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MBS +1/32

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Any thoughts on the best way or product/lender to refi my non-owner occupied duplex? I've got 20 years left at 5% and a LOC coming due in 2 months that I'd like to refi also, in together with the 1st. When I called a few weeks ago, it was about plus .5 points for the multi-family and non-owner occ. Any thoughts on what products might work best, or strategies to offset the bump in the rate? Right now I'm thinking of either going with a 20 yr fixed or a 30 with extra payments.... Thanks....

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Need some reviews and thoughts on PenFed's 15/15 Adjustable Rate Mortgage for first time home buyers

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Closed with PenFed this week. Extremely disappointing experience. They didn't make the close date and when they finally got the paperwork to the closer it was all wrong causing another day of delay. They sent the appraiser the wrong purchase price and of course the house didn't appraise for the sale price causing all sorts of unnecessary frustration and unease. Processor was flat out horrible. Thankfully our builder allowed us occupancy despite the delayed closing.
The only thing positive I can say about my experience is I locked at a very good 5/5 rate and got in on the no closing cost promotion. If you can't check those 2 boxes I'd look elsewhere.

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^^^^^^^^^^^^^^^^

This review just caused me to choose Amerisave today.. Thanks Yelf

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anyone dealt with wells fargo? experiences pls?

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raghavcamp said:   anyone dealt with wells fargo? experiences pls?
Depends on who your agent is, but no problems for me.

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Bizatch said:   ^^^^^^^^^^^^^^^^

This review just caused me to choose Amerisave today.. Thanks Yelf

Anyone have experience with AimLoan? I signed up for their rate watch notification and I've found their rates (for a 15 year loan) to be 1/8% to 1/4% better than Amerisave. I've found AimLoan and PenFed's 15 year rates to be really close and what's making me lean towards AimLoan is how they display the rate and credit towards closing cost so I get an idea what rate I'd get on a no closing cost option. I've experienced PenFed's customer service and I have no idea how good or bad AimLoan is.

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Aimloan has outrageous fees compared to Amerisave.

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Sorry, have been away the past few days. MBS finished up about 2-3/32s on the 25th, then closed down about -9 on 26th, rallied back about +8/32s Friday.

We opened today at -3/32s, and despite date coming in worse than expected this a.m., MBS are -11/32s, just off a low of -13

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Bizatch said:   Aimloan has outrageous fees compared to Amerisave.
You're right. I did a comparison based on what I'm looking for and AimLoan's closing cost is 2K more than Amerisave's. It more or less balances out as far as net cost but I'd be more comfortable going with the one with less upfront closing cost.

Amerisave:
Rate: 2.875%. Closing Cost: 1500. Points/Credit: 1886. Net Cost: 3386.
Rate: 3.00%. Closing Cost: 1500. Points/Credit: (9). Net Cost: 1491.
Rate: 3.125%. Closing Cost: 1500. Points/Credit: (1508). Net Cost: (8).
Rate: 3.25%. Closing Cost: 1500. Points/Credit: (2630). Net Cost: (1130).

AimLoan:
Rate: 2.875%. Closing Cost: 3500. Points/Credit: (387). Net Cost: 3113.
Rate: 3.00%. Closing Cost: 3500. Points/Credit: (2151). Net Cost: 1349.
Rate: 3.125%. Closing Cost: 3500. Points/Credit: (3457). Net Cost: (43).

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Can anyone comment on the use of down payment assistance or first time home buyers programs while financing through an online lender?

Since down payment assistance is state/county/local how well do any of the primarily online lenders work with this process? Specifically, I'm concerned with 1) Do they do it 2) Are they adamant about working with buyers which would want to use these programs, and 3) timeframe for closing - will an online lender make a huge ordeal of sending papers back and forth for weeks and months.

This is presuming that an online mortgage lender is actually in a different state than where the property is located, thus having less experience with the state/county/local programs available.

Thank you to anyone with any incite, experience or useful information!

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We financed (and refinanced) our home through our local bank which has an affiliation with these guys: http://www.fhlbanks.com/

We got a 15 year mortgage at 2.75% a few years ago through my local bank using these guys.

Worth a look if you are considering a purchase or refi.

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^^^^^^^^^^^^^^

Rates mean absolutely nothing unless you also quote the closing costs.

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Bizatch said:   ^^^^^^^^^^^^^^

Rates mean absolutely nothing unless you also quote the closing costs.

Nor does the rate you got "a few years ago".

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