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    Thread: Mortgage Q&A

    1. Member
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      09-20-2011 04:13 PM #101
      Locked a 15 yr @ 3.25% this morning with 0 points, APR of 3.285. Going from a 30yr at 5.125% that I refinanced in 2009 from original loan in 2007 of 30yr @ 6.25%. No plans on moving, will have the house paid off just as the first kid is entering college.
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    2. Member ruetzal's Avatar
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      09-20-2011 04:57 PM #102
      sweet man congrats! with that apr only at 3.285 must have some low fees as well! No reason to move unless you like losing money

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      09-20-2011 10:35 PM #103
      Looking to refinance a rental property from a 30 year at 5.25 to a 15 year.

      Want to wrap the mortagage $120k and a HELOC of $35k into the refi.


      Will I run into any issues with this?

    4. Member ruetzal's Avatar
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      09-21-2011 09:50 AM #104
      no you should be ok. You might take a slight rate hit due to paying off the LOC but it shouldn't be much and it all depends on the loan to value. A lower LTV on a investment property you don't take rate hits generally under 60% ltv. So it all depends on how much equity you have in it. Otherwise you should be pretty good depending on your financial situation. I would think on a investment with a lower LTV you could probably get mid 3's on a 15 year. Maybe even better.

    5. Member ruetzal's Avatar
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      09-22-2011 02:35 PM #105
      3.75% on a 30 year, 3.25% on a 15 year and 2.75% on a 5/1 ARM

      well the announcement of the fed "operation twist" seemed to work on a theory basis. While trying to read as much as I can most investors deemed this to not have a huge effect on things but the rate swing has proven different. Not sure how long it will last but off the get go here looks like the theory helped out. I think what really added to this change was a lot of oversea's worries about greek and some of the asian communities showing weak growth #'s. Market swung lower pushing all money into safety once again. Not sure how low they will go but some predict the 30 year to go down to roughly 3.25.

      Its a hard gauge because some of the bigger banks have cautioned on the side of their own gains vs. passing the lower rates to the customers, In the industry we have saw this occur the whole year. Big banks taking more margin when rates push lower and not offering the best rate they can to the customer. They do this for a few reasons becuase their current locked in customers would move to some one else to get a better rate so to keep their "pull thru" in line (locked to close stage) they try to keep rates in an area so people won't pull their locks and go somewhere else. Although if they stay lower long enough the savings would eventually go to the customer.

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      09-22-2011 05:48 PM #106
      Talked to our current mortgage holder (US Bank), the best they could offer today is

      3.85% for a investment property. If it was a primary residence they could do 3.33%.

      $1700 in fees.

      At this point I'm going to wait and watch rates for a while.

    7. Senior Member dunhamjr's Avatar
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      09-23-2011 12:59 AM #107
      Quote Originally Posted by PoorHouse View Post
      Talked to our current mortgage holder (US Bank), the best they could offer today is

      3.85% for a investment property. If it was a primary residence they could do 3.33%.

      $1700 in fees.

      At this point I'm going to wait and watch rates for a while.
      Those are pretty killer rates. Especially on the investment property.
      and $1700 in fees seems pretty good as well.
      Last edited by dunhamjr; 09-23-2011 at 01:14 AM.
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      09-23-2011 08:33 AM #108
      Quote Originally Posted by dunhamjr View Post
      Those are pretty killer rates. Especially on the investment property.
      and $1700 in fees seems pretty good as well.

      That is for a 15 year fixed.

      I was thinking the rates look pretty average.

    9. Member ruetzal's Avatar
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      09-23-2011 09:02 AM #109
      yeh it wasn't bad. Your always going to get a tad higher rate on investment properties. Also it all depends on LTV as stated before. Don't be afraid to call around and asks for people rates. Especially these days it varies greatly between lenders.

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      09-23-2011 11:36 AM #110
      Quoted at 3.75% 30 year fixed last night.
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

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    11. Member ruetzal's Avatar
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      09-23-2011 12:54 PM #111
      Quote Originally Posted by jnm2.0t View Post
      Quoted at 3.75% 30 year fixed last night.
      thats where it should be! Keep in mind it may get lower but if you are happy with that rate lock it in. Its pretty turbulent out there right now where I don't see it pushing much higher but we may be looking at 3.25% on a 30 year in our near future. Its hard to say where they are going.

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      09-23-2011 01:03 PM #112
      Quote Originally Posted by ruetzal View Post
      thats where it should be! Keep in mind it may get lower but if you are happy with that rate lock it in. Its pretty turbulent out there right now where I don't see it pushing much higher but we may be looking at 3.25% on a 30 year in our near future. Its hard to say where they are going.
      I'm okay not locking it in just yet because I agree with you, more likely to go down than up before we're signed and closed.
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

      Quote Originally Posted by Rabbit5GTI
      You have cornered the entire 'I hate Ford Fusions' market around here
      Quote Originally Posted by Turbio!
      Pure electric vehicles will never fully replace fueled (pure ICE or PHEV) vehicles.

    13. Senior Member dunhamjr's Avatar
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      09-23-2011 02:23 PM #113
      Quote Originally Posted by PoorHouse View Post
      That is for a 15 year fixed.

      I was thinking the rates look pretty average.
      ok. for a 15yr the 3.33 is pretty normal... but the rate on the investment is pretty great.

      investment rates are typically a lot higher, not just .5% higher.
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      09-23-2011 02:28 PM #114
      Quote Originally Posted by ruetzal View Post
      thats where it should be! Keep in mind it may get lower but if you are happy with that rate lock it in. Its pretty turbulent out there right now where I don't see it pushing much higher but we may be looking at 3.25% on a 30 year in our near future. Its hard to say where they are going.
      If that happens for 30 yrs, what will happen with 15 yr rates? The bank I locked with for 15yr @ 3.25 does not have a lock fee and I have not sent them any money yet for an appraisal, so until I do so, I can walk without losing any money. Mortgage officer said she has my application scheduled for her to work on 10/6. Their 30 yr 0 point just went to 4% this am, with APR of 4.145
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      09-23-2011 05:58 PM #115
      Quote Originally Posted by VT1.8T View Post
      If that happens for 30 yrs, what will happen with 15 yr rates?

      2.25%

      Here's hoping.

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      09-23-2011 08:11 PM #116
      Quote Originally Posted by PoorHouse View Post
      2.25%

      Here's hoping.
      Will hope so anyway. I want my house interest free.
      Ditto. But don't see how it can happen if the 10yr yield gets back to 2%.
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      09-24-2011 10:00 AM #117
      Quote Originally Posted by VT1.8T View Post
      Will hope so anyway. I want my house interest free.
      Ditto. But don't see how it can happen if the 10yr yield gets back to 2%.
      Backward posting
      Wow man. Mind f. I thought you were drunk posting at first.

      Trying to get approved for $130k. Haven't heard back from the bank yet. WISH US LUCK!
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      09-25-2011 12:07 PM #118
      Quote Originally Posted by ruetzal View Post
      3.75% on a 30 year, 3.25% on a 15 year and 2.75% on a 5/1 ARM
      Are these rates based on any points? I'm not seeing that rate anywhere near me (Columbus, Ohio), but if you could give me more specific's on fees/etc or places to check I'd appreciate it.

      I'm currently at 5% 30yr fixed and if I can get 4% or less I'll take it in a heartbeat. 3.5% would be ridiculous.
      Last edited by BAM6I4; 09-25-2011 at 12:14 PM.

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      09-25-2011 12:57 PM #119
      I am semi looking for a house and these rates are just insane. Realistically, how long will rates stay this low?

      I am in no rush to buy, but if rates start going up I may start to look a little harder.

