^ I'm guessing you meant: http://www.marcuscmartin.com/

I'm thinking about the 15yr fixed at Coastal which looks like it's at 4.375...but wondering how much equity you need in the home to get that, looks like less than 10% (which is what SECU requires for the good rates). guess this could be answered if i could get someone there to answer the phone

anyone dealt with coastal before? seems like their fixed rates are great all around

9/16/2009 1:58:11 PM

I just refinanced with them. Make sure you stay on their asses about stuff or they'll drop the ball.

9/16/2009 2:20:03 PM

its pretty tough to get them on the phone huh...tried to call a couple times but the best i can do is leave a message, which they have yet to return

9/17/2009 8:22:52 PM

i'm closing tomorrow (should have been today, but whatever) with a 30yr fixed at 5.25% with 5% down and no pmi. This is with excellent credit, 0 debt/income, and cash to close. the seller is paying 95% of the closing costs (I didn't ask for enough in the offer ) but the bank still wanted me to have enough in the bank to cover the full closing costs.

housing prices are inching upwards as the dealdine for the $8000 nears. Just a reminder, you'll need to close by 12/1 to receive the credit.

[Edited on September 17, 2009 at 8:44 PM. Reason : .]

9/17/2009 8:44:11 PM

Anyone know of a Lender/Broker offering a 80-10-10 currently with a decent, low, fixed rate on both.

10/1/2009 1:18:03 AM

^^who was your lender?

10/4/2009 8:24:31 PM

^^^ probably got a lender paid PMI. You only have to put "in that case" 5% down and you get a 95% loan with no PMI. However they charge you a higher interest rate and just pay the PMI. You have to weigh the two options...you only have to pay PMI until you get 20% equity in your home with a conventional mortgage, however if you get the higher interest rate...you will pay more each month for the duration of the loan. Its a case by case decision. I found an 80-5-15 where i am putting the 15% down, and recieve 2 loans, 80% and 5%, and they both have a fixed rate of 4.75%. NO PMI and i dont have to escrow my taxes or Hazard insurance this = more interest gained by keeping that money until it is actually due. This is the best deal i have found to get out of paying PMI, still searching for a lender to do an 80-10-10 at a low fixed rate.

10/4/2009 9:58:47 PM

Anybody heard anything about Starkey Mortgage? It's a local mortgage company.

They are offering a 6 month lock and $500 towards closing cost. This is big for me because I don't close until April 30th, 2010 and the rates will probably go up by then.

10/9/2009 4:47:11 PM

bump

11/25/2011 2:06:05 PM

I heard something recently about someone being advised to not re-fi and get a better rate, since their mortgage interest was their only deduction.

that seems off to me...anyone heard that before? How would it be possible that throwing away more money (via a higher rate), just to get ~30% back on it, would be better than not throwing away that extra money?

11/25/2011 2:20:06 PM

If closing costs are high or you're several years into your mortgage or you plan on moving soon then it may not be beneficial to refi.

That being said, I'm at 4.75 fixed right now and looking to refi with a 5/1 arm at 2.875.

11/25/2011 3:46:31 PM

Quote :

"and looking to refi with a 5/1 arm at 2.875"

with coastal? how long ago did you get into that fixed?

11/25/2011 4:18:06 PM

Yeah. I got it fixed April 2009.

11/25/2011 6:35:11 PM

anyone use PenFed?

I currently trying to [quickly] decide between Coastal's 20 year fixed at 3.875 or some kid of 5/x arm.
PenFeds looks good...and I figure Coastal's is good too.

https://www.penfed.org/productsAndRates/mortgages/mortgageCenter.asp
http://coastalfcu.mortgagewebcenter.com/Default.asp?bhcp=1

Can anyone offer any insight?

11/28/2011 10:36:07 AM

if you're thinking about the 20 year, might as well go for the 15. By paying an extra ~200/month for 15 years, you save ~30k over the life of the loans.

[Edited on November 28, 2011 at 10:47 AM. Reason : assuming a ~180k loan amount]

11/28/2011 10:45:42 AM

Or, pay an extra $400 a month, and save even more!!!

