re-mortgaging....... comparing rates ?
Dec 29th 2008, 4:36 pm
#16
BE Enthusiast
Joined: Feb 2004
Location: Hinsdale, IL
Posts: 469
Re: re-mortgaging....... comparing rates ?
Refinancing on Jan 26th at 5.00%. Doing an FHA conventional 30 year fixed.
Dec 29th 2008, 4:50 pm
#17
BE Forum Addict
Joined: Aug 2004
Location: Tampa, FL
Posts: 3,338
Re: re-mortgaging....... comparing rates ?
We're also considering it; currently not in bad shape with a fixed 30 year at 6% APR (which we also overpay most of the time). Seems 5% is about the benchmark to aim for.
Dec 30th 2008, 1:22 am
#21
Carmel Indiana
Joined: Jun 2007
Location: Naperville, IL
Posts: 749
Re: re-mortgaging....... comparing rates ?
we have a mortage with Well Fargo, held it for alittle over 1 year.
Phoned them for a refi' quote - we got 4.75% over 15 years with 5K closing costs.
Mortage is $270K, home is "worth" $460 ish.
I was happy with the 5% we got from using the online Wells Fargo calculator.
Dec 30th 2008, 1:48 am
#22
Up Yir Kilt
Joined: Oct 2002
Location: Scotland > London > San Francisco
Posts: 672
Re: re-mortgaging....... comparing rates ?
This is a great time to refinance. PM me if you want some specific assistance with refinance.
Dec 30th 2008, 8:27 am
#24
Lost in BE Cyberspace
Joined: Nov 2007
Location: Bay Area, CA
Posts: 13,103
Re: re-mortgaging....... comparing rates ?
I posted the following info a couple of weeks ago. We have since locked in the 4.75%, 30-year, 0.65%points option.
Loan amount of $215K, minimum 750 credit score:
30 yr fixed:
4.875% rate 0.750% points (minus .750%=zero points) $1138/m
4.750% rate 1.125% points (minus .750%=.375% points) $1122/m
On a 15 yr fixed:
4.875% rate 0.900% points (minus .750%=.150% points) $1687/m
4.750% rate 1.400% points (minus.750%=.650% points) $1673/m
Surprisingly, the 30 year rate/points are better than the 15 year rate/points - she could not explain why (it's usually the other way round).
I think we are going to go with the 30 yr, 4.75% option with 1.125% points minums 0.75% discount=0.375% points. Fees are now at $1,800 total.
We got this from BofA. We have high LTV, and already have our loan with them so it's a very painless process. The rates were changing several times a day, so doing website comparisons was not easy. We have a long-standing relationship with our BofA agent and she was pretty helpful in getting what we think was a good rate, so we did not shop around aggressively.
30 yr fixed:
4.875% rate 0.750% points (minus .750%=zero points) $1138/m
4.750% rate 1.125% points (minus .750%=.375% points) $1122/m
On a 15 yr fixed:
4.875% rate 0.900% points (minus .750%=.150% points) $1687/m
4.750% rate 1.400% points (minus.750%=.650% points) $1673/m
Surprisingly, the 30 year rate/points are better than the 15 year rate/points - she could not explain why (it's usually the other way round).
I think we are going to go with the 30 yr, 4.75% option with 1.125% points minums 0.75% discount=0.375% points. Fees are now at $1,800 total.
Dec 30th 2008, 11:54 am
#25
Queen of my house
Joined: Aug 2007
Location: Ohio
Posts: 5,043
Re: re-mortgaging....... comparing rates ?
No..... six and five-eighths percent (6-5/8%). There was no way to post a fraction and I was too lazy to convert to (6.625) at the time. But the calculator was handy today!
Last edited by tamms_1965; Dec 30th 2008 at 11:57 am.
Dec 30th 2008, 2:43 pm
#29
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Dec 30th 2008, 8:35 pm
#30
Lost in BE Cyberspace
Joined: Nov 2007
Location: Bay Area, CA
Posts: 13,103
Re: re-mortgaging....... comparing rates ?
Yes, I guess so! Sorry about that - shouldn't post at 1:30am 
. The loan amount is very low (20% or so) in relation to the value of the property, and thus, little risk to the lender.
. The loan amount is very low (20% or so) in relation to the value of the property, and thus, little risk to the lender.
Last edited by Steerpike; Dec 30th 2008 at 8:39 pm.
