Lowest jumbo rates 7/1 - 4.375%

that's a very good rate, haven't seen anything under 4.625 for a 7/1

I was shocked. But hey, if it's just a question of more paperwork, I can deal to get discount (and also prolonging my fixed rate period).

Sunny: what do you think of the rate? No points.

Is the mortgage an ARM?

Yep. Aren't all x/1 mtges ARMs by definition (unless of course x=amortization period)?

In case it's not clear, in this case, amortization period = 30 years, 7 years at 4.375%, thereafter at LIBOR + (2ish, 3ish%) and there is a max rate cap which should be below 10%.

Wait - W67, aren't you going to mock me for feeling joyful over a rate decrease when I could slash my principal in half if I waited to buy :) Or sold and bought in a year?

nyc10023... :)

We are headed into a deflationary period, even with all the printing Geitner's doing. Think of the banker as the enemy and always ahead of the yield curve.... if deflation is 2- 3 %/yr and your IR is 4.375% , your effective mortgage rate is 7.375%. That is pretty darn good money as long as you don't default... hey guess what, if enough lemmings re-fi at 4.375% MAYBE MAYBE they can stabilize this baby. THEY WANT you to FOCUS on your lower monthlies and not the fact your HOME prices are decreasing and doing strategic defaults.

TWO things you need to re-fi, lots of equity and a JOB. You are lucky, it's like telling the populous private jets are 30% off this spring... lucky you if you are in that mkt.

Yeah. They're the ones hounding me to refi. Why not give it to me for 1%. I'll be sure to pay as long as it makes sense.

If that is a rate based on a loan amount above $729,750 then that's a very good 7/1 rate. sunny.hong@bankofamerica.com

nyc10023: can you name your bank? at that rate, i would re fi my jumbo.

1) If you refi do you have to go through your coop board again?
2) Are coop boards (for new purchases) accepting ARMS? I was under the impression that only 30-year fixed mortgages were getting through hte boards.

NYCApt1234 - Just refinanced for same amount as the original mortgage, and board did not require a full package. They did require the new appraisal, standard bank documents, but not all the other stuff (income tax records for 3 yrs, etc. etc.) which is normally such a PITA.

Though the closing dept. of the managing agent was still the slowest piece of the transaction and the biggest PITA.

Why would a person of your vast wealth require financing?

That rate is very good unless you are paying points....that changes everything....

which bank is that? By the way, nyc10023, did you find out more about the title insurance? Thanks so much!

Chase. I am living on credit just like the rest of Amerika. I ain't smart enough to sell at the top of mkt. It is a jumbo rate. I replied you in the other thread, ues. $0.0023 per dollar of mtge.

NO CC - didn't 'require" refinancing, just like everyone else here saving $$ is a good thing. And actually, if the board HAD required the "whole 9 yards" we wouldn't have done it - too much of a PITA for the $$ saved.

And YES CC - you are still a total stalker!! Such attention to little ole me!!

Can anyone speak to the fact that coop boards are restricting the types of mortgages they will accept for new purchases?

'refi'
all the best people at my country club are doing it...

I'll show you how to make a Manhattan....
(line from it's a Mad Mad Mad Mad World)