Refi Time?

[TUalum0982]

quote:Originally posted by inteller

sounds like more house than you can afford....but then building will do that to you.  and 6.25 is horrible these days unless you have awful credit.  Did you shop around at all?  have you already started building?  really, you need to shop around.

both our credit scores are in the 720-750 range. We are both 25, own a 2007 BMW 335I.  I dont know many 25 year olds who have 40,000+ plus to put down as a down payment.  6.25% with no PMI is a great rate.  Plus our closing costs are around 8K and our builder is paying those.

[brunoflipper]

own?

[inteller]

quote:Originally posted by TUalum0982

quote:Originally posted by inteller

sounds like more house than you can afford....but then building will do that to you.  and 6.25 is horrible these days unless you have awful credit.  Did you shop around at all?  have you already started building?  really, you need to shop around.

both our credit scores are in the 720-750 range. We are both 25, own a 2007 BMW 335I.  I dont know many 25 year olds who have 40,000+ plus to put down as a down payment.  6.25% with no PMI is a great rate.  Plus our closing costs are around 8K and our builder is paying those.

6.25% with no PMI was a great rate in 2006.  Seriously, the rates are better these days.  Even with a FICA of 750.  I can go out and get a 5.625 without even really trying.  But it sounds like you are too far into the process.

[TUalum0982]

quote:Originally posted by inteller

quote:Originally posted by TUalum0982

quote:Originally posted by inteller

sounds like more house than you can afford....but then building will do that to you.  and 6.25 is horrible these days unless you have awful credit.  Did you shop around at all?  have you already started building?  really, you need to shop around.

both our credit scores are in the 720-750 range. We are both 25, own a 2007 BMW 335I.  I dont know many 25 year olds who have 40,000+ plus to put down as a down payment.  6.25% with no PMI is a great rate.  Plus our closing costs are around 8K and our builder is paying those.

6.25% with no PMI was a great rate in 2006.  Seriously, the rates are better these days.  Even with a FICA of 750.  I can go out and get a 5.625 without even really trying.  But it sounds like you are too far into the process.

YOUR FICA SCORE IS 750[]  I find your great rates hard to believe but I have shopped around and being a first time home buyer making around 85-90K a year between the two of us, we couldnt get any better then 6.15 but they wouldn't pay our closing costs.  So I will take the 6.25% and then refi in a 3-4 years.  The house was appraised at $214,000 and we paid 201,710.  So we already have over 10K in equity.  Not to mention a few thousand we put down originally.

We owe 22,000 on a 48,000 dollar car.  If you want to be technical, we dont OWN it since we still have a loan on it. Our payment is 460 dollars a month.

[tulsa1603]

I've been wondering this myself.  I'm at 6.875% on a mortgage I got 6 years ago, and I also have a 7.5% second i took out to remodel the kitchen a year and a half ago...  If I roll them together, I'd still owe less than 80%.  I guess the question is how long do I want to stay in this house....Obviously, rate wise this would be a big win for me.

It's been so long... what are typical closing costs?  Is it a percentage of financed amount?

[brunoflipper]

quote:Originally posted by TUalum0982

quote:Originally posted by inteller

quote:Originally posted by TUalum0982

quote:Originally posted by inteller

sounds like more house than you can afford....but then building will do that to you.  and 6.25 is horrible these days unless you have awful credit.  Did you shop around at all?  have you already started building?  really, you need to shop around.

both our credit scores are in the 720-750 range. We are both 25, own a 2007 BMW 335I.  I dont know many 25 year olds who have 40,000+ plus to put down as a down payment.  6.25% with no PMI is a great rate.  Plus our closing costs are around 8K and our builder is paying those.

6.25% with no PMI was a great rate in 2006.  Seriously, the rates are better these days.  Even with a FICA of 750.  I can go out and get a 5.625 without even really trying.  But it sounds like you are too far into the process.

YOUR FICA SCORE IS 750[]  I find your great rates hard to believe but I have shopped around and being a first time home buyer making around 85-90K a year between the two of us, we couldnt get any better then 6.15 but they wouldn't pay our closing costs.  So I will take the 6.25% and then refi in a 3-4 years.  The house was appraised at $214,000 and we paid 201,710.  So we already have over 10K in equity.  Not to mention a few thousand we put down originally.

We owe 22,000 on a 48,000 dollar car.  If you want to be technical, we dont OWN it since we still have a loan on it. Our payment is 460 dollars a month.

i was just busting your balls... it's a pet peeve of mine, you really only "own" it if you paid in full...

