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

Forever...or until Orchard Hills comes out.. But I doubted..I need headroom in my house :). Haven't seen any new construction with the layout/vaulted ceiling that I like
 
ps9 said:
Forever...or until Orchard Hills comes out.. But I doubted..I need headroom in my house :). Haven't seen any new construction with the layout/vaulted ceiling that I like
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Amen!!! I consider myself fortunate that homes are not sold based on the cubic foot because that is the only thing I can happily live in.
 
daedalus said:
dealcatcher said:
Anyone here use Amerisave for a new purchase? How long did they take to close?
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Do a search.  Not good for refis.  REALLY not good for purchases.
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I did a search and most people complained about refis. According to them they guarantee a close on time for new purchases. They said it takes 30 days as they prioritize new purchases over refis.
 
ps9 said:
Forever...or until Orchard Hills comes out.. But I doubted..I need headroom in my house :). Haven't seen any new construction with the layout/vaulted ceiling that I like
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@_@?  If you intend to (or might) keep the property for the long haul, why get 5/1 jumbo ARM?
 
momopi said:
ps9 said:
Forever...or until Orchard Hills comes out.. But I doubted..I need headroom in my house :). Haven't seen any new construction with the layout/vaulted ceiling that I like
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@_@?  If you intend to (or might) keep the property for the long haul, why get 5/1 jumbo ARM?
Click to expand...

I like kicking cans
 
It's possible to get 30 year fixed FHA money under 3.0% today (sub $417k only) on a zero point basis.  Yes, there's MI, but the underlying rate is crazy low.

Recovery? Where??? Mortgage rates ain't buying it.

Unfortunately in May FNMA/FHLMC fees are going up by about .25 point as Congress hiked the charges the Agencies levy to purchase loans, which gets pushed back to banks, who then off load it to borrowers. A .25 in fee boost can sometimes tip rates by .125%.
 
Here's a tip, when seaching for no cost refi on zillow, after the list of lenders show up, click on the Filter drop down, and check the "no fees no points" box.  Otherwise zillow by default will not show the lenders who are giving enough credit to cover all costs.
 
ps9 said:
Just finished one no cost no impounds refi at 2.875% jumbo 5/1 now seeing it at 2.5%, lets go again...
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PS, I'm assuming you covered it, but you've got 2/2/5 or 2/2/6 style cap?  I'm seeing a lot of the low-ball loans as 5/2/5 caps.
 
nosuchreality said:
ps9 said:
Just finished one no cost no impounds refi at 2.875% jumbo 5/1 now seeing it at 2.5%, lets go again...
Click to expand...

PS, I'm assuming you covered it, but you've got 2/2/5 or 2/2/6 style cap?  I'm seeing a lot of the low-ball loans as 5/2/5 caps.
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The 5 and 7 year arms have the 5/2/5 caps.  I think it's the 3 year arm that has the 2/2/6 cap.  Anyhow, you can get a 7 year arm with no closing costs around 2.50% and a 5 year arm with no closing costs around 2.25%.
 
USCTrojanCPA said:
nosuchreality said:
ps9 said:
Just finished one no cost no impounds refi at 2.875% jumbo 5/1 now seeing it at 2.5%, lets go again...
Click to expand...

PS, I'm assuming you covered it, but you've got 2/2/5 or 2/2/6 style cap?  I'm seeing a lot of the low-ball loans as 5/2/5 caps.
Click to expand...
The 5 and 7 year arms have the 5/2/5 caps.  I think it's the 3 year arm that has the 2/2/6 cap.  Anyhow, you can get a 7 year arm with no closing costs around 2.50% and a 5 year arm with no closing costs around 2.25%.
Click to expand...

Are those jumbo rates?  If so where at?
 
ps9 said:
USCTrojanCPA said:
nosuchreality said:
ps9 said:
Just finished one no cost no impounds refi at 2.875% jumbo 5/1 now seeing it at 2.5%, lets go again...
Click to expand...

