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  • #1

    Mortgage Rates.......

    For those of you that have been procrastinating now is not a bad time to refinance.

    30 year conventional rates are between 4.375%-4.5%
    15 year conv. rates are at 4%
    30 year FHA rates 4.5%, and you can do a no cost streamline at 5%, if you want to bring a payment in with you can do it at 4.75%.

    Just a heads up to anyone that was thinking about refinancing or purchasing a home.
    *Banned*
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  • #2
    What if your house is 15% underwater?
    Everything in life is an approximation.

    http://twitter.com/CougarStats

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    • #3
      Originally posted by Indy Coug View Post
      What if your house is 15% underwater?
      Then you need to call Obama.
      *Banned*

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      • #4
        Yeah, I noticed this. I wish we could refinance, but because we are updisde down (like everyone else in Vegas) and our loan isnt an FHA, nobody will refinance. Many of our friends who are upside down in FHA loans have been able to refinance. I'm probably losing a least $500/mo by not being able to refi.

        The funny thing is, we were all set up to do an FHA back in Sept 2007 when we closed, but the Fed dropped rates the week before we were set to close, and somehow that sent everything skiwampus. Suddenly the best FHA rate we could get was 7.50, where up until that point we were supposedly getting an FHA at 6.25.
        Prepare to put mustard on those words, for you will soon be consuming them, along with this slice of humble pie that comes direct from the oven of shame set at gas mark “egg on your face”! -- Moss

        There's three rules that I live by: never get less than twelve hours sleep; never play cards with a guy who's got the same first name as a city; and never go near a lady's got a tattoo of a dagger on her body. Now you stick to that, everything else is cream cheese. --Coach Finstock

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        • #5
          Originally posted by Donuthole View Post
          Yeah, I noticed this. I wish we could refinance, but because we are updisde down (like everyone else in Vegas) and our loan isnt an FHA, nobody will refinance. Many of our friends who are upside down in FHA loans have been able to refinance. I'm probably losing a least $500/mo by not being able to refi.

          The funny thing is, we were all set up to do an FHA back in Sept 2007 when we closed, but the Fed dropped rates the week before we were set to close, and somehow that sent everything skiwampus. Suddenly the best FHA rate we could get was 7.50, where up until that point we were supposedly getting an FHA at 6.25.
          The biggest problem right now is home values. I have had a lot of people that could be saving significant money each month if they were not upside down. In fact this new DU refi plus plan will allow you to borrow 125% of your homes value, however if you have mortgage insurance you can not do it. So its pretty lame because everyone has MI and if they do not they have paid their home down below 80% and chances are they are still in ok shape.
          *Banned*

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          • #6
            I would refi, but no way would I get an appraisal that would work. Oh well.

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            • #7
              Originally posted by cougjunkie View Post
              The biggest problem right now is home values. I have had a lot of people that could be saving significant money each month if they were not upside down. In fact this new DU refi plus plan will allow you to borrow 125% of your homes value, however if you have mortgage insurance you can not do it. So its pretty lame because everyone has MI and if they do not they have paid their home down below 80% and chances are they are still in ok shape.
              With this, do you mean if you currently have MI, or if you need MI once the deflated appraisal sinks any chance of your current loan being <80% LTV?
              "The first thing I learned upon becoming a head coach after fifteen years as an assistant was the enormous difference between making a suggestion and making a decision."

              "They talk about the economy this year. Hey, my hairline is in recession, my waistline is in inflation. Altogether, I'm in a depression."

              "I like to bike. I could beat Lance Armstrong, only because he couldn't pass me if he was behind me."

              -Rick Majerus

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              • #8
                Originally posted by Jarid in Cedar View Post
                With this, do you mean if you currently have MI, or if you need MI once the deflated appraisal sinks any chance of your current loan being <80% LTV?
                If you currently have MI they will not do it. If you are currently without MI you stay without MI.

                Mortgage Insurance providers will not reissue MI certificates on loans who have that high LTVs. The Obama program works with MI, but none of the MI companies will issue the MI certs.

                That is one nice thing is you can have an LTV that high and you do not have to pick up MI on your loan.
                *Banned*

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                • #9
                  Originally posted by cougjunkie View Post
                  If you currently have MI they will not do it. If you are currently without MI you stay without MI.

                  Mortgage Insurance providers will not reissue MI certificates on loans who have that high LTVs. The Obama program works with MI, but none of the MI companies will issue the MI certs.

                  That is one nice thing is you can have an LTV that high and you do not have to pick up MI on your loan.
                  Can you do work in California?

                  Comment

                  • #10
                    Originally posted by The_Tick View Post
                    Can you do work in California?
                    Yes.
                    *Banned*

                    Comment

                    • #11
                      Originally posted by Indy Coug View Post
                      What if your house is 15% underwater?
                      The holder of my first recently told me that they think there will be a program by the first of July that will allow you to refinance the first up to 125% of value. Apparently if the holder of the second took Obama money, they have to subordinate though this guy said second holders are subordinating, for the most part, even when they haven't taken Obama money. Logic being that they are already, in effect, unsecured and it makes the debtor a better risk.

                      Not sure if he is right, but if that comes through I am going to definitely do it.

                      EDIT: Is this what you are talking about CJ?

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                      • #12
                        Originally posted by cougjunkie View Post
                        For those of you that have been procrastinating now is not a bad time to refinance.

                        30 year conventional rates are between 4.375%-4.5%
                        15 year conv. rates are at 4%
                        30 year FHA rates 4.5%, and you can do a no cost streamline at 5%, if you want to bring a payment in with you can do it at 4.75%.

                        Just a heads up to anyone that was thinking about refinancing or purchasing a home.
                        Not only that, but the current LIBOR forward curve is going up pretty rapidly. LIBOR ain't Fed Funds, but they are at least kissing cousins.
                        Awesomeness now has a name. Let me introduce myself.

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                        • #13
                          I did a streamline FHA refinance a year ago. I'm sitting at 5%. I just wish I had the equity to pull off a conventional, those rates are incredible.
                          Part of it is based on academic grounds. Among major conferences, the Pac-10 is the best academically, largely because of Stanford, Cal and UCLA. “Colorado is on a par with Oregon,” he said. “Utah isn’t even in the picture.”

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                          • #14
                            Originally posted by nikuman View Post
                            Not only that, but the current LIBOR forward curve is going up pretty rapidly. LIBOR ain't Fed Funds, but they are at least kissing cousins.
                            I just put myself in a 5/1 ARM, 3.5%. If it were to adjust today my rate would only move slightly the Libor is at 1.92% and the margin was 2.25%. (Margin plus Index is the adjusted rate when dealing with an ARM so my new rate would be adjustable at 4.17%)

                            I have a borrower whose main goal to pay off his house as quickly as possible. He is paying about $1500 a month towards his 100,000 loan. I put him in a 5/1 ARM to limit the interest, after 5 years he will only owe about $18,000.00. As opposed to 25,000 if he were to take on a 30 year rate and go with the same accelerated option. $7,000 is a big deal when your ultimate goal is to pay off your house as quickly as possible.
                            *Banned*

                            Comment

                            • #15
                              Originally posted by cougjunkie View Post
                              For those of you that have been procrastinating now is not a bad time to refinance.

                              30 year conventional rates are between 4.375%-4.5%
                              15 year conv. rates are at 4%
                              30 year FHA rates 4.5%, and you can do a no cost streamline at 5%, if you want to bring a payment in with you can do it at 4.75%.

                              Just a heads up to anyone that was thinking about refinancing or purchasing a home.
                              What is the interest rate for a construction to permanent Loan?

                              Comment

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