hey all,

I would like to see what you guys are paying for or what mortgage rate you guys are getting in NYC area.

our ARM is just killing us every month! the rate goes up and up~

I really need to refinance our mortgage ASAP ! lol

currently using WorldSavings and paying about $1,360 every month. Loan amont = approx. 280,000 dollars. 30yr ARM

 

i have 6% on 30yr fixed from WAMU

 

www.lendingtree.com
www.bankrate.com

Call all the local banks.

 

When did you get your loan? Can't you lock in a rate?

 

got it back in 2005 October.
it's ARM so I would assume ican't lock it

 

Did you call Worldsavings and ask them about converting it to a fixed rate mortgage?

 

It sucks that you didn't get a fixed rate. The rates back then were nice. I would see if they can give you a fixed rate mortgage. You can probably convert it like NSXNEXT said.

Mind if I ask how much you put down on the place? The payments don't seem too bad for NYC. What are the taxes?

 

What's your credit like?

What's the value of your property?

If your LTV is over 95% and/or your credit sucks you're screwed.

 

Yeah i guess i can talk to my own mortgage company to convert to FIXED RATE.
I put down 100,000 dollars.

 

oh the taxes are around 2000 dollars. and this property is condominium, so the maintenance is about 300 every month. i guess the tax is low due to it being condo development

 

Principal & Interest on a 30 year fixed loan for $280,000 @ current 5.67% = $1619/month + taxes + insurance + Homeowners Assoc fees.

At some point that's where your payment will have to be if you plan to stay there.

 

Umm... That sounds like an excellent deal - at least for now. That works out to about a 4.125% rate, so I wouldn't be complaining. Unless there's something else you left out - like is this an interest only loan? That would still be under 6%, which is still a good rate.

 

thx for those numbers.
Yes all the payment is an interest only loan...
Let me ask you one thing, what's an Escrow fee? that's on my bill every month

 

Impounds probably

for taxes/insurance

 

Do you know if have a prepayment penalty?

World Savings might wave it if you refi with them.

I've heard about World Savings doing that sort of thing.

 

Only if he originaly set the loan with World will they consider waiving the PPP. And most ARMs would have a PPP, World 2yr PPP, Next Oct. 2007.

You can Bite the PPP, for your Loan avg 6mo of intrest,

Your payment now 1300 is that Prip&Int payment ?

If not 1300x6mo=$7800PPP

But remember that it is PrePaid Interest so 7800 tax write off next year.

If a re-fi saves you money monthly, and improve your way of living(stress) dont worry about a PPP,


If anyone has quesitions on there current rates email me: JGallardo@DavinciFinancial.com
NOT soliciting, I dont mind giving direction to better ones current situation

 

They take out the money monthly to pay your property taxes.

As mentioned, check to see if their is a prepayment penalty and how much it is. Also, check to see when your interest rate starts adjusting, if it hasn't already. Because if the current interest only payments are already difficult to make, you're going to have a tougher time when rates go up and/or you start actually paying some of the principle.

Look into what your options are - and the sooner the better.