How low can we go? 30 yr fixed at 3.75% with no fees...

NEW -> Contingent Buyer Assistance Program
Zubs - It's possible now to get 3.25%, but at what cost is the question. If you've got 40% equity, a 781 FICO, a $417,000 loan, and a SFD, 3.25% might run 1.0 point, plus fees. IF you've got an 80% loan for a Condo with a 739 FICO, and a $225,000 loan, 3.25% will cost about 3 points, plus fees. 

Even for the high FICO, low loan to value, right across the plate soft pitches that you can't miss hitting over the Left Field wall type of transactions, 3.25% will come at a cost. Then again, I've been wrong before. When the Government intervenes, who can know what's going to be the end result?

My .02c
 
irvinehomeowner said:
homer_simpson said:
Guess I'll be house hunting again this weekend.. PS9 or IHO wanna join in?
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We should run some ball in the morning and then hit up Open Houses in our sweaty clothes. :)
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Before I met some of you guys, I never knew men liked to go house shopping as a pass-time.

Do you guys happen to be into shoe shopping, too? Just wondering.
 
SoCal78 said:
irvinehomeowner said:
homer_simpson said:
Guess I'll be house hunting again this weekend.. PS9 or IHO wanna join in?
Click to expand...
We should run some ball in the morning and then hit up Open Houses in our sweaty clothes. :)
Click to expand...

Before I met some of you guys, I never knew men liked to go house shopping as a pass-time.

Do you guys happen to be into shoe shopping, too? Just wondering.
Click to expand...

Why yes!!
 
You guys still looking at homes?  I thought we all decided on a IHO/Homer/ps9 view lot in Alderwood/Vista Verde... I got to save up for the $900k
 
I ended up going with Amerisave based on a couple co-workers' recommendations.  They give you a menu of rates/rebates and you choose.  Had I picked 3.625 my credit would have  been about .3%, and I could have picked 3.875 for roughly 1.3% credit.
I locked as soon as they would let me (all paperwork faxed in), but by the end of the day the $5k credit would have been $6k had I waited!  Interesting times. 
Final verdict is pending, but so far they seem to have this process down to an exact science.  I applied online yesterday AM, got an immediate phone call and email from the loan processor, locked the rate this AM, and the appraiser will be out tomorrow PM (with apologies for not being able to make it out today).  The only downside is everything is NOW NOW NOW.  48 hours time limit to fax the disclosures back, and all your statements need to be in too before you can lock the rate.  Wife and I pulled an all-nighter trying to track everything down.  Also, something I found interesting is that a credit score of 793 will get you a smaller rebate than a credit score of 800.  My middle credit score was 809, my wife's middle score was 793.  They used her median # and our credit showed up as less (and matched what their home page calculator shows for that #). 
 
daedalus said:
Just adding a data point here.  I just locked in a refi.  30 year fixed jumbo conforming @ 3.75% with $5k *credit* to closing...covering all costs plus helping to fund the impound account.  Keeping my fingers crossed on the appraisal!
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Do u need that much credit too close?  Usually $1200-1500 is needed to cover most fees on refi's.  Save some interest if you go with less credit.  Funding ur impound account with credit is pretty expensive.
 
daedalus said:
I ended up going with Amerisave based on a couple co-workers' recommendations.  They give you a menu of rates/rebates and you choose.  Had I picked 3.625 my credit would have  been about .3%, and I could have picked 3.875 for roughly 1.3% credit.
I locked as soon as they would let me (all paperwork faxed in), but by the end of the day the $5k credit would have been $6k had I waited!  Interesting times. 
Final verdict is pending, but so far they seem to have this process down to an exact science.  I applied online yesterday AM, got an immediate phone call and email from the loan processor, locked the rate this AM, and the appraiser will be out tomorrow PM (with apologies for not being able to make it out today).  The only downside is everything is NOW NOW NOW.  48 hours time limit to fax the disclosures back, and all your statements need to be in too before you can lock the rate.  Wife and I pulled an all-nighter trying to track everything down.  Also, something I found interesting is that a credit score of 793 will get you a smaller rebate than a credit score of 800.  My middle credit score was 809, my wife's middle score was 793.  They used her median # and our credit showed up as less (and matched what their home page calculator shows for that #). 
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Keep us posted on the process.  I know someone who had delays after delays and finally closed on his refi in about 75 days while someone else closed on their refi in about 30 days. 
 
ps9 said:
Do u need that much credit too close?  Usually $1200-1500 is needed to cover most fees on refi's.  Save some interest if you go with less credit.  Funding ur impound account with credit is pretty expensive.
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Not sure what you mean by "expensive".  It was pretty much the sweet spot, plus I wanted to make sure the refi was truly no-cost.  As crazy as it sounds, I won't abandon all hope that I may get to refi again at some point!  Had I gone 1/8% lower on rate, the credit may not have covered all costs.

