Replies to post #108523 on Zeev's Turnips Patch-No Politics (ZEEV)

[Newly2b]

I'm already approved for a cash-out refi, and am just waiting for the rate for conforming fixed to come to 5% before I lock. I expect it to get there Monday or Tuesday, hopefully. Today was 5 1/8%.

Another loan that really interested me was a 5-yr. fixed Interest Only at 4.5% up to I think it was $600K which dropped my payment by quite a bit. I'm looking for 4.25% on that one, but that loan is only really worth taking if you believe you will be selling before the 5 years is up and the loan becomes adjustable based on Libor.

By the way, WaMu is like an octopus -- on various properties I have refied at least 5 times, and never with WaMu, but WaMu then either buys the company or buys my loan and I end up back with them again. Even my equity line at Dime Savings in NY ended up with them when they bought out Dime. Jeeeeez.

Good luck!

Newly

[XenaLives]

My advice would be to find a GOOD broker. Local real estate agents may have one to recommend.

Be careful about applying too many places. I got my FICO score, called other lenders and shopped rates to see if I could beat his quote and I couldn't.

Be sure to get a good faith on the closing costs as they could be more important than the rate. The internet company I contacted had closing costs that were more than double that of the broker's loan.