Forum: Mortgage
March 18, 2008
Switch to a variable rate loan?
Here's a question for any finance savvy types. I have a 30 year fixed second loan for $480,000 at 7.1% and I have the option to convert this to a variable rate loan at prime minus a quarter, which would make the interest rate 5%. This would save me around $650 a month. Of course prime will eventually rise again and if I wanted to switch back to a 30 year fixed again there is no guaranteeing at that time that I would get 7.1%. Any advice? Snide comments?
March 14, 2008
Lock in mortgage rate before signing purchase contract?
As far as I know this is not possible (need contract first), and yet the potential buyers of our coop, who are planning on signing the purchase contract later next week, mentioned that they will be locking in a mortgage rate earlier in the week. I'm wondering if the buyers are not being properly informed by their mortgage broker. Any thoughts?
March 12, 2008
bank to finance SRO to 1 family conversion?
We are having trouble finding a bank to finance an SRO to single family conversion right now. Anyone had any luck?
March 10, 2008
Refinancing Mortgages? - what's the average?
With all the talk of the jumbo loan limit increasing to $729K,
I wanted to gauge the average time brownstoners refi their mortgages.
I bought my PS house in 2003 with a 5 year Jumbo ARM at 5.75%. I refinanced in 2007 as I was in need of $40K to pay for my wedding and thought let me refi while the rates are still "low" as my ARM was going to expire in 2008. However the refi left me with a montly payment that's almost $400 more than what I was paying. I currently owe $620K on the house(it was appraised at 1.2mil)
Anyway - do you think I should try to refi again? Does it seem weird/bad/high/ if someone does 2 refis in 5 years???
March 4, 2008
Chase Mortgage?
Hi all. Does anyone here have recent experience with Chase's ARM mortgage? I called their 800 number and somehow got connected to the 'wholesale' division. Which seems to have way better rates than the store fronts. And they charge a flat $250 fee and NO other bank/junk fees. This seems legit, but feels too good to be true. Would appreciate your feedback! Thanks.