Anyone Refi?

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I'm checking this week, to refi our lot and dock purchase, using our house.

I did Lending Tree and one other and got 10 lenders clamoring all over each other. I learned it is best to tell them just to take the information, go away and crunch the numbers, and then get back to ya.

I ask for it by email, but some are reluctant to do that. Like attornies, they are reluctant to put it in writing. So far only one has said they guarantee their figures. The others have not said they don't however.

There seems to be plenty of money as long as your values are not out of line.

They only one I was not comfortable with is Quicken Loan, a way-too-obvious boiler room operation with high pressure closing questions, such as, "When I call back with an offer in 20 minutes, will be able to give me a yes or no?"

Heck, I can do that now, and save you the call . . . . No!

The payments are running roughly half what we're paying now. About a maintenance fee lower each month.

Shoulda done this back yonder.

I sense we're toward the end of the bottoming out, the 4-5% rates, and heading into the 5-6% ones.

[vintner Super Moderator Find all posts View Profile Close vintner]

I started looking into a refi. House is 5 years at the current rate, but refi rate is only 1% or less than my current rate, and I have to spend $4-5K to do the refi. It would lower my payments by about $150-175, but I haven't jumped on it yet.

[bigfrank Administrator Find all posts View Profile Close bigfrank]

I got 4.5% fixed for a 15 year from Citibank with no points.

[vintner Super Moderator Find all posts View Profile Close vintner]

All costs rolled into the new loan?

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Yes , I also got many fees waved cause I am a Citigold Costumer. They also waved 3 other fees cause of the delays on there part.

[Luanne Senior Member Find all posts View Profile Close Luanne]

I got 4.5% fixed for a 15 year from Citibank with no points.

Was that for a conforming or jumbo?

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Was that for a conforming or jumbo?

I took a cash out, My main Morgage was paid off but I had a small home equity that I paid off. I felt this was cheap money with a write off so I refied.

[Luanne Senior Member Find all posts View Profile Close Luanne]

I took a cash out, My main Morgage was paid off but I had a small home equity that I paid off. I felt this was cheap money with a write off so I refied.

Thanks, but that doesn't answer my question.

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Thanks, but that doesn't answer my question.

Do not laugh but I do not know.

[Luanne Senior Member Find all posts View Profile Close Luanne]

Do not laugh but I do not know.

The reason I was asking is that's a good rate. But it may be for a conforming loan, which is usually under $479,000 (or thereabout). Jumbo loans are for larger amounts and carry a higher rate of interest.

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

I just closed on mine w/ Wells Fargo. No points, no origination fee, total about $1000 in fees (appraisal, title insurance, doc fees, etc.). Interest rate of 4.875% 30 yr fixed. Dipped to 4.75% once, but missed locking it in. This is in Colorado.

The good news is that my 5 y.o. house's appraisal actually came out better than I expected. We haven't seen the huge drops in value around here that other parts of the country are seeing. But then again, we didn't have near the bubble either.

Kurt

[3kids4me Super Moderator and Super Mom Find all posts View Profile Close 3kids4me]

Just refinanced at 4.125 for Jumbo loan (20 years). Chase is the lender. Points/fees were rolled into the loan. Even with that, our payment will be the same as it was before, but we will pay off the loan faster than before. (We had over 25 years left on the mortgage.)

We also have a variable rate home equity loan but the rate is currently 2.3% so we were reluctant to roll it into the mortgage and pay twice as much interest this year.

P.S. Hmmm...I assumed it was Jumbo, but our primary mortgage is less than the $427k number Luanne referenced so I will have to go back and check as maybe it's conforming. I don't remember even being able to get a Conforming loan before...is the number definitely that high?

[Luanne Senior Member Find all posts View Profile Close Luanne]

P.S. Hmmm...I assumed it was Jumbo, but our primary mortgage is less than the $427k number Luanne referenced so I will have to go back and check as maybe it's conforming. I don't remember even being able to get a Conforming loan before...is the number definitely that high?

Sharon, the number I threw out may not be the limit for a conforming. We're in the middle of a refi, and will be taking cash out. Because of that our loan went into the jumbo category, but we are eligible for something called a "high balance" loan, which has better rates.

I just went and checked. Limit for a conforming loan is $417,000.

[Luanne Senior Member Find all posts View Profile Close Luanne]

We also have a variable rate home equity loan but the rate is currently 2.3% so we were reluctant to roll it into the mortgage and pay twice as much interest this year.

Sharon, didn't you have to pay this off in order to refinance? We had an Equity Line of Credit (not at such a great rate) that we're paying off with the refi. I thought that was required for some reason.

[bigfrank Administrator Find all posts View Profile Close bigfrank]

The reason I was asking is that's a good rate. But it may be for a conforming loan, which is usually under $479,000 (or thereabout). Jumbo loans are for larger amounts and carry a higher rate of interest.

No it was a smaller loan no way close to Jumbo