Has anyone here actually used Madrate? I googled the company and read a few less than stellar
reviews. Is their rate too good to be true?

just locked with USAA

5.875 on the 417k fixed 30 years paying .25 in points, could have got 6% with .25 rebate

60k second is around 7.8

10% down.

If rates go drastically lower the next few weeks due to earnings, and continued stock market decrease... whats the odds USAA flexes and gives me the lower rate (only concerned if its .25 on the rate).

i think its the way its structured. I only have to put down 10% and I am getting a great first rate. I priced with a few brokers and 7.75+ is what seconds are going for. It is either take the second or pay larger interest for a jumbo.Times may have changed since you got your loan.

Is it a crazy rate for a second?? I felt like i did my diligence.

BTW second is $60k for 240 mos and is not locked until the loan closes in 30 days.... I dont plan on having it for anywhere near that long, and from my pricing seemed reasonable. Open to opinions.

synch22 said:i think its the way its structured. I only have to put down 10% and I am getting a great first rate. I priced with a few brokers and 7.75+ is what seconds are going for. It is either take the second or pay larger interest for a jumbo.Times may have changed since you got your loan.

Is it a crazy rate for a second?? I felt like i did my diligence.

BTW second is $60k for 240 mos and is not locked until the loan closes in 30 days.... I dont plan on having it for anywhere near that long, and from my pricing seemed reasonable. Open to opinions.

Well, I got the HELOC in the last 1/2 of '07. The rate is variable, and the fix option is set to the variable rate + a spread. You might like to ask your loan consultant, especially since 90% CLTV is the cutoff for their best rates on the HELOC. One of the nicer things about the fix a portion of your HELOC option is that you can fix up to 5 loans within the HELOC. So you can refi your fixed portion lower with a few mouse clicks if you have the credit limit if rates fall. With an HEL you'd have to go through the whole process. Though going from 20 years to 10 amortization may make the payment too onerous, and that would be a good reason to pay the extra 0.7%. Is yours a crazy rate? No way, you could have gotten much worse.

slowpork said:Has anyone here actually used Madrate? I googled the company and read a few less than stellar
reviews. Is their rate too good to be true?

There are a couple positive responses in this Thread

I'm looking at them too.

At the end of November, I got a 6.25% loan through Chevy Chase Bank. 0 points, and rate drops to 6.00% at 80% payment.

i locked like i posted above at 5.875% .25 points.

Rates today 1 week later are 5.625% 0 points. For the same 5.875 they are giving a nice .25 rebate. Heck 5.5% is .625 points.

So i was told with USAA once i locked i am locked. How could i possibly take the locked deal and throw away money like this. I am in no hurry to close since i am buying a family home. They have great closing costs but i am sure i can find decent rates with other banks. Would you look elsewhere?? Where?

I had a broker run numbers and the fees were still a little too high to justify the switch. I also will be losing the $350 deposit if i jump ship.

Penfed just dropped to 5.0% on the 5/5 ARM today. Also they are down to 5.875 with no points on the 30 year fixed.

Madrate just dropped their 30 Yr Fixed to 5.375%
Is this Hot or what?

ShyriK said:borisr said:Madrate just dropped their 30 Yr Fixed to 5.375%
Is this Hot or what?

sounds really hot.... especially that slowpork paid 2 points for basically the same rate

i guess they made money on him so they are happy to drop it now

*cry*

..at least i got my rate dropped to 5.000%. shouldn't have locked..