Couple of Big things today

[archdog]

1. My cell phone quit working mid day. Charged it all day, still will not turn on. There is not a sprint store within 50 miles of Columbus.
2. Got back today from my meeting in Tuscaloosa, to find out that someone had robbed my home. Drove into the driveway and apparently they were still in the house. I walked in the front door and they went out the back door.
3. Had a meeting with my real estate agent and placed a bid on a home in Columbus.

That leads me to this, does anyone know what kind of rate I could see tomorrow when I go to the bank?
4.25 is the best I have seen lately.

Damn August has been a long month.

[EAVdog]

Got 3.25 not too long ago but was part of some rural FHA loan. Which is kind of funny because it's in Madison.

[EAVdog]

And I was robbed in Atlanta, shitty feeling to say the least.

[Political Hack]

damn. sorry guys.

[engie]

What model phone?

[Barking 13]

I just closed today at 4.25 with points back to me. I didn't mind paying a little extra because the bank keeps all their mortgages in house.

[archdog]

I just closed today at 4.25 with points back to me. I didn't mind paying a little extra because the bank keeps all their mortgages in house.

Can anyone explain what the heck points are? And why anyone would pay a higher APR if they get the points?

Samsung Note 3.

[bulldogcountry1]

Go to zillow.com and get some online quotes. Refinanced with First Internet Bank last year. Yeah, it sounds sketchy, but they were the most competent people I've ever dealt with.

Points are basically just a fee to get a lower rate. You just have to do the math to see if it's worth it or not. Sometimes, you can even get a credit for a certain rate, which would be for a slightly higher rate.

[huffy]

I got 3.75% fixed for 15 years with only 5% down and it's a conventional loan with no PMI and just closed last month. knocked it out of the park.

[Barking 13]

you pay percentage points to get a better rate.. for instance: you could get 4.00% with 1.5 points if the going rate is like 4.12%.. Which means you pay 1.5% of the loan to get the better rate. In my case, they paid me 1.5 points of the loan amount (discount) to take the 4.25, which is not much worse than I found anywhere..

[Barking 13]

I got 3.75% fixed for 15 years with only 5% down and it's a conventional loan with no PMI and just closed last month. knocked it out of the park.

Same here, but 30 yrs... I think the 15 was 4.13.. rates are trending up... I hope your loan doesn't get sold like my last one got sold to Nationstar, who was a 17n pain in the @$$ to deal with... glad I was able to pay that loan off before I started looking for another house.. I'm sure closing would have not gone this smoothly. we were in and out in an hour this time...

[huffy]

Same here, but 30 yrs... I think the 15 was 4.13.. rates are trending up... I hope your loan doesn't get sold like my last one got sold to Nationstar, who was a 17n pain in the @$$ to deal with... glad I was able to pay that loan off before I started looking for another house.. I'm sure closing would have not gone this smoothly. we were in and out in an hour this time...

It hasn't been sold yet... but they said it would be. hopefully it will go to a decent bank/mortgage company. but the no PMI was huge for us. OP, just make sure you shop around. We applied with Quicken and used that as a baseline. we went to 5 or 6 banks and compared rates/closing costs/down payment/PMI. I'd stay away from FHA if I could. especially when you start adding up the mortgage insurance over the life of the loan.

[DapperDawg]

I got 3.75% fixed for 15 years with only 5% down and it's a conventional loan with no PMI and just closed last month. knocked it out of the park.

How did you avoid PMI with 5% down? High appraised value?

[dawgfan016]

How did you avoid PMI with 5% down? High appraised value?

PMI is a cruel bitch. FHA loans now require you to pay it the life of the loan if you don't put 20% down.

[EAVdog]

It hasn't been sold yet... but they said it would be. hopefully it will go to a decent bank/mortgage company. but the no PMI was huge for us. OP, just make sure you shop around. We applied with Quicken and used that as a baseline. we went to 5 or 6 banks and compared rates/closing costs/down payment/PMI. I'd stay away from FHA if I could. especially when you start adding up the mortgage insurance over the life of the loan.

Watch out for who buys your mortgage. Green Tree and Wells Fargo bought the mortgage for both our properties. Within a couple of months they both upped my mortgage and said they had to because they hadn't estimated enough withholdings for the escrow account. I never had that problem before. Seems like bullshit to me, since they both increased my monthly payment by more than 10%. I'm going to be hawking my tax bill this year and on their ass for a escrow reimbursement at the end of the year.

Green Tree also takes over 10 days to process payment. If they don't process it before the late period they try to charge me a late fee. Thank goodness I use Bank of America Billpay so I can track the payments. Everything about them has been shady as hell. I hope you don't have to deal with them.

(rant off)

[AFDawg]

I'm glad I bought a year ago. 15 year fixed, 2.875% with 0 down. No PMI. VA loan.

[BulldogDX55]

For one of your other problems, as an out of state student with Sprint for my carrier, you can get sprint stuff done at the Radio Shack in Leigh Mall in Columbus.

[Jack Lambert]

I have bought four homes in my life and in my opinion unless the house is 250K or higher I would not worry too much over 3.8 or 4.25, it just isn't going to make that big of a difference. What you really need to look for is closing cost and PMI and don't pay extra dollars down to buy points until you know how much that is going to save you in the long run. If you are paying 2000.00 for points and over 20 to 30 years that is saving you 4000.00 it's not worth paying those point's. Use that money to improve the house and make the value of the house more. I garantee putting 2000.00 into the kitchen will make you more money then then the 4000.00 you will save in interest payments. I sugest to do the math. Make the mortgage guy break it down for you so you can see for yourself what is best in your case. If you are not sure get outside help. Just shop around, look for the best deal and make them break it down for you in a way you understand what you are doing. Chances are you are not going to live there more then 15 years so think in those terms. Just my opinion so take it for what it is.

[huffy]

How did you avoid PMI with 5% down? High appraised value?

I'm not sure if they had a promotion going or what.... On the paperwork, it said the bank paid the PMI. I didn't argue when they threw it on the table.

[huffy]

Watch out for who buys your mortgage. Green Tree and Wells Fargo bought the mortgage for both our properties. Within a couple of months they both upped my mortgage and said they had to because they hadn't estimated enough withholdings for the escrow account. I never had that problem before. Seems like bullshit to me, since they both increased my monthly payment by more than 10%. I'm going to be hawking my tax bill this year and on their ass for a escrow reimbursement at the end of the year.

Green Tree also takes over 10 days to process payment. If they don't process it before the late period they try to charge me a late fee. Thank goodness I use Bank of America Billpay so I can track the payments. Everything about them has been shady as hell. I hope you don't have to deal with them.

(rant off)

Noted. thanks for the heads up!