R3V home owners, now is the time to refinance......

[InuFaye]

People who got a home loan what % down did you need to get approved?

[z31maniac]

damn...hopefully the rates stay low for the next few months. I guess i'll be using my taxes and bonus to pay of bills instead of saving them. I have a emergency mortage payment account going just in case i become unemployed for any reason.

They likely will unless the economy starts booming.

I just feel bad for all the people who got sucked up in the subprime craze or signed on to ARMS with stupid low teaser rates and now have no credit or equity.

I don't. I was approved for approaching $200k, we spent $98k on a fixed rate loan. Unfortunately we are trying to shield people from the effects fo their bad decisions.

People who got a home loan what % down did you need to get approved?

0%

I did a 96.5/3.5% FHA loan for my house. Let me keep all my money in savings/401k.

I can't hammer enough spending a reasonable amount on a house. We limited ourselves to buying what one income would cover if something happened.

The bonus is plenty of money for stuff other than being house poor.

[scabzzzz]

I got in....
3.78% on 30 year. Was on a government aid program for first time home buyers in urban areas, got off that deal and onto a standard FHA. So, I locked in and saved a shit load on my installment schedule per month and shaved a few years off (Maybe, 5-6) from not changing what I have been paying and then some. Also, im buddy buddy with the refi company I went through. Waived my fees. Also dont have to follow the rules for renting/selling that the govt program stuck me in. :)

[Joe G]

I don't. I was approved for approaching $200k, we spent $98k on a fixed rate loan. Unfortunately we are trying to shield people from the effects fo their bad decisions.

I understand that plenty of people made bad decisions and bit off more than they could chew knowing full well what the potential consequences were, and for them i have no sympathy. However, there there were plenty loan officers at firms such as Countrywide who were encouraged if not explicitly told to fudge applicants income and equity so that they would be approved, when in reality/good and honest lending practice there is no way they would have/should have ever been approved.

As a result of this tied with credit default swaps and CDOs firms such as Countrywide, WaMu, etc... tied with Lehman, Sachs, Stern, Fannie/Freddie's investment vehicles all of which were getting great ratings by essentially buying them from Moodies and S&P. Execs were making a killing and far too many people lost everything courtesy of loans that should have never been issued. I know that the blame cannot be solely on the lenders, but unfortunetely there were, and still are plenty of people who do not understand what it takes or should take to get approved for a loan. When a loan officer told them that they could afford the home they wanted their eyes got big and they signed the papers. All of this really affirms my belief that economics and financial accounting should become required GED classes so that people will at least have a taste of and some knowledge of lending practices and hopefully avoid living in tremendous debt (the American way?) or losing everything based on what they want, not what they can afford.

just my .02, sorry for the thread jack.

[blefevre]

People who got a home loan what % down did you need to get approved?

For a non-FHA loan, 5%.

[z31maniac]

All of this really affirms my belief that economics and financial accounting should become required GED classes so that people will at least have a taste of and some knowledge of lending practices and hopefully avoid living in tremendous debt (the American way?) or losing everything based on what they want, not what they can afford.

Completely agree!

[InuFaye]

For a non-FHA loan, 5%.

Im completely new to this home loan business.

Whats the difference on a FHA and non FHA loan?

[Thizzelle]

If i owned a home i would certainly be re-financing. I just feel bad for all the people who got sucked up in the subprime craze or signed on to ARMS with stupid low teaser rates and now have no credit or equity.

people shouldn't have been paying those ridiculous prices and this never would of happened. It's still ridiculous where I'm at even in this shit market, it's like 220,000 for a pile of beat up shit. finally found a decent one and now been waiting on bank to approve for 2 months, slow ass banks.

my co-worker just got 3.5% locked in, for FHA loan it's 3.5% down but you can always put down more which makes the payments lower.

[blefevre]

Im completely new to this home loan business.

Whats the difference on a FHA and non FHA loan?

Basically it is a loan though the government. Usually a 3.5% down-payment, which helps a lot of people. Your house has to qualify for a FHA loan. There are pros and cons. Sometimes a FHA costs more per month due to insurance differences vs. private insurance, which was the case for me.

