i work at a broker and we KILLLLLLLLLLL SECU rates, everyday, all day

12/11/2008 8:01:54 PM

I stopped by the SECU because it's close and they haven't changed their 30 yr fixed rate since Sept 18th or something like that - it's sitting at 6.75%. I asked him what the deal was, and he said they have 90% of their mortgage pool loaned out already and aren't hard pressed to make income from mortgages. He tried briefly to push a 2 yr arm that started at 4.75% but when I told him what rates I was getting he said he'd have a hard time recommending his product.

After it was all said and done today and having 2 companies fight for my business, I got locked at 4.875% for $495 in fees + attorney and maybe title insurance and if the rate happens to drop another 1/4 or more from there, I can lock at that rate for free. They didn't require an appraisal (guess it helps to have 20% down and 795 credit score).

Quote :

"I just got my ARM statement for this year and my rate is dropping to 4.5%, not all ARMs were subprime."

How is this possible? I always thought they reset rate to whatever the prevailing prime + x (forgot what x was) rate was at the time of reset.

12/11/2008 8:24:56 PM

I noticed that Coastal Federal CU has a 30yr fixed for 4.75.

12/11/2008 8:34:33 PM

Quote :

"Just locked a 30 yr fixed at 4.875 "

got the same rate the other day from Countrywide, with a point, but we negotiated for the seller to pay 7k towards closing costs, and the lending agent gave us $1k off so it really didn't cost us much.

we close on the 30th. gonna be a busy new years, lots of moving.

12/11/2008 8:52:14 PM

must not read this thread, urge to sigh sadly too powerful

12/11/2008 8:54:34 PM

So should I refinance? I have 6.2% now?

Dumb question. Jesus I can't believe it's that low. Wow, I'll save $300 a month... holy fuck Guess i'm waking up at 8 am and meeting at the bank.

[Edited on December 12, 2008 at 1:13 AM. Reason : a]

12/12/2008 1:07:28 AM

whats the quickest way to a better paying job once you graduate?

12/12/2008 1:21:19 AM

Does it make sense to refinance now, or are the rates going to be lower in a month?

12/12/2008 7:51:35 AM

jeebus...i'll admit it, i'm jealous...my 4.25% ARM in may was a great deal THEN, but now it's looking pretty sad...how much does refinancing generally cost? if i could get ~4.5% on a 30-year fixed, i'd probably do it (otherwise, my ARM's not set to change for another 1.5 years, and even then, it won't be any higher than 5.25% at worst)

12/12/2008 8:12:31 AM

yea, I'm pretty much in the same boat, 4.75 2/2ARM with almost 2 years to go. The cost to refinance is closing costs, so a few grand, depending on the lender.

12/12/2008 8:32:21 AM

I'd say the best mortgage deal is not buying a house right now.

Layoffs are just starting to hit this area. Our housing market has stayed relatively flat while the rest of the country collapses meaning there is still a great deal of downside to this market.

Wait until the tech industry starts its wave of layoffs in the RTP area.


The only good news is that if you take out a mortgage now when the dollar collapses you'll be paying back the mortgage company with 50 cents on the dollar. Which is a nice deal for you.

I don't see homes appreciating for the forseeable future though since they are wildly overvalued.

Homes should sell for ~15-17 times their annual rent value. It's easy to see that hasn't been the case for years.

[Edited on December 12, 2008 at 8:56 AM. Reason : a]

12/12/2008 8:54:44 AM

Quote :

"whats the quickest way to a better paying job once you graduate?"

my plan would be to work at the same company as drunknloaded

anything i did would look great compared to that half retarded motherfucker that i was working with, i feel sure that could get me promoted with the quickness, or at least get your autistic ass fired

12/12/2008 9:05:01 AM

Quote :

"So should I refinance? I have 6.2% now? Dumb question. Jesus I can't believe it's that low. Wow, I'll save $300 a month... holy fuck Guess i'm waking up at 8 am and meeting at the bank."

Ummm, just hang on a second, unless you have alike a 600k loan, you'll save like $100 a month going from your rate down to the 4.75% range. Are you sure you didn't look at what you pay now which probably includes taxes and insurance and compare that to a rate calculator at the new rate?

