Refinancing likely today, what should I look out for? | TigerDroppings.com

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KABoss02
LSU Fan
Dallas
Member since Jul 2009
1111 posts

Refinancing likely today, what should I look out for?



They have me lined up for an FHA streamline with a 3.75% rate, 30 year fixed, nothing out of pocket. Credit scores with me and my wife are over 800.

Any suggestions or questions I should ask before I sign off and move forward? Are there better rates out there?

FWIW, I plan on rolling the savings plus some back towards the principle to gain equity and pay off faster so I elected to stay 30 year just in case of an emergency to keep our MDO down.

Thanks in advance!







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KABoss02
LSU Fan
Dallas
Member since Jul 2009
1111 posts

re: Refinancing likely today, what should I look out for?


Nothing for me?





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Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
2215 posts

re: Refinancing likely today, what should I look out for?


Check PenFed. We are about to close on a 30 yr at 3.25.





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LSUSUPERSTAR
LSU Fan
TX
Member since Jan 2005
10145 posts

re: Refinancing likely today, what should I look out for?


Are you being charged PMI? With credit scores like that, you should go traditional loan, although I don't have any other info to get more specific.





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Chris4x4gill2
Alabama Fan
North Alabama
Member since Nov 2008
2071 posts

re: Refinancing likely today, what should I look out for?


I havent been shopping rates, but 3.75 sounds high.

Local Credit Union is listing down to 3.375 for 30 yr and 2.75 for 15 yr.

Make sure your getting the best rate you can.






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lsu tigerdog
LSU Fan
Baton Rouge
Member since Nov 2007
128 posts

re: Refinancing likely today, what should I look out for?


3.75% is high..fha streamline with no appraisal is at 3.25% to 3.375%.
when did you purchase your home, month & year






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KABoss02
LSU Fan
Dallas
Member since Jul 2009
1111 posts

re: Refinancing likely today, what should I look out for?


Yes, being charged PMI. I though about going conventional but want to hang on the cash we have for right now.





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KABoss02
LSU Fan
Dallas
Member since Jul 2009
1111 posts

re: Refinancing likely today, what should I look out for?


quote:

3.75% is high..fha streamline with no appraisal is at 3.25% to 3.375%.
when did you purchase your home, month & year


August of 09. I have gotten two qoutes from different lenders and they were almost identical with minor difference in up front cash to take rate down.






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nikki6
New Orleans Saints Fan
Dallas
Member since Jul 2011
1790 posts

re: Refinancing likely today, what should I look out for?


I just bought a house a month ago with a conventional loan and the rate was 3.37%. 3.75% sounds high





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CajunAlum Tiger Fan
LSU Fan
The Great State of Louisiana
Member since Jan 2008
3231 posts

re: Refinancing likely today, what should I look out for?


Pentagon Federal all day long!





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: Refinancing likely today, what should I look out for?


quote:

Pentagon Federal all day long!



How does that work out of state?






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CajunAlum Tiger Fan
LSU Fan
The Great State of Louisiana
Member since Jan 2008
3231 posts

re: Refinancing likely today, what should I look out for?


It doesn't matter where you are located. You can either start the process online or give them a call to ask any questions. I first found them when shopping for a truck. I joined the credit union, funded my account with $100, applied for the car loan, and it was approved in about 15 minutes. The check was on my front porch via fed-ex the next day - 1.49% for 60 months, better than any dealership by far.

I'm starting on the Mortgage next week - 10 year @ 2.5%, 2.8215% APR.







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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
72676 posts

re: Refinancing likely today, what should I look out for?


quote:

How does that work out of state?



Everything is online, doesn't matter where you live






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