Home Mortgage Help

hl0m4n · 01-01-2009, 04:09 PM

anyone know a fixed 30 year home refinancing below 5%?

mpimping · 01-01-2009, 04:13 PM

Quote:

Originally Posted by hl0m4n

anyone know a fixed 30 year home refinancing below 5%?

lol you don't have a mortgage

hl0m4n · 01-01-2009, 04:16 PM

Quote:

Originally Posted by mpimping

lol you don't have a mortgage

it is mortage, is it different then refinancing? sorry not for me, just trying to help a friend out.

mpimping · 01-01-2009, 04:18 PM

Quote:

Originally Posted by hl0m4n

it is mortage, is it different then refinancing? sorry not for me, just trying to help a friend out.

I can get him below 5 on a 15 or 5 on a 20 year. Is it a new york property? What's the loan amount? The lowest rate in NY is 5.25% or 4.875 with one point...

hl0m4n · 01-01-2009, 04:28 PM

Quote:

Originally Posted by mpimping

I can get him below 5 on a 15 or 5 on a 20 year. Is it a new york property? What's the loan amount? The lowest rate in NY is 5.25% or 4.875 with one point...

he lives in new york. his parents perdict if he can't find below 5% now that it will soon drop to it. what do you think?

mpimping · 01-01-2009, 07:45 PM

Quote:

Originally Posted by hl0m4n

he lives in new york. his parents perdict if he can't find below 5% now that it will soon drop to it. what do you think?

inflation isn't good for mortgage rates so I would just do it now. what is his current rate?

ronushi · 01-02-2009, 03:34 AM

noooo way at 5.25% he would be lucky if he came close to 6.00

hl0m4n · 01-02-2009, 12:12 PM

my friend right now is at 6.25 and his parents think it will eventually drop at 5% and alil below. his parents waiting until then.

mpimping · 01-02-2009, 12:19 PM

Quote:

Originally Posted by hl0m4n

my friend right now is at 6.25 and his parents think it will eventually drop at 5% and alil below. his parents waiting until then.

You have to do the math to see if it makes sense. If he can get 5.25% and save 300 a month or more than why not? http://finance.yahoo.com/q?d=t&s=^tnx check the rates later and see if they went down... it takes close to 60 days to close a loan in ny when avoiding the mortgage tax, if the rates go down he can get the lower rate. If the parents want to help they can pay the point and your man can get 4.875%.

vachss · 01-02-2009, 12:41 PM

Indymac, my delightful insolvent mortgage bank, just last week sent me an offer of a 4.5% refi into a 30 year fixed with something like 0.5-1.0 points. Not worth it for me as I've had a 5% fixed for years, but if things really go into the toilet and it drops to 4 or so I'll bite.

PaulBailey@ltbmw · 01-02-2009, 12:50 PM

Total noob here but can someone explain to me what is a point?

Explorer3253 · 01-02-2009, 01:31 PM

I believe you pay a % ( = point) of the total amount of the mortgage. for example if your mortgage is 100,000...you pay 1000 upfront if it requires you to pay 1 point

hl0m4n · 01-02-2009, 03:11 PM

my buddy just got 0 point 5% on the dot from hsbc, filing the application today.

mpimping · 01-02-2009, 06:18 PM

Quote:

Originally Posted by damadama

How much do you guys pay for property taxes vs mortgage payments every year?

I was looking at buying recently and I found taxes/insurance to cost like 650+ a month!!

Gonna hold off on that a few years I think ....

11k+ a year for taxes alone...

PaulBailey@ltbmw · 01-02-2009, 06:51 PM

Quote:

Originally Posted by damadama

Yeah, I thought it was gonna be easy to buy my first condo after doing some simple calculations on mortgage payments. Luckily I thought through it all, will likely have to hold off for a couple years if I want to buy that level of property w/o straining the wallet. Probably for the best i'm only 23 and probably looking for a new job this year.

Damn don't say that!
I'm trying to buy a house right now. . .

hl0m4n · 01-02-2009, 10:07 PM

Mping you got a PM

mpimping · 01-02-2009, 10:18 PM

Quote:

Originally Posted by hl0m4n

Mping you got a PM

yeah i know but don't think it's 30k in interest

Perpetrator · 01-02-2009, 10:59 PM

Aren't interest rates a little higher for refi's than new loans? I haven't followed the rates lately, but are refi's really hitting around 5ish and/or below? I've got a 30yr fixed at 6.25, but might consider a refi if i can land 5 or below. Minus any points, what's the ballpark figure of costs? I'd like to see how many months it would take to recoup the refi cost.

hl0m4n · 01-02-2009, 11:09 PM

my friend has mortgage at 6.25% 30 year fixed 0 point. he is in his 3rd year atm.

he can get 5% 30 year fixed 0 point with hsbc now.

he doesn't know if he will buy the house in 30 years (most likely sell it).

if he gets the refinance it will save him roughly $250 month but he would have to pay $30k interest for the new refinance.

i tell him if he does refinance yes he is saving $250 month but it will take him 5 years to save up $15k but already has to pay $30k for the new refinance for something he might not even end up buying.

so in his case it's not worth it right? or is the 30k interest really off?

mpimping · 01-02-2009, 11:48 PM

Quote:

Originally Posted by Perpetrator

Aren't interest rates a little higher for refi's than new loans? I haven't followed the rates lately, but are refi's really hitting around 5ish and/or below? I've got a 30yr fixed at 6.25, but might consider a refi if i can land 5 or below. Minus any points, what's the ballpark figure of costs? I'd like to see how many months it would take to recoup the refi cost.

a couple thousand but it's mostly title insurance and escrows. The escrows you get back so...

rlb · 01-03-2009, 10:53 PM

A refi should only be about 3-5k in closing costs(w/ 0 pts.), mostly from the title insur and escrow as said previously. No way 30k.

