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GC_newbee
01-11-2009, 11:41 PM
many of us here are on H1/EAD etc...i am tired of renewing my EAD everyyear for the past many yrs...in the meanwhile i went ahead and bought a home in 2008...

I would like to have opinion of folks here @ gettin good mortgage rates locked in..i have 5.5 for 30 yrs fixed...

would the refinance rates go down in the further months..any info..?

what rate drop should i have so that it is feasbile for refiannce?

any particular brokers/agents or websites people know?

I have enough equity in my home..

Ideas welcome.

uumapathi
01-12-2009, 12:03 AM
and my application is under process. I have opted to float my rate and planning to lock in later as I expect the rates to go down further. I would recommend my credit union DCU.org as they have great rates and no gimmicks or bait and switch ever.

sundeep14
01-12-2009, 10:53 AM
Folks,

Any info on above is really appreciated...do we need to be members of dcu ?

USDream2Dust
01-12-2009, 11:25 AM
I am in same boat.

I have 6.5 with 10% in equity only. I just bought one in august 2008. Going to do refinancing. But I screwed up my Credit scores by applying for credit cards everywhere I got a deal and doing a lot of balance transfers. (30k atleast)

Technically I was a 750 FICO and I am now 690 FICO. My Mortgage Broker is saying it is impossible to get a good rate at 690 in this market.


I have 2 options.

1. To pump up my score at least 730. I am paying off my credit cards but I am in too much debt and would take 3 months atleast.

2. To go for FHA Loan. I get sweet 5% or even less in next few months with my Credit Score. The only down side to go from Conventional to FHA is
adding of 1.75% debt. They have something call MI which is added to your loan amount. In my case it is 7k$.

I know you guys have good scores and didn't made mistakes like me. I didn't knew that rates would come down so fast and I would be going to do refinancing soo soon.


Any way it is worth doing refinancing. I did a lot of math calculations and found that even after adding 7k debt and paying 3k closing costs.

I would be saving 300$ atleast by going from 6.5% to 5% per month.

If you are planning on staying in home for next 5 years, you couldn't ask for more.

Soon enough and I mean in another 1-2 years every thing would be golden and you guys would put money in bank rather than paying off mortgage as interest rates would be higher than your mortgage rates.

YesGC_NoGC
01-12-2009, 11:40 AM
For conforming loans you can get rates between 4.75% to 5.00% as of today, these rates may go down to 4.5 in coming weeks. I locked 4.75% on December 18th with Wellsfargo, no points, no processing fee for locking, I am about to close this week at this rate.

You can buy down interest rate by paying points, Wells Fargo, WAMU are giving good rates comparing to others. BOA, CITI and other retail banks somehow are not able to match what these 2 banks are offering,

You can also check local credit unions check ww.bethpage.coop I used this credit union's rate as bench mark as they were the best even when others were offering 5.25 they had 4.875 for members.

Clsoing fee for refinance - go with title agency - no need to pay to Attorney or bank's title agency, Wellsfargo quoted me $3980 for title insurance(lender coverage only ), attorney fees, and some other juck fee such as Notrization, Titel binder, title search etc. I went to couple of title agencies in NJ and got everything for $1500... I was amazed at the savings. What about $12000 title insurance (for same coverage as bank's title agency was offerring), 200 county recordiong fee, and rest for misc. this includes processing fee etc.

Goof luck



many of us here are on H1/EAD etc...i am tired of renewing my EAD everyyear for the past many yrs...in the meanwhile i went ahead and bought a home in 2008...

I would like to have opinion of folks here @ gettin good mortgage rates locked in..i have 5.5 for 30 yrs fixed...

would the refinance rates go down in the further months..any info..?

what rate drop should i have so that it is feasbile for refiannce?

any particular brokers/agents or websites people know?

I have enough equity in my home..

Ideas welcome.

USDream2Dust
01-12-2009, 12:21 PM
Do you mind if you disclose your credit scores? Even a range would do. I am trying to understand How can I get such good rates without going FHA.

Also what is Loan to Home Value for your case.

