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Old    Brett W (brettw)      Join Date: Jul 2007       08-26-2010, 8:37 AM Reply   
It seems like mortgage rates are at all time lows now. My rate and I know most others are already low, but is it time to refi one last time?

What are the best rates available out there right now for 30 and 15 year fixed mortgages and what are reasonable loan costs?

Let's say on a loan of $400,000 or less with plenty of equity and perfect credit. I want to know what's the best available.
Old    Paul (psudy)      Join Date: Dec 2003       08-26-2010, 8:44 AM Reply   
I am at 4.25 on a 30 and 3.75 on a 15 with no points. Buy points and I can get them lower. Refinancing a 400K mtg would cost approx. $3415 here.
Old    M-Dizzle (liquidmx)      Join Date: Jun 2005       08-26-2010, 9:49 AM Reply   
Paul, out of curiosity does anything change if you have a duplex as a "primary residence"? I have been told a few times that its a no go (since its a rental the rates are higher).
Old    Paul (psudy)      Join Date: Dec 2003       08-26-2010, 10:11 AM Reply   
Yes things change a bit. Assuming you own the entire thing, as long as you live in one side, I am capped at a max LTV of 80% and you get a slight rate increase. It would be about 4.5% on a 30 and 4% on a 15.
Old    CJ Meert (Meert)      Join Date: Mar 2010       08-26-2010, 10:59 AM Reply   
Paul, are you serious? That's great pricing, we are so far out of the ball park right now it's crazy. If you don't mind me asking who do you work for?
Old    Paul (psudy)      Join Date: Dec 2003       08-26-2010, 11:02 AM Reply   
I am an underwriter for a small community bank. We sell to BB&T.
Old    Richard (nauty)      Join Date: Feb 2004       08-26-2010, 11:23 AM Reply   
I refi'd at 4.75% last summer, but am hearing commercials on the radio advertising 30 yr fixed loans in the 3's. Accounting for the typical advertising BS that is bound to be in the fine print, I'm sure you could find rates in the low 4's with good credit.
Old    C.I.E..... Evan (guido)      Join Date: Jul 2002       08-26-2010, 11:38 AM Reply   
Hmmmmm.... I've been dreaming of a 15 year at 3.75%. That'd be awesome. I think I'm at 5.25% on a 30 right now.
Old    Tracktor (tracktor)      Join Date: Sep 2005       08-26-2010, 11:49 AM Reply   
Each loan has individual pricing due to risk but Paul is pretty much the same as I am in pricing. Great time to refinance even if you think you may not be able to due to value. The HARP program makes high LTV loans possible if you have a Fannie or Freddie backed mortgage. FHA?VA have similiar programs also..............
Old    Barry Waste (barry)      Join Date: Apr 2002       08-26-2010, 12:39 PM Reply   
hmm, maybe one of you mortgage guys can help me. I've considered refinancing as well but I'm not sure if it makes sense for us at this point.
We owe 79k and the house is worth about 190k
We have 9 years to go and our rate is 5.25%

I do not want cash out and i do not want to refi for more than 10 years. Does it make sense to refi or add a bit to our loan payment each month instead.?
Old    Paul (psudy)      Join Date: Dec 2003       08-26-2010, 12:51 PM Reply   
It would save you roughly $6095.71 keeping the 9 year payout, less closing costs. Closing costs on that amount shouldn't be much over $1500.00 without escrow.
Old    Brett W (brettw)      Join Date: Jul 2007       08-26-2010, 12:53 PM Reply   
Paul, send me a PM. I tried to send you one, but this damn frustrating thing just keeps bringing up your profile with nothing about being able to send a PM.
Old    Paul (psudy)      Join Date: Dec 2003       08-26-2010, 1:03 PM Reply   
It appears I am having the same problem!
Old    Paul (psudy)      Join Date: Dec 2003       08-26-2010, 1:23 PM Reply   
Hey Brett, If your contacting me to refi, BB&T doesn't operate in CA. sorry!
Old    Brett W (brettw)      Join Date: Jul 2007       08-26-2010, 2:28 PM Reply   
Alright, I just created a hotmail email address called wakeworldpms@hotmail.com

Paul, send me an email there, and I'll reply back to you through my real email address. I just don't want to post it here due to spam and all.

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