParticipant
[quote=CAwireman]Re-Fi closes, 3.5% Fixed for 30[/quote]
That’s a great rate! Unbelievable. To think that only 10 years ago, a 6% rate was considered a “steal”… Is your loan conforming, jumbo, etc.? What is your LTV? My loan is currently $566K and LTV is a little under 80%; I wonder whether I’d qualify for 3.5% rate. (Is your APR also 3.5%?)
[quote]- We found a lien placed against the property and cleared it. Anyone know of a service that monitor’s lien status for you property for a monthly fee? Might be worth it…[/quote]The county recorder should have this… and you don’t need to check every month. Was that a mechanic’s lien that you had?
[quote]- Double check everything! There are so many forms to sign that errors are nearly gauranteed.[/quote]
I don’t know, when the notary came to our house the last time we refinanced, just signing everything took forever. Had I read the stuff, it would have taken me hours… I did check the numbers quickly, and asked some questions.
[quote]- If you call your bank to inquire about a Refi, you get a very different answer than your mortgage broker gets (…) Spoke to Wells, BofA, Suntrust, and one other can’t recall. The best they could do for no points? 4.1 – 4.2%. And they swore that was competitive. Had to go with a small broker to get a competitive interest rate.[/quote]My experience with WF and Citi was disappointing. They offered me a good rate, but after days or weeks of waiting and sending my supporting documentation, they asked me to reduce the LTV, or changed something else… very frustrating. We switched to OnQ Financial, a smallish direct lender, and we’ve had no problems with them.
[quote]- So far, I don’t trust online brokers. I may need to get over this to get the best possible rate for our “next refi”. Went with a local broker I had worked with in the past.[/quote]+1October 18, 2012 at 6:51 PM #752813scaredyclassicParticipant
someday 3.5 is going to sound weirdly low.October 18, 2012 at 9:11 PM #752817HatfieldParticipant
For most of my life, 3.5 has sounded weirdly low.October 18, 2012 at 9:22 PM #752818moneymakerParticipant
Sounds similar to our refi. We shaved off a little over 1% but ended up paying $100 more a month,switched from 30 to a 20. The weird thing is we used an online broker found on Costco’s site and ended up with US Bank, where I already have an account. Seems to me that if US Bank would have just approached us directly they could have cut out the middleman. One weird thing that I read in the contract and I’m sure it’s probably in a lot of them is that a second mortgage is not allowed. For us it makes no difference as we have no plan to get a second but for people planning to add an addition or put in solar it might be a bitter pill to swallow.October 19, 2012 at 7:09 AM #752832
Flu – I think you are in a different financial realm than I perhaps. 15 Yr would be great, but the monthly patyments would be too hight to handle, especially if our income wobbled. Our monthly before impounds it about $1,800. Not too shabby.October 19, 2012 at 7:11 AM #752833
4.25 was weird enough, so 3.5 is now our new, short-term, weird – until 2.75 or whatever arrives. 😀October 19, 2012 at 7:15 AM #752836
DM – I thought 3.5% was great too because originally, I thought 3.625 was the lowest zero-point loan I could get. Then, whatever – twist, shout, it dropped. But, I know other people who nabbed 3.25 or 3.1. So, I’m envious…October 19, 2012 at 7:17 AM #752835
Yeah MM – no 2nds for us. We aren’t planning to take out any additional loans, property-wise.
Once we pay off our current car payment, then its just the mortgage and monthly untilies/credit card bills.
I take the Dave Ramsey, live like no one else….
PS: yeah, not sure why banks dont’ approach directly for refi. Must be some reason.October 19, 2012 at 7:19 AM #752837
[quote=Blogstar]Refi- appraisals are frequently low, especially if the LTV is easy to get to. I wouldn’t consider that FMV necessarily..it could be.
Thanks, and here’s to the next one.
I went back and got a copy of the orignial appraisal from our purcahse in early 2011. I’ll try to carve out time to compare the two.
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