With 30 yr Morgans rates at or below 4% has anyone bought or done a refi? Is it hard to get a loan?
100 G
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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
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!
THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
Tracker = Check my position
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-bl...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.
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