Mortgage Rates continue to drop!!!

[CarolA]

I spent some time looking today. Maybe it's Georgia, but I don't see the great rates here. Part of it may be that I am in a townhome which may be higher but.... I don't want to pay points etc. and... I just put in some basic info on BankofAmerica.com for example and the rates weren't that great. And these are "blind" so it's not my credit (which is excellent) or my specific home etc. I don't get it!

 

[minnie1928]

I spent some time looking today. Maybe it's Georgia, but I don't see the great rates here. Part of it may be that I am in a townhome which may be higher but.... I don't want to pay points etc. and... I just put in some basic info on BankofAmerica.com for example and the rates weren't that great. And these are "blind" so it's not my credit (which is excellent) or my specific home etc. I don't get it!

I looked at BofA as well and wasn't impressed. Take a look at Wells Fargo, see if that looks better.

 

[madge]

I spent some time looking today. Maybe it's Georgia, but I don't see the great rates here. Part of it may be that I am in a townhome which may be higher but.... I don't want to pay points etc. and... I just put in some basic info on BankofAmerica.com for example and the rates weren't that great. And these are "blind" so it's not my credit (which is excellent) or my specific home etc. I don't get it!

I found rates to be slightly higher today than they were a day or two.

 

[Avonlady1001]

With respect to Wells Fargo, be careful, the rates that you see include one point, which is 1% of the loan amount you're seeking.
TD Bank's website has the same rate with no points. However, when we called today, they gave us a different (higher) rate than the website.
And we can't get thru to Wells Fargo today - they are so swamped that their phone lines can't handle it - very frustrating. We are already Wells Fargo customers but we want to increase the principle amount to pay off some cc debt so I don't think we qualify for their fee free refinancing.
Any other banks out there with good rates and no/low fees ?

We just did it today w/ Wells Fargo. Locked in 4.75% w/ 1pt...they do free relocks if it goes down. It was 4.5% when I called in the AM & then 4 hours later when I called again to do it, it had gone up. Anyway, there are some closing costs w/ our refi w/ cash out...it's the atty fee, appraisal fee, state fee...all in all about $2500. This is in NY, don't know if it varies. My sister (also NY) was quoted almost $10000 closing w/ Chase to refi.

 

[karinbelle]

have any of you checked with your local credit union?

I refinanced in May at 5% fixed on a 15 year loan with less than $500 closing costs. This was when most banks were at 6% and 1000+ closing costs.

Many credit unions allow anyone to join.

I'm going to call them on Monday to see where their rates are now.

 

[drinkme]

I've been trying to get in touch with someone (anyone) at Wells Fargo since Thursday at 4pm. I've called 3 times so far and left my name/number to get a return call.

I know they are busy, but c'mon! That's lousy customer service. The rates have increased already.

I was told that I would hear from someone by Monday. With my luck, the rates will have shot up by then.

 

[DVC Sadie]

I went to our local bank yesterday and was quoted 4.78 without points, so we went ahead with our paperwork so we can lock in when the rates decrease. I am hoping the rates will go down at least another half % or more.

 

[minnie1928]

I've been trying to get in touch with someone (anyone) at Wells Fargo since Thursday at 4pm. I've called 3 times so far and left my name/number to get a return call.

I know they are busy, but c'mon! That's lousy customer service. The rates have increased already.

I was told that I would hear from someone by Monday. With my luck, the rates will have shot up by then.

I called a few days ago and left my name/number and had a return call within 2 hours. The person that called me back was from the local mortgage office. Perhaps you would have better luck calling the local office (assuming there is one near you) directly?

 

[momsavealot]

We just did it today w/ Wells Fargo. Locked in 4.75% w/ 1pt...they do free relocks if it goes down. It was 4.5% when I called in the AM & then 4 hours later when I called again to do it, it had gone up. Anyway, there are some closing costs w/ our refi w/ cash out...it's the atty fee, appraisal fee, state fee...all in all about $2500. This is in NY, don't know if it varies. My sister (also NY) was quoted almost $10000 closing w/ Chase to refi.

Does the $2500 include the point you had to pay? I'm currently with Wells FArgo and want to do a cash out refi so I'm trying to determine the costs for that. Left message with Wells Fargo Friday with both local and main office (as well as online contact us forms) - nothing yet.

 

[Avonlady1001]

Does the $2500 include the point you had to pay? I'm currently with Wells FArgo and want to do a cash out refi so I'm trying to determine the costs for that. Left message with Wells Fargo Friday with both local and main office (as well as online contact us forms) - nothing yet.

No, that did not include the point. The point I have to pay up front, the closing costs I'm rolling into the mortgage.

 

[momsavealot]

Finally got a call from a Wells Fargo local rep today and was told rate higher for a cash out refi. Of course, I didn't ask why then ( I will when I talk to her again) but I was just wondering if you guys knew? Also, she guessed 5% but would get back to me now that she took my info. Sounds kinda high and if we're not saving anything on closing costs (even tho we're WElls Fargo customers already), I may just look around.

 

[Avonlady1001]

Bumping this...

Anyone get any recent quotes this week? Just curious what's going on w/ the rates. Haven't heard back from WF since I submitted my paperwork last Friday.

 

[minnie1928]

Bumping this...

Anyone get any recent quotes this week? Just curious what's going on w/ the rates. Haven't heard back from WF since I submitted my paperwork last Friday.

I'm working with WF and rates started to go up on Monday night, then they went up again on Friday. I think between Monday am and Friday the rates went up about .375% roughly.

 

[iteach7th]

We met with our local guy here - it is a home owned mortgage company that acts as the middle man for different companies. I talked to him on Thursday of last week to start things moving. We met with him on Tuesday the 23rd and signed all the paperwork with a final rate of 4.625% for a 25 year loan. Currently we are at 25 years on our 30 year loan financed at 5.65%. With the way our housing market has gone in the area, we will be able to drop PMI with the refinance but will have to pay closing. The appraiser will come next week and hopefully be ready to close in about 2 - 3 weeks.
I am not sure which mortgage company the loan will go to, he told us during the paperwork signing but I don't remember. We have had two house loans through them and the past experience is it will sit with one company for a few months and then sold to Countrywide the first time and ABN Amro the second (which was later bought out by .......). We have automatic draft so I don't pay that much attention except to make sure it comes out when I balance the checkbook.
He did mention the rates were going up a little but was able to lock us in to the lower rate. It will cut $300 on our payment per month and if I can just stay disciplined with the former payment it will be much more beneficial in the long run. But right now I am seeing that $300 as more WDW money for the summer !!