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

USC, what's stopping you from locking at low rate for thirty years? Ps9, you too..
I didn't see a huge difference in monthly when we were refinancing our property if we went with 7 or 5. Am I missing something?
 
Cubic Zirconia said:
USC, what's stopping you from locking at low rate for thirty years? Ps9, you too..
I didn't see a huge difference in monthly when we were refinancing our property if we went with 7 or 5. Am I missing something?
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Why pay a higher rate when I don't believe that rates will go higher significantly in the intermediate future?  I may not even own the house in 5-7 years so why pay for the extra insurance of a 30-year fixed mortgage.  I'm less risk adverse than most people so I don't necessarily recommend everybody do what I'm doing though.  You can get a 5-year ARM at no cost with a rate of 2.125% and a 7-year ARM at no cost with a rate of 3.375% compared for a 30-year fixed loan.  I might even do a 7-year ARM I/O at 2.625% to really drop my payment.
 
Cubic Zirconia said:
USC, what's stopping you from locking at low rate for thirty years? Ps9, you too..
I didn't see a huge difference in monthly when we were refinancing our property if we went with 7 or 5. Am I missing something?
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There is a difference between 30-year fixed and a 7/1 or 5/1 ARM... save the money in the short term while it's cheap.
 
I look at interest mostly, 30yr vs 5/1 ARM, big difference in how much of that monthly breaks down to interest and principal.  Things change quick, I don't see myself 30 years in one house.
 
Cubic Zirconia said:
USC, what's stopping you from locking at low rate for thirty years? Ps9, you too..
I didn't see a huge difference in monthly when we were refinancing our property if we went with 7 or 5. Am I missing something?
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Refi Party at my house soon.  :) Woohoo!  I started another one with my favorite "Relationship Loan Officer", SGIP.  :)

party-blower-smiley-emoticon.gif


I'm with you, CZ. Even fans of ARMs know they are not for everybody. The intended timeline in my place is much longer than 5-7 years. With historically low rates, I am comfortable sticking with a 30 FRM.
 
Used Cashcall for my first no fee refi...  No different than any other zillow lender for refi's.  Don't expect them to hold your hand... If you do your homework should be ok. 
 
irvinehomeowner said:
@ps9:

Which Zillow broker have been using for your can kicking? Has it been the same one?
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Whoever is the lowest...  Right now emortgage based out of Jersey..  5/1 Arm jumbo, no closing fees at 2.5%  no other broker is even close.... 

I haven't paid a mortgage since Feb since I'm refi'ing back to back....the broker credit is covering most of the interest at closing as well....kick kick kick
 
crap, appraiser had my most recent refi at 76% LTV so I won't get the max lender credit.. appeal failed as well.  sucky appraiser.. unprofessional phone calls... appraisal report listed my home in QUAIL HILL (hello?), used comps that were still under pending status.. ignored closed sales that were the same builder and same floorplan as my neighbors.....oh well.. at least i'm paying down my principal by bringing more cash to closing.. but still hate how a single incompetent person can make me lose cash liquidity.  Funny how my previous refi a month ago had a higher appraisal..
 
ps9 said:
crap, appraiser had my most recent refi at 76% LTV so I won't get the max lender credit.. appeal failed as well.  sucky appraiser.. unprofessional phone calls... appraisal report listed my home in QUAIL HILL (hello?), used comps that were still under pending status.. ignored closed sales that were the same builder and same floorplan as my neighbors.....oh well.. at least i'm paying down my principal by bringing more cash to closing.. but still hate how a single incompetent person can make me lose cash liquidity.  Funny how my previous refi a month ago had a higher appraisal..
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no bueno
 
ps9 said:
crap, appraiser had my most recent refi at 76% LTV so I won't get the max lender credit.. appeal failed as well.  sucky appraiser.. unprofessional phone calls... appraisal report listed my home in QUAIL HILL (hello?), used comps that were still under pending status.. ignored closed sales that were the same builder and same floorplan as my neighbors.....oh well.. at least i'm paying down my principal by bringing more cash to closing.. but still hate how a single incompetent person can make me lose cash liquidity.  Funny how my previous refi a month ago had a higher appraisal..
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I'm kind of surprised to read that, as I was just reading a post on an O.C. real estate blog a minute ago called: "Appraisers Now Complicit in Efforts to Reflate the Housing Bubble." It's mainly about how appraisals are no longer derailing sales.

I guess I'll find out. I have an appraiser coming to my house in 10 minutes!
 
ps9 said:
Bake them a cake!  I should've...
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Phew, she just left. Yup, I followed my BFF around with a glass of lemonade, cake with an icing message: "I <3 Appraisers", and offered to be a kidney donor if she needs it. The appraisal better be awesome or I'm cancelling our lunch date next Tuesday.  :mad:

All joking aside, I got a really good vibe. We talked for half an hour and I learned all about her life story: How she immigrated from Romania, her husband was a professional wrestler who dated Nadia Comaneci. He defected from the country and became a refugee in Greece. She has 4 kids, lives in Anaheim Hills, I know what kind of car she drives, her favorite color, and her cat's name, etc., etc. I like meeting people.  :D It was cute, she called this market a "steroid bubble." I hadn't heard that one before.
 
SoCal said:
ps9 said:
Bake them a cake!  I should've...
Click to expand...

Phew, she just left. Yup, I followed my BFF around with a glass of lemonade, cake with an icing message: "I <3 Appraisers", and offered to be a kidney donor if she needs it. The appraisal better be awesome or I'm cancelling our lunch date next Tuesday.  :mad:

All joking aside, I got a really good vibe. We talked for half an hour and I learned all about her life story: How she immigrated from Romania, her husband was a professional wrestler who dated Nadia Comaneci. He defected from the country and became a refugee in Greece. She has 4 kids, lives in Anaheim Hills, I know what kind of car she drives, her favorite color, and her cat's name, etc., etc. I like meeting people.  :D It was cute, she called this market a "steroid bubble." I hadn't heard that one before.
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LOL! I imagined you doing all those things with your appraiser -She will throw in an extra 100k ih the value ;-)
Steroid Bubble is a good word- describes the condition perfectly.

I sooo want to pick a fight with you.. so that we can make up with a "I am sorry" cake!!!
 
The appraisal we got a few months ago came in lower than an appraisal 6 months before that... both I and my broker were shocked because prices were on an uptick. We were still within the proper ratios but it was just irritating.
 
irvinehomeowner said:
The appraisal we got a few months ago came in lower than an appraisal 6 months before that... both I and my broker were shocked because prices were on an uptick. We were still within the proper ratios but it was just irritating.
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You were supposed to bake a cake, not bake it then eat it!!! Silly Iho. Try harder next time.
 
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