I did a scenario with a buddy where I assumed he had a 200k house with 20% skin in, his payment would be 90 lower at 5.25% and the closing costs were going to be like $1600, so he would get his money back (if you don't consider the opportunity cost of the $1600) in a little over two years.

12/12/2008 9:10:02 AM

I think its rather simple - for every 1% and 100k borrowed you will see $100 saved a month.

Costs of closing the refi are on an individual basis since everyone's situation is different and the length of time one plans on staying in the house to recoup the costs.

12/12/2008 9:32:26 AM

Quote :

"How is this possible? I always thought they reset rate to whatever the prevailing prime + x (forgot what x was) rate was at the time of reset."

It can be tied to any number of things....then plus a pre-decided amount that i assume is based on credit. Currently the CMT is about 1.07%, which normally would allow new ARM rates to be MUCH lower than they are, but banks are trying to recoup money.

12/12/2008 9:37:26 AM

yeah, they told me that my rate COULD go down...who knows where we'll be in 2 years when it's adjusted, though

i just assumed worst-case scenario when i did mine, and it was going to take 8 years before i'd break even if i'd gone with the best 30-year fixed rates (at the time)

12/12/2008 9:47:08 AM

Well that was another thing about ARMs, if you got a good yearly cap, then they aren't as much of an issue. If you have 1.5 years before it can be 5.25, then I wouldn't worry about refi unless you plan on staying there a long time. I've been here over 2 years, intro rate was 5.625, last year dropped to 5.5, now 4.5, so even if it goes up from here to say...5.5 then 6.5, I don't plan on staying much longer than that.

12/12/2008 9:51:30 AM

My current payment doesn't have taxes included

New payment has taxes included and is $120 less per month.

Very nice.

4.9% with 760 credit score. Nice.

12/12/2008 10:31:33 AM

Rates ticked up again in on Monday and Tuesday but with the Feds new ZIRP in effect they plunged again this morning and I'm looking at 30yr fixed 4.5% or less with little to no points paid.

12/17/2008 12:18:45 PM

Wachovia and IndyMac are currently at 4.75% 30-year fixed (.75% origination fee @ Wachovia, not sure about Indy)

12/17/2008 4:00:44 PM

^Too late to edit,

IndyMac is at 4.5%

12/17/2008 4:33:30 PM

going up tomorrow unless MBS trade much better. should be around 4.875 to 4.750 w/o no points/orig

http://www.daylightdm.com/quote


take $600 off listed fees - mention me (Paul J)


[Edited on December 17, 2008 at 9:07 PM. Reason : ]

12/17/2008 9:02:59 PM

Coastal Federal Credit Union has:

30 yr fixed
4.75, 0 points
4.5, 1 point

They hold their own loans and have local people you can talk to.

12/17/2008 9:16:22 PM

the 4.75 should be good if continued tomorrow
4.5 for 1 point is horse shit - can get it at 4.375 or 4.25 anywhere else for 1 pt.

i assume no origination on top of points.

[Edited on December 17, 2008 at 10:47 PM. Reason : ]

12/17/2008 10:47:05 PM

im assuming all of these advertised rates are for 20% down, right?

12/18/2008 2:13:47 AM

Why would you buy a house right now? Mass layoffs haven't even hit the triangle yet, wait until that happens before you buy a money pit.

12/18/2008 7:33:43 AM

Why haven't SECU's rates moved at all?

They're still crazy high relative to everyone else.

12/18/2008 7:47:04 AM

Quote :

"can get it at 4.375 or 4.25 anywhere else for 1 pt"

Sweet, where?

Quote :

"Why would you buy a house right now?"

Refi

[Edited on December 18, 2008 at 8:13 AM. Reason : ?]

12/18/2008 8:12:00 AM

^^^Who let the troll out of Sports Talk?

^Exactly, re-fi.

[Edited on December 18, 2008 at 10:04 AM. Reason : .]

12/18/2008 10:03:36 AM

I'm actually thinking of purchasing. But I'm in Charlotte, and I've got dat job security.

12/18/2008 3:31:52 PM

doubledown: up to 95%

12/18/2008 3:44:17 PM

Quote :

"the 4.75 should be good if continued tomorrow"

I'm guessing that's no longer good?

12/18/2008 5:24:01 PM

David,

4.875% with $1300 in fees - 4.952% apr
5.000% with $1000 in fees - 5.060% apr
5.125% with $700 in fees - 5.167% apr

no additional lender-related fees, just 3rd party.



that's CURRENT pricing. most lenders have worsened heavily today.



that's based on the numbers you closed on your house with.

