How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
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Amen!!! I consider myself fortunate that homes are not sold based on the cubic foot because that is the only thing I can happily live in.
I did a search and most people complained about refis. According to them they guarantee a close on time for new purchases. They said it takes 30 days as they prioritize new purchases over refis.
@_@? If you intend to (or might) keep the property for the long haul, why get 5/1 jumbo ARM?
I like kicking cans
PS, I'm assuming you covered it, but you've got 2/2/5 or 2/2/6 style cap? I'm seeing a lot of the low-ball loans as 5/2/5 caps.
At 5/2/5 cap, that's potentially a must refi-out or pay-off if rates move against you. You're first adjustment could be to 7.25% rate. A payment jump from just under $1600 for a $417K to $2700 on the remaining balance...
You'll save $16K over 5 years compared to the 30 year, hope you've got the money handy or the Fed plays interest rate chicken a long time.
dealcatcher
New member
Anyone here use Amerisave for a new purchase? How long did they take to close?
socal78
Well-known member
ps9 said:Forever...or until Orchard Hills comes out.. But I doubted..I need headroom in my house. Haven't seen any new construction with the layout/vaulted ceiling that I like
Amen!!! I consider myself fortunate that homes are not sold based on the cubic foot because that is the only thing I can happily live in.
dealcatcher
New member
daedalus said:
I did a search and most people complained about refis. According to them they guarantee a close on time for new purchases. They said it takes 30 days as they prioritize new purchases over refis.
momopi
Well-known member
ps9 said:Forever...or until Orchard Hills comes out.. But I doubted..I need headroom in my house
@_@? If you intend to (or might) keep the property for the long haul, why get 5/1 jumbo ARM?
ps99472
New member
momopi said:ps9 said:Forever...or until Orchard Hills comes out.. But I doubted..I need headroom in my house
@_@? If you intend to (or might) keep the property for the long haul, why get 5/1 jumbo ARM?
I like kicking cans
sgip
Well-known member
It's possible to get 30 year fixed FHA money under 3.0% today (sub $417k only) on a zero point basis. Yes, there's MI, but the underlying rate is crazy low.
Recovery? Where??? Mortgage rates ain't buying it.
Unfortunately in May FNMA/FHLMC fees are going up by about .25 point as Congress hiked the charges the Agencies levy to purchase loans, which gets pushed back to banks, who then off load it to borrowers. A .25 in fee boost can sometimes tip rates by .125%.
Recovery? Where??? Mortgage rates ain't buying it.
Unfortunately in May FNMA/FHLMC fees are going up by about .25 point as Congress hiked the charges the Agencies levy to purchase loans, which gets pushed back to banks, who then off load it to borrowers. A .25 in fee boost can sometimes tip rates by .125%.
nosuchreality
Well-known member
ps9 said:
PS, I'm assuming you covered it, but you've got 2/2/5 or 2/2/6 style cap? I'm seeing a lot of the low-ball loans as 5/2/5 caps.
usctrojancpa
Well-known member
The 5 and 7 year arms have the 5/2/5 caps. I think it's the 3 year arm that has the 2/2/6 cap. Anyhow, you can get a 7 year arm with no closing costs around 2.50% and a 5 year arm with no closing costs around 2.25%.nosuchreality said:
usctrojancpa
Well-known member
Nope, those rates are for loans under $417k (looks like it's closer to 2.125% for a 5 year arm and 2.375% for a 7 year arm) on the amerisave website. The 7 year arm I/O is at 2.75% with no cost....I might refi to this since I'm on a 5/5 arm from PenFed at 2.75%.ps9 said:
octrends
New member
On zillow, i do see so many small lenders showing very competitive rates. Did anybody use one of these lenders from Zillow, reviews looks good too. I am getting 3.375 for 500k+ loan from Kensas State Bank, never heard of this bank as well as many other lenders. Anybody tried any of these lenders...
nosuchreality
Well-known member
USCTrojanCPA said:
At 5/2/5 cap, that's potentially a must refi-out or pay-off if rates move against you. You're first adjustment could be to 7.25% rate. A payment jump from just under $1600 for a $417K to $2700 on the remaining balance...
You'll save $16K over 5 years compared to the 30 year, hope you've got the money handy or the Fed plays interest rate chicken a long time.
woodburyowner
Well-known member
I think we are back to record lows for 30yr fixed rates. 3.375% no cost/fee for high balance conforming.
usctrojancpa
Well-known member
I'm not too concerned, I'm socking enough away that I'll be able to pay the mortgage off if I want to (not that I will though). The powers that be will do whatever they need to do to keep rates low for a while. My thought is that we are going to go through what Japan is still going through....ultra low rates along with sub average growth.nosuchreality said: