Any mortgage experts on the forums?

[nucheiner]

Just refi fees.
Added $1000 to lower the rate from 2.625% to 2.5%.
30 year fixed.

Cash out refers to refinancing a property and taking money out of the property not just getting a lower interest rate on the debt. But I assume from your response that you just got a new interest rate and did not take anything out. And that you also paid down points.

[ae123]

Cash out refers to refinancing a property and taking money out of the property not just getting a lower interest rate on the debt. But I assume from your response that you just got a new interest rate and did not take anything out. And that you also paid down points.

We did not take anything out and we paid $1000 to lower the rate from 2.625% to 2.5%.
Is this not a good deal?

[nucheiner]

We did not take anything out and we paid $1000 to lower the rate from 2.625% to 2.5%.
Is this not a good deal?

Sounds pretty good.  Paying down amount depends on loan amount.

I heard Ozzie Rabinowitz is doing 2.5 still.

[ae123]

Sounds pretty good.  Paying down amount depends on loan amount.

I heard Ozzie Rabinowitz is doing 2.5 still.

What's his business name?

[nucheiner]

What's his business name?

Nationwide Equities - Mahwah

Im hearing hes great with rates and if rates go down he does what he can to lower.

[nucheiner]

Anyone getting good rates these days on 30 year purchase?

[dovy2]

I'm a bit short (less than 1k/month) in the income requirement in order to refinance...

Two questions about a co-signer:
1. How good does their credit need to be?
2. Would it affect their income eligibility in any way of Medicaid/medicare/food stamps etc ? Taxes? (Assuming I make all payments on time, of course)

[nucheiner]

Just got quoted 2.375 no loan fees on a Purchase Loan amount 385k . PM for details.

[AsherO]

I'm a bit short (less than 1k/month) in the income requirement in order to refinance...

Two questions about a co-signer:
1. How good does their credit need to be?
2. Would it affect their income eligibility in any way of Medicaid/medicare/food stamps etc ? Taxes? (Assuming I make all payments on time, of course)

If it's about hitting a ratio for the amount you're borrowing in the refi, consider borrowing less and borrowing the difference elsewhere (if that's an option for you).

[yelped]

Just got quoted 2.375 no loan fees on a Purchase Loan amount 385k . PM for details.

15 or 30 year term?

[nucheiner]

30 year fixed

[ae123]

30 year fixed

Through who?

[Jellybelly]

Has anyone refinanced recently?
Have the rates gone up since the elections?

[davidd75]

what can I get these days for 10 year fix refinance no cash out with no closing costs?

[ae123]

Has anyone refinanced recently?
Have the rates gone up since the elections?

Our refi (30 yr fixed) just went through 2 weeks ago.
2.5%, but paid an extra $1000 to bring down from 2.625%.

[est]

Our refi (30 yr fixed) just went through 2 weeks ago.
2.5%, but paid an extra $1000 to bring down from 2.625%.

Can I assume you tried nucheiner’s place where he got 2.375 and rates have gone up since then? Is 2.5 a good rate now?

[ae123]

Can I assume you tried nucheiner’s place where he got 2.375 and rates have gone up since then? Is 2.5 a good rate now?

I used Meyer Weiss from Ark Mortgage.
No idea what rates are now.

[LAX_Esq]

I've done plenty of reading/research, but I'm still very naive about all this. We're currently putting offers down on houses, and trying to get prepared to apply for loans when we land an accepted offer. Looking for some advice on strategy to shop around and find the best rates. Looking for a conventional 15 yr mortgage with 20+% down, and looking to avoid paying points and closing costs.

I generally know the strategy is to shop around and get lenders to match each other. The strategy in general makes sense, but the mechanics are somewhat confusing. Some lenders charge application fees to even get the ball rolling and get a loan estimate that you could take to another bank. Also, lenders that agree to match other banks are some sometimes saying loan approval takes 45-60 days, so we sure as day can't use them for a reasonable closing. So, it all seems a little confusing.

I don't mind putting in the time to do my homework and get a good rate. I'd just appreciate some more detailed advice on how to go about it.

[ckmk47]

I've done plenty of reading/research, but I'm still very naive about all this. We're currently putting offers down on houses, and trying to get prepared to apply for loans when we land an accepted offer. Looking for some advice on strategy to shop around and find the best rates. Looking for a conventional 15 yr mortgage with 20+% down, and looking to avoid paying points and closing costs.

I generally know the strategy is to shop around and get lenders to match each other. The strategy in general makes sense, but the mechanics are somewhat confusing. Some lenders charge application fees to even get the ball rolling and get a loan estimate that you could take to another bank. Also, lenders that agree to match other banks are some sometimes saying loan approval takes 45-60 days, so we sure as day can't use them for a reasonable closing. So, it all seems a little confusing.

I don't mind putting in the time to do my homework and get a good rate. I'd just appreciate some more detailed advice on how to go about it.

A (recommended) broker does the legwork.  He gives you the best offer he can get from the banks he works with.
So approaching a few mortgage brokers may be all you need to do.

[LAX_Esq]

A (recommended) broker does the legwork.  He gives you the best offer he can get from the banks he works with.
So approaching a few mortgage brokers may be all you need to do.

Thanks for this, but I've heard brokers are often sleazy/dishonest. Do they work with every single bank with the lowest possible rates? With legwork, would I be able to do better? I'm a "hands on" guy who doesn't like trusting middlemen even if I'm not paying them myself.