I can set you up an ongoing search that updates daily if you PM me your email and criteria.

1/5/2015 11:37:15 PM

Quote :

"President Obama just announced that the monthly mortgage insurance premium currently charged on FHA loans will drop from 1.35% to .85%. On a $200,000 loan that would drop the monthly payment by over $83! This is VERY welcome news!!"

1/8/2015 12:21:03 AM

http://www.nytimes.com/2015/01/20/upshot/its-time-to-think-about-refinancing-your-mortgage.html

1/26/2015 12:02:38 PM

They dropped the PMI rate, but isn't it for the life of the loan now? I think mine is just until I reach 78.5% LTV or 5 years, whichever takes longer.

1/26/2015 7:14:49 PM

clayton here we come
165K
100% USDA Loan
PMI, HOA, etc. included in loan
1,085 a month to da bank!

oh and 1,500 in Support the Troops, Service Member, etc. credit we are using for a FRIDGE!

Now besides the couch, tv, bed we need to buy new need to figure out how much to fence in the yard and add a cover on back patio.

1/27/2015 1:55:59 AM

^ obviously I don't know the details, but that seems like a really high monthly payment.

I was looking at $225k loans with an 1100 monthly.

1/27/2015 2:31:21 AM

Quote :

"that seems like a really high monthly payment."

Considering PMI and HOA is included, I think not. I am curious what rate he got though...

Quote :

"I was looking at $225k loans with an 1100 monthly."

Obviously that doesn't include any PMI and HOA as above, but does that even include property tax and homeowners insurance?


[Edited on January 27, 2015 at 7:10 AM. Reason : If so what were the details of your loan?]

1/27/2015 7:07:35 AM

Im betting thats their full monthly everything payment. Mine is similar.

1/27/2015 9:10:58 AM

Yeah mine is similar as well. Either moron is just talking about P&I, or he got a 2% mortgage somewhere.

1/27/2015 9:23:47 AM

Everything. PMI, HOA. Insurance, etc! 1083 I think....and the PMI could eventually fall, etc.

Best news is we got it appraised today and it was appraised at 196,000!

Look up bristol at cobblestone. They are made by that company off Trinity ( forgot their name for this second)

1/27/2015 10:45:36 PM

My mortgage guy said the rate is down to 3.75...my current rate is 4.25. I plan on keeping this house for a while (will move, but want to keep it as an investment). How much should I expect my mortgage to go down if I refinance with a .5% change? I pay about $1,400 now (everything included...so I guess my "base" mortgage payment is around $1,100 for a $230k house).

If I could knock it down $100 I feel like I should probably do it...especially if I'm going to keep the house for another 15-20 years.



(don't know what other info that would be needed other than appraisal. My hood has skyrocketed and my last appraisal was $330k)

[Edited on January 28, 2015 at 3:36 PM. Reason : .]

1/28/2015 3:34:56 PM

Not worth it if it is less than 1 point, as closing costs will still be $2-3K, plus you'll start the amortization process all over and be treading water regarding pay down for the first 8-10 years.

1/28/2015 3:48:59 PM

^^ can you find a no closing cost provider with that rate?

1/28/2015 4:13:31 PM

^^Probably should have put in that my good buddy is a real estate attorney and we pass a ton of work back and forth. My closing costs are normally under $1k.

^ He mentioned that I could roll the costs into the mortgage as well.

Still not worth it?

[Edited on January 28, 2015 at 4:14 PM. Reason : .]

1/28/2015 4:13:53 PM

I mean, if you're sure you'll be there 15-20 years, then you should come out ahead. I think my break even point was 18 months but that was with a whole point. I'm not going to bother with half a point. Just not worth my time/effort given the amount of money required up front vs the money saved each month.

1/28/2015 4:50:09 PM

Quote :

"plus you'll start the amortization process all over and be treading water regarding pay down for the first 8-10 years."

He can easily get a 15, 20, or 25 year loan. I think some banks can do just about any terms you want and are able to adjusted the rate accordingly.

I'm at 4.375. Like 2 weeks ago it was down to 3.5% with basically no closing costs and I didn't move quick enough. I'm hoping we get another shot at that sometime in the next few weeks else I'll just go with it at 3.625 - 3.75

1/28/2015 9:27:08 PM

moron tell us more about your $0 down 2% $225k mortgage plz.

[Edited on January 29, 2015 at 12:39 AM. Reason : I want your lender's info.]

