30 year fixed

Its been pretty high lately...today youre probably at about a tad above 6%. sunny_hong@countrywide.com

shong, do you know anything about reassigning a loan when refinancing in NYC so that mortgage tax does not have to be paid again? I can't seem to get a straight answer from anyone.

Yes, its called a CEMA (consolidated extension modification agreement). You only pay mortgage tax on the difference of the borrowed money. Of course your current bank has to allow this. If you tell me which bank, I can tell you if they will allow reassigning. This particular transaction may take a couple of weeks longer than the normal refi because the bank has to go their warehouse and find the original deed. But its going to save you some money. Do you have any specific questions regarding this?

will wells fargo permit such a refinancing?

Thanks shong, that is the clearest answer I have received. I will email my question.

Shong, its actually the collateral docs aka Note that they have not find not the deed.

better do it fast
rates are starting to rise both for bonds and mortgages

i got a rate quote for a 30-year fixed ranging from 6.125% to 6.375%. i also got a 5/1 ARM quote at 5.50% and a 7/1 ARM at 5.75%. I locked in the 5.5% 5/1 ARM last week for 90 days for free. no free float downs, but no penalty to not go with this bank/mortgage broker.

CasualObserver, would you mind emailing me your mortgage broker contact info at vmk86724@hotmail.com
Thanks.