[Varinn]

Damn you guy are lucky, where I live in Canada the cheapest dinky little apartments cost 150k, an average 15 year old 2000sq/ft house is 500k and a newer place is a million plus

[blefevre]

Damn you guy are lucky, where I live in Canada the cheapest dinky little apartments cost 150k, an average 15 year old 2000sq/ft house is 500k and a newer place is a million plus

No kidding. I can't imagine finding houses for 100k or so. That would be epic.

[drumad]

Maybe I can use some advice here. Here are some details.

-bought home @ ~210k
-purchase may 2011
-30 year fha loan through USAA, which forwarded me to military family home loans, who sold the loan to wells fucking fargo.. a whole another issue I'm pissed about
-rate = 4.75%

I know it hasnt been a year yet but perhaps a refi with today's rates would benefit me.

[rwh11385]

Depending on when you got your loan, refinancing could be a huge +++ for you right now.

I bought our house about 2.5 years ago, got a decent 5.675% rate at the time on a 30yr mortgage.

If you were smart and didn't buy way more house than you could afford, refinancing to a 15yr note is the way to go. That's what I'm getting ready to do.

Locked in yesterday at 2.875% on a 15yr mortgage. Thanks to changes in the PMI structure, our payment is only going up about $50/month. Add in the extra we are currently paying, and we should have the house paid off in less than 10 years from now.

Wow, through who? (PM if you prefer). I'll probably stick with the credit union the current one is through but wow.

Your post rings about the exact same as I... only 35 months of ownership @ 5.75%.

I've been in two banks in the last few weeks (one to get Chase to stop making me transfer $500/month back and forth with ING to trick them into thinking its a direct deposit and waive their account service fee, and another to open a new account at one with "asterick-free checking") and both had pre-approval letters for a refinancing for me when they pulled up my account. I certainly will be doing so this year.

Based on bankrate's calculator, if I can get 3.5% 15 year refi I'd only pay $96 more a month and save $9k in interest in first 5 years and $60k total over the life of the loan. Or if it were a 30 year refi, can pay $96 less per month.

[z31maniac]

Damn you guy are lucky, where I live in Canada the cheapest dinky little apartments cost 150k, an average 15 year old 2000sq/ft house is 500k and a newer place is a million plus

No kidding. I can't imagine finding houses for 100k or so. That would be epic.

Keep in mind, I'm not living in a McMansion or anything. A 1200sq ft house 3 bed, 1 bath, 2 garage on 1/3 acre in the burbs 15 minutes from downtown Tulsa (metro area of about 1 million).

Tulsa's current unemployment rate is less than 1/2 the national avg for educated people 22-40.

The neighborhood I'd like to be in about mile away is 1 acre lots, 2400sf ft home, 4/2.5/ 3 car garage.........$265k. lol

The goal is to pay off this house and turn it into a rent house, or just sell for a big downpayment on the house we really want.

Maybe I can use some advice here. Here are some details.

-bought home @ ~210k
-purchase may 2011
-30 year fha loan through USAA, which forwarded me to military family home loans, who sold the loan to wells fucking fargo.. a whole another issue I'm pissed about
-rate = 4.75%

I know it hasnt been a year yet but perhaps a refi with today's rates would benefit me.

Depends, did you put any money down? Could you part with the closing costs on a refi?

The avg homeowner stays in their home 7-8 years, so you have to see if the payback makes sense in your situation.

Wow, through who? (PM if you prefer). I'll probably stick with the credit union the current one is through but wow.

Your post rings about the exact same as I... only 35 months of ownership @ 5.75%.

I've been in two banks in the last few weeks (one to get Chase to stop making me transfer $500/month back and forth with ING to trick them into thinking its a direct deposit and waive their account service fee, and another to open a new account at one with "asterick-free checking") and both had pre-approval letters for a refinancing for me when they pulled up my account. I certainly will be doing so this year.

Based on bankrate's calculator, if I can get 3.5% 15 year refi I'd only pay $96 more a month and save $9k in interest in first 5 years and $60k total over the life of the loan. Or if it were a 30 year refi, can pay $96 less per month.

My local/regional bank, Midfirst, but I believe it's going to be an FHA refinance.

[Kershaw]

saving you $60k in interest? holy shit. how much did your house cost?

forgive me, i dont know anything about housing loans. i've just recently started considering buying a bachelor pad/small house. looking at spending $100-150k.

5.75% interest on around a million is $60k. i know im fucking failing here. what am i missing? or did you really spend a million on your house?