Probably through SECU ? (Lack of loan origination fees)

Any other suggestions?

11/28/2008 4:22:59 PM

they may not have origination fees, but I can guarantee you they will make it up with some other kind of fees that other guys won't have, like "commitment" or "application" fees or something.

Last year I went with a local guy, Integra Mortgages http://www.integramortgage.net/ . He was just an underwriter for Wells Fargo, but he had the best combination of rates + closing costs.

Here is my comparison from last year of 4 loans - Integra and CTX are local (Cary) guys, then CitiBank, then the RTP FCU.

11/28/2008 5:27:03 PM

of all the locals - dnj mortgage is the largest; therefore, they can offer more products from more banks - i'd shop them first

11/28/2008 5:34:23 PM

Quote :

"they may not have origination fees, but I can guarantee you they will make it up with some other kind of fees that other guys won't have, like "commitment" or "application" fees or something."

you realize the SECU is a non-profit organization, right? i can "guarantee" you that you'll be hard-pressed to find a bottom-line (out the door, when it's all said and done) mortgage at better rates than SECU offers

i got the 2-year ARM (1% cap) with no down payment, no PMI, and no origination fee back in may at 4.25% (first-time NC home buyer special, of course)

i think you'll find that SECU is your best bet...if you find something better, please let us know

11/28/2008 7:04:00 PM

i just bought a forclosed home for 97,000 and got 5.5 %. I got an FHA loan for 97% of it, which includes taxes and PMI etc, and my mortgage is about $750 a month.

11/28/2008 7:21:11 PM

Quote :

"i can "guarantee" you that you'll be hard-pressed to find a bottom-line (out the door, when it's all said and done) mortgage at better rates than SECU offers"

so what are the 3rd party closing costs?
that's exactly why i did a line-by-line comparison of the estimates I got, because when one place said they didn't do origination fees, they just made it up somewhere else.

I'm not saying I don't believe you, but i'd still like to see how the SECU costs line up

11/28/2008 8:25:13 PM

SECU was not the best deal we got when we closed in Feb.

11/28/2008 10:03:11 PM

Wasn't for me either in March 2007.

11/29/2008 11:07:17 AM

I don't know of a single person that got their best offer from SECU.

11/29/2008 5:44:15 PM

enigma, what was your down payment

11/29/2008 5:51:11 PM

I was looking at rates earlier this week and the SECU isn't even close on rates.

Quote :

"i got the 2-year ARM (1% cap) with no down payment, no PMI, and no origination fee back in may at 4.25% (first-time NC home buyer special, of course)"

Umm, are you a little scared with all the money they've printed? After we make it through this recession, there is a really good chance inflation will have to be checked somehow, which could mean a return of the 80s interest rates. You do know what Volcker is famous for don't you?

11/29/2008 5:56:59 PM

3,000.

11/29/2008 5:57:01 PM

i am looking at a forclosure tomorrow...did you have to put a bid down...is that the same as a HUD home?

11/29/2008 6:00:38 PM

i didnt. I just had to make an offer. The bank had already forclosed on it for 91,400. The people who bought it paid 133,000 last year. I got it for 97,000. Woot.

11/29/2008 6:06:51 PM

yeah you just buy it like normal. i just bought a foreclosed place, though the deal wasnt THAT insane because it was in a nice area and madison's housing market doesnt suck nearly as bad as other places.

hard to price in the area, but most ppl were asking 10% under general tax value (i know that isnt the best measure). got this for 20% less and they fixed 2k in small stuff. im happy.

[Edited on November 29, 2008 at 6:39 PM. Reason : .]

11/29/2008 6:36:19 PM

i like this house..hope all goes well

11/29/2008 7:10:41 PM

in this market the banks really seem to be willing to work with you so long as you can get financing. mine sold their house in less than a week, but buyer couldnt get a loan, so they dropped the price 10% and put it back up. then they fixed the noted things so my bank would work with me.

good luck.

11/29/2008 7:16:54 PM

I just locked in 5.375 with marcus martin (trusted loan officer) on a refi. My old rate was 6.125.

That will bring my payments down by 200 per month.

Anyhow, id be happy to give you his contact info if you are looking for a good rate on a mortgage.

11/29/2008 7:41:30 PM

^

That's a good rate. I've been looking for a decent house to actually take advantage of these rates. That has turned out to be difficult.

11/30/2008 9:31:30 AM

how has nobody mentioned http://www.daylightdiscountmortgage.com yet - PM bous for more details but you won't beat their fees/rates

11/30/2008 12:38:51 PM

Yeah, his rates were great. And as previously mentioned secu wasn't even close to having the best deal.

11/30/2008 1:57:01 PM

SECU was by far the best when i bought earlier this year. No PMI, 100% loan. Everyone else wanted around $80 a month for PMI, and also way more closing costs than SECU. As mentioned before SECU doesnt charge all those bullshit fees and no they dont make it up elsewhere.

11/30/2008 5:13:39 PM

Quote :

"No PMI, 100% loan"

that has sub-prime written all over it....

