Where are you getting 4.5 with 1%?

1/15/2009 11:09:22 PM

I got 4.5% with .5% origination fee, no points at Wells Fargo (FICO score 760+, only 5% down though)

note: they were initially quote 1% fee, I hustled a bit and got them to chop it in half.

[Edited on January 16, 2009 at 11:19 AM. Reason : d]

1/16/2009 11:09:49 AM

^^ BB&T

forkgirl: With who?

[Edited on January 16, 2009 at 12:50 PM. Reason : ?]

1/16/2009 12:46:33 PM

We found a different lender and got 4.625% with only $1100 in closing costs.

1/17/2009 8:02:05 AM

who?

1/17/2009 8:54:53 AM

Mortgage broker closed about 20 loans together. I do not know who the lender will be until closing.

[Edited on January 17, 2009 at 12:07 PM. Reason : I do not check the thread everyday.....]

1/17/2009 12:06:45 PM

who's the broker?

1/17/2009 3:56:02 PM

bumping since closing on a house end of next month
need the best rate on a 30 year fixed
thanks

1/21/2009 9:05:20 PM

Quote :

"I got 4.5% with .5% origination fee, no points at Wells Fargo (FICO score 760+, only 5% down though) note: they were initially quote 1% fee, I hustled a bit and got them to chop it in half."

got a contact #?

1/21/2009 9:20:15 PM

^pm sent.

I got all the final paperwork in the mail yesterday, and poured over it for about an hour, trying to find "the catch". I'm happy to report there is none!

1/22/2009 9:38:27 AM

^let me get that info as well.

I have a 791 credit score and about 40% equity in my townhome on centennial campus (due to appreciation). I would like to refinance to capture these better rates.

1/22/2009 9:42:26 AM

Can I get that info too?

1/22/2009 9:45:14 AM

naca.com

4.5% (two days ago, it varies day by day)

no orgination fee, no down payment, no closing, etc.....

1/22/2009 9:56:44 AM

Do they refinance?
Any restrictions?

1/22/2009 10:12:04 AM

^^I get to call bullshit. Did you do any research before you posted that link? Biggest rip off ever!!!

General Requirements
The following are the general eligibility requirements to participate in the NACA Program. There are no income limits, but there are maximum purchase price limits and you must purchase within a NACA service area.

Be a Member in good standing

NACA provides the NACA Workshop to everyone without becoming a NACA Member. After attending the workshop, should you decide to begin the NACA Program and the initial counseling, you need to be a NACA Member in good standing. This requires that the Membership Agreement and Authorization be signed by all household members. At your first individual meeting with a Mortgage Consultant, you will need to pay the Membership Fee, (for 2007 is $20 for the year). Once you purchase your home, you will need to pay the Membership Fee, which includes the Neighborhood Stabilization Fund Fee,of $50 a month for a period of between five and ten years, depending on the amount of the mortgage. The Membership fee entitles you to not only NACA’s comprehensive counseling to assist you throughout the home buying and mortgage process, but also to NACA’s membership assistance for NACA homeowners that provides comprehensive foreclosure prevention assistance.

No member of the household can have an ownership interest in any other property
NACA focuses on people who have not been able to purchase a home. The program, however, is not limited to first-time homebuyers; you may participate as long as you do not own another home at the time of purchase. Current NACA homeowners must have lived in their home for at least three years and have been active participants in the NACA program to be eligible to purchase through the program again.

Occupy the home for as long as you have the mortgage through NACA
NACA believes that owner-occupants stabilize neighborhoods. Therefore, NACA requires that you live in your home for as long as you have a mortgage through NACA. Being an owner-occupant involves you in all aspects of the community because you own a piece of the community, not just real estate. NACA is very serious about Members adhering to the occupancy requirement. Therefore, NACA takes out a lien on the property—in addition to other enforcement mechanisms—to ensure that homeowners live in the home. This does not prevent you from selling your house for a profit, refinancing your house, or purchasing other property while continuing to live in the house purchased through NACA. These serious actions and remedies are in place to prevent the abuse of the NACA Program. Lenders participating in the NACA Program also require owner-occupancy and may have their own enforcement mechanisms beyond NACA’s. Obtaining a second mortgage requires that NACA subordinate its lien to the second mortgage, which NACA may or may not, in its sole discretion, agree to provide; therefore, your ability to obtain a second mortgage may be limited.

