Mortgage refi

[clester]

With 30 yr Morgans rates at or below 4% has anyone bought or done a refi? Is it hard to get a loan?

[jpcavin]

With 30 yr Morgans rates at or below 4% has anyone bought or done a refi? Is it hard to get a loan? I did a refi back in 2004. It depends on your debt to income ratio and your credit rating.

[clester]

I did a refi back in 2004. It depends on your debt to income ratio and your credit rating.
I keep hearing that banks don't really want to loan. They want to hold on to cash.

[jpcavin]

I keep hearing that banks don't really want to loan. They want to hold on to cash.
They have to approve some loans, wouldn't you think? I've heard (back in 2008) that is was really hard to get a loan because of all the restrictions and rules, etc. You had to have squeaky clean credit, steady income, no debt, etc....
If you meet their tight restrictions.....Can't hurt to apply :D

[clester]

They have to approve some loans, wouldn't you think? I've heard (back in 2008) that is was really hard to get a loan because of all the restrictions and rules, etc. You had to have squeaky clean credit, steady income, no debt, etc....
If you meet their tight restrictions.....Can't hurt to apply :D
These rates should spur housing. Banks need to lend though. They are still afraid from what happened last time I think.

[law87]

I did a refi back in 2004. It depends on your debt to income ratio and your credit rating.

i just bought a home back in march, with a rate of either 4.25 or 4.35, is it even worth it to try to refinance again?

[Scout333]

With 30 yr Morgans rates at or below 4% has anyone bought or done a refi? Is it hard to get a loan?
I did one with Wells Fargo less than a year ago at 4.5%. No closing costs. They charge a slightly higher rate to compensate them for the closing costs they are out of pocket. Mostly done on line. Pretty easy. Loan to value was 80% if I remember. May be hard to get a decent appraisal due to all the foreclosures, etc. Doesn't hurt to ask. Good luck!

[Frixxxx]

These rates should spur housing. Banks need to lend though. They are still afraid from what happened last time I think.

I talked to a banker the other day about a loan. He asked who I worked for. I said the U.S government....He said my employer was too risky, and they wouldn't be able to give me a loan!:cheesy:

[jpcavin]

i just bought a home back in march, with a rate of either 4.25 or 4.35, is it even worth it to try to refinance again?
If you could get my rate (2.375%), I would say yes! :D

[jpcavin]

I talked to a banker the other day about a loan. He asked who I worked for. I said the U.S government....He said my employer was too risky, and they wouldn't be able to give me a loan!:cheesy:

That is too funny! :laugh: Unless you really need a loan. :worried:

[law87]

If you could get my rate (2.375%), I would say yes! :D

holy crap on a 30 years?! which bank?

[jpcavin]

holy crap on a 30 years?! which bank?
I have a 3/1 ARM VA Hybrid loan. Got it in 2004 with PNC Mortgage. Not for everyone but here is the positive....

The Hybrid Arm is a VA insured loan. Consider the following:

The VA Hybrid loan does NOT adjust to whatever the bank wants to set it at. It moves in accordance with the rates of the US 1 yr Constant Maturity Treasury index. Between 1999 and 2009, he rate has never moved higher than 6.33% and the average during this timeframe was around 3%. In all this time, the index has never moved more than 1% in a year, and never in consecutive years.
You will enjoy a fixed rate for 60 months saving twice as much as the fixed rate option.
With the additional savings you can have all of your non-mortgage debt (credit cards, etc) paid off much faster, freeing up additional $ in monthly expenses. These additional dollars can be leveraged into even greater principal reduction.
Your rate can never adjust more than 1% a year, regardless of what the index rate is.
Your rate does not automatically adjust up, it can just as easily adjust downward depending on the market
If your rate ever does adjust the loan will reset the payment based on the remaining balance. By contrast, the payment on a 30 fixed rate loan is based off the loan amount at the time the refinance closes and will never change. If you were to make the same payment on the VA Hybrid ARM as you would have made on the 30 year fixed option, the difference would be deducted from the balance each month. By doing this, you could possibly have a lower payment, regardless of what the rate might adjust to.
You will be able to obtain this rate for significantly less fees than the fixed rate
http://www.lowvarates.com/va-loan-blog/how-about-the-va-hybrid-arm/

I always pay extra just in case the rate adjusts upward. The negative would be if you don't pay extra and the rate goes up. My initial loan was at 3.5%. My rate will never go up higher than 8.5% for the life of the loan. By the time interest rates get that high, my loan will be paid off. Or the balance would be so low that it would be of no consequence.

[GUCHI]

wish i could get that rate. i just did a home equity this morning at 15 yrs and 4.25% , which may be adjusted in 3 yrs. no closing and at anytime i could convert to a conventional loan if things get too high in regards to arm rate. this was a 2nd home down at wilmington,nc 15 minutes from beach and same to the city. looking toward retirement in 2.5 yrs.2.375% dammmmmmmm gurl you got it like that! keep on keepin on....

[tsptalk]

I refi'd a few years ago at 15/yr @ 4 7/8%. I thought they couldn't go any lower. :rolleyes:

The interest is so low that I don't even itemize on my taxes anymore.

[clester]

What's the deal with the HARP program. It was on cnbc this morning. Apparently, there are reduced fees? Not sure.

[jimijr]

In 2008 I went back to a 30yr fixed at 5.7% after being on an ARM for about 5 years to help fund my kid's college. I am now looking into a 15yr fixed at 3.7%. They want one point and will charge $1k. The payment would increase by about $250. But I also just got a break on my windstorm insurance worth $140/mo so I am really attracted to this.

I will decide in Feb 12 after I get my annual escrow statement. Rates are at their low for the previous 12 months, it looks like, so I can hope for 3.5% if they continue to slide. The home would have to appraise, though, to abate PMI.

I got these numbers from PHH who owns my current note.