Author Topic: Any mortgage experts on the forums?  (Read 17472 times)

Online Mikeoracle

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Re: Any mortgage experts on the forums?
« Reply #105 on: April 30, 2020, 10:22:29 PM »
Approved Funding in NJ - speak to Ari. He gave me a quote of 3.25% on a 30 with fees baked in. He said its 1.5% on a 10 year. and in the upper 2's for a 15 year in NJ.
I used Ari and am very happy, real professional and helpful

Offline Sammyonetwo

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Re: Any mortgage experts on the forums?
« Reply #106 on: May 01, 2020, 12:12:24 AM »
any one have info on the 10k NJ Grant for first time home buyers?


on a 1099 does one time expenses that writing off for taxes get included in income I made?
« Last Edit: May 01, 2020, 12:18:09 AM by Sammyonetwo »

Offline mlomni

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Re: Any mortgage experts on the forums?
« Reply #107 on: May 15, 2020, 05:26:48 PM »
I'm in the process of refinancing as well at 3.25% It better then my current rate of 4.3%  :)

I just closed this week at a rate of 3.1%

Offline zagguru

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Re: Any mortgage experts on the forums?
« Reply #108 on: May 15, 2020, 05:29:25 PM »
I just closed this week at a rate of 3.1%

30 yr?

Offline Geshmak25

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Re: Any mortgage experts on the forums?
« Reply #109 on: May 15, 2020, 05:33:02 PM »
I just closed this week at a rate of 3.1%
So you paid money at closing?
PUTPAC = PITA

Offline Let3

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Re: Any mortgage experts on the forums?
« Reply #110 on: May 16, 2020, 10:44:05 PM »
What’s the best rate these days without paying down points?

And is that even worth it?

Offline am32

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Re: Any mortgage experts on the forums?
« Reply #111 on: May 16, 2020, 11:09:14 PM »
What’s the best rate these days without paying down points?

And is that even worth it?

Best rate for how many years...15 or 30?  Being worth it will depend on what your rate is today.

Offline Let3

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Re: Any mortgage experts on the forums?
« Reply #112 on: May 16, 2020, 11:10:30 PM »
30 years

My question of worth it was regarding buying down points (from 3.5)

Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #113 on: May 17, 2020, 01:42:44 AM »

My question of worth it was regarding buying down points (from 3.5)
When I took out my mortgage, I made the assumption I would keep it for the whole 30 years.  (That may not be the case today, but with interest rates so low, it may be.)
I looked at what my total payments would be with the 0 pts rate vs the 3.5 pts rate.  The added the cost of the points to the cheaper, 3.5 points total.
If one is significantly better, you have a winner.
If the rates are similar, I'd probably take the no-buy-down deal.  With points, you're paying some of the expense up front, rather than over 30 years.  If rates drop - which is unlikely, because we're at historically low interest rates now *- you can refinance to a lower rate. With points  you've already paid up front for the better rate.


* Although you young people don't realize this, the interest rates now, (before the covid economic implosion,) are being kept low by the government.  Obama did this to help the 'recovery' and Trump and his Fed Chair were beginning to raise rates slowly.  At this point, they'll probably be kept low for a while longer, but some time in the future, they'll go back to free market rates.  And that will surely be higher.

Offline YankyDoodle

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Re: Any mortgage experts on the forums?
« Reply #114 on: May 17, 2020, 08:41:34 AM »
I just got a refinance at 3.0 with no money down at closing - 30yr.

Offline @Yehuda

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Re: Any mortgage experts on the forums?
« Reply #115 on: May 17, 2020, 08:52:15 AM »
Thoughts on breaking a lock when you find a lower rate?

Offline Geshmak25

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Re: Any mortgage experts on the forums?
« Reply #116 on: May 17, 2020, 08:57:46 AM »
I just got a refinance at 3.0 with no money down at closing - 30yr.
What state
PUTPAC = PITA

Offline Sport

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Re: Any mortgage experts on the forums?
« Reply #117 on: May 17, 2020, 09:17:31 AM »
I just got a refinance at 3.0 with no money down at closing - 30yr.
What size loan?

Offline YankyDoodle

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Re: Any mortgage experts on the forums?
« Reply #118 on: May 17, 2020, 09:38:36 PM »

Offline zagguru

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Re: Any mortgage experts on the forums?
« Reply #119 on: May 17, 2020, 09:50:56 PM »
Closing on a Refi 2.75 3/8 points 15 year in a couple weeks.