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  1. #101
    Join Date
    Mar 2006
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    South Central
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    722
    Was quoted 2.75 with one point on 20 yr fixed. Can get 30 yr fixed @ 2.75 with 1.5 pts. I donít usually like points, but good lord thatís a stupid low rate. Couldnít get lower, right?

  2. #102
    Join Date
    Nov 2005
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    Down In A Hole, Up in the Sky
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    31,003
    Quote Originally Posted by mooseknuckle View Post
    Was quoted 2.75 with one point on 20 yr fixed. Can get 30 yr fixed @ 2.75 with 1.5 pts. I don’t usually like points, but good lord that’s a stupid low rate. Couldn’t get lower, right?
    Where are you, may I ask?
    Forum Cross Pollinator

  3. #103
    Join Date
    Mar 2006
    Location
    South Central
    Posts
    722
    717 - Central PA

  4. #104
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    16,070
    Quote Originally Posted by mooseknuckle View Post
    717 - Central PA
    Why pay points when the recapture takes so long?
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  5. #105
    Join Date
    Mar 2006
    Location
    South Central
    Posts
    722
    Wife seduced by rate; Iím inclined to agree with your outlook. Donít see the juice as worth the squeeze.

  6. #106
    Join Date
    Apr 2010
    Posts
    711
    Quote Originally Posted by mattig View Post
    Yes, 3.0 today by the close. Tomorrow should be similar. If you need a connection, I got buds (clients) there that I'd trust for my own loan.

    Tomorrow could be 2.875, best case borrower and market movement. It was actually doable today at a few lenders. Sheer insanity and easily all-time low.
    PM sent

  7. #107
    Join Date
    Sep 2005
    Location
    PRB
    Posts
    26,506
    I just saw a 2.875 rate on zillow for a 30 year in CO. I clicked and asked for a formal quote, because that is significant even given I have a 3.375. Would save me over $200/mo, or alternatively, I could turn the new 30 year into a 25 year if I pay the same amount as I do currently, shortening my loan by 16 months.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  8. #108
    Join Date
    Sep 2008
    Location
    a poop plant
    Posts
    3,187
    So mortgage mags, tell me if my thinking is correct. I got talked into a 7 yr ARM in 2006. My plan was to fix the house up and flip it. The mortgage guy showed me the numbers and the ARM made sense for that scenario. Well 2007 came and the flip didn't quite work out.

    So I was stuck in that ARM. I was going to walk if the adjustment ever got silly. It never did and along came HARP 2.0 which saved my ass (thanks Obama!). I'm now in a 30 yr fixed at 3.8%. I'm just now getting to where the amount towards principal is catching up to the amount going towards interest. I've been looking into a refi as I think I can get a better rate and a lower payment, but I think I'd take a hit on the amortization. I plan on moving in 3-5 years, so it seems like getting back into a interest front loaded loan right now wouldn't pay off.

    Does this make sense?

  9. #109
    Join Date
    Mar 2006
    Posts
    17,757
    ARM has been the best mortgage choice in terms of cost for 40 years. I don't see that changing. Short rates have a chance to go back to zero.

    If people had ARM's all along they wouldn't have had to refinance.

  10. #110
    Join Date
    Sep 2006
    Location
    Fraggle Rock, CO
    Posts
    6,559
    Quote Originally Posted by Danno View Post
    I just saw a 2.875 rate on zillow for a 30 year in CO. I clicked and asked for a formal quote, because that is significant even given I have a 3.375. Would save me over $200/mo, or alternatively, I could turn the new 30 year into a 25 year if I pay the same amount as I do currently, shortening my loan by 16 months.
    I'm putting an email in to Bob today!
    Brandine: Now Cletus, if I catch you with pig lipstick on your collar one more time you ain't gonna be allowed to sleep in the barn no more!
    Cletus: Duly noted.

  11. #111
    Join Date
    Sep 2005
    Location
    PRB
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    26,506
    Quote Originally Posted by GiBo View Post
    So mortgage mags, tell me if my thinking is correct. I got talked into a 7 yr ARM in 2006. My plan was to fix the house up and flip it. The mortgage guy showed me the numbers and the ARM made sense for that scenario. Well 2007 came and the flip didn't quite work out.

    So I was stuck in that ARM. I was going to walk if the adjustment ever got silly. It never did and along came HARP 2.0 which saved my ass (thanks Obama!). I'm now in a 30 yr fixed at 3.8%. I'm just now getting to where the amount towards principal is catching up to the amount going towards interest. I've been looking into a refi as I think I can get a better rate and a lower payment, but I think I'd take a hit on the amortization. I plan on moving in 3-5 years, so it seems like getting back into a interest front loaded loan right now wouldn't pay off.

    Does this make sense?
    Not to me it doesn't. I'm guessing that with today's rates, you could drop your payment enough to have it make sense. Run the numbers, what would be the difference in payments if you did a new 30 year today? Then look at how much of the new payment goes to principal from the get-go (it's probably more than you think given the low rates), and add the difference you just calculated to that. Is that greater than what is going to principal today on your existing loan?