Thanks,

radhay
01-12-2009, 12:56 PM
Similar situation. On H1B (8th year , 4 EAD renewals so far) bought a house in Sep 08 with 6.125% interest rate. Since I don't plan on staying in the house for more than 5 years I locked at 5.0% for 5/5 ARM with www.penfed.org closing costs are 0.5% of the loan amount.
But now looking/shopping for safety of 30 yr since the rates have come down a lot.

pointlesswait
01-12-2009, 12:59 PM
anyone knwo of good refinance firms in Chicago burbs?
have a score range of 715-750


Similar situation. On H1B (8th year , 4 EAD renewals so far) bought a house in Sep 08 with 6.125% interest rate. Since I don't plan on staying in the house for more than 5 years I locked at 5.0% for 5/5 ARM with www.penfed.org closing costs are 0.5% of the loan amount.
But now looking/shopping for safety of 30 yr since the rates have come down a lot.

radhay
01-12-2009, 01:00 PM
YesGC_NoGC, did you pay 1% origination fee with Wellsfargo?
For conforming loans you can get rates between 4.75% to 5.00% as of today, these rates may go down to 4.5 in coming weeks. I locked 4.75% on December 18th with Wellsfargo, no points, no processing fee for locking, I am about to close this week at this rate.

You can buy down interest rate by paying points, Wells Fargo, WAMU are giving good rates comparing to others. BOA, CITI and other retail banks somehow are not able to match what these 2 banks are offering,

You can also check local credit unions check ww.bethpage.coop I used this credit union's rate as bench mark as they were the best even when others were offering 5.25 they had 4.875 for members.

Clsoing fee for refinance - go with title agency - no need to pay to Attorney or bank's title agency, Wellsfargo quoted me $3980 for title insurance(lender coverage only ), attorney fees, and some other juck fee such as Notrization, Titel binder, title search etc. I went to couple of title agencies in NJ and got everything for $1500... I was amazed at the savings. What about $12000 title insurance (for same coverage as bank's title agency was offerring), 200 county recordiong fee, and rest for misc. this includes processing fee etc.

Goof luck

bobzibub
01-12-2009, 01:02 PM
here (http://www.hsh.com/)

uumapathi
01-12-2009, 01:03 PM
Folks,

Any info on above is really appreciated...do we need to be members of dcu ?

But becoming a member is not that difficult. You can check the eligibility requirements here:

https://www.dcu.org/infodesk/membrshp/eligibil.html

gc_nebraska
01-12-2009, 01:23 PM
Folks! I live in the Wisconsin area and planning on investing in Dallas , TX , I've short listed a couple of foreclosure properties in Dallas area , my question friends
1) Should I wait couple more months until rates drop even more ?or should I close it now and refinance it later ?
2) I don’t have plans on moving into for the next 1 yr , is it a good to lease until I move ? Or just look for properties once I move to Texas
3) One of the properties am looking into is owned by Wells Fargo , you think I should just finance it with them ? Cos they offered to waive my closing cost.
-Thanks in Advance

sundeep14
01-12-2009, 02:40 PM
I don't know about today's rate but I locked 4.75% 30Y fix, no Point and no banking fees on Dec 16, 2008. I have closing on January 14, 2008.
Good time to shop around for refinance.



You got an excellent rate considerin no point and no closing....if its ok with u can u share your lender info to try a similiar rate...thanks in advance...

sledge_hammer
01-12-2009, 03:33 PM
Where did you research for good title agency?

Clsoing fee for refinance - go with title agency - no need to pay to Attorney or bank's title agency, Wellsfargo quoted me $3980 for title insurance(lender coverage only ), attorney fees, and some other juck fee such as Notrization, Titel binder, title search etc. I went to couple of title agencies in NJ and got everything for $1500... I was amazed at the savings. What about $12000 title insurance (for same coverage as bank's title agency was offerring), 200 county recordiong fee, and rest for misc. this includes processing fee etc.

Goof luck

YesGC_NoGC
01-12-2009, 03:36 PM
NO and NO. It's all about thise agents I guess , one of them tried to play that game and another didn't, both pulled my credit in two different applications to WellsFargo

YesGC_NoGC, did you pay 1% origination fee with Wellsfargo?

sledge_hammer
01-12-2009, 03:38 PM
I guess the origination fee is paid only for new mortgage, not for refi?!? Some experts can shed more light.

I too was offered a no-point refi (5% rate, 0 points, 30yr FHA) but I am still shopping...

NO and NO. It's all about thise agents I guess , one of them tried to play that game and another didn't, both pulled my credit in two different applications to WellsFargo

YesGC_NoGC
01-12-2009, 03:42 PM
I called up couple of local area agencies, Told them I have lower price and can they match.