11/28/2011 2:32:08 PM

^^^ Haha. Per your pm, I guess my sarcastic response won't due then. I had coastal print out everything they offer. The 20 year fixed would be about a $250 monthly difference for me vs the 5 year arm. I hadn't really considered it initially since it was just 1/8 pt lower than the 30 year fixed, but it is kind of tempting now that I'm staring it in the face. I guess if you're maxing out retirement investments and it won't stretch you too far it makes sense, but since I'm single and still viewing my house as a starter home I'm not really trying to pay it off so to speak. The math was so much easier in '07 when you could get a CD at 5%. It would be stupid not to max out your loan then, but now that I'm earning 1% on my cash it's almost tempting to send in extra cash to put toward the principal. When I first got a mortgage I read about this new type where you'd basically pay your entire paycheck towards your mortgage every month and then you'd borrow from it as much as you needed every month for your monthly expenses. That seemed like a pretty cool idea. I suppose I could always zero out my emergency fund and rely on a heloc or something but I prefer to have the extra cash on hand.

11/28/2011 2:51:50 PM

bttt

thinking about jumping on 3.875 20yr through Coastal...wondering if they'll dip even lower

^ thx for the feedback

12/12/2011 8:08:48 PM

I was just informed to post my question from this thread http://www.thewolfweb.com/message_topic.aspx?topic=621580...here.

Randolph bank - no closing costs they say.

30 years @ 3.75. Only thing due up front is what is needed for the insurance escrow account. They take care of attorney fees, recording fees, no originiation, no application fee.

12/12/2011 8:26:17 PM

Yes, I too have wondered what scam Randolph Bank is running.

12/13/2011 7:47:55 AM

The interest rate is a little higher than a typical 'with closing costs' mortgage. I don't know how much, but it's not much.

So if you plan on staying somewhere less than (some number) of years, then you get the no closing cost and you;re gone before the higher interest rate starts to lose against paying the cost up front.

12/13/2011 8:31:20 AM

I'm in the process of closing.

House is a newly built house from Beazer Homes. They have a preferred lender, Bank Of America.

Beazer is paying closing costs, and the loan is an FHA 30 year Fixed at a rate of 3.75%

First time home-buyer, so I am not super insightful to the happenings of a loan and home buying, but seems pretty good to me. Just needed the 3.5% down.

However, with all the horror stories I hear about issues with closings, I'll feel better once the keys are in hand.

12/13/2011 9:19:40 AM

are you in Massey Preserve? My company did the engineering for some of their older neighborhoods, but not Massey Preserve. Always wondered what their floorplans look like in that community

12/13/2011 9:43:00 AM

no, different one.

12/13/2011 7:49:46 PM

Quote :

"30 years @ 3.75. Only thing due up front is what is needed for the insurance escrow account. They take care of attorney fees, recording fees, no originiation, no application fee."

Do you need 20% down. I bought in 07 with 20% down but worried about doing a refi and getting appraised for much lower. Don't want to blow the $400 if I can't refi without PMI.

12/13/2011 9:27:25 PM

No, no money down either, other than the 3.5% up front for FHA

12/13/2011 9:55:27 PM

last month with DNJ mortgage I got a USDA loan 30 year fixed at 3.25% with no money down, I think me being a first time homebuyer is what helped lower it down from the market rate


on a side note if you need homeowners insurance (or any other insurance) I recommend Mike Sollie former NC State pitcher, he is the guy in the State Farm commercial with Aaron Rodgers, office is off of Creedmore Road

12/13/2011 10:09:42 PM

Can you refi with FHA?
What are the qualifications?

12/14/2011 1:41:57 AM

Quote :

"30 years @ 3.75. Only thing due up front is what is needed for the insurance escrow account. They take care of attorney fees, recording fees, no originiation, no application fee."

Who has actually received that rate?

When I called it up, the quoted me something like 4.25% 30 year fixed with no closing costs, 4% with $3.5k in closing costs.


On a related note, I'm thinking of jumping on Coastal's 20 year fixed at 3.875% (~2k in closing costs). Anyone think there's a better deal out there?

12/21/2011 1:21:52 PM

I got a 30 year fixed, 4.5%

it was 30 year, 5.75% before I refinanced.

