MBS prices are unchanged right now. So glad I made the trip to Philly to watch the Giants lay down......what a waste of a Sunday (other than the tailgating and being with friends)

MMNJ

MBS market finished down -8/32. Unfavorable repricing (rates up) has been seen as a result of the afternoon selloff (but not by all investors, and not on all products)

MMNJ

I'm all done... funded and now can say GOOD BYE to the dirt-bags at Wells Fargo. Wells Fargo had to be the nastiest people I ever had a mortgage with. The trick they pulled on the 3-step no cost refi (that never happened) is what fueled me to leave them. I hope and pray they read these forums: I WILL NEVER DO BUSINESS WITH YOU, WELLS FARGO.

Onward.

A review:

Bill @ Absolute Mortgage, and his ENTIRE TEAM are a SOLID A+. I read some of the reviews about them on the internet (not here) and I have do NOT understand the negative posts (the only thing I can think of is that people had an unreasonable picture of what their homes were worth, and when faced with reality lashed out at the mortgage company) (??)

Anyway... All I can say is that Bill (and his crew) did every single thing they said. I was set to close on Bill's day off. I had a few questions -- he had Alicia send him paperwork and called me from the cell... he then gave me his cell if I had any other questions. Don't get me wrong, Absolute made good money off the deal, but they earned it. They did a STELLAR job.

I don't know how I feel about my title/abstract company yet. I sort of feel that I got hit with every single fee they could legally charge me with... even in talking with Bill, it was clear that they pushed it to the limit. I had dealt with them before -- Abstract Title (Philly, PA) -- on my previous mortgage for the same property. They are VERY VERY nice, but they are NOT NOT NOT the cheapest out there. I figure that sooner or later when NJ has the internet based title places... things will change. Again, this is nothing negative against Abstract Title... just know to shop around the TOTAL HUD COST EVEN FOR A REISSUE on title insurance! MAKE SURE YOU GET EVERY SINGLE FEE FROM THE TITLE COMPANY.

That's about it. At the end of the day both my wife and I were EXTREMELY impressed with Bill. If I were to need another mortgage I would place Absolute at the ver top of my list - specifically, Bill.

Thanks for a great experience... and just so you know -- going from a 5.75% 30 Year to a 4.375 15 Year will allow me to save the required money to send my 15 mo. old son to college (and maybe beyond). And YOU have been a part of that!!!

Keep up the great work!

Anyone have an idea what kind of credit score hit a refinance would have? Or what score most lenders consider top tier.

I've currently got 80%/30yr, 15%/15yr mortgage that I'd like to refinance into a single 15yr. I've got LTV of at least 60% and score of just under 800. BUT I plan on buying another place later next year, and keep my existing for a rental. I don't want to refinance now only to hurt my score enough for later next year when I upgrade to another place.

In my opinion, refinancing both now should not really adversely affect your FICO. But, for this conversation, let's say it does: if you are at 740 or higher you are getting the same rate on a property you plan to buy whether you are 740 or 790 on your FICO -- so I would not worry about it too much....

MMNJ

breaux124 said:Anyone have an idea what kind of credit score hit a refinance would have? Or what score most lenders consider top tier.

I've currently got 80%/30yr, 15%/15yr mortgage that I'd like to refinance into a single 15yr. I've got LTV of at least 60% and score of just under 800. BUT I plan on buying another place later next year, and keep my existing for a rental. I don't want to refinance now only to hurt my score enough for later next year when I upgrade to another place.

MBS prices are down -6/32, below 9:45 et pricing of +2/32. Unfavorable repricing has been seen.

MMNJ

This goes beyond your business. Thanks MNNJ. Green for you.

MortgageManNJ said:For those of you looking to save a little green by going green, you may consider taking advantage of the government's energy efficiency incentives furthered by the stimulus plan. Uncle Sam is offering up to $1,500 in tax credits for energy-efficiency upgrades like new insulation and windows. The credits are worth 30 percent of the total cost for the upgrades. For example, if you spent $4,000 on eligible windows, you can get back $1,200. Amounts over $5,000 are not subsidized. Installation costs are NOT included for windows and doors, insulation and roofs.
For more information, here is the link:

Energy Tax Deduction Info

MBS market finished down -4/32

MMNJ

MBS prices are down -5/32 which is about 10/32 lower than yesterday at this time. Unfavorable repricing took place yesterday. It will be a big day with the statement from the Fed meeting coming out this afternoon. The Dow is up 50 points. ISM Services will be released at 10:00 et. The Treasury will announce the size of upcoming auctions at 11:00 et. The Fed announcement will be released around 2:15 et. No change in rates is expected, but the statement may contain some indication about when the Fed will tighten monetary policy.

Update: 11:30AM ET the MBS market has improved and is now down -1/32

MMNJ

If you all don't mind chiming in...excellent credit, in Florida, currently at 6.5% with 25 yrs left, set to close on a FHA streamline refinance 4.875% 30 yr fixed 0 pts / 0 origination this coming Tuesday. The UFMIP + closing costs will roughly be 6k rolled in. Current principal is $142,497, zillow puts our home's value at $158,500. ~90% LTV. The new monthly payment will save us about $155 a month.

VA is an option for us, but I'm concerned with the appraisal process (repainting, etc..?) and I'm not sure if it's a possibility that it could come back too low for us to be able to refinance.

Should we stick with the FHA refinance as we have it or are there better options? Obviously, I'm not a fan of paying the UFMIP and the monthly MIP.

Thanks.

The 1st time homebuyer tax credit looks like it will be extended through June 2010. Basically, you need to be in contract as of 4/30/2010 and close on your house by 6/30/2010. Also, a key revision is that it is NOT just 1st time homebuyers anymore. If you have owned a home during the last 5 years you may get up to $6,500 -- which is awesome. I am not sure of any income restrictions, but from what I can see right now the credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Here is the link:

Homebuyer Tax Credit Extension 2010

Also, MBS market is +2/32 right now. And, more important, I now have some Philly Cheesesteaks for me and my staff coming my way next week courtesy of Bill @ Absolute since the Yanks won.....mushrooms and onions on mine baby!!!

MMNJ