1/29/2015 12:38:30 AM

^ http://www.bankrate.com/partners/sem/mortgage-calculator-rates-tl.aspx?ec_id=m1027724&s_kwcid=AL!1325!3!41195874008!e!!g!!mortgage+calculator

I'm showing monthlies of around $785 before other costs, 1100 just seemed high to me, but I guess I can see PMI and HOA and insurance costs being another $300/month.

1/29/2015 3:13:32 AM

Quote :

"I'm showing monthlies of around $785 before other costs, 1100 just seemed high to me, but I guess I can see PMI and HOA and insurance costs being another $300/month."

You're missing probably the biggest "other cost" component: property tax.

So you were just talking about P&I earlier right?

1/29/2015 9:48:26 AM

I'm thinking about doing a home equity loan. Has anybody ever done one before? any tip?

1/31/2015 8:30:12 AM

[Edited on January 31, 2015 at 8:30 AM. Reason : double post]

1/31/2015 8:30:12 AM

Quote :

"I'm thinking about doing a home equity loan. Has anybody ever done one before? any tip? "

Did one last year and it was incredibly easy, so I've got no tips. They required about half the amount of information that my mortgage did, and I've been keeping much better records since my first mortgage (and subsequent refinance)...so I'm sure that's what made it seem easier.

I think a big plus was that I had a really good appraisal.

1/31/2015 9:35:34 AM

^how long did the whole process take? I need some quick cash for investment. Did you do a HELOC?

1/31/2015 7:45:57 PM

I did a HELOC to build my shop. It was really easy. Hardest thing I had to do was leave work early to meet the appraiser.

1/31/2015 7:50:46 PM

I did a HELOC. Took me about a month, but I wasn't in a hurry.

2/1/2015 2:10:55 AM

Does any one have experience with quicken loans?

2/2/2015 2:38:01 PM

BB&T just gave me a crazy HELOC. first year, I am at 1.85%. For the life of the loan after, it is prime minus 1.15% (I think, something in that arena).

2/2/2015 3:00:43 PM

^Wow. Do you know what percentage they will allow the credit line to go up to in regards to the value of the home and outstanding LTV?

2/2/2015 11:04:43 PM

Currently refinancing into a 15yr loan, I got 2.875% with no points with Sebonic Financial out of Charlotte. Anyone find anything lower out there?

2/2/2015 11:09:00 PM

Quote :

"Does any one have experience with quicken loans?"

Very Hard Sell, High Fees, If you inquire they will follow up with you relentlessly.

I can recommend you a mortgage broker that has just as good service, who will charge you less, and they have a physical presence in NC.

2/2/2015 11:49:06 PM

I refinanced with CapWest Mortage (via Costco) and was really happy with it. They are now providing me a loan for a house I am currently trying to purchase. Since it was my second time, they charged no fees and the rates were as good as any.

[Edited on February 3, 2015 at 3:44 PM. Reason : asdf]

2/3/2015 3:41:57 PM

^^ interested in your recommendation. Currently looking to refinance to 15 year.

2/3/2015 4:40:15 PM

Before I call my mortgage guy, someone tell me about construction loans.

We've been having difficulty finding a second home and are now entertaining adding on instead. I'm meeting with an architect later this week, but my "pulling-out-of-thin-air" range for what this might cost should be in the $50k-$70k range. Paying for that with cash on hand would bleed us completely dry.

I've mostly heard of construction loans for purchasing homes and doing complete re-builds. Can you get one for add-ons and renovations? What are the average rates? Any way I can just roll it into my mortgage?

3/9/2015 12:01:00 PM

don't people usually use a HELOC for additions/renovation?

3/9/2015 12:55:37 PM

The max I would get on a HELOC would only cover about half what I need for a complete add-on.

3/9/2015 1:04:00 PM

ended up with a 4.125% on a 30 year fixed. I got multiple quotes (including from people mentioned ITT and via PM). In my bid I offered to pay closing costs since it was a multiple bidder situation and the bank is covering those for the most part. The real estate market has been a roller coaster the past year or so. If I was ready to buy this time last year I could've gotten way more bang for my buck but c'est la vie I guess.

seven years living by myself in college / grad school then back to the parents for two years while I was a contractor / saved money. can't wait to get the fuck out.

[Edited on March 9, 2015 at 1:47 PM. Reason : April 10th]

3/9/2015 1:45:56 PM

did you lock in your rate on a spike? bankrate shows lower rates by a enough to matter

3/9/2015 3:34:20 PM

^^ my neighbor is looking to do the same thing as you, he is trying to find a bank that will loan him the money to do an add-on, but a HELOC won't cover the addition. I think he is looking at home improvement loans, but there have not been many banks to offer this service. Let me know if you find a lender to offer it, and I'll do the same.