PS, I'm assuming you covered it, but you've got 2/2/5 or 2/2/6 style cap?  I'm seeing a lot of the low-ball loans as 5/2/5 caps.
Click to expand...
The 5 and 7 year arms have the 5/2/5 caps.  I think it's the 3 year arm that has the 2/2/6 cap.  Anyhow, you can get a 7 year arm with no closing costs around 2.50% and a 5 year arm with no closing costs around 2.25%.
Click to expand...

Are those jumbo rates?  If so where at?
Click to expand...
Nope, those rates are for loans under $417k (looks like it's closer to 2.125% for a 5 year arm and 2.375% for a 7 year arm) on the amerisave website.  The 7 year arm I/O is at 2.75% with no cost....I might refi to this since I'm on a 5/5 arm from PenFed at 2.75%.
 
On zillow, i do see so many small lenders showing very competitive rates. Did anybody use one of these lenders from Zillow, reviews looks good too. I am getting 3.375 for 500k+ loan from Kensas State Bank, never heard of this bank as well as many other lenders. Anybody tried any of these lenders...
 
USCTrojanCPA said:
nosuchreality said:
ps9 said:
Just finished one no cost no impounds refi at 2.875% jumbo 5/1 now seeing it at 2.5%, lets go again...
Click to expand...

PS, I'm assuming you covered it, but you've got 2/2/5 or 2/2/6 style cap?  I'm seeing a lot of the low-ball loans as 5/2/5 caps.
Click to expand...
The 5 and 7 year arms have the 5/2/5 caps.  I think it's the 3 year arm that has the 2/2/6 cap.  Anyhow, you can get a 7 year arm with no closing costs around 2.50% and a 5 year arm with no closing costs around 2.25%.
Click to expand...

At 5/2/5 cap, that's potentially a must refi-out or pay-off if rates move against you.  You're first adjustment could be to 7.25% rate.  A payment jump from just under $1600 for a $417K to $2700 on the remaining balance... 

You'll save $16K over 5 years compared to the 30 year, hope you've got the money handy or the Fed plays interest rate chicken a long time.

 
octrends said:
On zillow, i do see so many small lenders showing very competitive rates. Did anybody use one of these lenders from Zillow, reviews looks good too. I am getting 3.375 for 500k+ loan from Kensas State Bank, never heard of this bank as well as many other lenders. Anybody tried any of these lenders...
Click to expand...

My last three refi's were thru a zillow broker.  Worked out so far.  If doing a purchase loan go with a local broker (SGIP), in case of snafus.  Remember they are loaning you hundreds of thousands of their money, it's on you to dot the I's and cross the T's.
 
nosuchreality said:
USCTrojanCPA said:
nosuchreality said:
ps9 said:
Just finished one no cost no impounds refi at 2.875% jumbo 5/1 now seeing it at 2.5%, lets go again...
Click to expand...

PS, I'm assuming you covered it, but you've got 2/2/5 or 2/2/6 style cap?  I'm seeing a lot of the low-ball loans as 5/2/5 caps.
Click to expand...
The 5 and 7 year arms have the 5/2/5 caps.  I think it's the 3 year arm that has the 2/2/6 cap.  Anyhow, you can get a 7 year arm with no closing costs around 2.50% and a 5 year arm with no closing costs around 2.25%.
Click to expand...

At 5/2/5 cap, that's potentially a must refi-out or pay-off if rates move against you.  You're first adjustment could be to 7.25% rate.  A payment jump from just under $1600 for a $417K to $2700 on the remaining balance... 

You'll save $16K over 5 years compared to the 30 year, hope you've got the money handy or the Fed plays interest rate chicken a long time.
Click to expand...
I'm not too concerned, I'm socking enough away that I'll be able to pay the mortgage off if I want to (not that I will though).  The powers that be will do whatever they need to do to keep rates low for a while.  My thought is that we are going to go through what Japan is still going through....ultra low rates along with sub average growth.
 
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