Do google you will find the local title insurance premium rates, get the recording fee from township, add the processing fee that seems reasonable to you and you will have your ballpark figure and than try to play that with couple of title agencies.

What you should note - The title insurance for lender's coverage is only for the loan amount and NOT for the HOME value

In most cases you do not need Owner's coverage and you should not pay anything for that.

All other fees like title binder,title research, notory fees are mostly junk, and should be part of processing fee (I wouldn't consider more than 300 as processing fee in total)

Where did you research for good title agency?

YesGC_NoGC
01-12-2009, 03:43 PM
You got an excellent rate considerin no point and no closing....if its ok with u can u share your lender info to try a similiar rate...thanks in advance...

That indeed is a great deal!!

YesGC_NoGC
01-12-2009, 03:46 PM
I have closing cost around $1400 but no point and no Banking fees. I locked rates on Dec 16. It also depends upon how much equity stake you have, credit ratings, how much other borrowing you have etc. I have everything good. My agent told me that rate are up now. PM me and I will give you details of agent.

what is included in teh $1400 closing cost?

sundeep14
01-13-2009, 11:02 AM
I think the closin costs will vary a lot on the loan amount...how much is ur loan amount..?

gc_nebraska
01-13-2009, 11:52 AM
Guys ! May be a lot of them are aware about this, but I just that I would share it with you'll. any one looking for a foreclosure house through Wells Fargo right now I believe there is no closing cost (that’s a big chunk of savings) , last night I called Wells Fargo for pre approval on a house which I was planning on put an offer .

coolman
01-13-2009, 11:54 AM
Has anyone tried to refinance their home with 10% equity in a home which has lost its market value by 100k ?

sundeep14
01-13-2009, 03:17 PM
Guys ! May be a lot of them are aware about this, but I just that I would share it with you'll. any one looking for a foreclosure house through Wells Fargo right now I believe there is no closing cost (thatís a big chunk of savings) , last night I called Wells Fargo for pre approval on a house which I was planning on put an offer .

That surely is a good incentive.

xyzgc
01-13-2009, 03:24 PM
I'm a newbie to this. Does your wife's credit rating and monthly pay also count when applying for mortgages? She's been using her debit card every time...if you find this question silly, excuse me.

a_tyagi26
01-13-2009, 05:00 PM
If your wife has better credit score and good monthly income then you can do joint loan and it will include her history as well. If you include her, you can combine incomes and have better credit scores hence get bigger/better loan.

a_tyagi26
01-13-2009, 05:01 PM
Any way it is worth doing refinancing. I did a lot of math calculations and found that even after adding 7k debt and paying 3k closing costs.

I would be saving 300$ atleast by going from 6.5% to 5% per month.

If you are planning on staying in home for next 5 years, you couldn't ask for more.

Soon enough and I mean in another 1-2 years every thing would be golden and you guys would put money in bank rather than paying off mortgage as interest rates would be higher than your mortgage rates.[/QUOTE]


what about your wife's credit score and her income, if you are married?

xyzgc
01-13-2009, 08:13 PM
If your wife has better credit score and good monthly income then you can do joint loan and it will include her history as well. If you include her, you can combine incomes and have better credit scores hence get bigger/better loan.

Ok, so the better of the two credit scores is considered.

USDream2Dust
01-14-2009, 12:15 PM
Any way it is worth doing refinancing. I did a lot of math calculations and found that even after adding 7k debt and paying 3k closing costs.

I would be saving 300$ atleast by going from 6.5% to 5% per month.

If you are planning on staying in home for next 5 years, you couldn't ask for more.

Soon enough and I mean in another 1-2 years every thing would be golden and you guys would put money in bank rather than paying off mortgage as interest rates would be higher than your mortgage rates.


what about your wife's credit score and her income, if you are married?[/QUOTE]

almost like mine. You would not believe how crazy we went and purchased stuff of credit.

With home ownership comes a big responsibility of filling it up with quality stuff. And everyshop you go has good deals with credit rating.

TV/Mattress/Hometheatre/Kitchen/Furniture. People like me who lived past couple of years in 1 bdroom apt, can't find it more rewarding.

Anyway I know we made mistakes (atleast we are sitting in 10k sofa and watching out 7k hometheatre and pumping up volume without neighbours complains) but we didn't see it coming (I mean refinancing so soon).

her score is even worst as she didn't had lot of old credit cards and all the new credit she got is driving her more down.

