How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
- Start date
paperboyNC
New member
ps9 said:
Why won't it work? I must be slow because I don't get it.
ps99472
New member
@ paperboy, I would just punch your info thru zillow, my guy was Don Latka from Annie Mac, he speaks well, a faint jersey accent (I had worse). Seems to be on top of things. I believe rates should be better past the 55% LTV mark. Cash out would also bump up rates as well, though I never refi w/cash out before, so not 100%.
paperboyNC
New member
ps9 said:
Zillow didn't list Annie Mac anywhere in the first page for me. They showed 2.5% for a 5/1 with no cash-out and 2.625% with cash-out through Home Loans.
ps99472
New member
I would check tomorrow, lenders sometimes pull their listing, not sure why, I check rates almost religiously twice weekly, the three lenders I mentioned has been consistently lowest, especially Annie Mac. Check or call tomorrow around 6am PST, I would at least put in applications with 2-3 lenders, then towards the end of day have them contact you if the rates hit your target, so you can lock right away. If you wait and put in your app, they'll get flooded when rates drop and would be hard to lock. My experience with 2.5% rates is that they don't last that long. Jump in now.
Irvinecommuter
New member
ps9 said:
It will move up and down. Sellers are coming back after the run up. The jobs numbers watch will start again.
Citi has good rates. You can get as low as 3.625% on a 30 year fixed jumbo with a bit of credit back if you move a lot of your savings/investment accounts over to them. Base rate is competitive and then a sliding scale to lower rate up to 3/8% depending on what you move over. But NO requirement to keep accounts there as soon as day loan closes. Assumes 80% ltv and good credit.
Service ok, but prob not as good as SGIP or WF.
Service ok, but prob not as good as SGIP or WF.
sgip
Well-known member
The 15/15 ARM is really a rare breed so whatever you see from PenFed or Wescom is about as good as it's going to get. The caps on those ARM loans really make it interesting, however given the half life of most loans today means most borrowers are not going to experience a rate change and or cap.
I saw PenFed (6/30/2014) has a sweet 3.875% for .25 points.....er wait a second.... what's that 1.0% origination fee?? So the rate is actually 3.875% for 1.25 points - a "meh" rate compared to most. It's pretty tough to get a really outstanding 30 fixed without going directly to one of the biggies. As noted earlier, Citi's got a nice program if you're willing to push some cash over to their bank. I'd ask around as to who's closed through Citi before proceeding. Don't know anyone who has, so that's not a slur against them - just be sure you speak to a borrower, not the loan officer, on what the process was like.
What I do know is that their origination software is still Win 95 level tech which is likely to cause some friction in the process along the way towards closing.
My .02c
I saw PenFed (6/30/2014) has a sweet 3.875% for .25 points.....er wait a second.... what's that 1.0% origination fee?? So the rate is actually 3.875% for 1.25 points - a "meh" rate compared to most. It's pretty tough to get a really outstanding 30 fixed without going directly to one of the biggies. As noted earlier, Citi's got a nice program if you're willing to push some cash over to their bank. I'd ask around as to who's closed through Citi before proceeding. Don't know anyone who has, so that's not a slur against them - just be sure you speak to a borrower, not the loan officer, on what the process was like.
What I do know is that their origination software is still Win 95 level tech which is likely to cause some friction in the process along the way towards closing.
My .02c
usctrojancpa
Well-known member
Yeah, the only loan program where PenFed doesn't hit you with the 1% origination fee is on the 5/5 ARM loan.Soylent Green Is People said:
ps99472
New member
Seems like I got a zillow broker to play ball: 2.5% 5/1 ARM Jumbo, no impounds, 55%LTV and most important enough credit to cover all third party costs. This is with RWMI lender. They're based in San Diego, so that's a plus we're in the same time zone. My lender was emailing up until 9:30pm tonight! That's service! Usually these zillow brokers don't hold your hand much and I have to press to get things done, hopefully this one will be a slam dunk.
usctrojancpa
Well-known member
I'll give them a jingle since I'm at 2.75% and about 2.5 years into my PenFed 5/5 ARM loan.ps9 said:
ps99472
New member
Now i wonder if all this is worth it, refi from 2.5% to 2.5%, paying some principal down at closing, so I'm saving about $600/year in interest, my monthly payment goes down by $150, and I have 5 more years to live in the house. Probably refi a few more times and pay more principal down the road.
If I refi into a 30yr instead, I will pay about $50k more in interest alone versus a 5/1 ARM at the end of the 5th year. Not to mention less principal will be paid down as well. I just don't see myself getting a 30yr ever again.
If I refi into a 30yr instead, I will pay about $50k more in interest alone versus a 5/1 ARM at the end of the 5th year. Not to mention less principal will be paid down as well. I just don't see myself getting a 30yr ever again.
irvinehomeowner
Well-known member
If this is not your last home (which I don't think it is)... kicking the can isn't a bad thing as you are basically helping your cash flow and increasing equity (by lowering principal quicker).
We've wondered if our last home really would be our "last" home considering that once the kids move out, the home will be too large for us and that's when you downsize as the equity built even over 15 years should be enough to cover a smaller home. My wife says that we should keep it so we have something to give our kids but who knows what the kids will want at that time. For all I know, they will sell it, split the proceeds among themselves and put us in an old folks home.
We've wondered if our last home really would be our "last" home considering that once the kids move out, the home will be too large for us and that's when you downsize as the equity built even over 15 years should be enough to cover a smaller home. My wife says that we should keep it so we have something to give our kids but who knows what the kids will want at that time. For all I know, they will sell it, split the proceeds among themselves and put us in an old folks home.
homer_simpson
Well-known member
irvinehomeowner said:
No home is too big for you IHO!