Each Wednesday, experts and Bank Rate analysts try to provide insight as to whether mortgage rates will go up or down over the next week. I’m hoping they are right as I am still holding out for a better rate.
This week (Feb. 19 – Feb. 25) the experts say: Mortgage rates will most likely fall, or at worst stay flat.
I’ve been looking for the best deals on mortgage refinance rates for some time now and came across what I thought was a good deal. Indy Mac has a page on their site that mentions their teaming up with American Express to allow you to earn rewards points / cash back by paying your mortgage with your AMEX card. I was very tempted this morning when I saw the 30yr fixed rate a 4.875% with 1.2 points to set this up with my American Express Cash Back card which pays 5% cash back at Gas stations and grocery stores and 1.5% cash back at all other stores.
Unfortunately, when I called Indy Mac, they explained that American Express decided to cancel this program and they are no longer offering this to their custsomers. It would be nice if Indy Mac would remove this offer from their site since it was the main reason I called them for a rate quote in the first place.
Here were the rates for Indy Mac on Wednesday in Wilmington, DE. I’m posting this primarily so I can remember tomorrow morning when they change the rates what the previous days rates were for me. I’m really hoping to get a 30yr fixed rate mortgage with little / no points for 4.75% or less. I had one but as you all know Provident Funding decided they did not want to honor it and came up with a bogus reason why they did not fund the loan. Currently the best Indy Mac is offering this week is 5.0% with a little over half a percent. According to a recent article on BankRate most believe the rates are going to come down again a bit over the next month…I sure hope they are right!
A while back I told you about the troubles I was having with Provident Funding. I was in the process of refinancing my home and was using a local mortgage broker. As of today, I have been told that I was not declined however my property is not “eligible” for funding with Provident. Their reason for not funding the loan, they say, is because there are not enough “comps”. They were concerned that one of the comps in my neighborhood that is the same style house, is priced significantly less than our house. The house in question has been on the market for over a year and is listed in “inferior” condition. Provident Funding had our appraisal for 3 weeks before bringing these issues up. I offered to have the house reappraised however that did not change their mind. Instead, they ignored multiple requests from the mortgage broker for an update and did not tell me until 3 weeks after the initial rate lock expired that they were unable to fund my loan. Now I am out $300 for the appraisal and have wasted 2 months on a bogus mortgage they were unable to fund for whatever reason.
Here is an email that the mortgage broker sent over to Provident Mortgage expressing his frustration with them: I know Travis [loan processor at mortgage broker] has been in contact with you regarding this loan. I have a couple of questions and comments. I do not understand the reason behind the denial regarding the appraisal. We had to get approval of this appraisal company to even use it in the first place. We were asked to provide more information for more comps. The comps were in range from ###k with one less bedroom to ###k with one more bedroom and a basement. His appraised at ###k, exactly in the middle, with no outside or inside structural damage. All of these comps are within a 1.5 mile radius, and are all fair market value. If there is another appraiser that you would prefer us to use, the client is more than willing to comply. He is at 80% LTV with no cash out, and his DTI with this re-finance will be at 18%, he makes more than enough money, and his appraisal is no where near out of line. There are a lot of things that are right with this loan, and nothing I can see wrong. The client feels like it is a random pick to give a denial.
I have been locking loans with Provident, and plan to do so in the near future. I do not want to put another client at risk because he/she may not get approved in the last stage of the process. I currently have 6 loans locked with you, and [our mortgage company] itself has many more. I have 5 more on the table right now, and once we get the final back and forth of negotiations, plan to lock them with Provident. We feel that you are the fairest and quickest out there right now. Please have some one look at this loan to possibly reconsider. Please call me if there are any questions.
Thank you in advance for your time and efforts!
Here is what the appraiser said about the house with the same style in our development that is currently on the market:
Comparable #1 was reported to be in need of interior and exterior updating which is reflected in its
As the mortgage broker mentioned in his email, I was more than willing to have them come out and do a 2nd independat appraisal and would have gone through with the refinance even if the rate were lower. It baffles me how they can just decline me at the last minute after I have put almost 2 months into this process and spent $300 on an appraisal. I would recommend that anyone who considers using a mortgage broker, find out which company they plan on selling your mortgage to and do some research. I did a google search for “Provident Funding scam” and found lots of negative comments on RipOffReport, ComplaintsBoard and XOMReviews.com.