GIC
01-14-2009, 12:21 PM
Has anyone tried to refinance their home with 10% equity in a home which has lost its market value by 100k ?

If you owe more than what the house is worth then you will have to pay the difference off before you can refinance. Lenders will not refinance without appraising your house first and ensuring that they have enough collateral.

sledge_hammer
01-14-2009, 12:23 PM
You are only partly correct! If you are going to refi with the same lender then there is no appraisal.

I am also upside-down. Buy my lender has offered to refi to a 5% w/ 0 points + closing closts!

If you owe more than what the house is worth then you will have to pay the difference off before you can refinance. Lenders will not refinance without appraising your house first and ensuring that they have enough collateral.

sundeep14
01-14-2009, 12:34 PM
You are only partly correct! If you are going to refi with the same lender then there is no appraisal.

I am also upside-down. Buy my lender has offered to refi to a 5% w/ 0 points + closing closts!



Are u sure @ that..???..i think the same lender does do an appraisal also...

GIC
01-14-2009, 01:40 PM
I am also upside-down. Buy my lender has offered to refi to a 5% w/ 0 points + closing closts!

That is nice! At least my lender did not ...:(

ca_immigrant
01-14-2009, 02:26 PM
That is nice! At least my lender did not ...:(


who is this nice lender ?

I am in the bay area....bought in april 2008 with 10% down
1st loan - well fargo - 5.125% intrest only 5/1 arm
2nd loan (HELOC) - GMAC - prime + 0.675% (currently at 3.875%)

Wells Fargo says they will finance only at 70% Loan to value -:)
put down 20% more (hmm....waiting for the lottery )

I know that the rates are down but did not look at refinancing as the home value might be down and I do not have that much money to put down ....

sledge_hammer
01-14-2009, 02:59 PM
I'm sure that I don't need appraisal. But I don't know if it is because I am going with the same lender or it is because my current loan is less than 1 year old.

I will re-confirm...

Are u sure @ that..???..i think the same lender does do an appraisal also...

mmanurker
01-14-2009, 03:13 PM
I'm sure that I don't need appraisal. But I don't know if it is because I am going with the same lender or it is because my current loan is less than 1 year old.

I will re-confirm...
yes, pls re-confirm and let us know as I am also looking to refinance. Also appreciate if you can let us know who the lender is? I called my lender Wells Fargo and spoke to the loan officer and she said that they do have to do appraisal even though I already have my existing loan with them and also I asked her if they waive some of the other fees and her answer was that she will confirm to me today as she was not aware it...

pgc10
02-02-2009, 09:23 PM
I'm sure that I don't need appraisal. But I don't know if it is because I am going with the same lender or it is because my current loan is less than 1 year old.

I will re-confirm...

You answered it already. It was because your loan was relatively new and the lender must have done appraisal when you originally purchased the property. Appraisal has nothing to do with the lender being same or not.

sprash
02-03-2009, 03:33 PM
I went with Wells Fargo (4.875, 0 Points) + ~$2500 closing costs.

If you talk and negotiate with the WF broker, they can usually offer the rates advertised on the website (which include 1 point), without the point. Closing costs will depend on your loan. My Loan to Appraised Value turned out to be 74%.

There is a long wait for closing so although I started the process mid jan, I will close only in the first week of march.

coolman
02-03-2009, 05:42 PM
I went with Wells Fargo (4.875, 0 Points) + ~$2500 closing costs.

If you talk and negotiate with the WF broker, they can usually offer the rates advertised on the website (which include 1 point), without the point. Closing costs will depend on your loan. My Loan to Appraised Value turned out to be 74%.

There is a long wait for closing so although I started the process mid jan, I will close only in the first week of march.


Is this for Refinancing??

sprash
02-03-2009, 05:43 PM
Is this for Refinancing??
Yes Refi for 30 yr fixed

nayekal
02-03-2009, 07:51 PM
You answered it already. It was because your loan was relatively new and the lender must have done appraisal when you originally purchased the property. Appraisal has nothing to do with the lender being same or not.

In most cases, the appraisal will be valid for 6 months only. I purchased home in May 2008 and now my lender called me for refinancing. After taking all details, he told me to pay off my 2nd mortgage (10%) before refinancing. Also, he told me that, he has to get a new appraisal once again.

