# Home loan Interest ????? **URL:** \ **Category:** PittSpeed Off Topic\ **Created:** [February 16, 2009, 11:44am UTC](https://forums.speedlife.net/t/home-loan-interest/201879 "2009-02-16T11:44:35Z")\ **Posts on this page:** 10\ **Page:** 1
**Author:** ![MONTE\_SS](https://avatars.discourse-cdn.com/v4/letter/m/8797f3/32.png) [@MONTE\_SS](https://forums.speedlife.net/u/MONTE_SS)\ **Post date:** [February 16, 2009, 11:44am UTC](https://forums.speedlife.net/t/home-loan-interest/201879/1 "2009-02-16T11:44:35Z")
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. ---
**Author:** ![kilmer420](https://avatars.discourse-cdn.com/v4/letter/k/d6d6ee/32.png) [@kilmer420](https://forums.speedlife.net/u/kilmer420)\ **Post date:** [February 17, 2009, 3:59pm UTC](https://forums.speedlife.net/t/home-loan-interest/201879/2 "2009-02-17T15:59:41Z")
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… ---
**Author:** ![YoungTegger](https://avatars.discourse-cdn.com/v4/letter/y/ecccb3/32.png) [@YoungTegger](https://forums.speedlife.net/u/YoungTegger)\ **Post date:** [February 17, 2009, 7:57pm UTC](https://forums.speedlife.net/t/home-loan-interest/201879/3 "2009-02-17T19:57:07Z")
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. ---
**Author:** ![cleanquick306](https://avatars.discourse-cdn.com/v4/letter/c/48db29/32.png) [@cleanquick306](https://forums.speedlife.net/u/cleanquick306)\ **Post date:** [February 18, 2009, 3:56am UTC](https://forums.speedlife.net/t/home-loan-interest/201879/4 "2009-02-18T03:56:01Z")
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… ---
**Author:** ![onyx\_rock](https://avatars.discourse-cdn.com/v4/letter/o/e8c25b/32.png) [@onyx\_rock](https://forums.speedlife.net/u/onyx_rock)\ **Post date:** [February 18, 2009, 6:40am UTC](https://forums.speedlife.net/t/home-loan-interest/201879/5 "2009-02-18T06:40:28Z")
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. ---
**Author:** ![jph102900](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jph102900/32/6049_2.png) [@jph102900](https://forums.speedlife.net/u/jph102900)\ **Post date:** [February 18, 2009, 6:58am UTC](https://forums.speedlife.net/t/home-loan-interest/201879/6 "2009-02-18T06:58:45Z")
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. ---
**Author:** ![MONTE\_SS](https://avatars.discourse-cdn.com/v4/letter/m/8797f3/32.png) [@MONTE\_SS](https://forums.speedlife.net/u/MONTE_SS)\ **Post date:** [February 18, 2009, 7:15am UTC](https://forums.speedlife.net/t/home-loan-interest/201879/7 "2009-02-18T07:15:18Z")
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? ---
**Author:** ![onyx\_rock](https://avatars.discourse-cdn.com/v4/letter/o/e8c25b/32.png) [@onyx\_rock](https://forums.speedlife.net/u/onyx_rock)\ **Post date:** [February 18, 2009, 7:16am UTC](https://forums.speedlife.net/t/home-loan-interest/201879/8 "2009-02-18T07:16:59Z")
I did. But they were rolled into the mortgage so I pay nothing out of pocket ---
**Author:** ![MONTE\_SS](https://avatars.discourse-cdn.com/v4/letter/m/8797f3/32.png) [@MONTE\_SS](https://forums.speedlife.net/u/MONTE_SS)\ **Post date:** [February 18, 2009, 7:19am UTC](https://forums.speedlife.net/t/home-loan-interest/201879/9 "2009-02-18T07:19:40Z")
who did you go with, and what type of loan? FHA or reg bank? ---
**Author:** ![onyx\_rock](https://avatars.discourse-cdn.com/v4/letter/o/e8c25b/32.png) [@onyx\_rock](https://forums.speedlife.net/u/onyx_rock)\ **Post date:** [February 18, 2009, 7:31am UTC](https://forums.speedlife.net/t/home-loan-interest/201879/10 "2009-02-18T07:31:10Z")
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