I bought a house with my girl back in NOV, i noticed this f’ed market gives great incentive to NOT pay your bills “meaning they reward you” go figure… But i wanna know if there are any lenders out the that will refinace without paying closing costs, to get a lower interest… Sucks seeing those who work and dont pay there bills get the benefits of cheaper interest versus’ those who do pay there bills.
you always have to pay the closing cost, otherwise it’s not worth their time, you can always have that cost built into your new monthly rate…
Yeah, exactly what Kilmer said. You may be able to apply thru your current mortgage company for a loan modification. Usually if you need something to be done that badly due to whatever situations had arised they’ll try to work with you. I know with the company I work for, it’s a huge hassle. It’s a lot of paper work and a lot of time to get a decision. The only positive thing is though, you don’t have closing costs normally with a modification. And whatever you do save your money, do not call/utilize the service of a “modification company”. They are all pretty much full of shit, and can’t do anymore than you could yourself.
I don’t know how not paying bills benefits anyone…but youngtegger is right. contact your lender to see if you can do a simple modification loan with no closing cost. I have done some of the title work for these in the past with low interest rates and no closing costs. Try to make sure you are not talking to a pushy salesperson as they tend to tell borrowers one thing and set up the loan different…
I just had the same situation as you. Locked in 5.875 in Nov 08. Watched rates recently and called my mortgage guy to see what he suggested. Just yesterday I locked into a 4.75 payin 1/2 point. This saves me 100/month and 35000 over the life of the loan. Absolutely nothing out of pocket. We were even able to use the appraisal form Nov I had to pay 300.00 for.
Im just worried now that they are gonna go even lower.
Yeah we are in the process of buying our next house right now and our current rate is 5.00% with no points but if we pay some points we can get as low as 4.5%. I think we will just pay some points up front and get a really low monthly payment at 4.5%. I think it will save us like $50 a month or so for the next 30 years, so it will be worth it.
simple those who are letting there house go up for forclosure are getting deals from FHA to cut there interest in half… so now the gov is giving them a break because they cant stop spending money…
anyways…onyx…what path did you take… i assume you had to incure the closing costs again?
I did. But they were rolled into the mortgage so I pay nothing out of pocket
who did you go with, and what type of loan? FHA or reg bank?
Robert D. Milliron, Branch Manager
Federated Mortgage Corporation
Commercial Capital Limited
-Nationwide Residential and Commercial Financing-
508 Pittsburgh Street, Suite 102
PO Box 923
Mars, PA 16046
724.625.6300 office
724.625.6301 fax
866.904.6311 toll-free
If you call him tell him you were referred by Brandon
I went with 30yr fixed. Not sure what lender its through yet. Not FHA