30 year fixed mortgage rates down to 4.25% today

[cougjunkie]

What do you mean by 'no cost?' As in you can refinance for free? Does everyone do that? My mortgage is with Chase.

Yes basically the lender pays the closing costs for you. I would call Chase, and tell them you are interested in refinancing. You may take a small hit because your loan amount is so small, I know its weird but if your loan amount is less than 100k the rates get a bit worse.

[falafel]

You can stream an FHA from a 15 to a 30. Fha is at 4.5% right now if you pay your closing costs (or roll them in), it is at 4.75% for a no cost refi.

15 year FHA rates are at 4.25% no cost.

Ah, that's what I already have. Thanks for the info CJ.

[RobinFinderson]

Yes basically the lender pays the closing costs for you. I would call Chase, and tell them you are interested in refinancing. You may take a small hit because your loan amount is so small, I know its weird but if your loan amount is less than 100k the rates get a bit worse.

So I just got off the phone with someone and he is pushing me toward a conventional loan rather than an FHA (which we currently have). He is also talking about the rates changing between now and 4:30, when we are scheduled to discuss some options he puts together for us. He also said that he had some no-fee products, but that the rate would be a bit higher. The reason I hate this stuff is because I don't know what the real implications of any of this means, and I always have a sense that something is rotten.

I'm pivoting in my career right now, and don't have the income I had last year, so we just have Faith's teaching salary as a base ($50k), but we have excellent credit and lots of equity in the home. What can I expect from this situation?

[dabrockster]

What does your credit score have to be in order to get the 4.25%? There seems to always be a catch in this. I am just having a hard time believing this..

[beelzebabette]

So I just got off the phone with someone and he is pushing me toward a conventional loan rather than an FHA (which we currently have). He is also talking about the rates changing between now and 4:30, when we are scheduled to discuss some options he puts together for us. He also said that he had some no-fee products, but that the rate would be a bit higher. The reason I hate this stuff is because I don't know what the real implications of any of this means, and I always have a sense that something is rotten.

I'm pivoting in my career right now, and don't have the income I had last year, so we just have Faith's teaching salary as a base ($50k), but we have excellent credit and lots of equity in the home. What can I expect from this situation?

Try this calculator. The website is sloppy, but it has a few basic calculators that help with the initial stages of something like this.
http://www.mtgprofessor.com/Calculat...culator3a.html

[cougjunkie]

What does your credit score have to be in order to get the 4.25%? There seems to always be a catch in this. I am just having a hard time believing this..

720+.

[CJF]

You can stream an FHA from a 15 to a 30. Fha is at 4.5% right now if you pay your closing costs (or roll them in), it is at 4.75% for a no cost refi.

15 year FHA rates are at 4.25% no cost.

Is it possible to stream a 30 to a 15?

[dabrockster]

720+.

Thanks..

[falafel]

You can stream an FHA from a 15 to a 30. Fha is at 4.5% right now if you pay your closing costs (or roll them in), it is at 4.75% for a no cost refi.

15 year FHA rates are at 4.25% no cost.

Is it possible to stream a 30 to a 15?

[CJF]

I want the opposite of that. I have a 30 and want to go to a 15. He said you can go 15 to a 30. I just want to make sure I can go the other way.

[falafel]

I want the opposite of that. I have a 30 and want to go to a 15. He said you can go 15 to a 30. I just want to make sure I can go the other way.

Oops, I misread. I'm not CJ, but I'm pretty positive you can.

[ewth8tr]

I want the opposite of that. I have a 30 and want to go to a 15. He said you can go 15 to a 30. I just want to make sure I can go the other way.

I hear you go both ways.

[CJF]

I hear you go both ways.

Don't judge me!

[statman]

This is the lowest I have ever seen them. 15 year fixed 3.875%.

All you need is a house to buy that will appraise for the sale price, a 20% down payment, and an income to support the loan based on underwriting guidelines form the 1980s, ie - a lot of non-model-based determination of risk - Income/debt & income/value ratios, consumer debt ceilings, work histories, etc.

One of the main reasons the rates are so low - currently, an historically low number of people/houses meet the requirements for the mortgage. Right off the top, 40% of those with loans now are underwater, so you simply can't refinance. And the ever-increasing downpayment requirements for standard mortgages are making it harder and harder for new entrants into the housing market.

It's supply and demand baby. New lending restrictions have dramtically constricted demand...

[ewth8tr]

All you need is a house to buy that will appraise for the sale price, a 20% down payment, and an income to support the loan based on underwriting guidelines form the 1980s, ie - a lot of non-model-based determination of risk - Income/debt & income/value ratios, consumer debt ceilings, work histories, etc.

One of the main reasons the rates are so low - currently, an historically low number of people/houses meet the requirements for the mortgage. Right off the top, 40% of those with loans now are underwater, so you simply can't refinance. And the ever-increasing downpayment requirements for standard mortgages are making it harder and harder for new entrants into the housing market.

It's supply and demand baby. New lending restrictions have dramtically constricted demand...

Hey, if anyone is looking, I have a house you can buy....