Mortgage Rates
- Thread starter RockMonkey
- Start date
Brad J
Registered User
- Location
- Woods Cross, UT
Can you post up some details Steve? It looks like todays rates are 4% for a 15 year & 4.75% for a 30 year. I've had a 4.5% on a 30 year for 2 years & have been paying a little over 15 year payments so far. It would be nice to get the payments lower but still keep paying as much as I can afford to. I want to be debt free
Thanks, Brad
Bucking Bronco
................
- Location
- Layton
OK OK I left out a small detail. It is 3.375 but it is on a 10 year loan. I plan to pay the same as I am now and will have it paid off in 7 years 3 months.
sixb
Will work for beer!
- Location
- West Jordan, UT
sixb
Will work for beer!
- Location
- West Jordan, UT
Bucking Bronco
................
- Location
- Layton
For anyone interested: Goldenwest has 15yr at 3.25% and 30yr at 4% with no points
rockreligious
NoEcoNaziAmmo
- Location
- Ephraim
I re-fi'd about 4 months ago at 4.75% thinking I wouldnt see it go lower only rise, I guess I was wrong. Oh well its still cheap money. I dont understand why the banks would even want to lend at 3.25.
RockMonkey
Suddenly Enthusiastic
I'm refi-ing again. As long as rates keep coming down I guess I'll keep refi-ing every couple years. This time has to be the bottom...
RockMonkey
Suddenly Enthusiastic
3.5% 15 year fixed. Could have gotten a little bit lower rate, but by taking the 3.5% rate, all my fees are paid, and my loan balance doesn't go up. Basically free, and I go from 4.5 to 3.5.
Also...
I'm going to set up a new checking account. I'm going to have half a payment deposited there automatically every two weeks when I get paid, then I will set up an automatic payment from that account to the mortgage. Twice a year it will have an extra 1/2 payment in the account, which I will put toward principal. It's just like those bi-weekly payment plans they try to sell you on, except I won't pay any "enrollment" fee, and no per-draft charge that they try to stick you with.
I'm ready to get this place paid for.
3.5% 15 year fixed. Could have gotten a little bit lower rate, but by taking the 3.5% rate, all my fees are paid, and my loan balance doesn't go up. Basically free, and I go from 4.5 to 3.5.
Also...
I'm going to set up a new checking account. I'm going to have half a payment deposited there automatically every two weeks when I get paid, then I will set up an automatic payment from that account to the mortgage. Twice a year it will have an extra 1/2 payment in the account, which I will put toward principal. It's just like those bi-weekly payment plans they try to sell you on, except I won't pay any "enrollment" fee, and no per-draft charge that they try to stick you with.
I'm ready to get this place paid for.
OK, so it's not worth me doing again. (I'm at 3 5/8's)
I do exactly the same thing with my mortgage now. It's one of the many payment schedules the new mortgage company offers, no enrollment or per-draft fees though, so I didn't need to do a separate checking account or anything. It's nice!
Corban_White
Well-Known Member
- Location
- Payson, AZ
Did you still have to get an appraisal with that deal? I've thought about doing it but I'm not sure that my house would appraise for what I owe. I'd hate to shell out the $400 for an appraisal for nothing.
DAA
Well-Known Member
- Location
- West Bountiful, UT
If LTV (loan to value ratio) is looking close, there will be an appraisal and if you really do owe more than it's worth, you won't get the loan. Not at the lowest rates or best terms anyway.
With rates this low, if inflation does as expected, it's as if you are being paid to borrow.
Insane...
- DAA
With rates this low, if inflation does as expected, it's as if you are being paid to borrow.
Insane...
- DAA
Many companies are offering a streamline loan. It is sort of an incentive to get you to stay with them. My mom did hers for nothing. No fees at all they just dropped her rate for free. I did a streamline through FHA and they required no appraisal. Troy really helped me look at all my options. I am tempted to call him and do it again.
RockMonkey
Suddenly Enthusiastic
That's cool that your servicer offers that for free. Who is yours through? Every servicer I've been with has tried to sell it to me. Of course I don't know who I'll end up making my payment to with this new loan, so maybe they will give me that option.
RockMonkey
Suddenly Enthusiastic
I did have to get an appraisal.
RockMonkey
Suddenly Enthusiastic
I was with Citi Mortgage and they did not have any streamlined refinance offer for me. Their refinance quote was not even close to competitive.
Mine ended up with GMAC.