Participate in at least five actions and activities a year in support of NACA’s mission
Every Member is encouraged to contribute their unique skills to NACA and its mission. Many people say the NACA program sounds too good to be true. It is real because of the active participation of NACA’s huge Membership. Participation and direct action have made NACA successful and will continue to strengthen our neighborhoods and organization. There are numerous ways for you to participate:

Join advocacy campaigns that may include protests, demonstrations, actions and/or engaging in litigation against persons or companies that discriminate against or victimize others;
volunteer in the NACA office;

participate on the peer lending committee; and
assist other Members with the home buying process.

1/22/2009 10:17:42 AM

its not bullshit. naca is setup so property investors cant take advantage of them. naca is for first time homebuyers, or people in trouble...faceing foreclosure.

The $50 monthy fee, is much less tham PMI.

1/22/2009 10:30:01 AM

Yeah, but I'd would be paying $50 a month to save $100 when I could just go with another broker and save $75.

1/22/2009 10:36:56 AM

I'm shopping around too.

I just went to Coastal.
For 30 year/20% down, the fixed rate is 4.75% with no points. I asked about first time homeowner program. He said the first time homeowner program is fixed rate at 30 year at 5.25% and you can borrow up to 100% (up to no money down) and he "thinks" they waive the PMI. So I asked him how about 30 year/10% down, is there a better rate than 5.25%? And that's when he wasn't sure and directed me to the mortgage department.

1/22/2009 11:25:39 AM

Nice, I may have to go dow and check out their rates.

1/22/2009 11:29:07 AM

I just went down there. Good deal but they wouldn't' let me roll the closing costs into the loan without charging me $ even though I have plenty of equity.

1/22/2009 12:02:43 PM

my mortgage is 1140 a month, thats PITIM (principal, interest, taxes, insurance, pmi). 6% fixed

thru naca it would be 1050, $90 difference

30 years x 12 payments x $90 = $32400 saved over loan term

1/22/2009 12:14:38 PM

Well it would be $90 - $50 for me.

1/22/2009 12:18:05 PM

the above post was using naca at 4.75%

since i bought my home last year, i'm getting that 7500 tax credit

interest buy down thru naca would be 3.525 with $7500 buy down

new mortgage would be: $942....... $200 a month cheaper ($72,000 savings over 30 year loan term)

1/22/2009 12:19:50 PM

Don't pay $7500 in points.

1/22/2009 12:26:38 PM

Quote :

"interest buy down thru naca would be 3.525 with $7500 buy down"

they would actually let you do this?

1/22/2009 12:27:43 PM

i know a lady in rocky mount, that has a 0.0125 rate, which is the lowest they will go. NACA loans are thru BOA, so its legit.

yes 7500 in points is very high, i would rather put some towards principal

1/22/2009 12:30:31 PM

my $7500 is probably going straight to principal.

Since I'm closing in about 3 weeks, I have a dilemma. The newest+greatest bailout bill (proposed earlier this week or last?) would turn the $7500 into free money (instead of having to pay it back, the way it currently is) if it passes. But only for purchases Jan '09 - Jul '09.
Up until now, I was planning on filing w/ the purchase date 12/31/08 to go ahead and get my handout on this year's taxes. Now, I'm not so sure.

1/22/2009 12:35:07 PM

^^It would take you 3 years and 2 months to break even on that.

If you were going to be in the house for 30 years, and you knew this without a doubt, you should do it (obviously unlikely). Otherwise, putting it towards principal is better, but investing it is even better than that.

Take your interest rate, and what % you pay in tax based on your bracket.

So if you were paying 6% interest and you pay 33% in taxes, you only have to get a return of >4% to come out ahead investing rather than putting money towards principal when you factor that you're paying for interest with tax-free money.

[Edited on January 22, 2009 at 1:00 PM. Reason : asdf]

1/22/2009 1:00:25 PM

^very true, and exactly what I'll be doing once my loan gets under 80% LTV

1/22/2009 1:16:36 PM

i'm so fucking pissed that I missed that 7500 bucks. by like a month.

1/22/2009 2:08:10 PM

Quote :

"Up until now, I was planning on filing w/ the purchase date 12/31/08 to go ahead and get my handout on this year's taxes. Now, I'm not so sure. "

you can claim in on '08 even if you buy in '09...