In this current market, any body who bought their houses with less than 20% of down payment, might require to pay down certain amount equivalent to 20% of the new appraisal, to get refinancing done (unless you want to pay PMI)

You can still go for refinancing with 10% down payment, but most of the lenders are not interested in these kinds of loans, because they have to look for suitable loans (two lonas in this case) from different companies. The reason is, right now there is an unexpected surge in the refinancing because of lower mortgage rates and lenders would probably work on only those which suits them, so they can process more applications in less amount of time.

For people like me, I have to be on waiting list for few more months and I have to wait for calls from lenders, since they don't respond back.

The other option is to pay the lender for appraisal and later pay down the remaining amount and then go refinancing. That sounds good to me, but in current market, it might look like a dumb thing to lose all the savings.

Any thoughts?

nousername
02-03-2009, 08:55 PM
Hey Sledge.. Which lender are you working with? Also, if you don't mind, can I ask if your loan amount is more then $417?

I would really appreciate if you can please pm me that info, as I am in the market to refinance.

People who had good experience with the lenders while refinance are also welcome to share their views and info..

Thanks


I guess the origination fee is paid only for new mortgage, not for refi?!? Some experts can shed more light.

I too was offered a no-point refi (5% rate, 0 points, 30yr FHA) but I am still shopping...

Dhundhun
02-03-2009, 09:12 PM
Some inexperienced loan offer may push for loan. Some of the cases posted in this thread seems to be like that.

In past, US avarage was 5% refusal. Now it seems more, at least, I came across people, whose loan application was refused after couple of weeks.

It is better to collect information once it is closed. On guy is making 3rd attempt with 3rd lender.

sledge_hammer
02-03-2009, 09:34 PM
Hi nousername:

I forgot to mention that I have a 30 yr fixed FHA, so I am also paying PMI. In fact, at the time I inquired my lender, he was ready to give me 5%, 0 points. But I did not act quickly enough.

Anywho, the rate now, for me, stands at 5.5% w/ 0 points, 30yr FHA. I have STILL not locked it! :)

The lender is Wells Fargo.

I've been hearing (CNN, CNBC, Yahoo, etc.) about the new stimulus bill tha the senate republicans want to introduce. They want to fix the rate at 4% for a short period so that people can buy or refi. But I read the draft and there is actually no mention of any of this. Until the final bill is introduced we won't know if it is really going to happen, and whether it will pass. Going by the way immigration bills have faired, I am doubtful the senate or the house can get anything useful done. Obama wants to sign this bill by/on President's Day which is 16th. So, lets see what happens.

4% is a sweeeeeeeeeeeeet deal!

Hey Sledge.. Which lender are you working with? Also, if you don't mind, can I ask if your loan amount is more then $417?

I would really appreciate if you can please pm me that info, as I am in the market to refinance.

People who had good experience with the lenders while refinance are also welcome to share their views and info..

Thanks

sundeep14
02-26-2009, 11:04 AM
now that the bill has become a law does anyone know if the refinance or mortgage rate goin to come down to 4%...?..any info folks?

sledge_hammer
02-26-2009, 11:15 AM
This is a million dollar question.

The law that was passed basically helps people refinance their homes even though they are upside-down, meaning, they owe more than the house is worth. There is actually absolutely no mention of any measure to reduce the rates. The previous administration tried to peg lower rates by buying up mortgage backed bonds thus causing rates to go down. The Obama administration however has done no such thing recently. Many people are still hoping that the treasury will come as a savior and buy up more mortgage backed securities or for that matter even private investors, unfortunately that's not happening either.

The treasury also started selling debt this week in order to fund the massive stimulus bill that was passed. The auctions started Tue with selling of close to $40 bn worth of 2-year notes. Wednesday they sold 5-year notes and today will be selling for the first time in many years, the 7-year notes. I was hoping that with the stock market tanking everyday, people would flock to the safer bonds thus bringing bond prices up, and causing yields going lower. That also did not happen. Lower yield means lower mortgage rates.

Mortgage rates probably did not go down with the treasury auction this week was because the rates usually move with the 10-year note and for some strange reason the yields on that has been going up.

sledge_hammer
02-26-2009, 11:28 AM
The rates aren't high enough for the treasury to come and do something drastic. Though I would love to see 4% rates, I don't think it is going to happen anytime soon.

If you get a good rate, like 5%, go ahead and lock it. Don't wait forever hoping to save some $75 and lose out on the lowest rates in recent history.

now that the bill has become a law does anyone know if the refinance or mortgage rate goin to come down to 4%...?..any info folks?