01-01-2009, 04:09 PM	#1
hl0m4n Major General 2158 Rep 5,623 Posts Drives: BMW Join Date: Nov 2006 Location: NY iTrader: (58)	Home Mortgage Help anyone know a fixed 30 year home refinancing below 5%? __________________ Cars: 07 335i ► 08 328i ► 11 328xi ► 13 M3 ► 17 M4 ► 14 M6
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01-02-2009, 03:34 AM	#7
ronushi Private 11 Rep 98 Posts Drives: like a maniac Join Date: Oct 2007 Location: Yonkers/Bronx, New York iTrader: (0)	noooo way at 5.25% he would be lucky if he came close to 6.00
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01-02-2009, 12:12 PM	#8
hl0m4n Major General 2158 Rep 5,623 Posts Drives: BMW Join Date: Nov 2006 Location: NY iTrader: (58)	my friend right now is at 6.25 and his parents think it will eventually drop at 5% and alil below. his parents waiting until then. __________________ Cars: 07 335i ► 08 328i ► 11 328xi ► 13 M3 ► 17 M4 ► 14 M6
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01-02-2009, 12:41 PM	#10
vachss Captain 55 Rep 815 Posts Drives: Z4 Coupe Join Date: Jan 2008 Location: Ventura County, CA iTrader: (1)	Indymac, my delightful insolvent mortgage bank, just last week sent me an offer of a 4.5% refi into a 30 year fixed with something like 0.5-1.0 points. Not worth it for me as I've had a 5% fixed for years, but if things really go into the toilet and it drops to 4 or so I'll bite.
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01-02-2009, 12:50 PM	#11
PaulBailey@ltbmw General 663 Rep 26,878 Posts Drives: 2-325 330 2-335 2-Z4 2-135 X5d Join Date: Mar 2007 Location: Huntington Beach, CA iTrader: (34) Garage List 2008 BMW 335i E90 [7.00] 2011 BMW 335i E92 [7.96]	Total noob here but can someone explain to me what is a point?
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01-02-2009, 01:31 PM	#12
Explorer3253 Lieutenant 61 Rep 557 Posts Drives: 2014 f32 Join Date: Nov 2005 Location: Westchester County, NY iTrader: (4)	I believe you pay a % ( = point) of the total amount of the mortgage. for example if your mortgage is 100,000...you pay 1000 upfront if it requires you to pay 1 point __________________ '06 325Xi - Jet Black - SOLD, '08 328Xi - Jet Black, Coral, 6spd - SOLD, '07 328Xi - Jet Black, SOLD, '11 328Xi, Deep Sea Blue, Oyster/Black - SOLD '14 428XI, Alpine White, Coral, MSport, Auto, Premium, Tech, Heated Seats/Steering, Drivers Ass, Drivers+ - On Order for ED
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01-02-2009, 03:11 PM	#13
hl0m4n Major General 2158 Rep 5,623 Posts Drives: BMW Join Date: Nov 2006 Location: NY iTrader: (58)	my buddy just got 0 point 5% on the dot from hsbc, filing the application today. __________________ Cars: 07 335i ► 08 328i ► 11 328xi ► 13 M3 ► 17 M4 ► 14 M6
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01-02-2009, 10:07 PM	#16
hl0m4n Major General 2158 Rep 5,623 Posts Drives: BMW Join Date: Nov 2006 Location: NY iTrader: (58)	Mping you got a PM __________________ Cars: 07 335i ► 08 328i ► 11 328xi ► 13 M3 ► 17 M4 ► 14 M6
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01-02-2009, 10:59 PM	#18
Perpetrator Lieutenant 20 Rep 407 Posts Drives: E90 330i Join Date: Dec 2007 Location: Fullerton, CA iTrader: (4)	Aren't interest rates a little higher for refi's than new loans? I haven't followed the rates lately, but are refi's really hitting around 5ish and/or below? I've got a 30yr fixed at 6.25, but might consider a refi if i can land 5 or below. Minus any points, what's the ballpark figure of costs? I'd like to see how many months it would take to recoup the refi cost.
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01-02-2009, 11:09 PM	#19
hl0m4n Major General 2158 Rep 5,623 Posts Drives: BMW Join Date: Nov 2006 Location: NY iTrader: (58)	my friend has mortgage at 6.25% 30 year fixed 0 point. he is in his 3rd year atm. he can get 5% 30 year fixed 0 point with hsbc now. he doesn't know if he will buy the house in 30 years (most likely sell it). if he gets the refinance it will save him roughly $250 month but he would have to pay $30k interest for the new refinance. i tell him if he does refinance yes he is saving $250 month but it will take him 5 years to save up $15k but already has to pay $30k for the new refinance for something he might not even end up buying. so in his case it's not worth it right? or is the 30k interest really off? __________________ Cars: 07 335i ► 08 328i ► 11 328xi ► 13 M3 ► 17 M4 ► 14 M6
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01-03-2009, 10:53 PM	#21
rlb Private First Class 5 Rep 117 Posts Drives: 335i, 300ZX Join Date: Feb 2007 Location: Northern NJ iTrader: (0)	A refi should only be about 3-5k in closing costs(w/ 0 pts.), mostly from the title insur and escrow as said previously. No way 30k.
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