USCTrojanCPA said:
Keep us posted on the process.  I know someone who had delays after delays and finally closed on his refi in about 75 days while someone else closed on their refi in about 30 days. 
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I will stay on top of it.  Maybe it's who you get, but I also think  they're just trending better.  1 coworker purchased with them years ago, and he was satisfied, but not overly so.  Another co-worker has refi'd with them 2x in 2 years.  The first time, service was good, but with a couple minor snags.  The 2nd time, things went much better.  But even he was impressed with their responsiveness yesterday.
 
I usually refi with just enough credit to cover all costs, if there is anything leftover then I could've gotten a better rate...

so if we assume your mortgaged amount is $625k and typical refi cost is ~$1500 (that's my own experience, anything more I would be looking elsewhere)

at 3.75% interest starts at $1953/month, $5000 credit -$1500 refi fees = $3500 leftover for ur impound per ur post

at 3.625% (per ur post) interest starts at $1888/month, $1875 credit - $1500 refi fees = $375 leftover

Difference in interest paid is $65/month.. at 1 year the interest difference is $780..so instead of depositing ur own INTEREST free money (~$3000) in ur impound, going with the banks credit after a year will cost you $780 more in interest.  So is it worth paying $780 per year for an extra $3000?

I'm getting dizzy.. tired.. don't know if this makes sense.. i'll read it again tomorrow to see .. maybe SGIP can chime in?
 
daedalus said:
I ended up going with Amerisave based on a couple co-workers' recommendations.  They give you a menu of rates/rebates and you choose.  Had I picked 3.625 my credit would have  been about .3%, and I could have picked 3.875 for roughly 1.3% credit.
I locked as soon as they would let me (all paperwork faxed in), but by the end of the day the $5k credit would have been $6k had I waited!  Interesting times. 
Final verdict is pending, but so far they seem to have this process down to an exact science.  I applied online yesterday AM, got an immediate phone call and email from the loan processor, locked the rate this AM, and the appraiser will be out tomorrow PM (with apologies for not being able to make it out today).  The only downside is everything is NOW NOW NOW.  48 hours time limit to fax the disclosures back, and all your statements need to be in too before you can lock the rate.  Wife and I pulled an all-nighter trying to track everything down.  Also, something I found interesting is that a credit score of 793 will get you a smaller rebate than a credit score of 800.  My middle credit score was 809, my wife's middle score was 793.  They used her median # and our credit showed up as less (and matched what their home page calculator shows for that #). 
Click to expand...

I had the same decision a few weeks back when I locked with Provident.  I regret not taking the highest rate with largest credit since I can refi again to a lower rate already.  I basically cost myself $1500 since that was the difference between 3.75% and 3.875%.
 
Amerisave gives a big credit of around $3k for a refi of $410k at 3.375% so the rate for the loans $417,001 to $625,500 are 1/4% higher than the conforming rate.  I'm hoping for 3.25% with $1,500 to $2,000 in credits.
 
Wouldn't there be a seasoning clause to prevent people from taking too much credit and then refi again before the break even point?  If there isn't, sign me up too.
 
daedalus said:
ps9 said:
Do u need that much credit too close?  Usually $1200-1500 is needed to cover most fees on refi's.  Save some interest if you go with less credit.  Funding ur impound account with credit is pretty expensive.
Click to expand...
Not sure what you mean by "expensive".  It was pretty much the sweet spot, plus I wanted to make sure the refi was truly no-cost.  As crazy as it sounds, I won't abandon all hope that I may get to refi again at some point!  Had I gone 1/8% lower on rate, the credit may not have covered all costs.

USCTrojanCPA said:
Keep us posted on the process.  I know someone who had delays after delays and finally closed on his refi in about 75 days while someone else closed on their refi in about 30 days. 
Click to expand...
I will stay on top of it.  Maybe it's who you get, but I also think  they're just trending better.  1 coworker purchased with them years ago, and he was satisfied, but not overly so.  Another co-worker has refi'd with them 2x in 2 years.  The first time, service was good, but with a couple minor snags.  The 2nd time, things went much better.  But even he was impressed with their responsiveness yesterday.
Click to expand...
Did you refi with amerisave that you can fund your impound account via the lender credit?  I thought most lenders didn't allow that.  I don't have an impound account on my current loan but if I can lock into a 30-year fixed in the low 3s I'll set up an impound account.
 
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