[Breadburner]

quote:Originally posted by tulsa1603

I've been wondering this myself.  I'm at 6.875% on a mortgage I got 6 years ago, and I also have a 7.5% second i took out to remodel the kitchen a year and a half ago...  If I roll them together, I'd still owe less than 80%.  I guess the question is how long do I want to stay in this house....Obviously, rate wise this would be a big win for me.

It's been so long... what are typical closing costs?  Is it a percentage of financed amount?

Closing cost will vary from lender to lender.....

[TUalum0982]

quote:Originally posted by brunoflipper

quote:Originally posted by TUalum0982

quote:Originally posted by inteller

quote:Originally posted by TUalum0982

quote:Originally posted by inteller

sounds like more house than you can afford....but then building will do that to you.  and 6.25 is horrible these days unless you have awful credit.  Did you shop around at all?  have you already started building?  really, you need to shop around.

both our credit scores are in the 720-750 range. We are both 25, own a 2007 BMW 335I.  I dont know many 25 year olds who have 40,000+ plus to put down as a down payment.  6.25% with no PMI is a great rate.  Plus our closing costs are around 8K and our builder is paying those.

6.25% with no PMI was a great rate in 2006.  Seriously, the rates are better these days.  Even with a FICA of 750.  I can go out and get a 5.625 without even really trying.  But it sounds like you are too far into the process.

YOUR FICA SCORE IS 750[]  I find your great rates hard to believe but I have shopped around and being a first time home buyer making around 85-90K a year between the two of us, we couldnt get any better then 6.15 but they wouldn't pay our closing costs.  So I will take the 6.25% and then refi in a 3-4 years.  The house was appraised at $214,000 and we paid 201,710.  So we already have over 10K in equity.  Not to mention a few thousand we put down originally.

We owe 22,000 on a 48,000 dollar car.  If you want to be technical, we dont OWN it since we still have a loan on it. Our payment is 460 dollars a month.

i was just busting your balls... it's a pet peeve of mine, you really only "own" it if you paid in full...

after reading the last sentence of my post it may have come off a little rude. I apologize for that.  But thanks for keeping me on my toes.  As for closing costs they do vary from lender to lender, what will be the same are your title fees, insurance, etc.  OK is one of the last states to require a full abstract so its more expensive then say texas or kansas.  Typically closing costs shouldnt cost more then 3-5% (from what I have read from different websites and from what I have heard from individuals).

[inteller]

quote:Originally posted by tulsa1603

I've been wondering this myself.  I'm at 6.875% on a mortgage I got 6 years ago, and I also have a 7.5% second i took out to remodel the kitchen a year and a half ago...  If I roll them together, I'd still owe less than 80%.  I guess the question is how long do I want to stay in this house....Obviously, rate wise this would be a big win for me.

It's been so long... what are typical closing costs?  Is it a percentage of financed amount?

mine were pretty small.  Maybe it was because I bought a house and not built.  I've only heard horror stories here lately of building....definitely not going that route.  It seems fun at first to make the house the way you want it, but it seems like nothing but a headache to have to pick everything out.

[rwarn17588]

We got a mortgage three years ago for 6.6 percent, and our credit rating's in the 770 range.

We were told the interest rate could have been lower, but if you buy a small house and don't max out on the loan amount, they'll stick you with a slightly higher rate. In other words, there's a bit of a penalty for frugality.

A small price to pay, I suppose, when our payments are about 12 percent of our take-home income.

[tulsa_fan]

I know you guys are talking about shopping around, but have you ever used a mortgage broker?  (I'm NOT in this industry) but we used the same one for our lot loan, construction loan, and permanent loan.  I checked a few placed myself, but was busy too busy, the one we used beat everything I found each time.  Anyway, a thought, you can fill out one small questionairre and have them work it for you.  They only check your credit once, not everywhere you call, anyway, worked really well for me.   There was no fee to us, I'm sure she got her fee from the financing company, and on our home equity loan, we paid about 2800 in closing costs, probably shouln't be too much more for a refi, they have some much of the documentation already prepared (we used the same company as our mortgage).

Now if our builder hadn't screwed us and is making us take him to trial for HIS mistake, I'd be excited about these rates, I wish we were moving.  Don't buy a home from Concept Builders!

[BriefRighter]

A buddy of mine who is a mortgage broker just locked in a couple a 4.875% in Texas.  He is thrilled and so are the homebuyers.