Just got email, mortg rate @ 3.75 today
- Thread starter msuJD164
- Start date
I would like to know where this money is being given away also. Hadn't really thought about a re-fi, but for 3.75 I'm in.
It shouldn't be confidential or anything. Where is the pack's resident mortgage lender when we need him?
My mother and sister just locked in 15 year at 3.25 w/ Home First Mortgage today. I did not get the phone call and think the rates just bumped back up. Thanks Mom!
Edit to add no points and no origination.
Edit to add no points and no origination.
A little birdie named DStold me I was being beckoned. Here's what I will say about rates today. They are good but this market is EXTREMELY volatile. Obviously MBS (mortgage backed securities) opened the day very well. Rates were good as a result. The market turned some and our investor actually issued a negative price change a couple of hours ago. That said, as we speak the DOW is down 400 points and things have rebounded and MBS's are better by a .25. Before I throw some rates out there, I just want to say having done this for a long time, don't get your head turned by every shiney car on the showroom floor. What I mean by that is to make sure, damn sure, you are getting what you think you are getting in this time of volatility in this industry. Especially if you are on the internet as there are still alot of crazy lenders out there. It's just better to deal with someone that youcan meet face to face and know where their office is. Maybe that's just me. Rates are only as good as the fees you are paying to get them. A mortgage is like anything else, you are going to pay for it one way or the other either through interest on the rate or fees up front. Pretty simple.
That said, after the price change this afternoon, if it's a clean conventional scenario (good credit, good loan to value, basically no Fannie Mae pricing hits) 4.0% with no points is a good rate in the market. As far as 15 years go, we are at 3.25% with no points or origination. </p>
That said, after the price change this afternoon, if it's a clean conventional scenario (good credit, good loan to value, basically no Fannie Mae pricing hits) 4.0% with no points is a good rate in the market. As far as 15 years go, we are at 3.25% with no points or origination. </p>
Zero points, and min. closing costs.
If they go any lower, I might have to re-negotiate or find another lender.
Don't forget you can get a cash out of up to 80% of your appraised value..
We are lucky here in MS, where most houses still appraise very well, unlike CA, AZ, and NV where people are underwater on their mortgage.
All of this is caused by people taking money out of the market and putting it into 10 year T-bills.
I guess the ole USA is still AAA rated...
If they go any lower, I might have to re-negotiate or find another lender.
Don't forget you can get a cash out of up to 80% of your appraised value..
We are lucky here in MS, where most houses still appraise very well, unlike CA, AZ, and NV where people are underwater on their mortgage.
All of this is caused by people taking money out of the market and putting it into 10 year T-bills.
I guess the ole USA is still AAA rated...
What percentage of closing costs are we talking about? That has been the big holdup for me refinancing, I don;t want to drop another $3-4k in one shot today, even though is saves me in the long run. I just don't have that kind of scratch laying around these days.
Folks get crazy po'd later in the process when things are not as promised.
Use a bank. Get it locked and a copy of the good faith AND worksheet detailing the estimates up front before you pay anything. If u have to pay upfront to lock then be careful. Get 2-3 quotes and watch the apr's to tell how good ofa deal u truly getting.
My office is 662-244-4904 if you have questions about what u r being told. Will b glad to answer them for you. Just mention SPS.
Jimmy
Use a bank. Get it locked and a copy of the good faith AND worksheet detailing the estimates up front before you pay anything. If u have to pay upfront to lock then be careful. Get 2-3 quotes and watch the apr's to tell how good ofa deal u truly getting.
My office is 662-244-4904 if you have questions about what u r being told. Will b glad to answer them for you. Just mention SPS.
Jimmy
Just as I had stated in an earlier post, I agree with maroonbulldog regarding the internet. And whether it's internet or not, don't pay ANYTHING up front...not even appraisal.
I won't bore you anymore, but I had failed to mention earlier that the company I own is located in Madison. If we can help answer any questions for you, just shoot me a pm and I will be glad to help in any way we can even if it's just a question.
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I won't bore you anymore, but I had failed to mention earlier that the company I own is located in Madison. If we can help answer any questions for you, just shoot me a pm and I will be glad to help in any way we can even if it's just a question.
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