    And let's say you don't move (as you have already seen, plans change). If you made the same payment as you do currently in your existing loan, but under the new loan (ie you're making additional principal payments), which would pay off faster? I'm sure it would be the new loan.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  12. #112
    Join Date
    Sep 2005
    Location
    PRB
    Posts
    26,506
    Quote Originally Posted by Cruiser View Post
    I'm putting an email in to Bob today!
    same
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  13. #113
    Join Date
    Apr 2005
    Location
    Seattle
    Posts
    1,840
    Seattle peeps! I'm looking to refi our 30 year fixed currently at 3.6%. Recommend me someone who cuts to the chase with good terms if you can.

  14. #114
    Join Date
    Oct 2003
    Location
    OOTAH
    Posts
    3,081
    Anybody have a Colorado lender they would like to hook me up with, or is zillow my best option?
    Samuel L. Jackson as Jules Winnfield: Oh, I'm sorry. Did I break your concentration?

  15. #115
    Join Date
    Nov 2011
    Posts
    149
    Appreciate VTeton bumping this thread and the info everyone is bringing

    Refi a 20 year at 3.125, currently 4 years in on a 30 year at 3.875. Monthly payment is flat.


    Sent from my iPhone using TGR Forums

  16. #116
    Join Date
    Dec 2016
    Location
    In a van... down by the river
    Posts
    8,283
    @teleee - Sent you a PM.

  17. #117
    Join Date
    Oct 2006
    Location
    MA
    Posts
    6,393
    Spreads between mortgage rates and treasury yields are the widest theyíve been since 2008. So there may be room to go for rates to go lower, should the Fedís next move be to stop letting the $20B a month in mortgage debt roll off its balance sheet. Which would actually impact the consumer and economy more than another rate drop.

    Iím not sure on timeline (Fed meets this month) but I donít think the risk is to rates suddenly jumping from here. But if they do reinvest that 20B/month back into mortgage backed securities is could be 50-75 bps benefit to a 30 year fixed mtg.
    Decisions Decisions

  18. #118
    Join Date
    Mar 2006
    Posts
    17,757
    Good call there. Rates going lower.

  19. #119
    Join Date
    Apr 2010
    Posts
    711
    No luck finding a 30yr fixed at 3% yet but tracking down another lead. No one wants to go below 3.25% in MA.

    See what I can finder but rates are awesome!!

  20. #120
    Join Date
    Sep 2005
    Location
    PRB
    Posts
    26,506
    from what I saw (just doing stuff like checking zillow) rates moved a tick up today.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  21. #121
    Join Date
    Jan 2005
    Location
    cb, co
    Posts
    4,221
    Quote Originally Posted by teleee View Post
    Anybody have a Colorado lender they would like to hook me up with, or is zillow my best option?
    I'll shoot you an email, I was thinking refi as well and I talked to one of the lenders I work with a lot, she had some great rates...

  22. #122
    Join Date
    Mar 2010
    Location
    Denver-ish
    Posts
    881
    I could use a mag-approved lender in CO as well. Thanks

  23. #123
    Join Date
    Oct 2007
    Location
    2 hours to Whiteface
    Posts
    450
    Quote Originally Posted by huckbucket View Post
    Any recs on who I should talk to in NY?
    Here is the information of a guy I have used twice. I'm at 2.875% on a 15 yr fixed no closing cost loan I got 8 years ago. My buddy, a real estate lawyer, said he never saw a better loan rate with no closing costs.

    He is located in Jersey. Everything is done via e-mail and telephone except the closing, which occurred at my buddy's local office. My loan was sold to Chase soon after it closed.


    Carl Casperson
    Senior Loan Originator
    American Federal Mortgage Corporation

    Phone:†(862) 259-3138 x3138
    Fax:†(866) 247-9288

    ccasperson@amfedmtg.com
    AmericanFedMortgage.com
    NMLS License#: 39910

    Sent from my SM-G950U using Tapatalk

  24. #124
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    16,070
    Quote Originally Posted by Brock Landers View Post
    Spreads between mortgage rates and treasury yields are the widest they’ve been since 2008. So there may be room to go for rates to go lower, should the Fed’s next move be to stop letting the $20B a month in mortgage debt roll off its balance sheet. Which would actually impact the consumer and economy more than another rate drop.

    I’m not sure on timeline (Fed meets this month) but I don’t think the risk is to rates suddenly jumping from here. But if they do reinvest that 20B/month back into mortgage backed securities is could be 50-75 bps benefit to a 30 year fixed mtg.
    This is the fact of the matter folks. Lenders are presently taking huge losses on loans originated over the last 2 years that are already paying off, so lenders are not bidding strong on refinances for the most part yet. Also, as the current health crisis unfolds, there is a good chance the worlds PPI tanks which will put further pressure to lower rates.
    Today yields did creep up a bit on the 10 Year T bond and lenders are quick to up rates, but slow to lower them, as over the last 5 days the 10 Year T bond is lower by .25%, but long term rates are not, so hang in there.
    I think rates will improve for a variety of reasons and ya, if you're in CA I am kicking everyone's ass, so pm me your details and needs.
    Click image for larger version. 

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    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  25. #125
    Join Date
    Apr 2010
    Posts
    711
    I found the right person for big loans in mass. 3% 30 yr fixed w closing credit. He sucks at small loans and I'm at the lower end of what he does.

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