i'm sure there's probably a thread like this something already, so fee free to lock this one as needed. honestly, i on;y had the effort to skim the first page.

okay, so, i am in desperate need to get my home refinanced by a good lender for two reasons:

1. the interest is TERRIBLE and it's a 20 year term. with my credit history at the time, i was lucky to get anything.

2. i have since rectified any/all of those issues and have not taken on any new major purchases. i have added a low limit credit card that's paid down each month just to have some positive reports. on what was originally a 172000 loan, i'm down to 160000. not bad imo.

so, any suggestion of people to see, banks to see, programs to look out for, etc.? i've considered secu, but i'm not thrilled about another 20 year term. i'd like to ease back to a 30 so i can enjoy a few of lifes other luxeries without concern and finish up the rest of my planned improments around the place.

8/5/2009 12:52:50 AM

3.75% 2-year ARM over 30 years, no PMI...represent!

8/5/2009 7:37:30 AM

bb&t helped my coworkers out. good dealings.

accessone mortgage company - 2609 atlantic ave. suite 201
787-6080 ext 223

that's all i got.

8/5/2009 8:42:56 AM

You said you considered SECU, but wanted a 30? I have a 30 year fixed with them. The only downside is that they are not as competitive with their rates as a lot of banks. I do like the service I get with them, though.

8/5/2009 9:04:37 AM

Quote :

"3.75% 2-year ARM over 30 years,"

So it resets every 2 years? God help you if this economy actually does turn around and they have to resort to jacking up interest rates to hold inflation in check.

bous is a broker for Daylight Discount

I went with Olympic Mortgage out of Wilmington, all online and very easy with rates very comparable to Daylight.

A couple months ago I was looking for some buddies and found some banks that were more competitive than both of these though.

8/5/2009 9:06:39 AM

Quote :

"So it resets every 2 years? God help you if this economy actually does turn around and they have to resort to jacking up interest rates to hold inflation in check."

The increase is capped at 1% every 2 years.

You have to have a 90% LTV ratio to get the 3.75 rate too, so you'll either need to pay another 5-6k down on the principle first, or hope the appraisal comes in higher than 172k.

Also, I believe the only cost to refinance with them is a .75% origination fee, which you can roll into the loan amount.

8/5/2009 9:46:56 AM

Quote :

"The increase is capped at 1% every 2 years. You have to have a 90% LTV ratio to get the 3.75 rate too, so you'll either need to pay another 5-6k down on the principle first, or hope the appraisal comes in higher than 172k. Also, I believe the only cost to refinance with them is a .75% origination fee, which you can roll into the loan amount."

Exactly. Also, they only require 10% down with no PMI. Yes it's adjustable, but even if rates go up, it'd probably take 7 years for a traditional loan to break even (even longer if you account for PMI). My rate actually went down last time though.

You will also have to pay for an appraisal if you haven't had in the last 2 years.

8/5/2009 10:35:32 AM

^ exactly...yes, ARM can be scary in a worst-case scenario, but given the rates of fixed vs. ARM at the time of my mortgage, i figured year 8 would be the break-even point

8/5/2009 10:49:15 AM

I refied at 4.75% with Coastal a few months ago however I would not recommend them, also.

Quote :

"bous is a broker for Daylight Discount"

[Edited on August 5, 2009 at 6:00 PM. Reason : 30 yr fixed]

8/5/2009 5:59:57 PM

Just refinanced in to a 30yr fixed @ bofa. 4.5% with negative points...FTW

8/5/2009 6:59:19 PM

^Wait, what? Negative points? Meaning they paid you to refi with them? Can you elaborate on the circumstances around this... are there eligibility requirements etc... I just find this hard to believe.

8/6/2009 10:25:55 AM

^ I have seen several clients with this deal. One has had her home re-fi'd about 10 times in the last two years. The bank pays for it each time.

I thought it was odd myself until my brother told me she sends an absurd amount of business to her bank.

8/6/2009 10:46:04 AM

^I mean I refi'd through Wells Fargo and they did it for free, which at the time made sense to me b/c rates had dropped about 1.5% from what I was paying and I would have gone to a different bank otherwise.

jsncc587 had mentioned negative points... which to me sounds like they were lowering the principle owed... I mean I guess if they still charged for the re-fi it would be the same thing... it just wasn't a term/option I was familiar with

8/6/2009 2:07:37 PM

I'm a bofa employee so we get a few rather insignificant perks. Negative points, in my case, made the closing costs close to 0. The rate I was quoted was slightly less than 4.5% and I opted to increase the interest rate for some relief upfront.

8/6/2009 6:53:32 PM

note to self - refinance house soon

1/27/2011 10:33:43 AM

A few more points about the SECU ARM and why it is awesome...

Very low fees. Free appraisal, if needed.

If rates go down, they will adjust yours to the new rate by only adding a small (~$750) amount to the principal. (This resets the 2yr. ARM clock)

And besides, rates are not going to go up much. The margins on their ARMs are lower than traditional banks.

1/27/2011 10:55:00 AM

Still loving my 4.75 30 yr fixed.

1/27/2011 10:57:53 AM

Is it still possible to refinance if you're under the water? even if you're willing to make up for the difference?

1/27/2011 11:09:53 AM

Still loving my 4.75 30 yr fixed.

1/27/2011 11:10:25 AM

I don't see why it would be a problem if you plan on paying down the difference.

