I just locked my refi rates under the Obama Housing program - I will save $260 a month

[TheCoxwain]

That is money that I can spend else where ...month after month!


Stimulative? - you bet!

[John Q. Citizen]

1. What's your APR?

[TheCoxwain]

4. 4.875 - fixed!

can scarcely believe my luck!

[John Q. Citizen]

12. Nice. That's what I want!

[JuniperLea]

2. Awesome! What's the new rate?

If I may be so bold... I'm about to make the call myself... starting with my lender.

[TheCoxwain]

5. do it asap...and good luck!!!!

[aquart]

3. Congratulations!

[tridim]

6. Anyone know if it's possible to refi without a steady job?

[TheCoxwain]

9. You should talk to your bank ... There are two types of help available ...

one is when you are behind on payments and the other is when you are current.


Both have different requirements .. talk to your Bank.

[Another Bill C.]

16. I don't think so.

I was in a conversation with a Wells Fargo mortgage person. I asked her what refinance options were available for someone who'd lost their job and needed a lower payment. She said there were none. Refinance was out because they would have to prove they could pay. Since a lower payment might allow them to keep up payments, refinancing at a lower rate seems logical to me but apparently not to the banks. I said, "so their only option is to walk away from the house?" The bank person didn't answer.

Hopefully this situation will be addressed soon.

[Kittycat]

7. Are you doing PMI, or..

moving traditional to PMI?

The value of our home dropped so much that our LTV is now 85/15 vs. 70/30. We didn't need to refi, but thought if we could save the money for a rainy day or get some things we had been holding off on, it would be nice. Unfortunately, our bank wouldn't do it, because they said it took us from non-risk to a risk loan. Even with perfect credit :( I'm just glad we didn't have them run our credit before denying us, and were upfront about it.

[TheCoxwain]

11. My Orginal was under 80 % and I ve paid up a bit. so I am not paying PMI .. that said

I ve only locked the rate ... there are a bunch of hurdles to cross


I will be most nervous until the Appraisal is done.

[Kittycat]

18. Okay...

They told us if we paid in the 5% variance we could refi as well (to stay out of PMI), but it would have required us taking a huge hit on our savings (sadly expensive home). We didn't think that to be the prudent thing to do with they way the economy is going, and because we are essentially fine with our payments (our current rate is 5.875%). It would have been nice though.

Still - glad to hear that you have a shot at it and hope it goes smoothly for you. That rate is fantastic.

[JuniperLea]

17. That's my fear too...

I lost over $150k in value/equity... I've been afraid to ask about a new loan because I figured any help it would give would be taken away by a PMI payment.

I'm going to ask anyway.

[Kittycat]

19. We're just glad...

that we were able to put enough down a few years ago, to keep us above water today. A couple of our neighbors were foreclosed on, and one has their home listed with a realtor for $10K under what they paid 3.5 years ago. The sad thing is - someone around the block just sold the same model, basically the same upgrades for $60 less than what they have listed at (and that owner paid the same as they did). I'd be surprised if she got anywhere near what she's asking. One of the foreclosed homes is directly behind her, and currently listed $120K under the original purchase price. Scary business.

[JuniperLea]

20. Short sales...

The thing with listing a property is you actually lose money every month in this environment if you don't price the home correctly. Unfortunately, for your neighbor, the correct price is the price at which the other comparable homes just sold. I see this happening a lot... I keep my eye on "reduced price" notices.

My neighborhood is full of short sales... and many people have just walked away from the whole thing. The neighborhood is slowly but surely deteriorating. Very sad.

[Kittycat]

21. Yes, but my neighbor doesn't seem to understand this.

[dysfunctional press]

8. we just closed on friday- we're saving $400/month.

plus we're zeroing out all of our credit cards, which means no more interest payments on those.

ours is just a regular refi, however- we're not doing it under the obama program, our rate is 5.1%, and we switched from a 15-year to a 30-year loan.

[bear425]

10. Please let me know how you got that rate.

Are you paying to buy it down? (points)

And what is your current rate, if I may ask?

Thanks - and so glad for you!

[WriteDown]

13. I'm curious too..

I have perfect credit. I put 20% down on my home about 2 years ago, but still can't get that rate .

[TheCoxwain]

14. I am paying 0.875 points ....

and my Original rate was 6.25%.

both are 30 years fixed.

I called up Bank of America .. and they had an option for the Housing Relief Program...

They require the original loan to be held by Fannie Mae or Freddie Mac.

[bear425]

22. Thanks so much!

[SeeHopeWin]

24. Good for you, mine is getting done as we speak, saving $700.00 a month!

Already bought a new Ford Hybrid last week, increased car payment about $200.00 a month, money will come from the mortgage savings...AND, I will get tax credits for buying a Hybrid and another tax saving from writing off the sales tax on the car under the Obama recovery plan!!!

Obama has been very very good to my family!

AMERICA IS BACK! New leadership, new American century!

I am extremely positive about things :)

[OutNow]

15. My new rate is 4.75

I just did a 30 year fixed refi on my two year old mortgage. Old rate was 6.25, new rate is 4.75. Save almost $200 a month. I have 1/3 equity on my house. The loan took 7 weeks to close and I was required to supply much more information compared to the 2007 loan (from the same mortgage company). So, they have tightened up the process, which is probably a good idea.

My FICO was 804.

[SeeHopeWin]

23. Well done!!!