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Mortgage Rates
- Thread starter AndyM
- Start date
AndyM
Charter Member
Call him for a deal .............
I am way past being ready to buy and ready to move, but need to sell this one first!
The Tourist
Banned
If you could manage it, this might even be a good time to trade up.
For most people, the home and real estate they amass is most of their worth. Even if you need a "reverse mortgage" in the future, the bigger the pile of chips you have to draw from is always better.
As for refinancing, if you can avoid upfront costs, it's always a good idea. My wife has done it twice to our home--even rolled in our trucks--and we have a shorter pay-off plan and a smaller monthly payment.
For most people, the home and real estate they amass is most of their worth. Even if you need a "reverse mortgage" in the future, the bigger the pile of chips you have to draw from is always better.
As for refinancing, if you can avoid upfront costs, it's always a good idea. My wife has done it twice to our home--even rolled in our trucks--and we have a shorter pay-off plan and a smaller monthly payment.
AndyM
Charter Member
Same bank I mentioned before is down to 4.6 percent today...
Somebody buy my house so I can take advantage of these rates!
Nope! Going for a less expensive house this time around, and a shorter term... goal is to have everything paid off in ten years.
Yep, my son's a mortgage officer and busier than hell!
Call him for a deal .............
Is he near you? I'll be needing someone out in your area when I buy.
jwstewar
Active member
I sent an e-mail to the mortgage loan officer at our current bank. Currently we are 6.875% we are going to lock in a 30 year fixed at 4.875% (well, we'll see what the rates do at 10:30) hopefully a touch lower. We are also going to get a HELOC for 3.5%. This will allow us to pay a couple of credit cards off that we ran up trying to furnish the new house that are on 12 mo/ no interest so we won't pay interest on those and it will also allow us to do our deck this year. All told, the re-fi/HELOC should save us about $450 per month + be paid off sooner and any interest we do pay will be tax deductible.
Jim,
Did you look at the difference in payments going to a 15-year? I went from a 30-year to a 15-year at the lower interest rate and the payments were about the same. If you're OK with your current payment amount, and your rate is lowered by 2 points, you can quite possibly drop to a 15-year for the same payment per month.
jwstewar
Active member
A 20 year would raise it $7 per month a 15 year would raise it $230 per month. I think it is because we are so new into our loan - only 6 months since we converted from the construction to the conventional loan. No pre-payment penalty, so we will pay the extra per month, but should something arise and be a bit tight that month, we could pay the normal amount that month.
This is what they are calling a streamlined process. Not sure of the cost yet, but it should be minimal. They aren't doing an appraisel nor are they verifying income. Just pulling your credit and as long as you are above 680, you are good to go. She verified that we were good to go before she offered it to us.
This is what they are calling a streamlined process. Not sure of the cost yet, but it should be minimal. They aren't doing an appraisel nor are they verifying income. Just pulling your credit and as long as you are above 680, you are good to go. She verified that we were good to go before she offered it to us.
He's in Columbus, OH. Mortgage direct officer and authorized to loan in 48 states with Huntington Bank.
Contact information
Jarod Mallory
Mortgage Loan Officer
Address:
7575 Huntington Park Drive
Columbus, OH 43235
Telephone: 614-480-6047
Fax: 877-665-6285
Dropped to 4.625% today.
that is where we have been for over 3 years now. got in on some special deal where they wanted us to switch..............took them up on it. 15 year note, be paid off in 7.5 with 100.00 per month additional principal....each and every month
my bank quoted me the 4.625% today as well - with only a $450 processing fee to drop my payments by $250 a month.
rate is locked in and we're scheduled to sign paperwork Tuesday.
If we keep making the same payments we've been making, we'll pay off the loan 9 years early.
rate is locked in and we're scheduled to sign paperwork Tuesday.
If we keep making the same payments we've been making, we'll pay off the loan 9 years early.
if it hits 3.75 I will refi the first and second together, 15 with 100.00 a month additional principal.
Cityboy
Banned
Same bank I mentioned before is down to 4.6 percent today...
Somebody buy my house so I can take advantage of these rates!
Andy,
Have you seriously looked into becoming a landlord? Or maybe doing a lease-purchase on the home you are trying to sell? You have had your house on the market for quite some time now. Why not lease it out and at least have someone else who needs a place to live make your payments?
Landlording is not always the nightmare many folks make it out to be if you get solid legal advice and a legally sound agreement with a credit history and background check of the lessee. You can also get a real estate management company to manage it for you for a reasonable fee since I seem to recall you moved some significant distance away from your old home.
An additional plus to this scenario is that the rental fee becomes part of your income and may help you qualify for the lower rate refinance on your new home. It doesn't cost anything to check it out. Who knows? It might work well for you.
jwstewar
Active member
We ended up holding out until 10:30 when the new rates came out. They had dropped down to 4.75%. Saved another $10 per month. I don't think they can go too much lower, but if they do, I guess we could always turn around and refinance again. Right now I'm pretty happy with the rate we received.
On my first real estate investment, a duplex, the interest rate was 9 3/4%. At the time, it did not seem that bad, but compared to some of today's rates it was.
That was in 1975. The unit cost me 26,300 and we moved into it in 1976. Sold it in 1978 for 48,500. Maybe the interest rates are lower as the price of real estate has risen so much.
However, in Florida, one of the neighbors whose house was repossessed this last summer was paying over 9 per cent. The rate does not make much difference if the borrower is sub prime and the loan is going to go bust anyway.
That was in 1975. The unit cost me 26,300 and we moved into it in 1976. Sold it in 1978 for 48,500. Maybe the interest rates are lower as the price of real estate has risen so much.
However, in Florida, one of the neighbors whose house was repossessed this last summer was paying over 9 per cent. The rate does not make much difference if the borrower is sub prime and the loan is going to go bust anyway.