Anyone else refi lately?
 

Just about to, going from 6.875 to 5% even.

Great time to do it, if you haven't already and stuck with a higher rate.

just a little fyi

I've looked at doing it - I'm at 6.8% now, but I'm not 100% sure I'm going to be here long enough to recoup the closing costs and fees. I go back and forth....maybe if it drops again.....:(

Was just talking to my old man this morning and apparently he's trying to refinance his place, too.

I got 5.5% on a 2yr arm jumbo..

not bad as my credit isnt that hot

Aye... good thing is, you wont be out of pocket for more than $400 or so, if any.

Bad news is, you'll be rolling in more $$$ into your loan, so... if you're moving soon, may not be a great idea... less you have a ton of equity, and want to save the $$$ per month now.

Are you rolling the fees into your mortgage? If you're doing that then you're paying interest on the FEES over the next 15-30 years, depending on your loan term. Don't do that! Especially if it means you'll have negative equity and/or have to pay PMI because you don't have 20% equity. :(

My FICO score is 772 I've been thinking of taking the plunge and getting a house. What rate would that score get me? Also, any other requirements?

what fee's? =) I just got back into the mortgage industry, and my family (who I dont work for, for the haters)... owns a mortgage company.

I think Im getting 5% with half a point buydown (hopefully)... =)

this doesn't make any sense.

I'm at 5.25 on a 3yr arm jumbo... :)

If you say so. =)

Ok, let me ask you this Drew, are you getting a 5% ARM or fixed? If it's an ARM, not a bad rate. And is it conforming or jumbo? There is NO ONE offering a 5% 30 year fixed, NO ONE. Unless you are willing to pay about 3 points for it. So this is where the "1/2 point buydown" doesn't make sense. Is the rate really 5.5% and you are paying 1/2 point to buy it down? Bad idea to pay to buy down the rate, as you can't write off that buydown on your taxes. Plus, I don't know any lender who will let you buydown the rate 1/2 percent. It's always in whole percentages, and no one does this any more. You need to clarify if you want anyone to think you know what you are talking about.

yep

We are in the process of refiancing so we can get the lower rate, take off the pmi, and have extra money to finish off the work on the 2000 plus addition to the place.

closing on the rental property next weke and then starting a refi on the house.

Amp,
Mortgage brokers can do all kinds of things, they are not limited like a traditional bank. If you are willing to do the buydown then you can usually get it. Where you gain from buying down the rate is over the long term, not on a short term tax gain, though any points you pay should be deductible on the year they are paid in a refinance situation, unless your taxes are more complex than most peoples or your income is greater than what you are allowed.

I'm not a tax attorney by any means, but I've done some creative mortgage financing in the past...

Ok, Im going to be nice.

I know what Im saying, your information is either false or misconstrued.

Cheers

:thumbsup

Show pics when you can on the remodelin! =)

So again, are you paying 1/2 to 1pt to buy down the rate OR are you paying 1/2 to 1pt FOR that rate. They are very different things.

Ummmm.... a POINT is a percentage of the loan amount. 1pt = 1 percent of the loan amount. You can write off on your taxes any points you pay, but you cannot write off a buydown. And yes, you probably can get the deal you think you want, any lender or mortgage broker or mortgage banker will tell you what you want to hear to get your business. But it doesn't mean its the best deal out there and the smartest thing to do.

Who cares what kind of property it is... if it's an investment property, you are automatically going to pay more in POINTS because of secondary market requirements. Additionally, most investors DON'T want the best deal because the more you lose, even if it's just on paper, the more you get to write off on your taxes.


Before you flap your lips any more and bury yourself any deeper Drew, you might want to weigh 16 years experience in banking and mortgage against your 6 months of being a bank teller in some drivethru window.

you have 16 years experience? Pardon me Amp... you having a boyfriend who has 16 years experience, is not the same thing.

I have 6 years personal experience in the mortgage industry, processing and closing loans, in both the banking and the brokering facet. Not to mention the 30+ years experience my parents have. I've never been a teller, and it just shows that you know jack shit about the inner workings of this business. Not to mention it being the reasoning I actually got a Finance degree. =)

For god's sake, you think that this is involving a fucking commercial bank? Jesus christ. Do you even know the difference between a banker and a broker?

Im just wondering, who typed that all out? You or your boyfriend?

Because, god knows you went to him for all the points that you so inadequately made. =)

You make a much better drunk and manic depressive wife beater, than you do a misquoting boyfriend of some guy in the mortgage industry.

So why don't you go back to crying about how your life sucks, and how your boyfriends dick is larger than yours, while pounding away that sweet sweet alcohol.

Cheers. =)

Amp,
I'm not getting in the middle of this, but I will say this.

Drew's mother is a very successful mortgage writer. She owns a mortgage brokerage basically. When I hired Drew to work at SIC, he left a job working for her, and it was not as a bank teller.

