Comments on: Waiting For a No Cost Mortgage Refinance http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html like a friend telling you about money ... Thu, 19 Nov 2009 19:44:17 -0600 http://wordpress.org/?v=2.8 hourly 1 By: Jamie http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html/comment-page-1#comment-1942 Jamie Thu, 23 Apr 2009 04:43:34 +0000 http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html#comment-1942 Thanks for writing this post up. I also have a very low cost mtg 4.75% (15 yr) for many years and have been waiting for a no cost refi. Although, from your post, it sounds like I may have to wait some more. Please write update if you find other low cost refi. As always, you keep on bringing up topics that are on my mind :) Thanks Thanks for writing this post up. I also have a very low cost mtg 4.75% (15 yr) for many years and have been waiting for a no cost refi. Although, from your post, it sounds like I may have to wait some more. Please write update if you find other low cost refi.

As always, you keep on bringing up topics that are on my mind :)

Thanks

]]> By: TFB http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html/comment-page-1#comment-1941 TFB Wed, 22 Apr 2009 16:41:47 +0000 http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html#comment-1941 Raghu - Thank you so much for sharing. Too bad I don't live in the states CIMG is licensed in. You mentioned <a href="http://www.nationalmortgagealliance.com/" rel="nofollow">National Mortgage Alliance</a> on your blog. Their rates are the lowest I see so far. Not quite no cost for 15-year at 4.5% yet, but close. Raghu – Thank you so much for sharing. Too bad I don't live in the states CIMG is licensed in. You mentioned National Mortgage Alliance on your blog. Their rates are the lowest I see so far. Not quite no cost for 15-year at 4.5% yet, but close.

]]> By: Raghu http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html/comment-page-1#comment-1938 Raghu Wed, 22 Apr 2009 14:26:00 +0000 http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html#comment-1938 Chris Murray - cmurray at cimginc dot com Office: (919) 676-1111 Let him know I referred you guys. 4.875%; .125% Escrow Waiver Fee. I'm still trying ti get the escrow fee waived. If you happen to be successful, let me know. Chris Murray – cmurray at cimginc dot com
Office: (919) 676-1111

Let him know I referred you guys.

4.875%; .125% Escrow Waiver Fee. I'm still trying ti get the escrow fee waived. If you happen to be successful, let me know.

]]> By: TReido http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html/comment-page-1#comment-1937 TReido Mon, 20 Apr 2009 23:19:03 +0000 http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html#comment-1937 Raghu - If that no-cost refi is for a 30yr please do share. I'm in Texas and am in the same boat as TFB on crunching the numbers to make a no-cost refi work for me. Thanking you in advance for sharing! Raghu – If that no-cost refi is for a 30yr please do share. I'm in Texas and am in the same boat as TFB on crunching the numbers to make a no-cost refi work for me. Thanking you in advance for sharing!

]]> By: TFB http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html/comment-page-1#comment-1936 TFB Mon, 20 Apr 2009 22:29:37 +0000 http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html#comment-1936 Raghu - Is that for a 30-year fixed? I can't predict where the rates will go. In the past I followed the "stepping down the ladder" method. Whenever the rate dropped by 0.25%, I refi'd with a no cost loan. My only cost was the time spent on filling out some forms and signing some documents. If there's really no cost, I don't see any reason why you shouldn't do it. I would try to negotiate away that escrow waiver fee. If the broker is making money from the refi, he/she can certainly cover it. Can you e-mail me your broker's contact info? If they can do 30-year at 4.875% for you, they should be able to do 15-year at 4.5% for me. Raghu – Is that for a 30-year fixed? I can't predict where the rates will go. In the past I followed the "stepping down the ladder" method. Whenever the rate dropped by 0.25%, I refi'd with a no cost loan. My only cost was the time spent on filling out some forms and signing some documents. If there's really no cost, I don't see any reason why you shouldn't do it. I would try to negotiate away that escrow waiver fee. If the broker is making money from the refi, he/she can certainly cover it. Can you e-mail me your broker's contact info? If they can do 30-year at 4.875% for you, they should be able to do 15-year at 4.5% for me.

]]> By: Raghu http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html/comment-page-1#comment-1935 Raghu Mon, 20 Apr 2009 19:35:02 +0000 http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html#comment-1935 TFB - I have 5.25% No Cost Loan since Dec 2008 and I was actively looking to lower the rates. Yesterday one of broker called to offer 4.875% with (.125%) Escrow waiver fee; No Cost loan. It would lower monthly payment by $65. I'm still thinking if I can take that offer for now or wait for the another rate dip. My instinct says - go for it. Any suggestions? TFB – I have 5.25% No Cost Loan since Dec 2008 and I was actively looking to lower the rates.

Yesterday one of broker called to offer 4.875% with (.125%) Escrow waiver fee; No Cost loan. It would lower monthly payment by $65.

I'm still thinking if I can take that offer for now or wait for the another rate dip. My instinct says – go for it. Any suggestions?

]]> By: TFB http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html/comment-page-1#comment-1934 TFB Mon, 20 Apr 2009 15:28:09 +0000 http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html#comment-1934 Ted - Thanks for the info. If that's indeed the case, it's too bad. Paying the $3,000 closing cost doesn't make sense for me yet. I will keep waiting and tracking the rates. Ted – Thanks for the info. If that's indeed the case, it's too bad. Paying the $3,000 closing cost doesn't make sense for me yet. I will keep waiting and tracking the rates.

]]> By: Ted http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html/comment-page-1#comment-1933 Ted Mon, 20 Apr 2009 15:04:30 +0000 http://thefinancebuff.com/2009/04/waiting-for-a-no-cost-mortgage-refinance.html#comment-1933 TFB - I have had mortgage brokers tell me that no closing cost loans are over (for now). Once the federal government began backing the loans, the margins banks were able to pay brokers dropped drastically. Normally if the par rate was 5%, a broker could make 2.5 points in yield spread from the bank for charging a rate of 6%. Now, if the par rate is 5%, 6% may only pay 1.125 points. Closing costs are normally 2%-3% of the loan amount, so now brokers just can't make enough to cover closing costs. TFB – I have had mortgage brokers tell me that no closing cost loans are over (for now). Once the federal government began backing the loans, the margins banks were able to pay brokers dropped drastically. Normally if the par rate was 5%, a broker could make 2.5 points in yield spread from the bank for charging a rate of 6%. Now, if the par rate is 5%, 6% may only pay 1.125 points. Closing costs are normally 2%-3% of the loan amount, so now brokers just can't make enough to cover closing costs.

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