Is it possible to get a 5.8 30 year fixed?

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[quote author="25w100k+" date=1211523481]With top tier credit and 20% down? I found a place I liked but I can't find cheap money! What do you guys think?</blockquote>


What loan amount?
 
[quote author="ipoplaya" date=1211523685][quote author="25w100k+" date=1211523481]With top tier credit and 20% down? I found a place I liked but I can't find cheap money! What do you guys think?</blockquote>


What loan amount?</blockquote>


Actually, at PenFed it looks like you can do it if you want to pay 1 point... Under $417K you should be able to do it with no points.
 
5.8 ?? Do you mean 5 & 7/8? (Eg. 5.875%) Look, getting 5.75 on a Jumbo will be nearly impossible unless you pay points. Even at some of the credit unions that have been mentioned - and bear in mind, they are already selling money at about 1% below the market rate (because they don't sell or need to sell the paper). I've been watching the rates daily for over a year... and in the last 6 months, there have only been a handful of lenders and a handful of days where sell-offs in the markey allowed a rare opportunity. What is a reasonably feasible Jumbo amount (with no points?) 6-6.125%. Several lenders have had these rates on and off, for a couple of weeks.



A broker? Hmm. Depends if you and the broker see eye to eye on you getting "cheap money." A broker by definition, is a middleman. Middleman, while facilitating transactions, don't actually provide the good or service... meaning they work for free unless they pass along a cost to you. Whether this pass-along takes the form of a rebate (paid to the broker) from the actual loan originator (the guy with the money) or upfront fees to you... you inevitably pay more.



Of course, doing it yourself requires a steady determination to find the lenders and deal directly. If you are not going Jumbo, your life is considerably easier. If you are buying new, and the builder will give you a pot of funny money as an incentive to use their in-house lender, then you may be better off going that route...
 
[quote author="25w100k+" date=1211523932]Yeah under 400. Sweet. Anything below 5.8 would be gravy for me. Is it worth it getting a broker, you guys think?</blockquote>


When I go to get rates, I always hit up a broker and then check 3-5 sources direct. When I did my refi last month, I checked with two brokers and neither could beat what Countrywide was offering me...
 
I will be looking for a $417,000 fixed loan on a $650,000 house when I am ready to buy. Currently, what is the best 30 year fix rate i can get with 0 points and 0% fees? In Irvine, is it better to go with a broker or go to the banks directly for the loan?
 
[quote author="PANDA DREAMING OF IRVINE" date=1211529594]I will be looking for a $417,000 fixed loan on a $650,000 house when I am ready to buy. Currently, what is the best 30 year fix rate i can get with 0 points and 0% fees? In Irvine, is it better to go with a broker or go to the banks directly for the loan?</blockquote>


Paying points or fees may be in your best interest. This subject has been covered, and I am not being a jerk, okay maybe a little, but the questions keep deserving the same answer...



http://img702.mytextgraphics.com/photolava/2008/05/22/searchforanswers-4alfpq3oe.png
 
Graphix,



Brother, you need to chill... notice my title says "HOMELESS NEWBIE" which means that i am "NEW MEMBER", just learning to get around on this great blog. Doesn't it say somewhere on this blog "Be nice to the newbies?"
 
[quote author="PANDA DREAMING OF IRVINE" date=1211529594]I will be looking for a $417,000 fixed loan on a $650,000 house when I am ready to buy. Currently, what is the best 30 year fix rate i can get with 0 points and 0% fees? In Irvine, is it better to go with a broker or go to the banks directly for the loan?</blockquote>


I say right now you can get 6% as of today with 0 and 0. That will probably go up tomorrow to 6.125.



You should read the posts above re: broker vs. direct and listen to graph. He is a wise man and only trying to show you the way to enlightenment.
 
[quote author="PANDA DREAMING OF IRVINE" date=1211538707]Graphix,



Brother, you need to chill... notice my title says "HOMELESS NEWBIE" which means that i am "NEW MEMBER", just learning to get around on this great blog. Doesn't it say somewhere on this blog "Be nice to the newbies?"</blockquote>


Okay, I will play nice. Panda, there has been plenty of debates on where to find the best rates, about points, on broker or banker, and how to get rid of rabbits, all of which could be found by using the search function. If you don't find exactly what you are looking for, then asking a question that hasn't already been answered will be happily answered by someone, like myself, who understands the lending business.



And if you think I am mean, just go to bimmerforums and in the E36 thread, ask about your coolant low light coming on.
 
Panda,



The reasons we like this blog so much are the personalities and the willingness to share knowledge and advice. Most blogs seek political correctness as not to step on any corporate sponsors? interests. Consumers read enough of crappy freebie OC Metro magazines and nothing in there is told from the heart and articles are heavily edited. The specialists here are incredibly knowledgeable and candid. That is why many consumers log on to learn about all aspect of the housing industry.



Newbies often sign on for the first time purely to take advantage of the goodwill and time dedication of the professionals on this blog in answering certain questions. In real life without this blog one has to seek the advice of financial consultant or RE specialists at billing rate of $130/hr. This asking for advice scenario occurred too frequently and is getting old so members would take every opportunity to vent some frustration. Since moderators? time is valuable so reciprocate the courtesy by researching the subject first before posting.



Hey Graph, What is Mello Roos?
 
Two things.

#1 never use a broker. Why not find the loan yourself and save yourself money. Like somone else said its a middleman. You don't need it.

#2 Pay Points. If you plan to keep this property and don't plan to use your house as an ATM its in your best interest. Pull out a calculator and find out how long it will take you to get the money back from the points. I hate 0 cost loans. Nothing in this world is free. You will pay in the end by having a higher rate on the loan.
 
hmmm



#2 depends on how long you hold, no?



I would suggest running some scenerios, i.e. hold for 3,5,10,30 years, where is the breakeven for the points.
 
[quote author="bkshopr" date=1211541845]Hey Graph, What is Mello Roos?</blockquote>


Duh... Mello Roos is when the burner is underneath the master bedroom bed, and it creates bad feng shui. Sheesh, you would think you would know this.
 
[quote author="bkshopr" date=1211541845]Panda,



The reasons we like this blog so much are the personalities and the willingness to share knowledge and advice. Most blogs seek political correctness as not to step on any corporate sponsors? interests. Consumers read enough of crappy freebie OC Metro magazines and nothing in there is told from the heart and articles are heavily edited. The specialists here are incredibly knowledgeable and candid. That is why many consumers log on to learn about all aspect of the housing industry.



Newbies often sign on for the first time purely to take advantage of the goodwill and time dedication of the professionals on this blog in answering certain questions. In real life without this blog one has to seek the advice of financial consultant or RE specialists at billing rate of $130/hr. This asking for advice scenario occurred too frequently and is getting old so members would take every opportunity to vent some frustration. Since moderators? time is valuable so reciprocate the courtesy by researching the subject first before posting.



Hey Graph, What is Mello Roos?</blockquote>


<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
<em>Graph pictures BK, skek and EvaL LTAO seeing graph do the pandamonium panic face.</em>



Why? Because... it is pandamonium!
 
<blockquote> Thankful People: graphrix, graphrix, caycifish, caycifish </blockquote>


Looks like graph helped me find the first bug...at least it was bk that got thanked twice. If anyone deserves it it's him.
 
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