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| The Scuppers This is a new forum for the not necessarily fishing related topics... |
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08-10-2011, 03:50 PM
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#1
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Registered User
Join Date: Jul 2008
Posts: 2,939
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MORTGAGE RATES
Don't know how long they will be this low but they are here today. Feel free to pm me with any questions. John if your not cool with it just delete it. But I'm sure this info may be helpful to some people here. Its crazy to see the spreads on 15,30s and arms so close. Haven't seen this in 12 years. You can also do any term you want on a conventional loan so you don't have to go back to a full 30 year.
30 fixed FHA 3.75% no points
15 fixed FHA 3.5% no points
30 CONVENTIONAL 3.99% NO POINTS
15 CONVENTIONAL 3.375 NO POINTS
UP TO 125% LOAN TO VALUE WITH NO PMI IF YOUR INVESTOR IS FANNIE OR FREDDIE. LINKS BELOW TO CHECK.
125% LTV 720 CREDIT NO PMI NO POINTS
30 FIXED 3.99%
15 FIXED 3.375%
580 CREDIT UP TO 125% LTV NO PMI NO POINTS
30 FIXED 4.375%
15 FIXED 3.75%
FANNIE LINK Does Fannie Mae Own Your Mortgage? Loan Lookup Tool
FREDDIE LINK https://ww3.freddiemac.com/corporate/ |
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08-10-2011, 06:26 PM
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#2
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Certifiable Intertidal Anguiologist
Join Date: Feb 2000
Location: Somewhere between OOB & west of Watch Hill
Posts: 34,969
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If some people use and it helps them good (and throw me a bone if you can  ) |
~Fix the Bait~ ~Pogies Forever~
Striped Bass Fishing - All Stripers
Kobayashi Maru Election - there is no way to win.
Apocalypse is Coming:
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08-10-2011, 06:58 PM
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#3
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Quote:
Originally Posted by JohnR
If some people use and it helps them good (and throw me a bone if you can ) |
U got yourself a deal.
Posted from my iPhone/Mobile device |
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08-11-2011, 04:02 AM
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#4
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Permanently Disconnected
Join Date: Nov 2002
Posts: 12,647
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I refinanced with Chase 2 years ago. They promptly sold my mortgage (THE NEXT DAY) to Freddie.
I said wtf you gotta be #^&#^&#^&#^&ting me. Now Chase sends me the bill but the mortgage is owned by the govt. That's bull#^&#^&#^&#^&. They scammed the system 
I got 5.25% maybe time to tell them to eff off. That's another $100 a month... |
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08-11-2011, 09:20 AM
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#5
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D'oh
Join Date: May 2004
Location: RI
Posts: 3,296
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pm sent
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i bent my wookie
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08-11-2011, 09:30 AM
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#6
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Super Moderator
Join Date: Sep 2003
Location: Georgetown MA
Posts: 18,178
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what about a 10 year mortgage...are those possible?
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"If you're arguing with an idiot, make sure he isn't doing the same thing."
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08-11-2011, 09:48 AM
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#7
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Certifiable Intertidal Anguiologist
Join Date: Feb 2000
Location: Somewhere between OOB & west of Watch Hill
Posts: 34,969
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I'm thinking about going 15 years...
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~Fix the Bait~ ~Pogies Forever~
Striped Bass Fishing - All Stripers
Kobayashi Maru Election - there is no way to win.
Apocalypse is Coming:
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08-11-2011, 09:55 AM
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#8
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President - S-B Chapter - Kelly Clarkson Fan Club
Join Date: May 2005
Location: Rowley
Posts: 3,781
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what about a 100 year mortgage?  |
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08-11-2011, 11:32 AM
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#9
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Quote:
Originally Posted by The Dad Fisherman
what about a 10 year mortgage...are those possible?
