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Mortgage Rates (1 Viewer)
- Thread starter MechEng
- Start date
Bull Dozier
Footballguy
The whole refinance thing is frustrating to me. I have a ridiculously high rate (6.75) but cant refi cause I am underwater and dont qualify for either harp (loan serviced by wells fargo but owned by citi). The mortgage broker i have worked with before said that in order for me to qualify for a refi is if my house appraises around 200k. The taxable value of my house is right around 150k and the comprables in the area indicate that there is no way I appraise that high. I am reluctant to waste $500 on an appraisal if I cant refi anyways. Any suggestions or options or am I just screwed?
tommyGunZ
Footballguy
WAT? How the #### did you get that?Got locked in with a 3.375% and 1/4 point rebate on a 30 year FHA.
Otis
Footballguy
Anyone have a good suggestion for a bank that will give me a HELOC?
Long story short, we bought over a year ago and have a Wells Fargo mortgage. Mortgage broker who is affiliated with Wells is setting me up for a refi. Trouble is, the limit for high balance conforming (which then steps up into jumbo after that) dropped this year. So, we were goin to break this into two pieces: one piece being a mortgage, and a HELOC for the rest. Catch is that I need my house to appraise at a certain price for this all to work out (a price which is 50k more than what we paid, but then again we out about that much money into it, and prices are up a bit in our area from last spring). So we get the appraisal, it comes in where we need it to, and we're set.
BUT Wells is saying they can't do the HELOC because the home sold at the lower price within a year ago. Which I don't understand because that's not true (maybe as of the date we started the application process it was true?)(only thing I can think of here is we are paying PMI now, and this refi would take us out of PMI, so maybe the bank is resisting for that reason?)
That said,screw them. I assume I can just grab HELOC from someone who isn't being a deek. Where do I go for that?
Long story short, we bought over a year ago and have a Wells Fargo mortgage. Mortgage broker who is affiliated with Wells is setting me up for a refi. Trouble is, the limit for high balance conforming (which then steps up into jumbo after that) dropped this year. So, we were goin to break this into two pieces: one piece being a mortgage, and a HELOC for the rest. Catch is that I need my house to appraise at a certain price for this all to work out (a price which is 50k more than what we paid, but then again we out about that much money into it, and prices are up a bit in our area from last spring). So we get the appraisal, it comes in where we need it to, and we're set.
BUT Wells is saying they can't do the HELOC because the home sold at the lower price within a year ago. Which I don't understand because that's not true (maybe as of the date we started the application process it was true?)(only thing I can think of here is we are paying PMI now, and this refi would take us out of PMI, so maybe the bank is resisting for that reason?)
That said,screw them. I assume I can just grab HELOC from someone who isn't being a deek. Where do I go for that?
Johnny Rock
Footballguy
This is where I'm at as posted above.
jb1020
Footballguy
Question...
I just got all of my paperwork over to mortgage guy, locked in a new 30 yr. My current mortgage doesn't have another payment due until July 1 and its not considered late until July 15.
I usually make that payment today, but should I still pay it?
I asked my guy and he didn't answer me. Not sure if he didn't feel comfortable telling me not to pay or if he just over looked the question.
I just got all of my paperwork over to mortgage guy, locked in a new 30 yr. My current mortgage doesn't have another payment due until July 1 and its not considered late until July 15.
I usually make that payment today, but should I still pay it?
I asked my guy and he didn't answer me. Not sure if he didn't feel comfortable telling me not to pay or if he just over looked the question.
culdeus
Footballguy
You pay mortgages in arrears. Pay it.
Johnny Rock
Footballguy
Why would you pay it early?
I get a little uneasy telling people to not make their mortgage payments in case closing takes longer than anticipated and they forget to make a payment and it goes over the 30 mark which can screw up everything and I'll get blamed for it. Could be why your guy is not answering you.To answer your question just depends on what your preference would be. If you make your payment you will still skip a mortgage payment and it will reduce the payoff of your loan leaving you with a smaller new mortgage. If you don't want to make the payment you should be able to skip two mortgage payments. Tradeoff being that payment you did not make is going to basically increase the amount of your new loan because your payoff will be higher and you also are going to incur the late fee after the 15th. My advice: if you cash flow is tight I'd not make the payment just be absolutely sure if there is a delay in your refinance you don't let it go 30 days past due. If your cash flow is not tight I'd make the payment.
jb1020
Footballguy
Why would you pay it early?