We visited Out of Africa Wildlife Park last week while on our trip to Sedona, AZ. We spent most of the day there and had a great time. Someone on our flight to Phoenix actually recommended the park to us so when I first got to Sedona I started looking for a deal (like usual). I first went to their site and found that tickets were $39 per person. The first coupon I came across was $2 off for signing up to their newsletter. I signed up to it thinking any discount was better than none. Then, as I was doing the laundry Monday night at the resort, someone mentioned seeing a buy 1, get 1 free coupon in the yellow pages. I went back to the room and found the coupon!
If you are planning a trip to the area, I highly recommend checking them out after you clip a coupon from the Sedona Verde Valley yellow pages. The coupon can be found in the 2008 – 2009 edition on page 5 (see pics below of the yellow pages and the coupon).
We just spent a week in Sedona, AZ at the Sedona Pines. The weather was ehh but overall we had a great time. In the coming days, expect to see a few posts about some of the good and bad experiences we had along with a few deals you can find in Sedona.
I woke up this morning and thought I would check to see if there was anything major going on in the news. I went over to my usual sites: digg, cnn and the AP app on my iPhone. When I went to CNN I found it pretty funny that the main article on their site was about President Obama “slightly” bumping his head while getting on Airforce One.
As I went about my day I chuckled thinking how silly it is that the most important news story of the morning was President Obama bumping his head until the unthinkable happened. I was in the process of getting my daughter into the car when I accidentally bumped her head on the car. I remained calm even though she did not and I have to admit she was not nearly as composed as President Obama. I apologized many times for the accident and then explained to her that the exact same thing happened to President Obama so I needed to take a picture and alert the media!
In all seriousness, I don’t understand how something so silly can make the main page of most news organizations websites. I can think of at least half a dozen better things for a news organization to write about.
Last year I found out about CatalogChoice.org, an online site that was supposed to get you removed from unwanted catalogs during our first ever Green Expo at the Wilmington Riverfront. As soons as I got my first unwanted catalog, which to me is pretty much every catalog, I created an account on their site and added the catalog. For the next few months as I got a new catalog in the mail, I got excited to get rid of yet another unwanted catalog. I even began trying to get companies to stop sending catalogs to me at work.
At one point during the process, I swear the catalog companies caught on and started sending the catalogs under different variations of my name and began sending different variations of their catalog. A few examples of this are:
I opted out of the Gaiam catalog, and began receiving the Gaiam Mindy Body Arts Catalog
I opted out of the Pottery Barn catalog and began receivng the Pottery Barn Kids Catalog
I opted out of a catalog using Kevin Kahn and then get another one in under Mr. Kevin Kahn
It has been over a year now and I am finally removed from a good number of catalogs that I opted out of. Somehow within the past year I have also see an influx of random catalogs I’ve been added to. Below is a list of catalogs I have been removed from and a list of catalogs that have specifically said they are refusing my request. CatalogChoice does offer up the catalogs phone number so you can opt out via phone but I give these companies an F for
Companies not honoring requests from CatalogChoice.org
The Lakeside Collection (one of the random catalogs we have been added to)
Companies Honoring Requests from CatalogChoice.org
Back to Basics
Crate & Barrel
Olive Juice Kids
CatalogChoice is a great tool in getting yourself removed from a number of catalogs but it will not stop every single company. If you buy anything online you are subject to getting added to that companies catalog and on occasion other company’s catalogs as well. All in all, I would give Catalog Choice an A- for usefullness.
Mint Security / Privacy
You register anonymously.
they ask for your online banking user name and passwords, but do not see / store that information.
they connect securely to your financial institutions using one or more online financial service providers.
I just read this AP article mentioning the GOP wants to add more mortgage relief to the stimulus package.
Officials said the GOP was coalescing behind a proposal designed to give banks an incentive to make loans at rates currently estimated at 4 percent to 4.5 percent. Fannie Mae and Freddie Mac, which were seized by the federal government in September, would be required to purchase the mortgages once banks have made them to consumers.
With current national rates hovering around 5.35%, this would definitely spur many homeowners to refinance. As mentioned before I am in the process of refinancing and have a lock for 4.75%. If the rate were to go down to 4.0% I might have to refinance again.