11/30/2008 5:49:12 PM

^ not really...what everyone seems to forget is that SECU is NON-PROFIT...that makes a huge difference

i compared 8 different companies when i got my house (i can try to shuffle through the paperwork if anyone REALLY cares, but those rates aren't even remotely valid now)...out of them all, SECU beat out the best by a full 1.5% (my ARM vs. their 30-year fixed), but the closest competitor required 15% down, PMI, and an origination fee

the next closest was 2% higher, with 10% down and PMI, no origination fee

but when you do the math, even if you ignore down payment requirements, PMI, and origination fees, it'll take 4 years before i'm even UP TO the 30-year fixed rate of the nearest competitor (at the time), and ANOTHER 4 years before i'd break even...so yeah, 8 years down the road, i might care...that is, of course, ignoring the money i'm making on the money i'm saving (specifically, the fact that i took my down payment, origination fees, and PMI payments and invested them, with a return of more than my 4.25% loan from SECU)

i realize that things change...that's why i, too, would be interested to see what the most competitive rate is...but i'll bet money there's not an offer available right now that will beat what i got back in may

11/30/2008 6:40:41 PM

Hey Guys,

how does buying foreclosed property work? same as buying a non-forclosed property? (but ideally cheaper)

12/1/2008 9:51:30 AM

^ it's addressed just a few posts up

12/1/2008 9:54:28 AM

just curious, where are you finding these foreclosed homes? the paper, online, etc?

12/1/2008 9:56:22 AM

Quote :

"that has sub-prime written all over it.... "

You are an idiot

12/1/2008 2:44:11 PM

Heh. He probably just associates that type of loan with NINA.

12/1/2008 2:47:43 PM

http://www.daylightdm.com/quote

at 5.25% on a 30 year fixed with 0 points 0 origination

12/1/2008 3:03:41 PM

Does anyone have a good website to search for nc foreclosures? I found what looks to be a really good one but its not free.

12/1/2008 3:22:28 PM

Quote :

"You are an idiot"

well, i'm not the one who is most likely in a negative equity situation now

[Edited on December 1, 2008 at 3:56 PM. Reason : .]

12/1/2008 3:56:21 PM

I promise you Im not. not even close. That has nothing to do with sub-prime unless someone with horrible credit happened to get a 100% loan.

12/1/2008 4:34:56 PM

i know...i think some people in this thread don't understand how the banks got into trouble and automatically equate a good deal with sub-prime

i'm not really surprised, though

12/1/2008 4:43:48 PM

none of that has anything to do with someone buying a house in early 2008 on 100% loan, when most markets have lost value since then

12/1/2008 5:48:56 PM

It doesn't matter if your recently purchased home has lost value unless you are in a teaser rate loan which you will not be able to afford once it readjusts.

12/1/2008 8:05:57 PM

ding

if it's an average rate, you're no different than any other homeowner that's lost value on their home

12/1/2008 8:29:53 PM

Mortgage Rates to 4.5 Percent? Homebuilders Win, Crisis Continues
http://finance.yahoo.com/tech-ticker/article/138829/Mortgage-Rates-to-4.5-Percent-Homebuilders-Win-Crisis-Continues?tickers=TOL,HOV,CTX,DHI,LEN,XHB,CTX

12/4/2008 1:44:52 PM

BofA is offering 4.5% right now.

They want 3.125 Points on the loan but its there.
Depending on the size of your loan - you could have it paid for in a year or two then you got some extra cash.

12/4/2008 7:55:51 PM

Well that's wonderfully tempting...

12/4/2008 8:16:08 PM

Yeah I know!

I am doing a refi right now at 5.12 with no points but it makes you wonder.

12/4/2008 8:24:11 PM

Just locked a 30 yr fixed at 4.875 with .5 pt discount through these guys http://www.olympicmc.com/

Their closing cost rates are essentially the same as http://www.daylightdm.com/ but Olympic offers a float down feature where they'll relock your rate if it drops by 1/4 pt before closing. Daylight might offer this as well, but it was the deciding factor for me in going with Olympic.

12/10/2008 1:30:05 PM

I'm just holding out till after 12/30 -- closing on the sale of my old house, and then want to refi the new one with the equity from the old house rolled in.

12/10/2008 1:58:08 PM

I imagine you're doing that for tax purposes?

12/10/2008 2:19:34 PM

locked in a rate at 5.375 and no points ... but wondering if I should follow through ...

Sounds like this 4.5% thing will never hit legitimate citizens who are responsible and have integrity ...

But maybe I am not giving the government enough credit ... oh wait .. that would be giving them too much credit .... cheap rates for everyone, yippy!!

12/10/2008 3:29:46 PM

great rate nattr.

I too wonder just how BAD a rate I can refi for since Ive been paying my rate ontime and paying extra. Ive had a 30 yr fixed loan at 6.6% for 3 yrs and my second mortgage at 7.8%.. but I shoudl have it paid off in a few months. Id love to refi soon, but im looking to move into a 15 or 20 yr fixed.

12/10/2008 9:48:21 PM

I called a friend up tonight and told him to look into refi since the rates are low, he's in the 6% range. I don't know how good of a deal you get on refi's through these guys, but if you are thinking 15-20 then you're probably going to be there long enough to recover the origination fees if you're sitting at 6.6% (assuming great credit).

12/10/2008 11:00:24 PM

Im going to look into it nattr. I have a friend, who was recently laid off as a loan officer, who said that they expect the rates to go below 5 in the first quarter of next year. I may wait to see.

12/11/2008 10:12:21 AM

I just got my ARM statement for this year and my rate is dropping to 4.5%, not all ARMs were subprime.

12/11/2008 10:20:21 AM

Quote :

"you realize the SECU is a non-profit organization, right? i can "guarantee" you that you'll be hard-pressed to find a bottom-line (out the door, when it's all said and done) mortgage at better rates than SECU offers"

I Bank with SECU and they were not even close to what I got with WAMU or even BoA.

12/11/2008 7:53:40 PM