Anyone done a refi lately?

[Mill]

Interested in your rate, amount, type of credit (poor, fair, good, excellent, etc). If you are a mortgage broker feel free to contact me. Maybe we can do business.

 

[KK]

what rate do you have now?

 

[Mill]

Originally posted by: KK
what rate do you have now?

I'm on a 5 year ARM, so by next year my rate will be SKY HIGH. Right now it is 5.25.

 

[Riceckr]

5.25 is a good rate in order to pass the benefit to borrower test which most lenders do you are going to have to go to a fixed rate assuming you are doing a rate/term refi and not cash out. right now A+ paper you are looking at having a mid 640 score full documentation in order to get a deal going, lenders have really tightened their belt.

I work for Wells Fargo and have been affected by their recent lay off, just waiting my time out until they close our office..which is the end of the month. sucks for a lot of people because at the time they qualified for the loan the requirements have gotten more strict and not people in the same situation are not able to qualify and cannot refi their ARM mortgages. sad but I hear it happening every day!

 

[KK]

Originally posted by: Mill

Originally posted by: KK
what rate do you have now?

I'm on a 5 year ARM, so by next year my rate will be SKY HIGH. Right now it is 5.25.

I've never had one of those ARMs, how much will it jump come next year? bankrate.com show the rates at 6% for a 15 year and 6.3% for a thirty. Not sure how those rates are compared to what you could expect a mortage broker to give you.

 

[richardycc]

I think right now if you can get below 6.50% fixed for 30yrs, you should jump on it.

 

[Mill]

^

 

[MrChad]

Not a refi, but we locked in a rate of 6.375 on a 30-yr fixed rate mortgage about 1.5 - 2 months ago (settled end of June).

 

[Evadman]

6.3%-6.5%

I got a 6.3 about a week ago with a 818 credit rating.

 

[Zorro]

Originally posted by: Evadman
6.3%-6.5%

I got a 6.3 about a week ago with a 818 credit rating.

Damn 818 no wonder you are a senior mod.

 

[Hoober]

We bought a new house with a 30 year @ 6.0% 2 months ago. Both of us have excellent scores.

 

[Scarpozzi]

I'm sitting at 5% now, but am on a 5 year ARM that's got 2.3 years left on it.

I'm trying to decide if I should be shopping now or just hold off. I don't think it will take me 30 years to pay the loan off when I really start throwing money at it.

 

[d33pt]

end of april we locked in at 5.75% on a 30 yr fixed. excellent credit.

 

[Mail5398]

Need more info. How much equity in the house. Also, just because you got a great rate, what kind of fees or how many points did you have to pay?

 

[MrDudeMan]

I got 5.875% with a 745 credit rating and I'm 22. You should be able to do better I would assume. I purchased my home 2 months ago.

 

[MrWizzard]

I'm supposed to be locked in at 5.25% 30 year fixed for a 300k. I think my credit was 792 last time I was told about it.

I am paying it down to that rate though.

 

[lupi]

I closed about 2 months ago with a fixed 5.75.

 

[BUTCH1]

Re-fie'd 1 yr. ago 6.1 fixed 30 yr. beacon score 745..