Posted on: 23rd Jan, 2008 08:53 am
If only I could see into the future right? So, I locked into a great 30yr fixed program with no closing costs and no PMI with only 5% down and a rate of 5.625. I can't really complain, its a really great program. However, there rates have dropped to 5.125 for the same program and it just kills me to see that. I can find that rate and even better at other lenders but they will having closing costs and PMI so it doesn't make sense to go with another lender. Anyone have any ideas or am I stuck with what I locked in at?
Umm there are NO Lenders that will give you 5.125 with 5% down....NO PMI...and no closing costs.
No PMI rate loans are around 5.375...and they will required you to pay 1% origination fee.
5.625% is a GREAT rate for NO PMI....and NO closing costs. 30yr fixed
I work with over 400 lenders....and I'm telling you to STAY PUT!
Don't believe someone who is trying to take you from another company.
5.000-5.125 are for borrowers that are putting 20% down.
That's a huge difference from 5%.
I can't imagine giving up a great deal just to TRY to save some bucks per month....
No PMI rate loans are around 5.375...and they will required you to pay 1% origination fee.
5.625% is a GREAT rate for NO PMI....and NO closing costs. 30yr fixed
I work with over 400 lenders....and I'm telling you to STAY PUT!
Don't believe someone who is trying to take you from another company.
5.000-5.125 are for borrowers that are putting 20% down.
That's a huge difference from 5%.
I can't imagine giving up a great deal just to TRY to save some bucks per month....
Hi jonivukin,
Welcome to the forum.
Banker has given you good suggestion. The program you have locked in is a good one and you can stick to it. See market is changing everyday and rates are going to be up and down every moment. But the main factor is, are you satisfied with the program that you have locked in. So it is meaningless to regret once you have chosen a good program.
Best of luck,
Larry
Welcome to the forum.
Banker has given you good suggestion. The program you have locked in is a good one and you can stick to it. See market is changing everyday and rates are going to be up and down every moment. But the main factor is, are you satisfied with the program that you have locked in. So it is meaningless to regret once you have chosen a good program.
Best of luck,
Larry
Ummm actually the program I have with NO PMI and NO closing costs was at 5.625% when I locked but is now at 5.125% so yes there are lenders (well one anyway) offering that. The buydown points for that is usually just under or just over 1 pt. Any origination fees are waived under this program.
Anyway, I agree about staying put. Because I've locked they're not going to let me take the lower rate. And going elsewhere would mean PMI and closing costs and negate the savings of the lower rate.
I don't want to give up the great deal to save a few bucks, I am just bummed the great deal is now available at a lower rate. That's all.
Anyway, I agree about staying put. Because I've locked they're not going to let me take the lower rate. And going elsewhere would mean PMI and closing costs and negate the savings of the lower rate.
I don't want to give up the great deal to save a few bucks, I am just bummed the great deal is now available at a lower rate. That's all.
what's the name of the lender?
Its Bank of America's No Fee Mortgage Plus Program
I wouldnt be too bummed. Rates were down quite a bit yesterday and this morning but then went right back up this afternoon. You are getting a great deal.