Refi

stepping_up_IHB

stepping_up_IHB

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I received this email today regarding refinancing for loans between $417K and $625K. When I was shopping for refi's she gave me the best GFE of anyone out there... B of A matched it and added a little something to coax us back to them. If it wasn't for us wanting to keep everything with B of A for simplicity, I would have gone with her offer. For this loan she says the LTV has to 75:25.



-----Original Message-----

From: Lindsay Lipsky [mailto:lindsayl@asmartloan.com]

Sent: Thursday, February 19, 2009 2:11 PM

Subject: Good news if you owe between 417k and 625k



If you owe between 417k and 625k, I can offer you a new program!



It is called the "Rate Reduction Program"



Here's how it works:



For the first five years your interest rate will be 5.125%. After five years, the rate drops to 4.75% and REMAINS FIXED @ 4.75% FOR 25 YEARS!!



Please respond ASAP if interested as this program won't be around for long!



Your financial friend



Lindsay Lipsky

Senior Mortgage Consultant

NationsChoice Mortgage

1-888-475-7849 x 8881

Direct 480-222-8881

Fax 480-654-4398
 
I had to google "GFE"... one version made me laugh so hard my sides hurt.
 
[quote author="Oscar" date=1235127485]I had to google "GFE"... one version made me laugh so hard my sides hurt.</blockquote>


Yes, that is quite an education.



<a href="http://www.google.com/search?source=ig&hl=en&rlz;=&=&q=gfe&btnG=Google+Search&aq=f">GFE</a>
 
[quote author="IrvineRenter" date=1235128791][quote author="Oscar" date=1235127485]I had to google "GFE"... one version made me laugh so hard my sides hurt.</blockquote>


Yes, that is quite an education.



<a href="http://www.google.com/search?source=ig&hl=en&rlz;=&=&q=gfe&btnG=Google+Search&aq=f">GFE</a></blockquote>


Ha ha... my default is Government Furnished Equipment.... but the GFE for our friendly ladies will forever make me laugh. :lol:



-bix
 
Have anyone used Pentagon Credit Union to refi their mortgage? I am looking to refi my loan but is uncertain if going thru a membership etc actually works. I think IPO mentioned that he actually applied to be a member and he became one by paying a fee to become a member.



They seem to have the best mortgage rates out there at 5.625% for a 30-yr jumbo loan but it requires a 1% origination fee. breakeven is 19 months.



Any other better places to look for cheaper mortgage rates? I have good fico, etc. LTV is 75%.



If anyone has any thoughts on Pentagon Credit Union let me know. Thank you.
 
Penfed is/was great. For a new member, they waived a number of the fees which made it a great deal. Until recently (last couple of months), they did not have a 1% origination fee. Now that they charge 1 point, I'm not sure if their rates are any better than what else is out there.
 
[quote author="etheran" date=1237947689]Have anyone used Pentagon Credit Union to refi their mortgage? I am looking to refi my loan but is uncertain if going thru a membership etc actually works. I think IPO mentioned that he actually applied to be a member and he became one by paying a fee to become a member.



They seem to have the best mortgage rates out there at 5.625% for a 30-yr jumbo loan but it requires a 1% origination fee. breakeven is 19 months.



Any other better places to look for cheaper mortgage rates? I have good fico, etc. LTV is 75%.



If anyone has any thoughts on Pentagon Credit Union let me know. Thank you.</blockquote>


Up to $750K, you can have a max LTV of 80%. Over $750K, you need 70% LTV. The often do two via different appraisers and take the lowest. My brother tried to get them to refi his $975K loan and they wouldn't do it. First appraisal came in at $1.4M and they ordered a 2nd that came in at $1.25M. He tried like hell to get them to loan (independent appraisal at $1.5M, lots of relevant comps, etc.) but they wouldn't budge. Very conservative they are.
 
[quote author="zovall" date=1237955469]Penfed is/was great. For a new member, they waived a number of the fees which made it a great deal. Until recently (last couple of months), they did not have a 1% origination fee. Now that they charge 1 point, I'm not sure if their rates are any better than what else is out there.</blockquote>


On true jumbos, their rates are below market. For loans under $625K in a high cost area, they are competitive but not exceptionally so.
 
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