Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
this week I locked on a 30 year fixed 4.25% no points .. 15 year was close to a 3.25 no points .... can't see it going much lower , I waited a month to lock in on a rate, to my benefit ......
this week I locked on a 30 year fixed 4.25% no points .. 15 year was close to a 3.25 no points .... can't see it going much lower , I waited a month to lock in on a rate, to my benefit ......
4.25 today is good, which bank? I have 800+ credit score and the best try can do for me is 4.375
I got quoted 4.25 30yr fixed as well from American Federal Mortgage Corporation in NJ on Friday. I used them in 2009 to buy in LI. They were able to close in less then 30 days from the day I contacted them in 2009 after Wells Fargo was dragging out the process. They assured me that they still do 30 day closings. We will see.
BTW, they will sell your mortgage to one of the big banks. Not a bad thing since the big banks mortgages services have great web portals compared to the small shops.
I got quoted 4.25 30yr fixed as well from American Federal Mortgage Corporation in NJ on Friday. I used them in 2009 to buy in LI. They were able to close in less then 30 days from the day I contacted them in 2009 after Wells Fargo was dragging out the process. They assured me that they still do 30 day closings. We will see.
BTW, they will sell your mortgage to one of the big banks. Not a bad thing since the big banks mortgages services have great web portals compared to the small shops.
I heard wells fargo is very slow with closings , good rate anyway ...time to lock in .......
I'm a big fan of the 5/5 ARM from Penfed but I don't think they pay all closing costs like they used to
I thought about it too and that's why I was wondering if I should go with an ARM. 2.75% over five years can save me close to 30k but was skeptical about market rates five years from now. If market rates are sky high then I am screwed.
Ive seen a couple of people really suffer when those rates went higher several years ago-moved about a year and a half ago and chose to have a 4.something mortgage for 30 years than have to deal with a refinancing in a few years-
we refinance in our last house for a lower rate and it costs thousands dollars
Also remember when those rates start climbing you wont be the only one wanting to refinance-the banks will only be harder to work with then-
Believe me, those " no closing costs" Cost you!
Nothing is free. Your rate is usually higher with those " no closing fees" loans.
Times that over 30 years, you will pay tens of thousands more.
You have to weigh out everything. The rate, points, fees, origination fees, application fees, ect....
That's why I prefer going to the big banks for loans. A lot more rules/regulations but at least you won't get screwed.
who keeps a mortgage 30 years? thats about 5% of the population, the average a few years back was 5-6 years before they sell or change the loan in some way.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