[Edited on December 19, 2008 at 1:53 PM. Reason : ]

12/19/2008 1:47:28 PM

^thats valid until a reprice, which could happen at any min

12/19/2008 2:40:15 PM

Quote :

"Why would you buy a house right now? Mass layoffs haven't even hit the triangle yet, wait until that happens before you buy a money pit."

so what is renting? A money tree?

12/19/2008 6:08:35 PM

Layoffs have hit the triangle already. Sony Ericson, Verizon, Glaxo, IBM, and so on. On top of that, home prices in the Triangle weren't inflated like other areas of the country. So, would you rather wait a year and see if you can get a 170k home for 155k or go ahead and lock in historically low rates now or wait a year until they very well could be higher?

12/19/2008 6:26:36 PM

http://www.usbank.com/cgi_w/cfm/personal/products_and_services/mortgage/interest_rates.cfm


rates as low as 4.25%

1/8/2009 4:19:36 PM

wow, and i thought bb&t's 4.5% was low

1/8/2009 4:47:32 PM

the bb&T rate might be lower, depends on if they require points.

the bank1 4.25 rate is with 1 point and 1% origination fee
or pay no points or origination fee and it's 4.875.

1/8/2009 4:49:01 PM

yeah, no points for the bb&t rate

1/8/2009 5:08:34 PM

we were 4.375 on a 30 yr conforming yesterday (no points, but i assume good borrowers don't pay that anywhere)

and let's not forget, not only does BB&T have great rates, the servicing doesn't change (if you've had a loan resold 6 times you know that can be a pain), and you'll get better turnaround and a smaller closing package than anywhere else!

if anybody wants to talk with a loan officer me referring you over gets you bumped to the top of the line - i've sent several people over from tww who are now satisfied customers!


[Edited on January 9, 2009 at 7:21 PM. Reason : ghj]

1/9/2009 7:19:14 PM

Quote :

"Rodney Allison"

Quote :

"Pay"

Quote :

"your"

Quote :

"taxes"

then get a mortgage. I'll give you one at 19482937481273482%

1/10/2009 3:05:29 AM

fing taxes

1/11/2009 2:30:33 AM

dr taylor do you know thier rates on 20 or 15 yr loans?

Im currently 2.5 yrs into a 30 yr fixed at 6.625, i dont want another 30yr, seems like a step backwards to me.

1/11/2009 12:15:28 PM

How so?

1/11/2009 1:02:07 PM

How many mortgage brokers would you talk to?

My current rate is 5.875 and the one we used last time says if we can wait in the next few days he can probably get us 4.625 ish......

The problem is I am not a fan of some of the antics he pulled on our last closing and do not want to do this with him. We didn't sign anything that we were committed to him as a broker yet.

We found out our HELOC on House #1 is at 3.25 and we were take the money out of their to pay of the PMI difference + closing and put it back by the end of the year. Does anyone know all the new disclosure stuff if that will be a problem?

Also, On 1/2/08 I closed as a first time buyer with someone else. Where can I find information about that interest free loan from the government? I want to see if I can qualify for 1/2 of it.

1/11/2009 2:36:25 PM

david, im 27.5 years (actually closer bc i pay extra) from having my house paid off. I dont want to extend my loan out. my goal is to get the house paid off as quickly as possible without the payments making me house poor. With the current low rates I can basically move into a 20 yr loan, roll the costs of closing(around 4k) into the new loan and save about ten bucks a month, thus knocking off 7.5 yrs of interest/payments. Id love to take on a 15yr if the rates are low enough. Knocking off those 5 yrs saves over 50k in interest.

1/11/2009 4:44:28 PM

buy a foreclosure

1/11/2009 4:56:21 PM

^^ Why do you want to tie up your extra cash in an asset which isn't very liquid, especially at such a cheap rate?

1/11/2009 5:00:05 PM

eyedrb: if you sell this house within the next 15 years - either because you're upgrading or relocating or whatever, all your logic flies out the window.

Putting the extra money you'd spend /mo on a 15y loan all in Treasuries should easily beat the spread over the additional equity you'd build in that loan.

1/11/2009 5:35:53 PM