<p>Looking to lower our payment via refinancing the mortgage. I heard there sub 3% 7/1 ARM now available. </p>
<p>The next three years will be the most challnging time for us. So I would willing to go to an ARM to lower teh payments.</p>
<p>We have used Provident Funding <a href=“Provident Funding”>Provident Funding;
It looks like they have 3.0% 7/1 ARM conforming with 0 points as of today.</p>
<p>Check with your current lender about a change in terms. Many lenders want to keep their best customers. My lender offered to lower the interest rate on my mortgage by .25% for a small fee - around $350 - that easily paid for itself after a couple of months. This offer was extended twice, and I took both times.</p>
<p>I refinanced recently with Nationwide Mortgage; 15 yr. fixed (jumbo) for 3.875. Now, I’m looking for a HELOC.</p>
<p>Just remember Dad II…that if you only want this ARM for 3 years…you will have to refinance in three years.</p>
<p>Didn’t you say you were a preferred customer with a financial institution? Chenc with them. Then check with a credit union.</p>
<p>Shop around on HELOCs–there are many which charge NO fees and nothing at all until you start drawing down on them. We got one the other day with a local bank–NO app fee, no annual fee and no obligation to EVER use the HELOC, just one more safety net. Charles Schwab says they have a similar deal.</p>
<p>I agree that it can be worthwhile asking current lender about adjustment–ours wouldn’t agree, so we refi’d from 9% down to 5%. Depending on how long you plan to keep the loan, watch out for points & refi costs, as they can add up & increase the effective APR.</p>
<p>It’s very possible that mortgage rates have hit historic lows that we might not ever see again for decades, if the housing market picks up at all. </p>
<p>The Fed has been buying billions of $ worth of mortgage backed securities to drive rates down, but has no plans to continue doing so beyond right now. So an ARM has some very possible risk of going up.</p>
<p>just locked in my mortgage (for my first home) with Citi…</p>
<ul>
<li>30 year fixed traditional / no mortgage insurance as I put down ~30%</li>
<li>4.625% rate </li>
<li>0 points</li>
<li>0 origination fees</li>
<li>Lender pays all 1st party closing costs (roughly = $1,500-2,000)</li>
</ul>
<p>Just locked in a 15 year @ 3.75% refi. The total cost is $350.</p>
<p>^^ Do you mind sharing where you got that rate with such low closing costs? I’m in the market for a refi, too, but finding higher costs here.</p>
<p>Perhaps closing costs were rolled into the loan</p>
<p>We got a 3.875 jumbo loan. Our challenge was getting an appraisal that would allow us to consolidate our 1st and 2nd.</p>
<p>We got a loan modification for 750 from our mortgage holder last winter. 15 year fixed, 3.99. No other costs and the paperwork was merely signing the new agreement (that was the best part; refi’s are a pain in the patootie.)</p>
<p>Got a letter from the bank saying our credit score is 807. For reference, they said that 16% of the population have score between 800- 850. </p>
<p>Clearly, I am disspointed. How do I get to 850???</p>
<p>My, my. I can’t believe you even have to ask . The answer is so obvious, Dad II. You get a get a credit score tutor, study study study, take the practice test, buy copies of the test from others who have taken it, and retake.</p>
<p>
</p>
<p>Stop refinancing.</p>
<p>T1, I don’t know how would that help. </p>
<p>In any case, I learnt that the Credit score is like SAT, once you are above certain number, there is really not practical difference. </p>
<p>The good news just keeps coming. We got the appraisal today and the value went up almost 10% from last appraisal about 2.5 years ago. The loan officier told me ours is one of the very few that went up.</p>
<p>Great news-- now your taxes will go up.</p>
<p>Don’t forget that added home equity must be reported on your Profile forms next year.</p>