I always stay 2 weeks ahead of my mortgage.
I get a little uneasy telling people to not make their mortgage payments in case closing takes longer than anticipated and they forget to make a payment and it goes over the 30 mark which can screw up everything and I'll get blamed for it. Could be why your guy is not answering you.
To answer your question just depends on what your preference would be. If you make your payment you will still skip a mortgage payment and it will reduce the payoff of your loan leaving you with a smaller new mortgage. If you don't want to make the payment you should be able to skip two mortgage payments. Tradeoff being that payment you did not make is going to basically increase the amount of your new loan because your payoff will be higher and you also are going to incur the late fee after the 15th.
My advice: if you cash flow is tight I'd not make the payment just be absolutely sure if there is a delay in your refinance you don't let it go 30 days past due. If your cash flow is not tight I'd make the payment.
I figured he was just playing it safe and pretending not to see the question. I doubt any loan guy wants an email floating around there telling someone not to pay their mortgage.
Cash flow is fine, but I'd rather bank a payment or 2 and go with the larger loan. One or two payments won't make a bit of difference.
So you do think I'm safe in not making the payment today?
ETA: i know I screwed up the quotes....sorry.
I always stay 2 weeks ahead of my mortgage.
I get a little uneasy telling people to not make their mortgage payments in case closing takes longer than anticipated and they forget to make a payment and it goes over the 30 mark which can screw up everything and I'll get blamed for it. Could be why your guy is not answering you.
To answer your question just depends on what your preference would be. If you make your payment you will still skip a mortgage payment and it will reduce the payoff of your loan leaving you with a smaller new mortgage. If you don't want to make the payment you should be able to skip two mortgage payments. Tradeoff being that payment you did not make is going to basically increase the amount of your new loan because your payoff will be higher and you also are going to incur the late fee after the 15th.
My advice: if you cash flow is tight I'd not make the payment just be absolutely sure if there is a delay in your refinance you don't let it go 30 days past due. If your cash flow is not tight I'd make the payment.
I figured he was just playing it safe and pretending not to see the question. I doubt any loan guy wants an email floating around there telling someone not to pay their mortgage.
Cash flow is fine, but I'd rather bank a payment or 2 and go with the larger loan. One or two payments won't make a bit of difference.
So you do think I'm safe in not making the payment today?
ETA: i know I screwed up the quotes....sorry.
Last edited by a moderator:
Yea you are safe not making the payment but I need to add one caveat. Your payoff amount will come in a little higher than what your guy is estimating so make sure you are not against either a loan limit that not paying your mortgage would push you over. Say for instance over $417K loan amount or if your loan offer is only valid for loan up to 75% of the appraisal value and not making the payment ends up pushing your loan to 77% as an example. In the end you'd just end paying the difference at closing or getting a worse rate. But if none of those things are in play than you are safe not paying.
I have had some success just going threw Lending Tree.
BassNBrew
Footballguy
Just locked in a 15 yr fixed at 3.625, $950 origination, $650 commitment, and about $1000 in closing costs. My credit score is average. This is under something called the DU program. Automated appraisal came in at 95%, no mortgage insure req'd (HELCO covered difference), no income verification. I'll have to start escowing. I was at 6%.
I know I'm getting hosed on fees, but my debt to income percentage is above 60% so there aren't many options. Was paying $456 on an interest only with a huge bump in 3 yrs looming, will be paying $685 (not inc. escrow)
I know I'm getting hosed on fees, but my debt to income percentage is above 60% so there aren't many options. Was paying $456 on an interest only with a huge bump in 3 yrs looming, will be paying $685 (not inc. escrow)
17seconds
root of all aliai
How can they even get it lower?1-year T-Bill is already 0.20%
The Ref
Footballguy
German 2 year is 0.0%
parasaurolophus
Footballguy
I am locked for a 30yr FHA at 3.5%. The appraiser came out and we got this gem attached to it...
I had two spots of peeling paint on the garage door frame. So now this appraiser gets to come back out and charge more money so he can sign off on the spots of peeling paint that he figured were $100 dollars worth of repairs. The mortgage broker told me it was for lead paint concerns, which made me laugh because the garage was built in 2003. This whole process has been a joke and my mortgage guy has been less than helpful. We also got a request from an underwriter today to send them a letter regarding a large deposit in our bank account in April. They apparently don't care that the same amount was deposited in May and June. We had to explain that this deposit was the rent checks from our tenants in the duplex we own. We went ahead and gave them letters right away explaining the May and June deposits because we figured they would ask for those too eventually. Heaven forbid they ask you for information just once instead of constantly asking for more stuff.
