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Lender rating
Since January 2009
Lender rating
Since November 2009
Lender rating
Since January 2009
Lender rating
Since November 2009
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Since August 2009
I believe the Santa Clara County is still at 625 on conforming-Who is your portfollio of 3M with, Call them, see what's up. Paying off you mortgage with such a great deal of liquidity is poor use of arbitrage. I can give you name of a friend in Petaluma(SP) Close enough to you.
Lender rating
Since January 2009
I have a lender that does what Rudi is describing but they do not lend out of the southeast. They use a very liquid asset like CD's, divide the asset by 36 months and that becomes their income, a self paying annuity. Then he still has a ton of reserves, killer credit, low ltv, DONE.
bengtc, start with your current lender and ask for it, based on your assets.
Ben, Relax, look at your note.
3% would be the margin. 3% was extremely high and you will see a huge premium paid by you at for the origination on the settlement statement. That is water under the bridge. Live and learn. Normal rates where 1.50 -2.25%.
Having said that, Jumbos where mostly Libor based, if lucky T.bill based. One year libor is about 1.23 and T,Bill about .87. So your BUMP would be 3% plus 1.23 or about 4.25% on your adjustable.
Hold on to that. Adjustable loans are as good as gold. No one can get one these days. I have clients calling me and shocked at their 3.125 0 3.25% current rates. Odds they will go lower.
On your you are probably floored at your start rate. I made most at 1% so they could go lower. Most adjustable notes have a floor at their start rate.
Be happy and hold on to that mortgage. : )
3.875% is pretty good.
Lender rating
Since January 2009
Lender rating
Since January 2009
Lender rating
Since January 2009
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How does unemployment matter for refinance?
bengtc
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After 25 years in the hightech industry, I became unemployed for the time in my life. I now want to refinance my Jumbo 5/1 ARM (3.875%) that converts to fixed in three months with a +3% bump, but a broker I spoke with said being unemployed would be a "big problem" to getting a new loan.
My FICO is 820. I have $3M in savings. LTV according to Zillow is 65%. Loan amount is $520,000.
My wife has a FICO of 730, but only makes $40K, less than our current expenses.
I hope to find a job soon, but after one month of job-seeking, things are not looking great...
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