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3.25% no points no closing costs. What you owe is what you will borrow. |
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08-11-2011, 02:03 PM
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#10
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Land OF Forgotten Toys
Join Date: Sep 2009
Location: Central MA
Posts: 2,309
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How Difficult is it to qualify for a fifteen when you already own a property. High sevens and mid 8's for credit scores wife and I. I am already approved at my bank to borrow 440. I am looking to borrow 260 maybe.
We are definitely buying in the next three months
3.75 with a score of 580 That is insanity!
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I am the man in the Bassless Chaps
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08-11-2011, 02:24 PM
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#11
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Registered User
Join Date: Jul 2008
Posts: 2,939
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MBS's are moving in the wrong direction as we speak. Hopefuly it won't be a trend. I did manage to lock in 2 SBer's in at 3.99 on 30 fixed with no appraisal needed.
Jackbass just call me I think you have my number.
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08-11-2011, 02:31 PM
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#12
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DDG-51
Join Date: Mar 2002
Posts: 3,550
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Quote:
Originally Posted by WESTPORTMAFIA
3.25% no points no closing costs. What you owe is what you will borrow.
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There are no fee's?
For example $100K @ 5.75% apr with current lender 10yrs left on 20yr loan, and the apr is cut down to 3.25 10yr loan.
zero cost to home owner, just a new lender and smaller monthly payment? |
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08-11-2011, 03:15 PM
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#13
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Quote:
Originally Posted by fishsmith
There are no fee's?
For example $100K @ 5.75% apr with current lender 10yrs left on 20yr loan, and the apr is cut down to 3.25 10yr loan.
zero cost to home owner, just a new lender and smaller monthly payment?
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Yes. The lender pays me a premium of 3 % to send them the loan. My comp is 1.5% of the loan amount and I credit 1.5% back to the borrower to pay all of their closing costs. So at the end of the day it cost you 0. Thats on a 10 year. The spreads are different on different terms. |
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08-11-2011, 04:29 PM
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#14
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Registered User
Join Date: Nov 2003
Location: RI
Posts: 21,182
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Quote:
Originally Posted by JohnR
I'm thinking about going 15 years...
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I did when re refi'd a few years ago. Running the numbers the added payment per month really wasn't that much.
-spence |
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08-11-2011, 04:57 PM
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#15
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Registered User
Join Date: Oct 2005
Location: RI
Posts: 383
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Quote:
Originally Posted by JohnR
I'm thinking about going 15 years...
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I just went from a 30 to a 20 took 5 years off and my payment is 265. less/mo
I could have done a 15 for the same payment i had on the 30, but i wanted the extra monthly dough. |
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08-11-2011, 05:08 PM
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#16
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Registered User
Join Date: Apr 2009
Location: RI
Posts: 40
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damn, I just JUST went for a pre-approval - guy said 4.25 conforming and 4.75 for investment prop. and my score is ~ 8.
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08-11-2011, 06:14 PM
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#17
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Registered User
Join Date: Nov 2008
Posts: 331
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pm sent with question, matt
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08-11-2011, 07:20 PM
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#18
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Matt call me I pmd you my number. Thanks
Posted from my iPhone/Mobile device
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08-11-2011, 07:47 PM
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#19
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DDG-51
Join Date: Mar 2002
Posts: 3,550
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Thank you for the detailed reply
Posted from my iPhone/Mobile device
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08-12-2011, 07:21 AM
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#20
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Uncle Remus
Join Date: Mar 2003
Location: Lakeville Ma.
Posts: 14,773
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are second home mortgages usually higher than your primary residence, home, rates ?
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"A beach is a place where a man can feel he's the only soul in the world that's real"
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08-12-2011, 07:44 AM
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#21
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Registered Grandpa
Join Date: Nov 2003
Location: east coast
Posts: 8,592
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Quote:
Originally Posted by Rockport24
what about a 100 year mortgage? |
LOL, that cracked me up.   |
" Choose Life "
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08-12-2011, 10:08 AM
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#22
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Quote:
Originally Posted by ProfessorM
are second home mortgages usually higher than your primary residence, home, rates ?