1/27/2011 11:10:41 AM

We bought a house a few years ago. Have since made some significant upgrades. We're adding a separate laundry room (on our own money), etc.

Couple of questions...

Better to do a cash-out refinance or home equity loan / line? We'd use this to finish the kitchen addition.

Given current housing market, if significant renovations were made in and outside the house (new windows, flooring, room addition, closed-in garage), what could one expect as far as a bump in appraised value?

I know that last one is highly dependent on a million factors. Assume all else is equal.

[Edited on January 27, 2011 at 11:13 AM. Reason : ]

1/27/2011 11:12:31 AM

]

1/27/2011 11:19:42 AM

I got a 30yr fixed @ 4.125% back in the fall through BB&T.

@ BBR
I moved all of my banking, some savings and a CC there and in doing so qualified for a lower rate and reduced closing costs. Obviously there are tons of personal financial factors that weigh into any refinance but its been my opinion that through the two houses I have owned and around 4 or 5 refinance/original borrowing transactions, BB&T has been the easiest to deal with. If I were you, I would walk in and talk to someone in the Cameron Village office and just see what they have to say.

@ Senez
I would look into a HELOC - you can get them right at 4% now. Might have a point but just depends.It would also be no cost to you. The cash out refi might be worthwhile if it makes sense for you to take advantage of the lower rates at the moment. You just need to run your numbers. The HELOC can give you the option to pay interest only - i.e. no fixed payment if this helps with cash flow at times. Plus, you can continue to draw off of it once its paid. Think of it as a low rate credit card that you can the deduct interest at years end.

Would depend on the appraiser, neighborhood comps and so on as you mentioned. Talk to a Realtor. That's what you are really getting at correct, resale value?

1/27/2011 11:28:55 AM

Randolph Bank and Trust has no closing cost loans, just pay for appraisal and will be reimbursed at closing

1/27/2011 11:30:49 AM

Yeah, I was thinking of just setting up a HELOC for future emergencies.

1/27/2011 11:33:42 AM

Also, does a HELOC increase as the mortgage is paid or is it set when opened? It would probably be ideal as we could only take what we need.

1/27/2011 11:45:11 AM

You get a fixed amount of credit available. Most have minimums. It all depends on your equity in the home at the current appraised value.

http://www.bbt.com/personal/products/homeequity/home-equity-line.html

[Edited on January 27, 2011 at 11:49 AM. Reason : d]

1/27/2011 11:48:24 AM

That's what I was gathering as well, didn't know if it was different per lender.

I'm with the SECU right now, so a refinance wouldn't necessarily save me any money for a while as the rate is right at 4% now on a 2yr ARM with a 1% increase capped every year. We actually went down 3/4 a point this past December.

I'll go down and talk to them and see what my options are. The sticking point is the appraisal.

1/27/2011 1:06:16 PM

just refied mine with SECU...already have 85% ltv in only 2 years of owning w/ nothing down initially

1/27/2011 1:14:07 PM

If you could handle a 20 year term at a terrible rate....you might could handle a 15 year at the current rates. You might want to consider that. It would certainly cost you a lot less in the long run.

1/27/2011 1:52:32 PM

You realize the OP is from '09?

1/27/2011 2:14:26 PM

1/27/2011 2:58:43 PM

Quote :

"already have 85% ltv in only 2 years of owning w/ nothing down initially "

I'm sure nothing has been invested in the place either huh

1/27/2011 3:23:05 PM

meh, six/half dozen....increasing the value is just as good (if not better) than paying off the principle

1/27/2011 4:02:23 PM

oh i know i was just adding fine print to your story

1/27/2011 4:24:27 PM

My wife is a mortgage officer in greenville for Mortgage Professionals of NC (http://www.mpnconline.com/). They buy up wholesale rates from banks and then undercut them. I know she can do some different things with closing cost and cut fees out. Plus they overnight you the documents and come to you for closing so you dont have to travel.

If you need some help or want info on a refinance PM me and Ill can give you her cell number.

1/27/2011 4:52:03 PM

has anyone had an appraisal recently? i'm looking to get a HELOC, which of course involves an appraisal, and i'm wondering how close the appraisals usually are to tax value/comps. i know there are a lot of variables, just wondering what people's experiences have been.

i want a HELOC to use on improvements to the house, but the fact that it needs improvements is going to diminish the appraisal a little, so i want a HELOC to use on improvements to the house, and it goes in circles

[Edited on January 28, 2011 at 4:04 PM. Reason : /]

1/28/2011 4:01:01 PM

My mortgage is through Coastal Federal Credit Union based in Raleigh. I became a member when they financed my new car purchase out of college through the dealer, and since bought my house (in SC) with a CFCU mortgage (6.125%, 30yr) , refinanced (4.75%, 15yr) through them 2yrs ago, and financed a second used car through them almost 2 yrs ago. The mortgage rates always seem to be a tick below market. Its been easy since I direct deposit into there and pay it online. Ive never had any issues or complaints.

http://www.coastal24.com

We were looking at purchasing an investment property (in western NC) and using them to finance some of it, and they still were fairly ok to work with. That fell through, but I appreciated the staff working with me on it so much since it was a short sale.

I would recommend you check them out if you have not.

I forgot to mention they told me they do not escrow insurance or taxes. I take care of that, which is a plus in my book.

[Edited on January 28, 2011 at 5:09 PM. Reason : .]

1/28/2011 5:07:05 PM