Quote :

"If anyone is looking for a regular loan, go to CIMG, Marcus Martin."

We didnt use Marcus but we did go thru CIMG, and they were excellent, so another big vote for them.

5/16/2014 1:42:05 PM

+1 for cimg. We used clay.

5/16/2014 1:58:37 PM

Another +1 for CIMG, made it happen in less than 20 days. Nice to be local to sign off on shit with a quickness.

5/16/2014 5:17:39 PM

Got quoted 3.375% for a 15yr fixed from CIMG with $400 closing costs. That any good? Need to get a couple more quotes...

5/23/2014 10:17:03 AM

Looks good to me.

5/23/2014 10:25:11 AM

man i really need to refinance

5/23/2014 11:14:21 AM

Yeah I'm no expert, but I'm thinking rates are going to continue rising. I should have already ditched my 4.75 2yr ARM

5/23/2014 11:19:02 AM

Yeah, rates are def going to rise.

5/23/2014 11:26:49 AM

I was quoted 4.125% for a 30 year today. Does that sound about right?

6/4/2014 2:23:59 AM

Is this the CIMG you ppl are talking about:http://www.cimginc.com/home-purchase

6/4/2014 2:30:17 AM

Sounds about right.

6/4/2014 9:53:36 AM

^^yup

6/4/2014 10:24:25 AM

What's CIMG's 30 year fixed rate?

6/4/2014 12:25:40 PM

I've got two so far - one at 4.125% and one at 4% (30 year fixed for both). Checking out a few places today after work

6/4/2014 1:09:22 PM

Got quotes back from CIMG for 30 yr fixed:

4.000% Standard closing costs plus a 1.000% Origination Fee
4.125% Standard closing costs plus a 0.125% Origination Fee
4.250% Standard closing costs plus a 0.750% LENDER CREDIT
4.375% Standard closing costs plus a 2.000% LENDER CREDIT

6/4/2014 5:40:22 PM

Have you guys ever tried Amerisave? I never did a loan through them but I always used them as a general proxy for the prevailing rate as they don't require any sort of contact info and you can get an instant "quote".

6/4/2014 6:56:10 PM

If anyone is purchasing and does not have a Realtor I can give you 1% of the sales price as a credit toward closing costs or any other lender allowed costs related to the purchase. PM me or look up My D0G Tess Realty for more info.

6/5/2014 9:32:40 AM

^^^ are origination fees normal?

8/10/2014 11:11:06 PM

Yes

8/11/2014 10:27:23 AM

Disagree wholeheartedly with rates rising. Every data point and logical macro outcome points to rates continuing to fall in my opinion.

8/11/2014 4:21:50 PM

I'm looking at a refi, and am getting a 3.7% on 30 year fixed as the rate.....

sound good?

8/11/2014 4:56:39 PM

Sounds almost too good, any points or origination fee?

8/12/2014 12:35:39 AM

Sounds good.

8/12/2014 8:47:46 AM

That's what I get for info from my wife.

3.7 ARM
4.25 30yr fixed.

8/12/2014 12:36:03 PM

I just got a quote for 4.125 with an $800 credit but mortgage insurance.

Or 4.375 without mortgage insurance

The 4.125 breaks even with the 4.375 if the mortgage insurance gets cancelled at 13 years, and the 4.125 is cheaper if it gets cancelled anytime before then (i think...).

8/12/2014 6:16:40 PM

I can't imagine it would take that long to get 20%, right?

8/12/2014 9:11:35 PM

I believe if you get mortgage insurance, it no longer disappears at 20%.

I'd lock in the lowest rate without PMI (easiest with 20% down).

Still need to brag - I'm at 2.95% fixed for 30 years with 0.5% origination.

8/12/2014 10:04:48 PM

Quote :

"I believe if you get mortgage insurance, it no longer disappears at 20%. "

That's not my understanding....worst case you might have to pay for an appraisal though.

8/12/2014 10:18:31 PM

^^^ (n00b question) what do you mean...?

[Edited on August 12, 2014 at 11:40 PM. Reason : ]

8/12/2014 11:40:12 PM

with some forms of MI you can drop coverage once you pay down to 80% LTV...in other words when you pay the first 20% of the value of the house

8/12/2014 11:58:44 PM

Pay or obtain via appreciation of the property. Basically once you have 20% equity in your house (eg, only owe $80k on a $100k house), you no longer have to pay mortgage insurance.

8/13/2014 12:48:11 AM

I can't imagine why someone would agree to a deal where you pay PMI after having 20% equity.

In short, even if you run off, they've got theirs.

8/13/2014 12:50:29 AM

PMI isn't tax deductible while the "higher" interest is.

8/13/2014 12:55:00 AM

Now, with FHA mortgages only, if you start the loan with PMI, it never goes away.

Non-FHA mortgages still generally have the 80% ltv provision for dropping PMI.

You'd have to be an idiot to get an FHA loan and agree to pay pmi for the life of the loan. Opting for a higher interest rate on a conventional loan is probably a bad move too.

8/13/2014 9:35:58 AM

PMI can go away at 80%. PMI must go away at 78%. I believe the FHA loan is different - the PMI is spread out over the life of the loan, instead of front-loaded. Not saying it's a great idea, but I don't believe it's equivalent to typical PMI.