Your entire post is nothing more than personal insults and puffing your own chest Drew. You still have not answered the question or explained anything. Are you waiting for a callback from your mommy to help you out?

uhh, what am I supposed to be answering here? I already answered it in my initial post to someone besides you. =)

The fact you didnt understand it, doesnt mean it wasnt answered...

.5 to 1 point buydown... Your boyfriend should be able to comprehend that... or is he just a teller?

Musta been hitting the bottle a bit early tonight...

Oh shit, its 7pm! While Im watching the simpsons, shouldnt you be doing your daily promise to Lens, of laying off the bottle and taking your medication on a daily basis? =)

Like I said, Cheers Amp. =) More Lube, Less Alcohol makes Amp a happier person.

good morning vietnam

Ok, so you are telling me that you are paying .5 to 1 DISCOUNT POINTS to get a 5% interest rate. I'm reading this into what you are saying because otherwise it just doesn't make sense. If you knew any better, you would have said this from the beginning. You are NOT buying down the rate, that is a different thing altogether. Paying discount points for a good rate is a good idea, I did it with my house. But paying to buydown the rate isn't since a true "buydown" is a temporary fix. I did alot back in the mid 80's when rates were in the 10's and up and people didn't qualify. I still don't buy that you will only pay 1 point to get 5% on a 30 year fixed, but whatever.

Also, in-house, big time bank, whatever. The loan still has to be sold on the secondary market. And to be sold, you have to meet certain criteria. The only way to get around that criteria is for your parents company to keep that loan on the books as "unsaleable". The secondary market demands higher fees (1.50% add) for investment property loans as they are more risky. They won't let you streamline refinance an investment property, because there is too much risk. On a Streamline, you don't have to provide income documentation or even have a credit report, and most times not even an appraisal. These are FNMA/FHLMC standards carried by every lender in the industry, NOT just commercial banks, because again, they all have to sell their loans.

It's all just scemantics. I know buydown to mean one thing and you think it means another. Sixteen years processing, underwriting, training, writing policy and procedure, dealing with investors and creating mortgage software kind of makes me passionate about my work. If you want to argue points, fine, I'll take on you or anyone else out there. But if you want to argue intelligently, then learn the correct use of the industry terminology.

And yes... this is AMP's boyfriend you are talking to.

Is this Serge Posting??? :)
----------------------------

And yes... this is AMP's boyfriend you are talking to

"Discount Points are used to "buy" your interest rate lower. This is known as a rate "buydown." A general rule of thumb is that one full Discount Point will lower your fixed interest rate .250% or your adjustable rate .375%. These points lower the interest rate for the entire term of the loan. There is usually some flexibility by the lending institution in determining the actual buydown formula, but less than with Origination Point(s). "

Actually, I mentioned it was a fixed rate... Which would imply that the buydown related to a permanent discount.

I think you're getting confused here. =)

I'm not talking about a TEMPORARY related 3/2/1 buydown.

So... maybe you should pay attention if you want to chastize me on the proper usage of the word buydown? =)

Because, when talking about fixed rate mortgages, like mine is, I used it in the proper fashion.

Penis envy?

772 is a great score. You would probably get the "A" rate with that. Now you probably just need some money for closing costs and down payment.

When you say the word BUYDOWN, yes, you are talking about the above. I have never explained to anyone I've trained nor have I ever had any one explain to me, nor heard it explained as you just did, that a DISCOUNT POINT is BUYING DOWN THE RATE. But yet again, scemantics. I started in this business long before there were discount points to be added into the equation. To me, and to most people in the business, except for you I guess, you pay DISCOUNT POINTS for a lower rate, and you get a REBATE if you choose a higher rate. A BUYDOWN is a temporary fix to assist in qualifying.

I'm not sure where you got that quote from... it's not a bad way of explaining things to a first time homebuyer or a layman I guess. But people in the mortgage industry DON'T use that term.

By the way... The calculations in your quote are not quite on the money and is not necessarily the standard. Our rate was 6% at par. We paid .625% in DISCOUNT POINTS to get a 5.25% rate.

erm. no.

lol. Thats exactly what you are doing, buying down the rate.

Im sorry you don't use buydown in that facet, everyone else does, including the trainers for some of the top 5 mortgage chains in the US. and Im even sorrier that your boyfriend felt the need to bring his "lover" onto GFY to attempt to call me out.

Just shows how I really get to him. =)

Here's to hoping he doesn't drink and get to beating you again tonight. ;)

I know atleast 2 parts of your body that the discount points would have gone to better use in, ;)

Go back to school Drew, you've got a lot to learn.

I sure do. =) What was your degree in hon? (yes, I call my gay guy friends hon... just so you dont think Im hitting on you, Im straight).

Too fucking funny, Im going to have to print this thread, cut off the header, and show it to some of the office. =P

Lol. Yes, I'm going to do a 3 year dimenishing buydown with interest rates like they are right now, in a rental property in texas.

Too fucking funny.

mortgage? :glugglug

Remember this Drew?

