Joined Jan 2008
L10: Grand Master
Forum Thread
Mortgage Rates
March 6, 2020 at
05:13 AM
91 Comments
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https://www.penfed.org/mortgage-c...g-mortgage
2.875%
0.000
2.894%*
https://www.penfed.org/mortgage-c...g-mortgage [penfed.org]
2.875%
0.000
2.894%*
So do you either intend on repaying before the ARM resets or refinancing to a fixed? Are you gambling that rates won't go up before RESET or ....?
I am offered 2.875% for 30-year refinancing.
Lender Fee: $1,295
Title/Escrow: $1,350
Appraisal : $530 (Need to pay now)
with Discount: $966.
I also have another quote for 3.125%. Is the .25% difference significant ?
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I am offered 2.875% for 30-year refinancing.
Lender Fee: $1,295
Title/Escrow: $1,350
Appraisal : $530 (Need to pay now)
with Discount: $966.
I also have another quote for 3.125%. Is the .25% difference significant ?
run the amortization.
Problem is there is a lot of front-loaded fees there - not sure what your current situation is or when you might move but that's part of the amortization.
Problem is there is a lot of front-loaded fees there - not sure what your current situation is or when you might move but that's part of the amortization.
Also the best rates I see locally are CU's but you have to watch the terms. For example one local CU is offering 2.75% but then says "up to 96 months" - WTF is that, an 8 year mortgage? More like a long car loan. Next realistic term is "up to 132 months" (11 years) at 3.15. Whipteedoo - I have a 3.25 right now with just under 11 years left, and excellent credit, low LTV. I should be able to get something WAY better than marginally better than what I got 4 years ago.
BTW, for comparisons, I find this CU's [mortgagewebcenter.com] website to be pretty useful. Of course you can d/l many XLS sheets to do the same but that site has probably some of the most competent calculators I find that are web-based. This one in particular: "Can I save money by refinancing now? [mortgagewebcenter.com]"
Also the best rates I see locally are CU's but you have to watch the terms. For example one local CU is offering 2.75% but then says "up to 96 months" - WTF is that, an 8 year mortgage? More like a long car loan. Next realistic term is "up to 132 months" (11 years) at 3.15. Whipteedoo - I have a 3.25 right now with just under 11 years left, and excellent credit, low LTV. I should be able to get something WAY better than marginally better than what I got 4 years ago.
BTW, for comparisons, I find this CU's [mortgagewebcenter.com] website to be pretty useful. Of course you can d/l many XLS sheets to do the same but that site has probably some of the most competent calculators I find that are web-based. This one in particular: "Can I save money by refinancing now? [mortgagewebcenter.com]"
Being an appraiser must be cake work, frankly. Drive around, look at people's houses, fill out a form, make an opinion and collect $$.
Being an appraiser must be cake work, frankly. Drive around, look at people's houses, fill out a form, make an opinion and collect $$.
and what if the housing market crashes?
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I have 800+ credit, and have offer in hand for ~3.2% with no origination fee, and industry average type fees for the rest...
Are there better options for conventional 30 yr? What are people's favorites? PenFed has a "low rate" but front loads a ton of fees to where the rate difference doesnt really make up for it unless you sit in the mortgage for 15 years +