Refinanced!

Floorwizard

Locked in a rate of 4.87%
Saves me $400.00 per month...

woo hoo!

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"in 20 years you will regret more what you did not do than what you did"

Mike Finley

What's the term?

Floorwizard

Fixed....
Is that what you were asking..?
30 year...

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"in 20 years you will regret more what you did not do than what you did"

Mike Finley

Sounds good so far, where is the catch?

Points?

What's the APR?

Floorwizard

So far I cannot see any problems at all. I just turned in the app, and am waiting for the next step. I will let you know if I see a catch, but I believe that the catch is that the Govt is trying to encourage this.

I asked the loan originator for the good and bad news of refinancing now...he said

"Good news is lowering payment and or lowering term, you can do a 20yr note… 25yr note. So you do not have to reset back to 30 years but still take the lower interest rate.



Bad news is if the cost out weighs the savings no good, with how low interest rates are it is tough to see anything bad right now."

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"in 20 years you will regret more what you did not do than what you did"

Celtic

Sooooo...who is the lender?

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Floorwizard

Pete's lending Co-

Just kidding...

Alaska USA federal credit union

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"in 20 years you will regret more what you did not do than what you did"

Mike Finley

Yes, but what about points? If that is zero points it's the deal of the century. If it's 3 points on a $300,000 note, forgetabout it I don't want to pay no huge buy down just to get to a lower than normal interest rate.



(also you might want to look at going 15 year, the rate will be even lower, but the payment will probably be back at what you were paying before. But it's paid off in 15 years and you cut your interest paid way back)

I only say that if you could afford the prior payment. If you need to lower the payment then of course the 30 year would be better.

Floorwizard

I will ask about points....thanks...stay tuned Mike....

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"in 20 years you will regret more what you did not do than what you did"

BreyerConstruct

http://alaskausa.mortgagewebcenter.c...asp?PID=23&r=1

Attached Images

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BreyerConstruct

wow.

seems like a heck of a deal.

~Matt

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BreyerConstruct

Alaska USA Mortgage Company Fees
Origination Fee $1,500.00
Document Preparation Fee $200.00
Total Alaska USA Mortgage Company Fees $1,700.00
Third Party Fees
Appraisal Fee $550.00
Credit Report $15.00
Tax Registration $72.00
Flood Determination $12.00
Settlement or Closing Fee $175.00
Title Insurance $825.00
Total Third Party Fees $1,649.00
Taxes and other Unavoidable Fees
Recording Fee $95.00
Total Taxes and other Unavoidable Fees $95.00
Closing Fee Rebate -$375.00
Total Closing Fees $3,069.00

Important Notices

* You may be required to pay any real estate taxes that are due within 60 days of closing in advance.

* The Closing Fee Rebate and points shown above are not guaranteed. The actual rebate and points will be determined when your interest rate is locked.

* This fee estimate does not include any advances that may be required at closing, such as interest that may be due or opening deposits for an escrow (impound) account, if applicable. For an estimate of the total cash required at closing, see Total Costs.

* This closing fee estimate is based on information you provided. Changes to this information could affect your closing fee quote. You have indicated that the purpose of your loan is to refinance the existing mortgage. The loan amount you desire is $150,000 and the estimated value of the property is $200,000. The property is located in the City of Douglas, Taxing Authority of Anchorage, State of Alaska. The property is an existing single family home and you use it as a primary residence. The loan is a 30 Year Fixed Rate and an escrow (impound) account is required. If any of this information is inaccurate, this fee estimate may be inaccurate as well.

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mickeyco

Didn't getting the 30 year 3% fixed that the weasels that bought house they couldn't afford are getting? And yes, they are giving those rates to people in or near foreclosure, I'm ready to stop paying my mortgages.




.

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cleveman

I'm fixing to mortgage everything I have and put the money in the stock market and get things rolling again. Or not.

Ed the Roofer

What rate and term loan do you have now, if it's not impolite to ask?

I would go for that 15 year fixed for 4.5%

Also, try to negotiate some of the fees off, besides the discount or rebate one they offer.

You can negotiate many of their charges down or off.

Ed

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Cdat

He tells us about getting a good deal and everyone here tries to tell him how to do it better? Some people need to get a life or get laid. Either or...

Floorwizard

Zero points I was told.
So far I do not see as many fees as the #12 post states, but I will continue to keep an eye out.
I will try to negotiate as best I can.
This will lower my percentage 2% on the loan.

I will fill you in as things move along....

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"in 20 years you will regret more what you did not do than what you did"

SelfContract

Perfect Deal!! I say Go 4 it!!.. Congrats on this deal of century (bank-depression-era) before it expires.

Floorwizard

It's locked in now. Just need to get all the final details and sign up.

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"in 20 years you will regret more what you did not do than what you did"

dayexco

my daughter has a house in eagle river for sale if you're looking. her husband was an f-15 pilot at elmendorf there. now in florida

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someday, i'll be as patient as Nick.