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

NEW -> Contingent Buyer Assistance Program
The California Court Company said:
EU and Greece reached agreement for 4 month extension. it looks like the rates have officially bottomed at end of January, with very few external forces that can bring it down on the horizon.
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Don't forget about Russia.
 
anyone ever take a look at Penfeds 5/5 ARM? it resets once every 5 years, with the cap on the rate change every five years being no more than 2%. right now the rate on loans over 417K is 2.875, no origination or points, but you do have to pay closing costs, which are about 3,000. perhaps if you opt of a higher rate they can roll in the closing costs.  if you did pay closing costs out of pocket, the first 5 years would be at 2.875 then years 6-10 at most would be 4.875, not bad.
 
That was USCTrojan's product no?  And why pay closing costs?  You KNOW you will refi again when I post a super low 5/1 rate with Alyson  :) 

My refi funded today.  It was easy, no hiccups that I can remember.  I can quit my job, daytrade and be a mortgage refi consultant.

As for the IO product from MS, I want to jump in but gonna wait a few months.  Gonna give it about 4-6 months so Chase won't clawback the credit from my broker and also want to see how the Greece situation plays out in Europe. 
 
ps9 said:
That was USCTrojan's product no?  And why pay closing costs?  You KNOW you will refi again when I post a super low 5/1 rate with Alyson  :) 

My refi funded today.  It was easy, no hiccups that I can remember.  I can quit my job, daytrade and be a mortgage refi consultant.

As for the IO product from MS, I want to jump in but gonna wait a few months.  Gonna give it about 4-6 months so Chase won't clawback the credit from my broker and also want to see how the Greece situation plays out in Europe. 
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Yeah I thought USC may have posted about it but couldn't remember for sure. Figured this was for the rkp's and Irvine commuters of the world who are not serial refinancers who like the comfort of a 30 year without too much of a concern about rates rising. This seemed like a good middle ground
 
ps9 said:
That was USCTrojan's product no?  And why pay closing costs?  You KNOW you will refi again when I post a super low 5/1 rate with Alyson  :) 

My refi funded today.  It was easy, no hiccups that I can remember.  I can quit my job, daytrade and be a mortgage refi consultant.

As for the IO product from MS, I want to jump in but gonna wait a few months.  Gonna give it about 4-6 months so Chase won't clawback the credit from my broker and also want to see how the Greece situation plays out in Europe. 
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I think you have to do more than one trade every two weeks to be a daytrader :-)

Speaking of which here is another chance to buy pbr. 10,000 share at 6.50ish and get out at 6.70-6.75
 
qwerty said:
anyone ever take a look at Penfeds 5/5 ARM? it resets once every 5 years, with the cap on the rate change every five years being no more than 2%. right now the rate on loans over 417K is 2.875, no origination or points, but you do have to pay closing costs, which are about 3,000. perhaps if you opt of a higher rate they can roll in the closing costs.  if you did pay closing costs out of pocket, the first 5 years would be at 2.875 then years 6-10 at most would be 4.875, not bad.
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I refi'ed out of a PenFed 5/5 ARM which I had for 2+ years.  I didn't like how it was tied in to the 5-year CMT which is currently around 1.50%.  So if my rate were to re-set it would be 2% plus 5-year CMT which would be 3.50% today.  I like having my resets be on a shorter term index like the 1-year LIBOR even though it resets once a year instead of once every 5 years.
 
ps9 said:
That was USCTrojan's product no?  And why pay closing costs?  You KNOW you will refi again when I post a super low 5/1 rate with Alyson  :) 

My refi funded today.  It was easy, no hiccups that I can remember.  I can quit my job, daytrade and be a mortgage refi consultant.

As for the IO product from MS, I want to jump in but gonna wait a few months.  Gonna give it about 4-6 months so Chase won't clawback the credit from my broker and also want to see how the Greece situation plays out in Europe. 
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Yup, had the PenFed 5/5 ARM for 2+ years.  I'm gonna look into the MS I/O product too, I'll wait till the Europe gets heartburn again with Greece.
 
ps9 said:
@qwerty

I got in at 6.49 today :) , kinda scared, they're gonna get downgraded no?
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Pbr will not get downgraded below Brazil's credit rating. They may get downgraded on the stand alone credit profile but overall the minimum they would ever be is the same grade as brazil. The govt is the majority shareholders.  Pbr is too big too fail. If Pbr fails then all of brazil has failed and that is not going to happen. The floor on Pbr is 6. Should it hit 6 before it hits 6.75 the double or triple down. It will come back to 7. 
 
qwerty said:
ps9 said:
@qwerty

I got in at 6.49 today :) , kinda scared, they're gonna get downgraded no?
Click to expand...

Pbr will not get downgraded below Brazil's credit rating. They may get downgraded on the stand alone credit profile but overall the minimum they would ever be is the same grade as brazil. The govt is the majority shareholders.  Pbr is too big too fail.  If Pbr fails then all of brazil has failed and that is not going to happen. The floor on Pbr is 6. Should it hit 6 before it hits 6.75 the double or triple down. It will come back to 7. 
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Too big to fail. Isn't that the name of a book or movie or something? 8)
 
bones said:
qwerty said:
ps9 said:
@qwerty

I got in at 6.49 today :) , kinda scared, they're gonna get downgraded no?
Click to expand...

Pbr will not get downgraded below Brazil's credit rating. They may get downgraded on the stand alone credit profile but overall the minimum they would ever be is the same grade as brazil. The govt is the majority shareholders.  Pbr is too big too fail.  If Pbr fails then all of brazil has failed and that is not going to happen. The floor on Pbr is 6. Should it hit 6 before it hits 6.75 the double or triple down. It will come back to 7. 
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Too big to fail. Isn't that the name of a book or movie or something? 8)
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Both
 
qwerty said:
Pbr already hit 6.75.
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Sold all my shares at 6.62, actually sold all my positions and piled all into AAPL.  I'm feeling lazy with this 6:30 am routine, gonna spend more time with my daughter in the morning, she's tired of CNBC :)
 
Just looked over my HUD-1, looks like I came out about $800 with this refi.  So about 2 hours work tops, including signing docs... $400 per hour, no tax... nice
 
tip for loan doc signing, if there is a 3 day rescission period. Only business days (most lenders also include Saturday) count as rescission day. New loan gets funded on the next weekday after rescission ends. Old loan paid off on the next weekday.http://www.notarylearningcenter.com/res_cal.shtml

example: loan signing on Tuesday/Wed -> 3rd rescission day ends on Friday/Saturday, loan gets funded on the following Monday, old loan paid off on Tuesday. You pay 1 day overlap in interest.

loan signing on Monday -> 3rd rescission day ends on Thursday, loan gets funded on Friday. old loan paid off on the following Monday (even with money wired on Saturday, would not be posted until Monday).  You pay 3 day overlap in interest.

So Tuesday/Wednesday is the safest and Monday being the worst day to sign loan docs.
 
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