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I modified my mortgage with my bank twice in the last two years by lowering the term by 5 years. I just needed to provide paystubs or tax returns and they pulled credit reports. Took 3 weeks.
From 6.125%/30yr to 4.75%/23yr + 1% of principle remaining upfront fee
From 4.75%/22yr to 3.375%/18yr +1% of principle remaining upfront fee
It took me about 12 months to break even each time.
So, I just got an estimate from a broker on what seems like a good deal on a 20 year fixed: 3.6% with no points. However, here is the list of "Estimated Closing Costs". Which ones are legit, and which ones are just dressed up ways for the broker to make a commission? Thanks!
Processing Fees: $295.00
Underwriting Fees: $600.00
Tax Service: $85.00
Flood Certificate: $19.50
Condo/PUD Questionnaire: $120.00
Owner's Title Insurance: $0
Lender's Title Insurance: $2,100.00
Attorney Fee: $750.00
Recording Fees: $95.00
Transfer Taxes: $400.00
Total Estimated Closing Costs: $4,914.50
It looks like 30 year fixed rates are in the 3.25% - 3-5% ballpark. A 20 year at a higher rate than that doesn't seem like a deal, especially with $5k closing costs.
I'd recommend going to http://www.zillow.com/mortgage-rates and plugging in your numbers. You should be able to find something better than that.
When I was refinancing the broker offered me a 20 year at the same rate as the 30 year. That made absolutely no sense to me. Why would I want to be locked into paying it off in 20 years, when instead I can have 30 to work with, but can pay it off in 20 if I want?
Thanks TerpBE-- I'll definitely check that out!
Edit: Yep, there definitely appear to lots of possibilities at 3.5%, with less fees. Thanks!
This post was edited by DeegieTerp 21 months ago
yeah, with a 30 if you make 13 payments a year it goes down to a 22. Not much difference.
Thinking about refinancing my house... What kind of out-of-pocket costs are we talking?
You can do it with $0*. You can have them roll the fees into the mortgage. Sure the idea of financing the fees for 30 years sounds strange, but if you're getting a decent rate drop you're still going to save a lot in both the short and long term.
If you want to pay the fees up front, expect a few thousand dollars.
*You'll have to pay a couple hundred for a few things but get it reimbursed once they cut the check.
This post was edited by TerpBE 21 months ago
I know this is idiotic but one of the visceral bonuses to re-financing is skipping that first payment*.
I know, I know, STFU, it's still nice.
classlessthug: I have too much on my plate to worry about the fact that my junk intimidates some needle D undergrad.
I'm at 94% LTV probably. But I pay 5% interest, could I refi?
I'm somewhat similar. I'm most likely around 80-87% LTV and at 5.25% - I'd imagine that it's in my best interests to refinance. Any advice on where to start?
This post was edited by PantsEnFuego 21 months ago
Also, is Zillow to be trusted?
That's where I found who I refinanced through. I think the companies they list have an agreement with zillow to honor the numbers they list.
The "fees" part is questionable though, because they don't all agree on what is lumped into that number. So if somebody lists really low fees, you probably won't actually pay less than others.
I'd check out the reviews of a few of them with the lowest rates, then give one or two a call and see what they offer. That's how I did it.
Just use Dr. Rosensquared. That's what I would do (am in the process of).
Just got quoted 3.75% with no fees from Loan Depot. Found from lending tree. Anyone here ever dealt with them? My current loan is 5.75 and was started in Sept 09.
Originally went through BOA who owns are current mortgage. They had a similar rate, but over 6K in various fees, escrow, etc
What should I ask to make sure they are legit?
I wouldn't sweat a broker you get on Lending Tree. Many of the Lending Tree brokers will end up selling your loan to a bigger institution; many times before you even make your first payment. They are pretty much just loan originators and not servicers.
Quinones is very good but this was his pre-market guess. MBS's sold off eraly and gained late in the day.
11 am the 3% 60 day FNMA was down 26bps - COB it was up 16bps
This is only one day but I think this recent rise is a "shake of the tree". I don't see rates edging up another 3/8 in the next 15, rather a movement back down by .125% to .25% in the next 20.
If you want a 30yr fixed, look at the longer term ARMs (7 & 10) since they haven't moved (still high 2's to 3%).
FHA insurance and down payments going up.
The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced Wednesday that it will raise premiums by 10 basis points, or 0.1%, on most of the new mortgages it insures.
Translation: A borrower opting for a 30-year, fixed-rate mortgage who puts 5% or more down will now pay an annual insurance premium of 1.3% of their outstanding balance. And someone who puts less than 5% down will pay a premium of 1.35%.
The agency said it will also raise premiums for borrowers with jumbo loans -- or loans of $625,000 or more -- by 5 basis points, or 0.05%, and increase the minimum down payment requirement on these loans to 5% from 3.5%.
From my earlier post on page 2:
I refinanced with Loan Depot and had a good experience with them except they have some stupid rule that you need to have enough home owners insurance to cover the appraised value of the house and land. I tried telling them it was stupid since they aren't going to replace my land but they didn't budge. So I increased my insurance for a month until they sold the loan to Chase and then I decreased it to just cover the house.
This post was edited by Crimterp 17 months ago
More importantly, you'll never be able to remove your PMI on on case numbers ordered after April 1. Ever.
what's this MD settlement thing for foreclosures and underwater people?
Even at <80%?
Correctamundo. See the second section of the attachment that discusses mortgage insurance. This is a pretty big deal.
Wow, that's as bad as lender paid mortgage insurance.
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