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Charles, is this a decent rate?


TylerDurden
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I think we missed the boat on getting the lowest possible rates to refinance our mortgage :( . We've just locked in 4.25% for 7/1 fixed to ARM, with 0 points, and about $1900 closing costs. We're borrowing $175K on a $240K house. Does this sound decent to you? Should we be shopping around some more? Or, should we wait until the rates dip again?

Thanks in advance.

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That is a decent rate, but the closing costs seem a little low. Should be in the 4-5K range, so maybe not "everything" is listed, but maybe they are. What to look for is: Title (3rd party fees) make sure that the title insurance/closing costs fees are listed. There are also fees for the lender's underwriting (495 for prime is pretty standard) and the broker normally has processing fees etc. But the rate is good. If you want to email me (or fax me) a copy of the GFE (Good Faith Estimate) Iwould be glad to go over it with you.

Charles

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  • 1 month later...

Hi Charles,

Remember me (the credit repair addict formerly known as "businessdebt")? I wanted to thank you for all your help (and KB's help too) during my refi process. As you know, the process was not smooth at all. There were periods during the process which I thought the lender was going to screw us. Their latest antics was that they couldn't finish the paperwork before the rate lock expiration date!!! So, I made them promise us in writing that they will extend the rate lock until the process is completed at no additional cost to us. They agreed, and extended the rate lock to an additional 15 days, in writing. :D

We're closing on Monday. I'll let you know if anything "funny" happens.

Gratefully yours,

TD aka businessdebt

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Charles, KB,

I just wanted to give you an update. We closed just a couple of hours ago. Everything went very smoothly. Our closing agent was very friendly and took the time to explain everything. There were a whole bunch of papers we had to sign, and he explained every single one. The whole closing experience just made up for all the bad experience we had during the loan application. So, we got the 4.25% 7/1 ARM no points/discounts for refi w/ cash out. :D

Finally, I can breathe easy... I'm looking forward to seeing my FICO scores climb up as soon as I payoff my CC balances.

Thank you both again for all your help.

Regards,

TD

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That is great news, that you are finally done with this part, and can soon enjoy the benefits of seeing your work pay off on your scores. :-)

I just wish my interest rate was that low, but maybe after a bit we can be improved enough to try again this way, have a good evening.

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I had to take in the fives, but I got a fixed VA...not too shabby though. at least with the money the military gives me for housing pays the mortgage, utilities and leaves about 500.00 extra left over to shove in the bank. I've set up a home improvment fund with it, so every few months I can do a project or two to increase my home value....it's become a hobby. Tyler, if you live in MD. I'm right around the corner from you, in woodbridge, va...........

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That is great news, that you are finally done with this part, and can soon enjoy the benefits of seeing your work pay off on your scores. :-)

I just wish my interest rate was that low, but maybe after a bit we can be improved enough to try again this way, have a good evening.

Well, if I didn't have my brother, I don't think we could have gotten this rate. :wink:

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I had to take in the fives, but I got a fixed VA...not too shabby though. at least with the money the military gives me for housing pays the mortgage, utilities and leaves about 500.00 extra left over to shove in the bank. I've set up a home improvment fund with it, so every few months I can do a project or two to increase my home value....it's become a hobby. Tyler, if you live in MD. I'm right around the corner from you, in woodbridge, va...........

Hi neighbor :D , nice to meet you! I used to go around your neighborhood a lot some years ago, whenever I needed to go to IKEA. :D

5's are still excellent, especially for 30yr fixed. That's great that the military gives you enough to cover your monthly expenses as well as savings. You guys deserve it, and more...

I definitely needed the refi. My CC bills were getting out of hand... all current, but just getting too much for me to handle every month. Now, my monthly mortgage payment is less than before, all my debts will be paid off, and we have enough to get new appliances (fridge and oven) and floors for the house. That's such a great feeling!

Well, neighbor, whenever you're in MD, gimme a PM, maybe we can watch a skins game or something...

Regards,

TD

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