Mortgate rates 3% for 10 year loan and 3.75% for 30 year loan. Time to buy a home or refinance.

If you plan to stay in your current home for <5yr, you may consider ING direct orange mortgage [ingdirect.com], they have 2.75% for the 5yr now. I got 2.875 few months ago and transaction is very simply and smooth, close in about 30 days and I was in vacation for 1 week in that 30 days. Fax all requested docs and just schedule to sign the closing doc at your home after like 30 days. $2.3K fee.

Quote from bugsnest : What kind of rates can I hope for if I have a not-so-hot credit score I have always been good with my mortgage payments, have a good income and employment history. My poor credit is only due to negligence and missing a few credit card payments (30 days late). I am at 5.5 on a 30 fixed and trying to bring it down by at least a percentage point.

you wont get 1% less with what youre describing as your credit history

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any good rates on rental property?

Union Savings Bank and Gaurdian Savings in South Western Ohio has $200 closing fees includig appraisal. Plus 125 recording fee . $325 for refi is not Bad. I had locked my rates in Dec. Wish I had not done that as the rates are now lower.

Wells Fargo in San Francisco is giving us 20% down + 4.5% 30 fixed for 203k renovation loan no points but we pay the closing cost, appraisal, and credit report. My wife Fico is 798 and my Fico is 759. Is that too high? Or a good deal?


Here's the breakdown for REO house:
Contract price for house is $406,000.
Required by HUD to fix cost: $68,000 that is with 10% contingency
Our down is $106,000.

Any advice? Thx.

Pls give us advice bec we need to close by jan 25th. Thx again.

Quote from logicstep : Wells Fargo in San Francisco is giving us 20% down + 4.5% 30 fixed for 203k renovation loan no points but we pay the closing cost, appraisal, and credit report. My wife Fico is 798 and my Fico is 759. Is that too high? Or a good deal? Here's the breakdown for REO house: Contract price for house is $406,000. Required by HUD to fix cost: $68,000 that is with 10% contingency Our down is $106,000. Any advice? Thx. Pls give us advice bec we need to close by jan 25th. Thx again.

Not sure about the SF area, but that does sound rather high for the Atlanta area where I'm at. Now, if you said no cost to you, then that may be fair. And by no cost, I mean the lender crediting back a point and change to offset closing costs to make up for the higher rate.

Quote from gatorHeel : Somewhat OT, but has anyone found a lender that's ready for HARP II which allows refinancing of basically anything (as long as you haven't been delinquent and your loan is owned by Freddie or Fannie)? I have a rental property that I haven't been able to re-finance until HARP II (without being a huge pile of cash to the table that is). I'm told that most lenders won't be ready to underwrite loans in this program until March though. Just curious if anyone else eligible for HARP II is getting similar information as far as the availability and actually being able to get a new loan originated.

PNC Mortgage is offering HARP II program effective 12/19/2011. I was offered 4.5% on my condo with LTV around 170%.

Quote from logicstep : Wells Fargo in San Francisco is giving us 20% down + 4.5% 30 fixed for 203k renovation loan no points but we pay the closing cost, appraisal, and credit report. My wife Fico is 798 and my Fico is 759. Is that too high? Or a good deal? Pls give us advice bec we need to close by jan 25th. Thx again.

Here in Phila, Pa, that would be about average. Zero points, 4.5% seems a little high to me when you pay all closing costs. However, this is a 203K mortgage. That will tend to jack the lowest rate up just a bit. If they claim no "mortgage origination fee" which is a fancy way of saying "bank fee", then that's partly the reason the mortgage percent is at 4.5%.

Its just average, nothing special here in Phila.
But in SF, those interest rates may at this moment run higher or lower than Phila. You can judge that by checking www.bankratemonitor.com .

FYI: Everyone should know that "discount payment" and "points" mean the same thing. Each point is an up-front fee that represents 1% of the total mortgage amount.
Never pay points or discount-fee is a good rule. Most mortgages now are ended long before they are paid out. And the recovery from the points can be figured in the number of years the mortgage must stay open to recover your up-front point costs.

Definition: 203k Loan: Its a mortgage that sets aside an agreed upon cash money above the actual purchase cost of the house. It is for renovations after the sale has completed. Its a contract list of items and prices which will be paid by the appraiser AFTER the work is done. It enables people to buy houses which are fixer-uppers, and have the money set aside for those listed repairs/renovations. You must qualify for the higher monthly payment and you are responsible for the hiring of the contractor and the quality of the work.

Quote from logicstep : Wells Fargo in San Francisco is giving us 20% down + 4.5% 30 fixed for 203k renovation loan no points but we pay the closing cost, appraisal, and credit report. My wife Fico is 798 and my Fico is 759. Is that too high? Or a good deal? Here's the breakdown for REO house: Contract price for house is $406,000. Required by HUD to fix cost: $68,000 that is with 10% contingency Our down is $106,000. Any advice? Thx. Pls give us advice bec we need to close by jan 25th. Thx again.

I think that's too high. I have a duplex in SF held as rental property that was refinanced in 2011 for 4.875%, 30 fixed, no fees/points. So given your excellent credit scores, 20% down, and you will be occupying the property, I would expect 4.25% no fees, or 4% with fees.

I would like to refinance but I have a manufactured home (although it sits on a permanent full level foundation) and have had problems with finding a lender (although I have a great credit score, job, savings, etc.). It seems that the borrowers financial situation is immaterial when it comes to refinancing these properties. Does anyone have any suggestions or experience with this? Thanks!!!

Quote from prozac4312 : Agreed. If you've got > $25k to put down on a house and your credit score is higher than 740, methinks you're not going to be looking for a slick deal on a home loan or refi.

Why wouldn't ANYONE want a slick deal on a loan? If anything, it would seem to reason that someone that has a larger amount saved and a higher credit score would be a more inclined to want to put the effort into making a smart financial decision.

Mortgages are for everyone, for both the 99t% AND the 1%

i think this has to be one of the dumbest threads I have seen....who the hell would take advice on a mortgage for thier house, from slick deals? Seems kinda crazy(IMO)......just my 2 cents!

I really wish the title insurance in NY wasn't so expensive...it kills alot of these great rates.

Do you have to have equity to refinance?

We had to buy* in 2006 and the market price value has gone down. As a result, I don't think we have any equity and the current price of the house is probably close to what we owe.

Is it possible to refinance in that situation to get a lower interest rate? Right now we are at 6.125%