Analysis on a 7-year ARM mortgage versus 30-year fixed mortgage

Pretty smooth. We didn't do anything really but provide our info.. Only painful process was signing the docs.. My hand was in pain after signing all thie docs  :(
 
I've been thru signings so much, i got use to it..  i primarily sign sign sign and then hard stop when i go over the note..
 
I have a stamp.

I kid.

But my signature is basically a straight line so not much fatigue when I do my robo-signer impersonation.
 
irvinehomeowner said:
I have a stamp.

I kid.

But my signature is basically a straight line so not much fatigue when I do my robo-signer impersonation.
Click to expand...

My wife was complaining about my signature.  For the first few pages it was legible, then it turned into scribble.. then into an X. lol
 
irvinehomeowner said:
I have a stamp.

I kid.

But my signature is basically a straight line so not much fatigue when I do my robo-signer impersonation.
Click to expand...

Let's just say I had to streamline my signature when I joined the lending industry.
 
homer_simpson said:
irvinehomeowner said:
I have a stamp.

I kid.

But my signature is basically a straight line so not much fatigue when I do my robo-signer impersonation.
Click to expand...

My wife was complaining about my signature.  For the first few pages it was legible, then it turned into scribble.. then into an X. lol
Click to expand...

U got a easy notary then, my guy double checked all signatures to make sure they are all the same.  We even have to sign our middle initial which I never do.
 
homer_simpson said:
Just an update... they are also offering 3.66% for a 30 year fixed no closing cost.
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Hi Homer,

Can you provide me your contact at Provident?  I might be interested in a refi.  Thanks.
 
Hey homer.. are rates still at 3.66% for 30 year fixed? My lender told me he can do 3.875% no cost. Can i also get your contact at Provident?

Anybody know if banks are still requiring 25% equity in order to do a re-fi?



homer_simpson said:
eqly said:
homer_simpson said:
Just an update... they are also offering 3.66% for a 30 year fixed no closing cost.
Click to expand...

Hi Homer,

Can you provide me your contact at Provident?  I might be interested in a refi.  Thanks.
Click to expand...

PMed you Eqly.
Click to expand...
 
That is what my buddy in Chicago quoted me today... damn.... rates are so cheap, it is almost like the banks are giving free money away. I wish i could borrow another million.

For those of you who recently refinanced.. can you please share your closing costs and rate you locked? I am considering refinancing at 3.875% with no closing costs for my primary.

Anyone can comment if the rules have changed or are still the same that 25% equity is required to refinance investment properties?

If this isn't the bottom of real estate and interest rates... i don't know is..... SGIP.... perhaps this is the time to bet the world of shorting the living crap of treasuries. I know Bill Gross from PIMCO and Jim Rogers were both off in their timing 7 months ago... but perhaps this is time to go heavy in ticker : TBT and ride that baby up for the next 10 years.



homer_simpson said:
Just called them Panda, 3.875 no cost.  :-\
Click to expand...
 
Just locked it in for 3.875% no closing for exact mortgage balance I have now. My mortgage broker friend tells me that mortgages will start to reverse and start rising from tomorrow. We shall see.
 
Panda said:
Just locked it in for 3.875% no closing for exact mortgage balance I have now. My mortgage broker friend tells me that mortgages will start to reverse and start rising from tomorrow. We shall see.
Click to expand...
8)
 
Rates don't have much lower to go. If they go a tad lower, it won't make sense to actually make the loans.
 
It barely makes sense now for lenders to make loans. That's why with a low 10 year Bond and a near zero cost of funds we're not seeing 30 fixed rates past 3.5% at a reasonable cost.

Any lender who says "rates are going to reverse..." is a lender I'd suggest firing. They clearly do not understand the business and are using a very tired line to create urgency.

3.99 to 3.875 zero fee refinance has become the uniform price today. Pretty much everyone nimble enough to get the job done can offer those terms. (Wells and BofA retail excluded) Will be interesting to see how the smaller shops operate with any increase in volume. Most of these "banks" or "bankers" are really funding off of Wells Fargo or GMAC credit lines, closing, then reselling the loan to FNMA and sending the servicing to Wells or GMAC. They have to turn these loans off their credit lines or they can't fund over capacity. Some companies have very little left on their funding warehouse lines available for new product.

My .02c
 
Not really... more like "refi now, or be ready for long waits past March 17th, when HARP v 2.0 kicks in". The Agencies are updating their Automated Underwriting Systems to accomodate the terms of the new HARP enhancements (low FICO, limited DTI and LTV restriction) that may cause another refi-mania boom to hit unprepared lenders.
 
The spread between the 30-year fixed rate and the 7-year ARM has tightened down to around .75% which reduces the benefit of going with the 7-year ARM. 
 
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