I am thinking of refinancing my VA with a VA IRRRL and am getting offers with rates from 4.5 with no points to 4 with some points paid...

I started this last month, but found my credit had a BS collection from some dumb bitch fucking up the billing at an out of town doctors office my son had tp go to one time 2 years ago.  By the time I got it cleaned off of my credit report the damn rates went up half a percent or more

So you guys think it may dip for a few days around Christmas or should I go ahead and lock in at 4.5?

Go with a known entity now ! "A bird in the hand worth two in the bush"

do it now.
rates are as low as they will get.
and poised to rise quickly.

I'd also lock in now.

If you can still get it locked at 4.5% do it NOW!  If you haven't talked to your bank in the last couple of days, that 4.5% is long gone unless you are looking at a 15 year term.  Rates have been brutal the last couple of days.

Yeah, you'd better lock now if you can.  We just had rates increase by .375% since this morning...

The process takes a while. We just refinanced with the bank that had our original mortgage and it was about a hundred times more difficult that buying the house. We started the process in July and closed last week. Every month, they'd send in a request for more information. I responded in a day or two, then it would sit. We had a fixed-rate mortgage and a home equity line of credit and it took a month of changing their minds to decide what to do with the HELOC. The point of contact changed three or four times over the process. Maybe it was just Chase, maybe it was more scrutiny in the wake of the subprime mortgage disaster, maybe both.

I refi'd this year as well.  It took well over three months so if you like the rates now, just do it.  

Be prepared for a lot of paperwork and requirements.  The days of a drive-by appraisal are over ... now they want an appraiser to go into your house and look at it (each room, taking pictures) before they will issue a loan.  You'll have to pay a fee for the appraisal too.  

In some ways this is how it should have been in the "boom years" up to 2006-7 ... it would have weeded out a lot of the people who were lying about their incomes and the quality of the homes they were looking to purchase.

Bloodbath in mortgage right now. Rates went up very fast in such a short time and that left a lot of people in the cold.



Rates will go down if the feds starts quantitative easing 2 otherwise expect it to keep going up.



 

Housing will dip again, could be worse than before. I'm betting late next year. As long as you don't think about that extra 1% you could have saved when that time comes you'll be fine with doing it now.

The more I think about it, I really need to vent about this shit.

I would like to go to each of the credit agencies and start slapping the fuck outta people; that would be of course after I slap whichever stupid whore it was that fucked up my doctor bill.  

I have paid every god damned bill I have ever incurred, even the ones I wasn't too sure I really owed; paid so many thousands in interest to the fucking bankers, never had the slightest blimish on my credit file, shows all payment for the last 10 fuckin years to be paid OK, on-time or whatever.

All my life, I go without that fucking awesome deal on that 1911, passed up that chance to buy that Mercury Maurauder I was wanting since it was a concept car in 2000, always saying I better not, we prolly can't afford it; etc etc.  All to be resposnible and live within my means, etc, etc.  I've done what the fuck I was suppose to do.

Why do these three companies get to talk shit about my private goddamn business and spread it around without me having an opportinity to set it straight?    

These people make an insane ammount of money selling credit reports. and then they whore your personal information around to any spamer or telemarketer who pays.  If they get to make millions, prolly more like billions, selling my personal information, I ought to be notified before it gets reported.  I understand I can pay the assholes 20-30 montly and they let me know if something negative shows up, but fuck that.  I aint giving those bitches a god damned dime.

This BS will have costed me somewhere around $12-13K, which is the difference in the total of overal payments I could have gotten with a 3.5% vs 4.5% that were available a little over a month ago.

 
 
 

You guys are preaching to the choir.  I am a 15 year mortgage professional...

Do it now!

Welcome to the dictatorship of the credit rating.  I'm really hoping these SOB's turn out to be the next great financial scandal.

I got a pretty good rate, but you're right - they didn't seem too keen on making things happen right away. maybe they drug it out to get five extra months of high-rate payments out of me.

Question for you. I checked with a local mortgage company online about re-financing my mortgage. For a $132,000 mortgage, the closing costs were a touch above $6k. It sounded high to me, but I haven't done this in years and would welcome a more experienced opinion. What do you think?

I just refied a 15yr at 3.375% I don't think we'll see that again for some time.

who was that with?  Was it a VA or a VA IRRRL?

Can someone tell emactly where do interest rates come from?  Every mortgage guy I talk to always says "they" or "depends on "market" I thought it was them setting their rate?

Where exactly are they looking to give you the rate?  

Is there really only 5-10 banks setting rates and the rest are mortgage brokers gambling on how much they can sell their loans to one of the big banks for?

Where exactly is he getting that rate from?

It was from a local bank, the rate dipped low for a very short time and my banker was on the ball and locked me in. From what I understand rates are also based on your credit scope and net worth. My score was 791 at the time.

Another vote for now!

Lock now.

Credit report isn't required for a VA IRRRL.

if rates go much higher, mortgage industry will stagnate...am I right?

I am holding out for a 15yr fixed @ 3-3.25 to refi––if not, i will keep the 5 fixed 30yr.

I checked today and 15 yr fixed is at 4 % . It was below for a long time . I ws thinking of refin too .

I'm at 5n1/4  Oh well .  Consider the refi cost as well .

Do it. Do it now.

I just refied and my payment went up a hundred and some change.






But it's a fifteen year now. Daughter graduates HS and my shit will hopefully paid for.

they said rates where going up early this year, it was the opposite.



 

There's a formula out there that calculates how much home prices will fall as interest rates rise.  In other words, you won't be financing the same amount at a higher rate, unless you really want to help out the seller.  For refinancing, I'd do it.  For purchasing, its probable that rising interest rates will give a fatality to the RE market and turn more and more people into renters.