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Thread: Mortgage refi

  1. #1

    Default Mortgage refi

    With 30 yr Morgans rates at or below 4% has anyone bought or done a refi? Is it hard to get a loan?
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  3. #2

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    Default Re: Mortgage refi

    Quote Originally Posted by clester View Post
    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.

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  5. #3

    Default Re: Mortgage refi

    Quote Originally Posted by jpcavin View Post
    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.
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  7. #4

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    Default Re: Mortgage refi

    Quote Originally Posted by clester View Post
    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

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  9. #5

    Default Re: Mortgage refi

    Quote Originally Posted by jpcavin View Post
    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
    These rates should spur housing. Banks need to lend though. They are still afraid from what happened last time I think.
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  11. #6

    Default Re: Mortgage refi

    Quote Originally Posted by jpcavin View Post
    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?

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  13. #7

    Default Re: Mortgage refi

    Quote Originally Posted by clester View Post
    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!

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  15. #8

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    Default Re: Mortgage refi

    Quote Originally Posted by clester View Post
    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!
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
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  17. #9

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    Default Re: Mortgage refi

    Quote Originally Posted by law87 View Post
    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!


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  19. #10

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    Default Re: Mortgage refi

    Quote Originally Posted by Frixxxx View Post
    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!
    That is too funny! Unless you really need a loan.

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  21. #11

    Default Re: Mortgage refi

    Quote Originally Posted by jpcavin View Post
    If you could get my rate (2.375%), I would say yes!
    holy crap on a 30 years?! which bank?

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  23. #12

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    Default Re: Mortgage refi

    Quote Originally Posted by law87 View Post
    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-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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