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Should I let my 7-1 ARM just reset ? They aer telling me it will be cheaper than what I am paying at 5.25% for a jumbo.

Or should I refi ? by JonCosey from Tampa Bay, Florida. Jun 18th 2010 Reply


Gregorio Denny (GVDenny)
#254 ranked lender in California - 380 contributions

If it's a standard Libor 7/1 ARM, then it will most likely adjust lower if your terms allow; you will need to read your note to be sure. As far as allowing that to happen or refinancing, that depends on what your long term goals are for the property. Is this something you intend to keep long term? If so, you may consider refinancing to a 30 year fixed and taking advantage of the low rates now before they rise. While your 7/1 may adjust lower this year, who knows about next year and when forced to refi, there is no guarantee what rates will be. At least explore a refinance now to see what your options are. Gregorio Denny -- WeFixRates.Com --

Jun 18th 2010
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Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

Jon, I would have to disagree and have you explore refinancing. Depending on your credit score, LTV & Loan Amount, our Jumbo rates start at 4.5%. We are a National Direct Lender and I am a Branch Manager based in Miami. Please send me an email at adennie@fmbranch.com and I will put together a FREE scenario for you. As long as you already know your credit score, your credit report does not have to be pulled. Let's see what we come up with.

Jun 18th 2010
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Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

To clarify, our rates start at 4.5% for a 30 Year Fixed. adennie@fmbranch.com

Jun 18th 2010
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Nic Netherton (ColoradoLender)
#18 ranked lender in Colorado - 57 contributions

Adiene--What do your conforming rates have with anything? The poster is asking a question about his Jumbo loan.

Jun 18th 2010
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Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

LOL. THOSE ARE NOT CONFORMING RATES I QUOTED. THEY ARE JUMBO RATES....This should be an indication of how great our JUMBO rates are. Thank.

Jun 18th 2010
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Nic Netherton (ColoradoLender)
#18 ranked lender in Colorado - 57 contributions

Your nose is growing sweetie..

Jun 18th 2010
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Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

Wow! Someone is calling me a liar?? Are you kidding me? I emailed you personally. Why in the world would I lie about rates??? You are a sad case my friend if you are calling me a liar among professionals. Very sad. Again, we can offer JUMBO rates starting at 4.5% FIXED. Maybe you should spend more time aligning yourself with better lenders than spending the time bashing me. I have been originating loans since 1998 and pride myself on underpromising and overdelivering. An apology is in order.

Jun 18th 2010
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Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

PS: I can offer these rates in EVERY state....all 50!

Jun 18th 2010
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So can I or can I not get 4.5% for Jumbo? and is that 30-year fixed? If it is, I think I should look into refinancing into afixed rate now? any final thoughts?

Jun 19th 2010
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Gregorio Denny (GVDenny)
#254 ranked lender in California - 380 contributions

I believe that every professional here would agree that if you can get a true jumbo, which in Hillsborough County where you are, would be $417,001 and above, at 4.5 % on a 30 year fixed mortgage; that would be a great move and a great deal. My suggestion would be to contact Adennie who offered it and lock it right away. Please make sure to check back and let everyone know how it goes.

Jun 19th 2010
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Rudi Hofmann (CaPortfolioLoans)
#278 ranked lender in California - 380 contributions

When your loan resets it may go lower. Most existing ARMS have a "Floor Rate." Meaning, it can't go lower than that.You'll need to check your documents for that.Jumbo means different things to different folks. A true Jumbo is above the Conforming Jumbo Limit. Each county in the Nation has different maximum Conforming Jumbo Loan Limit. The maximum is $729,750 were available. On loan amounts over that to $2MM, currently, a 5/1 ARM is 4.125% and a 10/1ARM is 5.000% .... Happy funding, Rudi

Jun 30th 2010
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Crestico Funding (CresticoFunding)
#313 ranked lender in California - 339 contributions

Jon, Refinancing is a good idea if you can qualify for since the mortgage rates are at all time low, however if you do not refinance and your 7/1 rate resets, you might have a much lower payments for the next couple of years, but once the Fed's interest rate starts increasing, you have lost the opportunity to lock your loan at today's rate. We are a California Lender and have established relations with Nationwide lenders. if you need help please feel free to contact us.Houtan HormozianHoutan.Hormozian@Crestico.com949 242 5215

Sep 1st 2010
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Crestico Funding (CresticoFunding)
#313 ranked lender in California - 339 contributions

@ Adennie, if you are quoting and Interest Rate please be sure to include you APR and Closing cost, It is against regulation Z to quote an Interest Rate without providing the rest of needed information to the consumers.

Sep 1st 2010
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Bryan Horn (bryanhorn)
#876 ranked lender in California - 19 contributions

no that is has been 3 years since your question, why don't you post what happend with your loan? a real life education would be great for all - thanks!

Nov 25th 2013
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Michael Diaz (sincityloandr)
#60 ranked lender in Nevada - 66 contributions

I would look into a refinance, we have some pretty low rates and check your options. As rates rise that ARM will continue to get higher. I would have no problem letting you know what you are eligible for just email me mike.diaz@rate.com or get info at www.escrowsaver.com

Jan 30th 2018
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