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No. Same rates! |
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08-12-2011, 10:15 AM
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#23
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Super Moderator
Join Date: Sep 2003
Location: Georgetown MA
Posts: 18,178
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Quote:
Originally Posted by WESTPORTMAFIA
No. Same rates!
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How about for land only? |
"If you're arguing with an idiot, make sure he isn't doing the same thing."
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08-12-2011, 10:28 AM
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#24
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Registered User
Join Date: May 2008
Location: Mansfield, MA
Posts: 5,238
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Hmm... we're about 6 months away from starting to look for a house. Might be contacting you soon for some info.
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08-12-2011, 11:42 AM
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#25
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Quote:
Originally Posted by The Dad Fisherman
How about for land only?
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I don't do land loans. Sorry |
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08-13-2011, 09:17 AM
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#26
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Formerly the_shocker
Join Date: Feb 2006
Location: ricca
Posts: 730
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i talked to a guy who looks at zillow and then tells you if you should be worried about your value being to low to re-fi. isn't that bs?
i think my problem now my homes value. i'm doing 5.25% on a 30 year fixed. did a lot of improvements to the house. currently zillow has me listed for 274 and i owe about 230. by i believe my house is worth at least 320.
i've been told you need to pay about 500 for an appraisal, then if it comes in at the right number you can go ahead for a re-fi.
a rate in the 3's would be huge, but not sure if i can do it. is there a way for the town to appraise you for free?
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08-14-2011, 11:05 AM
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#27
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Zillow is crap for the most part. The town will never give you anything for free. In fact your town is probably assessing your house for more than it's worth in turn collecting more taxes than they should. Appraisals are closer to 400. I have 2 sb members approved for a rate in the 3"s and we do not need to do an appraisal on either property. Call me tomorrow and I can give you more info 774-644-2350. Jay
Posted from my iPhone/Mobile device
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08-17-2011, 04:50 PM
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#28
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Wow! There has been a huge response to this thread. Keep
The questions coming. Also note the links I posted to see who owns your mortgage. Your lender that you pay every month isn't the actual owner of your mortgage. It's very rare that your servicer owns your loan. It's usually Fannie, Freddie or a private investor. Also don't think your stuck because your house is underwater in equity. Call or pm me with any mortgage related questions while the rates are still low. Thanks again John for letting me post this. I had no idea on how much response this would get but I have answered a ton of questions, calls and pm's.
Posted from my iPhone/Mobile device
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08-17-2011, 05:32 PM
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#29
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Registered User
Join Date: May 2008
Location: Mansfield, MA
Posts: 5,238
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Just talked to my girlfriend's brother. He bought his house 2 years ago and is paying 5%. I told him what you've been talking about with getting people into the 3s. He said he wants to refi but can't afford to... something about having to pay $600-700 and float $3k for a few months. I guess he can't afford to float the $3k.
I'm completely green about all this since I'm still about 6 months out from trying to get my first home. Any help explaining what the deal is and any suggestions on how he can make it work?
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08-17-2011, 05:51 PM
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#30
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Sounds like he was mis informed or was dealing with someone who had him bringing money to the closing because he was short. If that's the case I can help him. Have him call me and tell him to forget 100% what he was told
By someone else. I don't need to pull credit or charge anything to find out if I can get something done. There are still plenty of people in my business who have no clue and sometimes have people give up hope who could Actualy get approved for a good loan. Have him call me it won't hurt. He shouldn't have to float anything or shell out 700 out of pocket. It just seems wierd.
Quote:
Originally Posted by JohnnyD
Just talked to my girlfriend's brother. He bought his house 2 years ago and is paying 5%. I told him what you've been talking about with getting people into the 3s. He said he wants to refi but can't afford to... something about having to pay $600-700 and float $3k for a few months. I guess he can't afford to float the $3k.
I'm completely green about all this since I'm still about 6 months out from trying to get my first home. Any help explaining what the deal is and any suggestions on how he can make it work?
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