[Stone]

So, now that the mortgage rates are down near 5 1/8 for a 30-year fixed, how does one go about finding the best deal? Are mortgage brokers trustworthy?

[Peter Creasey]

So, now that the mortgage rates are down near 5 1/8 for a 30-year fixed, how does one go about finding the best deal? Are mortgage brokers trustworthy?

S, Deal with local mortgage lenders who you know to be trustworthy or who have been referred to you by someone you trust...preferably those lenders who have their own money.

[hollywood]

So, now that the mortgage rates are down near 5 1/8 for a 30-year fixed, how does one go about finding the best deal? Are mortgage brokers trustworthy?

Try talking with Chase and compare with Countrywide.

[splinky]

[Stone]

So, now that the mortgage rates are down near 5 1/8 for a 30-year fixed, how does one go about finding the best deal? Are mortgage brokers trustworthy?

S, Deal with local mortgage lenders who you know to be trustworthy or who have been referred to you by someone you trust...preferably those lenders who have their own money.

Three punch lines in one sentence. Well done.

[GG Mora]

...preferably those lenders who have their own money.

You mean like Uncle Morty? I'd be gobsmacked to find a local bank that was lending their own money. I think that's unheard of in this day and age. Aren't mortgages are all sold out onto the secondary market?

[Rebecca]

It's OUR money they now have gobs of and are now, ahem, maybe, when they have to, getting forced to loan it rather than buy a bank in China or give each other $3 million retention pay. Just for the hell of it, call your Senator or Congressman's office and ask who is on their bailout list. Then call Bank of America or Wells Fargo or Chase like hollywood said.

[Peter Creasey]

S, Deal with local mortgage lenders who you know to be trustworthy or who have been referred to you by someone you trust...preferably those lenders who have their own money.

Three punch lines in one sentence. Well done.

S, I have no idea what you are saying (or implying) here.

I was only giving you good advice to your question which is a good question that people often ask.

G, Somebody mentioned B of A. They usually have their own money...meaning they are their own underwriters. A few other lenders do this also. This does NOT mean they ultimately hold the loan. But it can definitely simplify the process of closing the loan and the sale.

This is not a big deal but can be a plus as to whom to deal with.

[Abbylovi]

So, now that the mortgage rates are down near 5 1/8 for a 30-year fixed, how does one go about finding the best deal? Are mortgage brokers trustworthy?

You're finally packing up your MacBook and moving to Williamsburg? 5 1/8 actually sounds high. I have a friend who just got something in the high 4s and I think that's dropping.

Is anyone looking to refinance? I'm thinking about it. Is the rule of thumb that you want to get something at least 1% lower than your current rate?

[splinky]

So, now that the mortgage rates are down near 5 1/8 for a 30-year fixed, how does one go about finding the best deal? Are mortgage brokers trustworthy?

You're finally packing up your MacBook and moving to Williamsburg? 5 1/8 actually sounds high. I have a friend who just got something in the high 4s and I think that's dropping.

Is anyone looking to refinance? I'm thinking about it. Is the rule of thumb that you want to get something at least 1% lower than your current rate?

something like that and you want to try to get them to waive application fees. if you are using the same lender, getting them to waive application fees should be easy and you should be able to negotiate a credit or a discount on some part of the closing fees.

[Rail Paul]

(snip) Is the rule of thumb that you want to get something at least 1% lower than your current rate?

Yup, that's it.

Some mortgage observers are expecting 3.5% - 3.75% later this year for well qualified borrowers rolling over equity. Unlike the last time around, banks may keep a close eye on Loan to Value calculations. LTV of 80% or less will likely get the best terms.

Cash out deals will probably be out of favor until later in the cycle when the crazies come out again.

[g.johnson]

So, now that the mortgage rates are down near 5 1/8 for a 30-year fixed, how does one go about finding the best deal? Are mortgage brokers trustworthy?

We got a very good deal with our bank a few years ago. That was partly because we had a lot of money invested through their financial section but even without that it might be worth trying.

[StephanieL]

I'm probably going to refinance as the rate is currently 1% below what I've got now. I have to go through a lot of paperwork with the co-op, though.

[porkwah]

how r valuations holding up on second life? anyone know?

[mongo_jones]

we're hearing that you need to be at an "80% equity position" to be able to refinance. i assume this means that what you owe on the current loan should be worth no more than 80% of the value of the property? since we've owned one house for 2.5 years and the other for 1.5 years, and barely put any money down on either, we're not close on either.