Refinancing Questions

[ChunkyMonkey]

I'll give him a shout.

I just checked on wells fargo and their rates are 4.230 APR, so a 1/2 point savings. About $2200 up front though even with an FHA it looks like.
savings of about $100 a month, so not terrible, 2 years to make up the $$, then over $30K in savings not including interest savings over the life of the loan.

Rate as of today is 3.25% I closed one last week at 3.375% that's already paying me over 1 point in commission. FYI. Look into streamline.. no income, no appraisal if you are w/ wells, as long as you have been paying on time. Turn around time on good rate lender is over 45 days.. so brace for that. You may also skip upto 2 month mortgage payment if your loan officer arranges your interest credit correctly.

[ChunkyMonkey]

My wife is an loan underwriter and tells me that as a simple rule of thumb, if you can't shave off at least one point of interest, it's not usually worth doing the refi...

Typically true, it depends on your balance. E.G. 1% of 250k is 2500 a year saving. 30 year loan translates to $75000 in less interest.

[hghclsswhitetrsh]

Rate as of today is 3.25% I closed one last week at 3.375% that's already paying me over 1 point in commission. FYI. Look into streamline.. no income, no appraisal if you are w/ wells, as long as you have been paying on time. Turn around time on good rate lender is over 45 days.. so brace for that. You may also skip upto 2 month mortgage payment if your loan officer arranges your interest credit correctly.

What kind of credit rating are they looking for for one of these loans.

[ChunkyMonkey]

What kind of credit rating are they looking for for one of these loans.

I hope you know that credit rating will give you either approval or denial. If you are approved you are qualified for the best rate in the market. Some loan officers use lower credit score to justify the higher rate for commission/yield reason. This is strictly for 'profit.' Those days of subprime (worse credit rating = higher rate) is long gone.

FHA streamline requires 640 score overlay by most lenders. If your score is above this and you have no federal liens, judgment, bankruptcy/foreclosure the past 3 years, or 1x30 late on your mortgage, you are qualified.

EDIT sorry if I misunderstood your question. I get asked on daily basis "if my credit score is low, how high is my interest."

[sbouslog]

Gone

[KestrelBike]

Use one of the many mortgage calculators online to see a visual representation of the money you'll save by reducing your interest rate. If you are planning to keep the house until it's paid off, the savings are substantial with even fraction of a percentage lower rate. I've refinanced twice in the last 18 months to take advantage of the dropping rates. Down from 4.75% to 3.75% now and it is going to save me over $40,000 over the life of the loan. I've got a VA loan, so I've never had to bring any money to the table at closing; I don't know much about the other types of loans.

Nice!

[scratchy]

I just refied with provident funding. They hold and service the paper. We got 3.5 with -1.5 points (Yes, you read that correctly, they paid us points) 3.35 was available with .5 points. Cash out of pocket was about 800 on a 275k loan. Check with them, they have been very good for us. Note, credit score is important here too. to get the sub 4 rates, you need 740+

Here's the rate chart from 2 minutes ago:

30 Year Fixed 3.125% 0.000% 3.207%


15 Year Fixed 2.500% 0.500% 2.712%


5/1 LIBOR ARM 2.625% 0.000% 2.735%

[sniper7]

Looks like it will be 3.25% fixed for 30! now to get the details done!

thanks for the help guys

[Fentonite]

Looks like it will be 3.25% fixed for 30! now to get the details done!

thanks for the help guys

Who did you go with? I need to do this. I'm paying over 5%!!!

[sniper7]

Who did you go with? I need to do this. I'm paying over 5%!!!

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