Budman

For any of you loan officers/mortgage brokers out there, what are the interest rates doing right now with the stock market in the toilet? I have heard in the past that when the stocks go down, often the mortgage rates drop as well. Might be time to convert that 3-year adjustable to a fixed rate.

Von Bongo

Thats pretty close to where we were today, for loans over $200K in conforming we could do an 1/8th better.

Jumbo's were right on. If you have a convertable arm, you are probably better off refinancing, most convert to 1/4 to 1/2 over the current going rate.

SpeedGirl

iTrader: (1)

I need to lock my mortgage in right away!!!!

just got an accepeted offer last night... inspector comming tomorrow... Now all I need is to lock in my mortgage... I hope the rates hold out a little bit longer...

cobra marty

Just refied $350,000 at 5.66% 0.5%point amor 30yr but with biweekly payment=24 years total.

Steve_H

ive got a question for the finance guys out there.

credit card company is offering a home equity loan at 4.75%
my mortgage has 5 years left at 7.5% and its paid off!!
can i pay off my mortgage with the home equity loan?
is the interest acruid the same way?

Budman

Cobra Marty,

Where did you get a that rate? Has anyone dealt with online mortgage brokers? Good or bad experiences?

Von Bongo, my ARM converts right now to a 30 yr @ 6.625%, which is 1/8 over the normal rate offered by this institution. It will cost me $250 to do this. How much should I expect to pay for closing costs if I refinance instead? I was thinking about rolling up some other (equity line of credit) debt into the loan amount. BTW, we just bought the house back in January. I got the ARM because the rates shot up to 7.25% at that time, with the intention of converting if they dropped again. Need to check to make sure that there is no early payment penalty.

Thanks for the info, guys!

Reckless32

An even better question is what are the boat loan rates doing now?....I know I'm getting flyers out the yahoo on credit cards that are offering balance transfers at ZERO % for 12 months...

cobra marty

Yea I responded to one of those spam emails and got several calls.

Call Tom at Allpointe Finance at 1-866-214-4810 ext #16, the program is with World Savings, up to 75% LTV. Cost appraisal, ?other fees, title ins. He will go over it all. Tell him I refered you.
Martin Pasqualone. Good luck. 5.66% deductible is allmost free money.

Von Bongo

If the rate is not a teaser rate and if you don't have to pay a lot of costs. On 5 years it will save you $1.28 per thousand loaned, so if you owe $20,000 it will save you 25.60 per month in your payment times 60 months for a total savings of $1536.

You would have to do the actual math.

blackhawk

Our rates are 6.375% for a 30 and 5.75% for a 15. Both fixed rates.

Budman, I have financed several people that started to work with online "brokers". 99.9% of the time they offer great rates to get you interested then you show up for the closing and the closing costs are outrageous. They always advertise super low rates with .5 or 1 point. But they fail to tell you that they charge about $5k in closing costs. I am always here for my customers, both before and after. Try getting some answers to your port-closing questions with an online company.

Cobra Marty, I would read the fine print on that rate for a 30 year term. I haven't seen anything close to that for a FIXED rate.

Loto Party,

Ask the right questions and read the fine print on the home equity. It MAY be a good way to go. Keep in mind, home equity loan rates are not fixed, they move with the prime rate. So it may be great now but in 2 years not so great. Find out how they adjust to prime and for how long(a lot of places offer "introductory rates") and their max adjustments.