8/13/2014 9:50:47 AM

^,^^ thats what I've been told as well

FACT

8/13/2014 10:31:21 AM

With a credit score above 800, i'm getting a quote for 4.125 interest for 30 year fixed, does this seem reasonable?

9/16/2014 9:17:10 PM

Thats decent, but I'd bet if you asked a loan broker or local co-op credit union they could get 4.00 or even 3.87. Ive found Penfed's posted rate is generally the going best ideal rate (such as someone in your credit score case) but can change slightly daily.

FWIW I went for the higher rate without PMI (4.5% vs 4.25%/PMI), the total equivalent cost of the higher interest loan vs the one with PMI (calculating for when it would cut out at 20%LTV) would meet in about 8yrs. I planned on selling it due to work in less than 5yrs so it was cheaper overall to go that route.

[Edited on September 16, 2014 at 10:13 PM. Reason : .]

9/16/2014 10:04:27 PM

Quote :

"FWIW I went for the higher rate without PMI (4.5% vs 4.25%/PMI), the total equivalent cost of the higher interest loan vs the one with PMI (calculating for when it would cut out at 20%LTV) would meet in about 8yrs. I planned on selling it due to work in less than 5yrs so it was cheaper overall to go that route. "

That's the calc i'm looking at now. I know i'll sell in 4-6 years. Thanks for the advice.

9/16/2014 10:37:41 PM

Quote :

"With a credit score above 800, i'm getting a quote for 4.125 interest for 30 year fixed, does this seem reasonable?"

Yep. Find out what their origination fees are too though. I just closed with 4% on a 30yr fixed, but I had to buy it down from 4.125 for an extra grand or so.

9/17/2014 3:27:43 PM

^^^ same terms as chief. 4.5% in lieu of pmi@4.25%

I could have put more down, but went with the minimum to maintain that interest rate, so I dropped my down payment by about 2.5%. I'd rather have the cash reserves, plus potentially see better gains in the market.

9/18/2014 7:15:18 PM

http://www.washingtonpost.com/news/storyline/wp/2014/09/25/why-dont-people-refinance/

9/25/2014 8:51:29 PM

My brother is 5 years into an ARM at NCSECU. He knows that interest rates are probably going to get worse in the future. He'd like to refinance but he doesn't have any equity, doesn't have much extra cash, and probably doesn't like the idea of paying a higher rate this year or having PMI. Does he have any good options?

10/21/2014 8:39:13 PM

how is he 5 years in and has no equity? was the money put towards savings / investments instead of principal and he can shift money around to refinance? everyone would love to pay more money....

is HARP applicable?

10/22/2014 8:59:20 AM

He bought in 2010 for $217k with little money down. Zillow says it's worth $191k. He and his wife have low-middle incomes and two 3-year-olds. So lots of gas and child care spending, not much for savings. I believe HARP is for purchases before June 2009.

10/22/2014 10:37:59 AM

Quote :

"Mortgage rates fall to 16-month low Mortgage interest rates took a dive to a 16-month low during a quiet week that included the Columbus Day bank holiday on Monday. 30 year fixed rate mortgage – 3 month trend The benchmark 30-year fixed-rate mortgage fell to 4.01 percent from 4.18 percent last week, according to the Bankrate.com national survey of large lenders. The last time it was lower was May 29, 2013, at 3.99 percent. One year ago, that rate was 4.42 percent. Four weeks ago, it was 4.33 percent. The mortgages in this week's survey had an average total of 0.23 discount and origination points. The benchmark 15-year fixed-rate mortgage dropped to 3.23 percent from 3.37 percent last week. The benchmark 5/1 adjustable-rate mortgage fell to 3.09 percent from 3.27 percent. The benchmark 30-year fixed-rate jumbo loan dropped to 4.09 percent from 4.21 percent."

http://www.bankrate.com/finance/mortgages/mortgage-analysis.aspx

10/22/2014 11:04:03 AM

i'm not sure why anyone would pay extra to buy down a rate at these rates. The money is better spent invested elsewhere at anywhere within the 4 %- 5% range.

we just got a mortgage (780 credit score) for 4.375% and no closing costs other than appraisal and inspection. We also got 10% down and no PMI.

While we could have put down the full 20%, we can earn more holding onto that 10% than the rate would cost. We also opted for the 4.375% instead of 4% to get no PMI. PMI would cost us 100+ a month for an estimated 5 years. The NPV of the additional payment at the higher rate is in favor of the higher rate, so we bit that bullet.

10/27/2014 2:07:36 PM

what bank did you go through? I'm in the same boat with credit score, down payment %, etc. and would like to avoid the PMI also.

10/27/2014 2:47:36 PM

Anyone here ever worked with Movement Mortgage? any thoughts on them?

11/3/2014 6:27:49 PM

We used Movement mortgage and had zero major problems. My only slight complaint was they had warned us that there is almost the possibility that our loan could get sold off to another servicer, which I knew was part of the mortgage game. I did not know that it would be done before our first payment was ever due, so that caused some confusion with our insurance company.

Other than that, we had a positive experience with them.

11/3/2014 8:42:04 PM