1/22/2009 2:10:57 PM

Quote :

"you can claim in on '08 even if you buy in '09..."

I know this... the question is "should I?"

1/22/2009 2:15:25 PM

Anyone find anything special over the past week or so? Costal credit was at 5.25 for 30 year fixed. I am gonna try bb&t next

2/4/2009 10:43:33 AM

Closing on my Refi today. Got locked in at 4.87% fixed a few weeks ago. Lucked out because rates have come back up a bit.

My appraisal came in much lower than I anticipated so I will have to pay PMI for a couple years, but even with that I am saving $100/month on my mortgage

2/4/2009 11:11:05 AM

I modified my SECU ARM to 3.75%.

2/22/2009 8:28:29 PM

Not sure which thread is best to ask this in but this is one of the three I considered. I am seriously considering the possibility of buying a house ~November this year. Originally I was thinking of early next year (jan/feb) just so I wasn't getting a house around my wedding and dealing with that, but if I can find something I am happy with just a few months earlier it seems like it would be nice to take advantage of the $8,000.

What I am wondering is how prepared I am to get a good mortgage. I just did a credit score report from equifax tonight and my score was 750. Lets just say I make somewhere between 55-70k salary, and am planning to by a house ~$200,000 or so for where I am and what I would want. I will have at least $20,000/10% to bring to the table as a down payment. Should I be in a good spot to try and get a good mortgage deal come this fall? I guess something else I should mention is I have $20,000 left in student loans.

I am trying to decide whether it is worth opening up a 3rd credit card now to increase my credit limit (and thus my debt:credit ratio) or if the negatives of opening an account (thus lowering my account avg age) and them pulling my score would outweigh the benefits of having the extra credit.

Thanks for any feedback you have!

2/25/2009 6:49:32 PM

That's a pretty damn good position to be in. I don't know that raising your credit score much higher will make a difference as you are already at the upper range. Since you won't have 20% down, you will probably be paying PMI for a few years, but that's no biggie with as low a rate as you should be able to get.

Good luck man.

2/25/2009 8:02:35 PM

thanks a lot and thats very good to know. I guess the best thing I can do is to just make sure I don't miss any payments and as it gets closer to applying for mortgages use my bank check card more in place of my credit cards to keep my credit card debt:credit ratio a little lower.

And yea, I'm hoping to be able to pay PMI off pretty quickly.

2/25/2009 8:10:15 PM

Don't worry about opening a new account. The month before you start applying for mortgages, pay off your credit card and put it away. Don't use it! They don't look at past months ratios, just the current month, so as long as you have zero debt on your card for a month prior, you'll have the max benefit from the credit/debt ratio.

2/25/2009 9:28:01 PM

honestly in that type of situation you're looking at a low debt/income ratio, high credit score and good downpayment, your credit card usage isn't really gonna matter in terms of rate you get.

see what you can do about using the $8K government handout to apply to your DP and thus get rid of a bunch of PMI (although now that its tax deductible, its not nearly as bad as it used to be)

2/25/2009 10:42:36 PM

well if you have a low credit card limit, then it can screw you.

2/25/2009 11:42:32 PM

not if he already has a 750ish credit score

it probably won't make a difference either way so do what you want to do.

2/25/2009 11:49:59 PM

hmm... perhaps. I preferred to play it safe, though.

2/25/2009 11:59:34 PM

Anyone find anything good lately?

3/3/2009 5:13:50 PM

I appreciate the feedback above. I guess another twist to the story is that my main card with my highest limit is a Citi card. Based on the way things are going now another thing I am slightly worried about is a scenario where Citi closes its doors, they close my account (which hurts me) and I am down to one card and lose close to 65% of my available credit (which hurts again).

But maybe I am thinking into it, worrying too much...

3/5/2009 1:20:14 PM

I wouldn't worry about that. You seem to have good credit, so someone would buy your account.

3/5/2009 4:28:47 PM

yeah, your account isn't just going to be closed

3/5/2009 9:13:40 PM

i guess if i only want to be in my house at most another 5 years then i shouldn't really worry about this . . .

3/6/2009 2:16:53 PM

what y'all getting these days

9/16/2009 10:00:21 AM

Call marcus martin (http://www.marcusmartin.com) ... he's hooked me up with awesome rates on multiple occasions and next to nothing in fees.

9/16/2009 10:03:58 AM