    20. Member jnm2.0t's Avatar
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      09-25-2011 02:20 PM #120
      Quote Originally Posted by BAM6I4 View Post
      Are these rates based on any points? I'm not seeing that rate anywhere near me (Columbus, Ohio), but if you could give me more specific's on fees/etc or places to check I'd appreciate it.

      I'm currently at 5% 30yr fixed and if I can get 4% or less I'll take it in a heartbeat. 3.5% would be ridiculous.
      We got quoted 3.75% with no points. What our guy said though is that it is FHA only, if you go conventional it is 4%.
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

      Quote Originally Posted by Rabbit5GTI
      You have cornered the entire 'I hate Ford Fusions' market around here
      Quote Originally Posted by Turbio!
      Pure electric vehicles will never fully replace fueled (pure ICE or PHEV) vehicles.

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      09-25-2011 02:23 PM #121
      Quote Originally Posted by jnm2.0t View Post
      We got quoted 3.75% with no points. What our guy said though is that it is FHA only, if you go conventional it is 4%.
      Is this on a purchase or refi? Thanks for the info.

    22. Member jnm2.0t's Avatar
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      09-25-2011 02:45 PM #122
      Quote Originally Posted by BAM6I4 View Post
      Is this on a purchase or refi? Thanks for the info.
      Purchase
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

      Quote Originally Posted by Rabbit5GTI
      You have cornered the entire 'I hate Ford Fusions' market around here
      Quote Originally Posted by Turbio!
      Pure electric vehicles will never fully replace fueled (pure ICE or PHEV) vehicles.

    23. Member ruetzal's Avatar
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      09-26-2011 09:45 AM #123
      Quote Originally Posted by VT1.8T View Post
      If that happens for 30 yrs, what will happen with 15 yr rates? The bank I locked with for 15yr @ 3.25 does not have a lock fee and I have not sent them any money yet for an appraisal, so until I do so, I can walk without losing any money. Mortgage officer said she has my application scheduled for her to work on 10/6. Their 30 yr 0 point just went to 4% this am, with APR of 4.145
      well 15 year should drop as well but I haven't saw this yet. Everyone in the market seems to be buying longer term so the 15 year bonds aren't dropping that fast but they will come inline eventually. And you may have to pay for the appraisal depending on what you signed. Otherwise you can always walk away or renogiate rates with your lender.

      Quote Originally Posted by BAM6I4 View Post
      Are these rates based on any points? I'm not seeing that rate anywhere near me (Columbus, Ohio), but if you could give me more specific's on fees/etc or places to check I'd appreciate it.

      I'm currently at 5% 30yr fixed and if I can get 4% or less I'll take it in a heartbeat. 3.5% would be ridiculous.
      no fee rates I post. Keep searching and go to some bigger bank names for quotes you will find it. The market is skewed between lenders so you just have to find one that likes doing Mtg's

      Quote Originally Posted by 00boraslow View Post
      I am semi looking for a house and these rates are just insane. Realistically, how long will rates stay this low?

      I am in no rush to buy, but if rates start going up I may start to look a little harder.
      If I knew that I would be retired the fed stated that they will try to keep rates low thru 2013 IMO rates aren't going anywhere fast you will see a 3.25-4.25 level for the next year possibly 2, for a 30 year. For most homes under 200k rate swings between this level don't effect payments That much. I mean it definately is cheaper at 3.25 than 4.25 but I wouldn't worry about that ensure you buy the home you want and are happy with your purchase. Essentially don't rush into anything becuase rates go to 3.25. The payment would probably only go up 50 at most anyway with a 1/2 swing.

    24. Member ruetzal's Avatar
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      09-27-2011 01:43 PM #124
      Rates with no lender fees are 3.875% on a 30 year, 3.25% on a 15 year and 3.0% on a 5/1

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      09-27-2011 01:55 PM #125
      Ruet-

      What's good with the 203k mortgages? A house we looked at needs at a minimum a new roof. Good idea, bad idea? It seems like a good deal, which sketches me out.
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