bNeta86 said:zaky101 said:Do you guys think its good time to refinance ?

Currently i have an 5yr ARM(5.75%) going to reset in Mar,2010. I want to refinance that to a 30 year fixed.

I would wait to see exactly what the shakeout is with the fed bailout plan. Might not reset afterall - but I have only read headlines - not sure who it applies to.

I'm wondering if they are going to be going lower as well. I have a 30 year fixed but at 6.75%... 5.625% sounds pretty tempting.

kihne said:I went with Wells Fargo 15 yr fixed at 5.25% with .25 point.
Their rate was competitive, excellent reputation, great customer service, and FREE 60 day lock-in option (penfed's 30 days). All for $300 or $400 fee.
If the rate drops further before my closing, they will re-lock the rate half way for free.
So, if 15 yr fixed drops to 4.75, then they will drop my rate to 5.00 free.
Very happy with their service so far.
Oh, they have the closing gurantee: We will close your loan on or before the closing date stated in your original purchase contract or we'll write you a check equal to your first month's principal-and-interest payment.

My builder's proffered lender gets their loans underwritten by Wells Fargo and up until this week they (Builders Lender) were playing games where they were quoting me 6.375% for 30 years with No Closing Costs ($1004). Finally when Wells Fargo dropped their rate this week the Lender came back and said that he could do 5.875% for 30 years fixed with no closing costs.

My initial plan was to go with Penfed when they had their 5/5 ARM at 5.375% (& my rate was 6.375%) that is why I took the No Closing cost option and basically paid 1/8% more. Now with the 5.875% I am debating if a 5.5% rate that is going on today will be beneficial. Maybe a 5.25% 30 year fixed (Hoping ).

Shahhere

durin said:bNeta86 said:zaky101 said:Do you guys think its good time to refinance ?

Currently i have an 5yr ARM(5.75%) going to reset in Mar,2010. I want to refinance that to a 30 year fixed.

I would wait to see exactly what the shakeout is with the fed bailout plan. Might not reset afterall - but I have only read headlines - not sure who it applies to.

I'm wondering if they are going to be going lower as well. I have a 30 year fixed but at 6.75%... 5.625% sounds pretty tempting.

The general say is ... if current rate is less by 1% or more then it is worth a refinance... my 2 cents.

Checked in with www.penfed.org and the rate on a 30 year fixed jumbo went up to 6.375%. Updated the wiki to show that, but kept the old rates for historical perspective. Looks like the conventional went up as well, so I added that.

Two questions:
(1) Has anyone used penfed and what did they think?
(2) Is anyone seeing a lower 30 year fixed jumbo than 6.375%?

Thanks, and happy friday.

shahhere said:Looks like the Rate freeze caused all the rates to creep up up and up in the last few days. Update the current rates.

Shahhere

Yeah, we all will pay for the subprime bailout....

USAA 15 year rates jumped .5% on Thursday.

30-Year Fixed Rate Conventional Loan

AAXA Discount Mortgage 5.625%, no points
Gold Star Mortgage 5.625%, no points
Home Finance of America 5.75%, no points

I am looking at a few lenders, but I am not sure about their reputation. AAXA seems like a good choice, and is approved by the BBB. Any thoughts or experience with these mortgage companies?

Looks like the rates went up again today: Jumbo fixed at penfed is now at 6.5%. I should have acted early last week. Darn.

subhasha31 said:INGDirect is another good one for ARM. 5/1 is currently at 5.75 with $895 for closing.

Last few days, the rate has gone up 1/8 of a point. Does anyone think that the rate will drop a little in the next few days? Thanks!!!!

I updated the rates for today at 10am and looks like Madrate inched back down a bit again. It seems like Wells Fargo is much more conservative with their rate and are generally the last one to change their rates in the group of lenders I am following.

Shahhere

So, does anyone have any experience with PenFed? I assume that a credit union tied to a governmental agency has to pretty decent w/r/t timeliness, policies, fees, etc.

--edit: looked up some threads on the subject; they seem pretty cool. anyone have first hand experience with fees? can you make additional payments that are credited to your principal?

Also, is there any way for a civilian to become a member of Navy Federal Credit Union? The rates there are great -- 6% with no points for a jumbo 30 year.

--edit: looked up a thread, doesn't seem to be anyway in without a direct service connection (unlike penfed)