My Fucking Mortgage Company

[Samson]

The devil is in the details and points.

Nope, I'm comparing clean closing cost, no points, 30 yr fixed mortgages. The bitch loan officer with my present company promised to remain competitive if rates dropped.

Samson I take it you've been in this house a few years making payments right? Why don't you look at fixed 15 or 20 year mortgages and start putting some more towards the principle. You can pay off your house early and have no house payment!
If you've already made 5-10 years payments then you re-fi for 30 years you are, in effect, putting yourself at the end of the line mortgage wise. No house payment beats the pants off of the interest deduction any day.

By the way I have an adjustable rate that adjusted itself down from 6.5 to 5.5 last December. Lowered my payment about 100 bucks.

I used to think the 15 year mortgage was the way to go, but it leaves you to inflexible.

 

[Mad Scientist]

I used to think the 15 year mortgage was the way to go, but it leaves you to inflexible.

Inflexible to what? Paying of your mortgage?

 

[Samson]

I used to think the 15 year mortgage was the way to go, but it leaves you to inflexible.

Inflexible to what? Paying of your mortgage?

Inflexible during the time you payoff the mortgage. E.g:

If you ever need more income during the period (say someone loses their job, goes nuts, and insane assylums are expensive), the 15 yr mortgage payments might not allow them.

Also, with the depreciating dollar, I'm not sure paying-off early is really going to make much sense: Better to use (or invest in alternatives) the present value of my earnings than to invest them in a depreciating asset.

At any rate, even with a 30 yr loan, you could pay extra principle allowing a faster pay-off (15 year).

 

[Skull Pilot]

If you're getting that good of a rate, consider a 15 year loan. You'll save tens of thousands of dollars in interest. We refinanced a 30 year at 6.5 to a 15 year at 4.5 and it was only 100 more a month.

 

[mudwhistle]

I dropped a couple of points on the rate of my 30 yr fixed mortgage when I changed companies 2 years ago. Now its 5.79%

I shopped and found 4.5%

So I give my present company a chance to be competitive.

They tell me the best they can do is 5.49%!!!

WTF??? Are these guys totally out of the ballpark??? Is 4.5% a "teaser" rate?

No bank is gonna do a loan for you at a lower rate.

They feel they don't have to. They already have your business. Why cut you any slack.

Unless refinancing gets them some extra cash from you....they don't want to do anything.

 

[Samson]

I dropped a couple of points on the rate of my 30 yr fixed mortgage when I changed companies 2 years ago. Now its 5.79%

I shopped and found 4.5%

So I give my present company a chance to be competitive.

They tell me the best they can do is 5.49%!!!

WTF??? Are these guys totally out of the ballpark??? Is 4.5% a "teaser" rate?

No bank is gonna do a loan for you at a lower rate.

They feel they don't have to. They already have your business. Why cut you any slack.

Unless refinancing gets them some extra cash from you....they don't want to do anything.

Well, I agree with you, but think ANOTHER bank, who doesn't have my business, would offer a competitive rate.

 

[Barb]

I dropped a couple of points on the rate of my 30 yr fixed mortgage when I changed companies 2 years ago. Now its 5.79%

I shopped and found 4.5%

So I give my present company a chance to be competitive.

They tell me the best they can do is 5.49%!!!

WTF??? Are these guys totally out of the ballpark??? Is 4.5% a "teaser" rate?

Samson, I'm appalled.

Mortgage companies are American corporations, growing the economy, providing jobs, and building the "American dream." Who are you, the lowly consumer, a loan applicant at that (just a banana peel away from recipient), to question their motives, methods, or policies in doing so?

 

[mudwhistle]

I dropped a couple of points on the rate of my 30 yr fixed mortgage when I changed companies 2 years ago. Now its 5.79%

I shopped and found 4.5%

So I give my present company a chance to be competitive.

They tell me the best they can do is 5.49%!!!

WTF??? Are these guys totally out of the ballpark??? Is 4.5% a "teaser" rate?

No bank is gonna do a loan for you at a lower rate.

They feel they don't have to. They already have your business. Why cut you any slack.

Unless refinancing gets them some extra cash from you....they don't want to do anything.

Well, I agree with you, but think ANOTHER bank, who doesn't have my business, would offer a competitive rate.

If you have a good credit score and the prime rate has dropped enough then you can refinance with someone else at a competitive rate.

However...don't put your equity back into the loan and don't do it unless you can lower your rate at least a full percentage point. You have to take into account all of the taxes and fees that go into a refinance most of which you will pay for.

It the loan was a VA loan you can get around all of the fees and refinance for next to nothing. VA loans are a great deal and the loan could be done in about 3 weeks without having to re-qualify.

Check to see if the 4.5% is an ARM. You need a fixed loan. Depending on how much you owe you could even decrease the term to say a 15 yr fixed loan which may get you something around 3%. If you can afford the higher payment they're a really great deal.

 

[Barb]

Nope, I'm comparing clean closing cost, no points, 30 yr fixed mortgages.

The bitch loan officer with my present company promised to remain competitive if rates dropped.

I guess you can start calling the bitch loan officer a lying bitch loan officer.

He called me back with his "best offer" at 5.49%.

When I asked if he was kidding, he asked how long I'd planned to remain in the house.

I told him I had a grave for myself already dug in the basement, and wondered how that was relevant, and that I didn't wanna hear from him unless he could offer 4.5%.

never mind

 

[syrenn]

So where ya at with all of this samson?

 

[Samson]

So where ya at with all of this samson?

I've been sidetracked with other issues, but I continue to see advetised rates below 4%.

Since all I'm looking to do is refinance at 4.5% (with NO points or FEES) an existing 30 yr fixed, with 5.79% rate, I think I should be able to find it, but the difference (5.79-4.5) of 1.29%doesn't inspire me.

 

[Douger]

Nope, I'm comparing clean closing cost, no points, 30 yr fixed mortgages.

The bitch loan officer with my present company promised to remain competitive if rates dropped.

Then you need to make good on the "threat" to move your mortgage. Then see what he does. They dont think you will actually take the new mortgage.

HUH???

They think I'm playing? When it takes all of a few seconds to find 4.5%??

Well, maybe you're right: they're idiots.

If it's a bank in murka that's a very, very strong possibility.

 

[Truthmatters]

I dropped a couple of points on the rate of my 30 yr fixed mortgage when I changed companies 2 years ago. Now its 5.79%

I shopped and found 4.5%

So I give my present company a chance to be competitive.

They tell me the best they can do is 5.49%!!!

WTF??? Are these guys totally out of the ballpark??? Is 4.5% a "teaser" rate?

Obviously they have too many regulations on them.

Allowing them to DO WHATEVER THEY WANTED TO YOU would make your life much better huh?

 

[Samson]

If it's a bank in murka that's a very, very strong possibility.

Obviously they have too many regulations on them.

Allowing them to DO WHATEVER THEY WANTED TO YOU would make your life much better huh?

Thanks guys, I really appreciate your help.

Hey, why don't I grab you both a cold beer, and a seat out on the deck.....