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HelenZ
So worth the wait :)
Member since 10/07 2862 total posts
Name:
Helen
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so I locked in a refinance rate today.......
I got 4.875% with Bank of America- 30 year fixed. But that's with paying 1.75 points down- approx. $6K, which was tacked on to my loan......I still think we got a pretty good deal since Bank of America's closing costs were a lot lower than everyone else, so even with the fee for the points, they were lower than everyone else I called.
we'll now be saving $365 per month on our payments!! 
do you think I made a smart move locking in?
I got nervous that the rates might go up in the new year, and with me being pregnant that I might not take the time to keep checking the rates all the time.
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Posted 12/31/08 9:14 PM  |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: so I locked in a refinance rate today.......
I think it was smart!
Do you have to do closing and stuff all over again.
I heard that they are at the lowest rates in over 30 years. What if they don't drop? What if they go up?
I think you did the right thing
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| Posted 1/1/09 12:26 AM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: so I locked in a refinance rate today.......
congratulations!
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| Posted 1/1/09 9:11 AM |
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HelenZ
So worth the wait :)
Member since 10/07 2862 total posts
Name:
Helen
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Re: so I locked in a refinance rate today.......
Posted by beautyq115
I think it was smart!
Do you have to do closing and stuff all over again.
I heard that they are at the lowest rates in over 30 years. What if they don't drop? What if they go up?
I think you did the right thing
we do have to do closing again- it should be by the end of February. Bank of America's closing cost was just under $6K.....so since it was so much lower than everyone else I guess it kind of worked out regardless of paying $6K for 1.75 points. any other lender I called their closing cost was $10K-$12K.
thanks for the reassurance!! I had so many #'s thrown at me yesterday, my head was spinning!!
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| Posted 1/1/09 10:03 AM |
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Re: so I locked in a refinance rate today.......
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| Posted 1/1/09 11:13 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: so I locked in a refinance rate today.......
who did you use for BOA if you don't mind passing the info on?
I'm considering shopping it even though the mortgage recording tax may even things out.
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| Posted 1/1/09 11:19 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: so I locked in a refinance rate today.......
are you paying points to buydown the rate or is that the closing costs??
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| Posted 1/1/09 11:33 AM |
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HelenZ
So worth the wait :)
Member since 10/07 2862 total posts
Name:
Helen
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Re: so I locked in a refinance rate today.......
Posted by Meaghan729
are you paying points to buydown the rate or is that the closing costs??
yes paying 1.75 points, but their closing costs WITH the points is 12K.....it works out to the same as other lenders who had zero points but higher closing costs.
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| Posted 1/1/09 12:33 PM |
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HelenZ
So worth the wait :)
Member since 10/07 2862 total posts
Name:
Helen
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Re: so I locked in a refinance rate today.......
Posted by Blu-ize
who did you use for BOA if you don't mind passing the info on?
I'm considering shopping it even though the mortgage recording tax may even things out.
I'll FM you the info- he was really wonderful! he was to the point, clear & concise, and had a good sense of humor. I'll definitely be recommending him to my friends.
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| Posted 1/1/09 12:35 PM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: so I locked in a refinance rate today.......
sounds like you made a good choice. now you can save that money for better things for baby!!
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| Posted 1/1/09 7:23 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: so I locked in a refinance rate today.......
Question
Did you house have to appraise for what your original loan amount is for?
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| Posted 1/2/09 8:55 AM |
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HelenZ
So worth the wait :)
Member since 10/07 2862 total posts
Name:
Helen
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Re: so I locked in a refinance rate today.......
Posted by MrsM-6-7-08
Question
Did you house have to appraise for what your original loan amount is for?
when we purchased 3 years ago we paid $575K (I'm in Queens), we had a large down payment (since my house is a mother/daughter, my mom lives with us and gave us some of the proceeds of the sale of her house). Our loan to value ratio is 62%, so the BOA rep said usually anything with 70% or less will get an automatic appraisal and no one will come out to my house (but that's also if the value I estimated checks out, 625K).......I guess I'll know for sure in the next few weeks.
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| Posted 1/2/09 9:18 AM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: so I locked in a refinance rate today.......
. We have all of our info set up with our broker to submit when we are ready to lock in. Even at 5.0% we will be saving about $500 a month!
I would actually lock in at the same rate as you - just waiting on a few final things. I am so so so glad the rates are down! In the long run it will be worth the extra closing costs! We will be getting rid of our PMI also.
Good luck!
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| Posted 1/2/09 9:21 AM |
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