Where the hell did you get this number from? Your ass? (and it's not rent sir... )

This is the kind of thing they teach you in your Mortgage By Mail School where you got your degree. This is not real world mortgage.


Pure unsubstantiated nonsense. Didn't have to do any of those things. Sitting happily at 5.25% Drew.

I strongly advise against anyone using Drew as their broker. Drew may have a fancy mail order degree hanging in his kitchen, but it's brutally obvious that he has no real-world experience. I would be scared to death of having Drew touch my loan.

No, you're wrong, I'm right.

I'm not going to back it up with any real world facts, I'm just going to state it.

Btw, Im really a woman, contrary to all the pics posted thus far.

Btw, My "lover" makes $250k+ a year, and doesn't have a drinking problem.

Btw, he's a true veteran, spent over 12 years in the military.

Blah Blah Blah.

Remember any of that? =)

Since when does anyone have a "Degree" in Mortgages? Licenses and Certification, sure... no degree.

I said I have a Finance degree, thats not a mortgage degree. It's from the University of Texas? Maybe you've heard of that school?

You're not helping yourself here, you and your hubby both have a habit of pointing out how stupid they are, while trying to defend themselves.

Too cute, 16 years experience, eh? I would have thought you would have been promoted from Mail Clerk by now.

So... you got a 800k+ loan, @ 5.25%, without putting atleast 40k-80k down?

So, the household income wasn't atleast 200k to get that loan?

Damn, nice... Was it from Washington Guido, Inc?

Either that, or it was an interest only loan... In which, all of your credibility goes out the fucking window. =)

Btw... didnt Amp say the house was his, and he was buying it?

Then cried about how you were gonna kick him out, and find another man?

Too funny... seriously, this just keeps getting better and better.

Even his boyfriend can't fight his battles for him, properly... =P

Because you're wrong and you know it. Sadly, you're not man enough to admit it. All you have left to fall back on are personal insults. You've been outdone and outclassed Drew.

Stings doesn't it.

:thumbsup

you should.. i saw somewhere that even 2% savings can save u 50k on the mortgage

wrong about what?

In this thread, I'm the only one to actually show that I was right, according to a 3rd party.

Do a search on google, for buydown. You'll find documents that mention EXACTLY what I said, about buying down points in a permanent fashion, along with the "temporary fix" 2/1 3/2/1 buydown.

Common sense would dictate, that when I mentioned my fees were very low, that I was talking about buying down the points. Rather than having the first 3 years at 5% which ISNT a fucking fixed rate loan.

Sorry, but... any fucking idiot who has gone through the buying procedure would be able to tell the difference, based on the info I gave.

Infact, lookie here... "Is the rate really 5.5% and you are paying 1/2 point to buy it down"

Didnt you see that the first time? Or was that amps guesstimate?

Just shows that you understood the whole time, and got owned by me, and were forced to try to fight, what even cant be described as a technicality, since I used the word properly.

Go back to passing out the mail... just don't read it, since you obviously can't understand it. =)

You're getting your "real-world info" from Google??

what... where... who... ??? You don't buy down points Drew. I'm embarrased FOR you. Please stop. I'm laughing so hard it hurts.

Is the rate really 5.5% and you are paying 1/2 point to buy it down? - Amputate your Head.

You don't?

I thought you said you did early? Im so confused now, Im laughing so hard it hurts.

lol

Listen carefully Drew. I asked you if you were PAYING POINTS to get a lower rate or if you were doing a buydown. You think they are one in the same when they are in fact NOT. I never, and read above to confirm, said or asked if you were buying down your points, I asked about the rate. How exactly do you buydown points?

This is getting really ridiculous. Let me know when you have closed over $1 billion in loans and then we'll talk some more.

http://balloonfetishsex.com/house.jpg




:)

"Is the rate really 5.5% and you are paying 1/2 point to buy it down? "

Where is the or in there? You asked if I was paying points to BUY IT DOWN...

Jesus, you've got a bigger ego than Amp, and more than likely a bigger cock too.

You're wrong, Just admit the shit and walk on.

You and Amp are made for eachother... Both can't admit when you're wrong, and both are stupid as fuck, and can't flame for shit. =)

Get a clue big boy. =) You aren't shit, and you don't know shit.

Cheers Dude... work on the stash a bit more, it suits ya.

Nice garage! =)

pretty big compared to someone on this board said I lived in a trailer..

hehehe

Nice Honeyslut :)

Again with the personal insults. Truly sad. Intellect not your strong suit, so you resort to lame attacks. I encourage you to print this out and take it to your mommy so she can laugh at you. I guess we're done here Drew. You are either very confused, or very ignorant. I don't really care which.

Goodnight.

Aye, so do I apparently, but... =) as of last week, my trailer has some great new carpet, and fresh paint and trim all over. =P

Nicest trailer in this trailer park I reckon

Thanks.

I post a picture when the siding is up on both parts of the house and it's painted..