Mortgage rate

Where did you get that from? If you didn't get the points, how much would the rate have been? Also, that 30% down didn't hurt either.

i got 5.25 5yr arm...no points.i closed on aug 15.......astoria bank.

The rate would have been 5.75 without points from astoria bank. I think rate will be higher in 5 years, but I could be wrong. I don't think it will go much lower than 5.75% for a jumbo rate. The only think the out of 2.25 point 1 point went to mortgage broker (listed separately) which I am not sure it is tax deduct able at this point. But as a Tax CPA, I should be able to find the answer.

Younessi - feedback I was getting from mortgage brokers a few weeks ago was very consistent with your deal. The 30% down was key to getting a good rate, according to all of them. I agree with you that rates are much likelier to go up than down.

younessi - was that a 30 year fixed or an adjustable?

Anyone have thoughts on a 30-yr fixed with 40% down?

yonessi, were the bank costs reasonable? and no prepayment penalties I assume

er1to9, how much did you put down and how big was the loan amount? thanks!

15Yrs fix. The bank fees were reasonable with no prepayment penalty.

30 percent on 855k purchase price.....loan amount 600k

I did a refinance in August...about 40% LTV...15 year fixed 5.75% from chase.

Two comments: 1) er1to9's loan sounds like it was conforming, and thus can't be compared to jumbo loans.
2) It appeared to me when I was doing research that putting 30% down (rather than 20% or 25%) really helped the rate, but going above 30% down had no/minimal impact on the rate.

allobi - our 30 years fixed jumbo (above 729,750) is 7.25% 0 points and 7% with 1 point. Astoria and these portfolio lenders have great rates. But they have strong DTI requirements and limits on loan amounts. We are financing up to 3M at 75% loan to value. sunny_hong@countrywide.com

Hint: have an independent financial analyst assist you when determining how many points to buy. You have to know the time it will take to benefit from the lower rate given the lost opportunity costs of investing the money you buy the points with. For example, the first point may be very worth while, but the second and third points offer only diminishing marginal returns. Sometimes, even just 3/4 of a point is as much as you need to get maximum benefit from the point-purchase options. It's good to have an indepenent financial advisor in the wings ready to assist you when needed. It's like lining up a lawyer for a purchase way ahead of even finding a unit. Like getting the ducks in a row.