3/9/2015 3:35:36 PM

^^supposed to lock in on Wednesday. Close April 10th. I'll look into it but they could just as easily go up right?

So on bankrate.com the cheapest rate was through AimLoans and the cash to close is like $3k higher but the monthly payment is like $280 less and the interest rate is 3.7%. I don't understand how that's possible.

I'll be the first to admit that a lot of this shit is way over my head as far as knowledge on how this stuff works and I feel like I'm getting screwed one way or another.

[Edited on March 9, 2015 at 3:52 PM. Reason : .]

3/9/2015 3:39:39 PM

for the extra money the heloc won't cover - have you checked http://lendingclub.com

3/9/2015 3:55:28 PM

Got quoted 3.25% on a 15 year from CIMG with $900 closing costs.

Anything better out there?

[Edited on March 17, 2015 at 3:44 PM. Reason : (especially concerning closing costs)]

3/17/2015 3:44:18 PM

was quoted 3.5% with no closing costs at Coastal FCU for 15 year. depending on how long you plan to stay in the house it could be better or worse.



[Edited on March 17, 2015 at 4:06 PM. Reason : a]

3/17/2015 4:04:53 PM

^ they pay for the appraisal?

3/17/2015 4:08:43 PM

^ no, sorry didnt realize you were including that. In actuality the lender credit they offered covered more than closing costs by ~$200. So that would have effectively cut the appraisal cost in half.

3/17/2015 4:14:45 PM

Well I can finally see the light at the end of the tunnel. I close on Thursday. I'd always heard that the mortgage process was a pain in the ass but after experiencing it I think "pain in the ass" is an understatement. Getting nickled and dimed on everything you can imagine, having numbers change, all the documentation you have to get right up to the last minute. I'll be glad when I sign the dotted line and can relax from house hunting and mortgage shopping

4/2/2015 4:53:57 PM

Quote :

"^^ my neighbor is looking to do the same thing as you, he is trying to find a bank that will loan him the money to do an add-on, but a HELOC won't cover the addition. I think he is looking at home improvement loans, but there have not been many banks to offer this service. Let me know if you find a lender to offer it, and I'll do the same. "

I've got a friend that works at Midlands who said he can get me a renovation loan that will probably be able to cover the cost of our addition, if not, at least close enough to it to where we won't have to put up too much cash.

Difference between the renovation loan and the HELOC is that the HELOC was based on an appraisal of our current home. The renovation loan would be based on the value of our home AFTER the renovation. Our addition would add at least another $100k to the value of our house.

Now we're just waiting to hear back from the architect on the chances that the city even allows our addition. We're right within the boundaries of the fucking Preservation Society...so this process is going to be a pain in the ass.

4/2/2015 6:13:47 PM

THIS IS MY NIGHTMARE

I'm less than two days away from the scheduled close and I've been getting the run around from the lender for the past few days and finally today they call and say that when they got the report from the HOA they found that more than 15% of the homeowners are in arrears (there are 12 units, so that's 2 people total, with 1 of the 2 pushing it over the 10% limit), therefore Fannie Mae and Freddie Mac will not approve the subject property for a loan. Any lender that uses FM/FM will not be able to get approval, which is most of them.

My lender offered to do an in-house loan but instead of a 1% credit, it will be a 1% origination fee, which amounts to over $4k in cash I'd need to come up with (I was told last week that I needed $2,500 more than estimated to close and this would be on top of that) and even if I do come up with it, it will delay the closing date regardless.

I've already taken the days off work, scheduled movers, cable, power, etc. and took the day off. Family members took the day off to help with the move.

This fucking sucks

4/8/2015 1:50:07 PM

So you going to drop the extra loot?

4/8/2015 2:26:07 PM

I'm going to try to get the seller to at least split it with me. He's already moved into a new place and wanted to close earlier and the fault is on his HOAs end. This gives me the ability to walk, and he'll be hard pressed to get anyone that can get a non-FM/FM loan on short notice unless somebody pays straight cash.

4/8/2015 2:32:45 PM

Yeah that sucks. If it was me I dont think I would be willing to pay that on top of them already adding on money. Obviously they can never give you exact numbers but being off more than 1000 bucks would already be pretty upsetting to me much less 6500.

4/8/2015 2:33:17 PM