US mortgage refinance

[soomdy]

I believe gr8 time to refinance your home loan in US. Below are the rates I got from my local lender.

5/1 arm, 4 % without closing.
10/1 arm, 4.875 % without closing.
30 yr fixed, 5.125 % without closing.
7/1 arm, 4.25 % without closing.


cheers,

[hope4best]

Soomdy,

Did you inquire about the 15 yr fixed rate. Are these the interest rates or APR?

I locked in a 15 yr fixed rate of 4.5% with $1000 discount on closing. This is with my existing lender and sounds a little high based on rates I saw on bankrate.com today.

Can you tell me which lender did you get the above rates from?

BTW, I was quoted 4 % with $1000 discount on closing for 5/1 arm.

TIA

[soomdy]

I did not enquire about 15 years. I know that would increase my mortgage by about 500 $s / month. Currently am only interested in reducing the monthly outgoing.
I locked in yesterday for another 7/1 arm at 4.25 % with the lender paying all my closing i.e. about 5000 $s.

My local lender here is .......www.ehomepointe.com. So far I know the bank lending money is BofA and they have one catch i.e. I need to be with them atleast for 6 months. Who cares....

GL,

Soomdy,

Did you inquire about the 15 yr fixed rate. Are these the interest rates or APR?

I locked in a 15 yr fixed rate of 4.5% with $1000 discount on closing. This is with my existing lender and sounds a little high based on rates I saw on bankrate.com today.

Can you tell me which lender did you get the above rates from?

BTW, I was quoted 4 % with $1000 discount on closing for 5/1 arm.

TIA

[svnlogin]

I locked in yesterday for another 7/1 arm at 4.25 % with the lender paying all my closing i.e. about 5000 $s.

My local lender here is .......www.ehomepointe.com.

GL,

That almost sounds too good to be true! When you say, they are paying all your closing costs - are they just rolling that into the mortgage or are they really waiving all the fees assoicated with closing? Also, any idea if they offer cash-out refinancing? I am especially interested since I am also in ATL

[ssjohn]

In this year we Freddie Mac estimates that about 40% of the mortgage market is for refinance activities and another 60% is for a new mortgage.It could refinance to somewhere between 3.75 and 4.25% depending on the lender and terms.Also both interest rates and the ease of obtaining mortgage financing have accelerated mortgage activity from more years.

[amliNagar]

When you refinance your home, you pay off your existing mortgage and replace it with another. Benefits can include lowering your current payment, changing the term of your loan or borrowing against the equity in your home to get cash out.

Thanks in advance,
Amli