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Fingerprinting during 485 stage All issues related to fingerprinting process, FP notices etc.

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  #1  
Old 01-11-2009, 11:41 PM
GC_newbee GC_newbee is offline
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Default Mortgage/Home refinancing

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.
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  #2  
Old 01-12-2009, 12:03 AM
uumapathi uumapathi is offline
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Default I am in the same situation

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.
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  #3  
Old 01-12-2009, 10:53 AM
sundeep14 sundeep14 is offline
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Default Good Topic

Folks,

Any info on above is really appreciated...do we need to be members of dcu ?
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  #4  
Old 01-12-2009, 11:25 AM
USDream2Dust USDream2Dust is offline
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Default Me 2

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.
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  #5  
Old 01-12-2009, 11:40 AM
YesGC_NoGC YesGC_NoGC is offline
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Default Good time for rate lock

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



Quote:
Originally Posted by GC_newbee View Post
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.
__________________
Total contribution $700+

PD- Sept 2002
I-140 - Nov 2005
485 filed- June 29th
Notice date First week of Aug
EAD approved - Mid Aug
FP Done in Late Aug
AP Approved
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  #6  
Old 01-12-2009, 12:21 PM
USDream2Dust USDream2Dust is offline
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Default what scores you have?

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,
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  #7  
Old 01-12-2009, 12:56 PM
radhay radhay is offline
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Default

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.
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  #8  
Old 01-12-2009, 12:59 PM
pointlesswait pointlesswait is offline
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Default Refin in Chicago area!

anyone knwo of good refinance firms in Chicago burbs?
have a score range of 715-750


Quote:
Originally Posted by radhay View Post
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.
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  #9  
Old 01-12-2009, 01:00 PM
radhay radhay is offline
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Default

YesGC_NoGC, did you pay 1% origination fee with Wellsfargo?
Quote:
Originally Posted by YesGC_NoGC View Post
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
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  #10  
Old 01-12-2009, 01:02 PM
bobzibub bobzibub is offline
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Default rate sheets

here
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  #11  
Old 01-12-2009, 01:03 PM
uumapathi uumapathi is offline
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Default Yes, I believe so

Quote:
Originally Posted by sundeep14 View Post
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
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  #12  
Old 01-12-2009, 01:23 PM
gc_nebraska gc_nebraska is offline
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Default

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
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  #13  
Old 01-12-2009, 02:40 PM
sundeep14 sundeep14 is offline
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Default Good Rate

Quote:
Originally Posted by khodalmd View Post
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...
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  #14  
Old 01-12-2009, 03:33 PM
sledge_hammer sledge_hammer is offline
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sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts sledge_hammer is infamous around these parts
Default

Where did you research for good title agency?

Quote:
Originally Posted by YesGC_NoGC View Post
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
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  #15  
Old 01-12-2009, 03:36 PM
YesGC_NoGC YesGC_NoGC is offline
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Default No

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

Quote:
Originally Posted by radhay View Post
YesGC_NoGC, did you pay 1% origination fee with Wellsfargo?
__________________
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