12/21/2011 1:25:59 PM

^^ Yeah, I've been debating that as well. It looks like the 5/1 arm isn't doable unless the house appraises for the same, which I doubt it will however they said I can still refinance at a fixed rate since all of those loans are resold to Fannie/Freddie and technically I already have a loan through them.

12/21/2011 1:48:44 PM

Quote :

"On a related note, I'm thinking of jumping on Coastal's 20 year fixed at 3.875% (~2k in closing costs). Anyone think there's a better deal out there?"

Wells Fargo offered me (along with 2k in closing costs):

30 @ 4%
20 @ 3.75%
15 @ 3.25%

12/22/2011 9:43:57 AM

Nice. Do you have some contact info you could pass along?

12/22/2011 1:48:30 PM

Pull the trigger yet synapse?

12/31/2011 5:51:21 PM

Should I go ahead and refinance now or wait til next summer for the rate to get lower? I checked on zillow and been getting quotes around 3% for 15 year with around 2k in closing cost

12/31/2011 7:00:14 PM

i financed with wells fargo 2.5 years ago for 5.25% @ 30 years...

with current rates, would it be worth my time to refinance? I'm pretty clueless about the whole process and really don't want to pay out of pocket for anything.. is that possible?

12/31/2011 7:02:39 PM

You need good credit still. House needs to appraise for what you want to borrow against. Look at how much your monthly payment goes down versus how much your total closing costs/out of pocket expenses will be for how long it takes to get paid back.

The difference between 5.25 and 4.25 on 200,000 borrowed is $121 per month. If you were to use a discount broker you'd likely get a return on your closing costs in no more than 2 years max.

[Edited on December 31, 2011 at 7:09 PM. Reason : .]

12/31/2011 7:09:12 PM

I guess I'll just call Wells Fargo this week and talk with someone.

12/31/2011 7:11:46 PM

^ Your best bet is probably to go through a smaller bank, I've found that's typically where you can find more options. I had a 30yr 5.25% with WF that I just refinanced at the end of November to a 15yr @ 4% with no closing costs. Obviously you get a little better rate going from a 30yr to a 15yr but you can absolutely get a lower rate at no cost to you. The bottom line is someone is going to collect interest off of you and there will be a bank willing to take the hit on closing costs b/c they can re-coup it in interest in a matter of months.

I did my closing with Laura McGoogan ... Laura@mortgagechoiceinc.com

1/1/2012 12:00:00 PM

I've always found the opposite. Larger banks always gave me the best rates.
4% for a 15 year is not competitive with the quotes I was given in early Dec.

1/1/2012 4:46:43 PM

We signed the contract - 3.75 @ 30 yrs, no points bought down, no origination. 4.1% APR.

1/1/2012 9:01:58 PM

The best way to determine if it is worth it to refinance is the refinance calculator on http://www.mtgprofessor.com

A lot of people just think oh lower payment I can save money! But that's not the right way to look at it. This calculator takes all factors into account

1/1/2012 9:36:04 PM

^^ any contact info? Pm if you want.

1/1/2012 10:20:40 PM

Ditto.

1/2/2012 1:56:03 AM

Quote :

" 4% for a 15 year is not competitive with the quotes I was given in early Dec."

The key phrase you seemed to ignore was the part about no closing costs.

1/2/2012 7:58:34 AM

Coastal's 15yr has been at 3.25% with ~$2k in closing costs for a while. Did you check with them?

1/2/2012 11:46:44 AM

^PM sent - one thing I forgot to mention, the last time I spoke with him, he said the rate has gone up slightly, but it wouldn't hurt to check.

1/2/2012 4:45:27 PM

So what's the harm in your mortgage having it's servicing sold off (or whatever the phrase is). just that you have to re-setup automatic payments whenever it's sold. is it just a pain in the ass issue or is there a more serious reason to avoid lenders who sell mortgages?

1/3/2012 1:38:31 PM

Normally, its just a new billing address. However, if a lender ever messes up paperwork or anything (and they do), it will become a giant hassle to get a different lender to fix a previous lenders mistake.

1/3/2012 2:25:58 PM

actually, SunTrust sold my mortgage and I still pay it via the same autodraft from SunTrust and everything. There was no change on my part. It probably varies by companies though.

1/3/2012 2:33:10 PM