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post #121 of 139 (permalink) Old 03-11-2008, 04:01 PM
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I don't recall 15 or 30 being below 5.5%
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post #122 of 139 (permalink) Old 03-11-2008, 04:34 PM
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If you had read my other thread regarding my mortgage broker, his failures to follow up on paperwork and the subsequent break in at my shop you would know that CHASE is where I got my loan. Now I have been doing business with them for 23 or so years in their various forms, keep both 401K and other investments with them and have another mortgage with them so we have had a business relationship since I left the Air Force.

Also, if you chart back the rates a month or so they dipped pretty good for three or four days. I locked in then and paid points to get them further down and got .25 less due to having all my stuff with them. So the rate is based on both the rate dip, the point and the relationship discount. Ta da.
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post #123 of 139 (permalink) Old 03-11-2008, 04:35 PM
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I don't recall 15 or 30 being below 5.5%
I think he paid for the difference, which a lot of people do...

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post #124 of 139 (permalink) Old 03-11-2008, 04:39 PM
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I think he paid for the difference, which a lot of people do...
Points?
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post #125 of 139 (permalink) Old 03-11-2008, 04:45 PM
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Points?
Yes...

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post #126 of 139 (permalink) Old 03-11-2008, 04:45 PM
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Just pay cash.
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post #127 of 139 (permalink) Old 03-12-2008, 07:41 PM Thread Starter
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Just pay cash.
I paid 1.5 points [plus got the preferred client rate discount] to get down to the 4.375 rate.

Why pay cash when you can get money that cheap and make better off the investments and take the interest off on taxes? If I had just wanted to hunker down and wait the recession out a cash purchase would have been an option but since there are still places to make over 5% after taxes it makes more sense to put down a short mortgage and let MY money work.

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post #128 of 139 (permalink) Old 03-12-2008, 07:47 PM
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Originally Posted by mcbear View Post
I paid 1.5 points [plus got the preferred client rate discount] to get down to the 4.375 rate.

Why pay cash when you can get money that cheap and make better off the investments and take the interest off on taxes? If I had just wanted to hunker down and wait the recession out a cash purchase would have been an option but since there are still places to make over 5% after taxes it makes more sense to put down a short mortgage and let MY money work.
Did your credit rating have anything to do with it? Last time I checked, my credit score was 786, 780, and 792. I have Chase mortgage and I keep getting these offers for no appraisal fees and all I have to pay is points. I guess so, since my equity is around 70% now. I don't think they can stand it that I'm sitting on 2/3 my home's value.

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post #129 of 139 (permalink) Old 03-12-2008, 07:53 PM Thread Starter
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Did your credit rating have anything to do with it? Last time I checked, my credit score was 786, 780, and 792. I have Chase mortgage and I keep getting these offers for no appraisal fees and all I have to pay is points. I guess so, since my equity is around 70% now. I don't think they can stand it that I'm sitting on 2/3 my home's value.
Yeppers, I don't think that you can get the really good rates with under 750 anymore. I was talking to my investment broker [as opposed to the mortgage idiot] and she said that the bar had moved up from 675 in November to 725 in January to 750 last month for the really good rates.

I wouldn't want to go into an application in the 600s right now even bringing 25% to the table. I would imagine there would just be too many hoops to jump through and the rates would not be that great, even paying points.

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post #130 of 139 (permalink) Old 03-12-2008, 10:28 PM
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Originally Posted by mcbear View Post
I paid 1.5 points [plus got the preferred client rate discount] to get down to the 4.375 rate.

Why pay cash when you can get money that cheap and make better off the investments and take the interest off on taxes? If I had just wanted to hunker down and wait the recession out a cash purchase would have been an option but since there are still places to make over 5% after taxes it makes more sense to put down a short mortgage and let MY money work.
Very good bear! I am impressed!!

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