Yeah, they are ridiculous with those. We had to provide letters for large transfers. "We need to know why such a large outgoing payment was made and why such a large incoming payment was made." The large transfers were from our checking account to our savings account (and vice versa), and clearly said where the transfers were going. It was pretty annoying.
The_Man
Footballguy
David Simon, creator of The Wire, recently wrote a fascinating blog about what prosecutors call "The Head Shot." When they don't have enough evidence to convict a public official for corruption in office, they'll muck around in their personal finances to see if they've falsified any mortgage application info - stating an inflated income, or taking money from a relative and calling it a gift when it's really a loan. The possible sentence for this? 30 years in federal prison.So they'll use this to nail people they want to nail when they can't get them for something real. And usually the officials will take a deal because they know they're nabbed and can't face a 30-year hitch for lying on their mortgage application. Pretty interesting.
That is interesting. I'll check it out.My issue was the complete lack of common sense. They had all of our bank statements. They statement said, "Transfer to..." and then on the other would say, "Transfer from . . ." The statements said where the money was coming from and where the money was going.
culdeus
Footballguy
I'm telling you 1% is in sight
Ned
Footballguy
When we built in 2009, we got a free float down since we had to do the loan so early in advance in conjunction with the construction loan. That ended up saving us a 1/4 or so, if I remember right. Have you locked into the construction loan yet? Its worth asking about or shopping for.
www.bankrate.comThey have tons of calculators, plug in any numbers you want and it will show you the exact results.
fsufan
Footballguy
found some calculators online and they say it will take off 3 years. my plan is to make 2 extra payments a year
CrossEyed
Footballguy
The lower the interest rate, the smaller the impact. There's just not enough interest being paid on a 15 year 3% loan to be able to knock off a lot of term by paying extra toward the principal.
Chadstroma
Footballguy
Locked in 3.675% on a 30 year fixed. 
parasaurolophus
Footballguy
So tired of this whole process. Freakin mortgage broker is terrible at communication. We were going to be closing on monday and our broker calls and leaves a message about a water hookup concern from the underwriter that we would have to get taken care of. Says he brought it up months ago and wondered if we ever got it taken care of. This is completely untrue. I brought it up months ago because I had read something in the city newsletter so I asked if it would be a problem. He said he called the city and it wouldn't be an issue because we had three more years before it was required.
I of course call back within minutes, he doesn't answer which he never does. So at 6pm I leave him another message telling him I am sick of this whole process and we are going with somebody else. We had only stuck with him because we were three hundred dollars into it. We are now at over 100 days. Time to cut bait, it simply isn't worth it.
The only silver lining is that rates are down from 100 days ago.
I of course call back within minutes, he doesn't answer which he never does. So at 6pm I leave him another message telling him I am sick of this whole process and we are going with somebody else. We had only stuck with him because we were three hundred dollars into it. We are now at over 100 days. Time to cut bait, it simply isn't worth it.
The only silver lining is that rates are down from 100 days ago.
parasaurolophus
Footballguy
So the mortgage broker calls back yesterday morning and says they are willing to switch to a conventional for basically the same APR. Payment would be 12 bucks more a month. The switch to conventional would take the water deal out of play. Part of me wanted to tell him to screw off, but in the end I don't think I am going to get a better deal. I am pretty sure he just lost at least half of his commission because I don't see how he would have lowered the conventional rate so much without buying down out of his cut.I dont remember exactly how it works, but I remember when I worked at a lender that basically there would be rate sheets that coincided to different commissions. So If you landed a customer at 6% you got more money than if you got a customer at 5.75% etc etc.'parasaurolophus said:
DocHolliday
Footballguy
Good for you. You are making the right more. I am in the same boat. I am calling a new broker today. I will never understand why certain brokers/banks do not want business.'parasaurolophus said:
glock
"Don't grumble, give a whistle!"
We've been waiting a month for a response from Chase post appraisal on our 30 year fixed at 3.875%. We were told at signing that it was locked in and the documentation that we received shortly after reflects that rate. 
Last week we received the appraiser's report that came in a little low by our guess-timation, but no big deal. Today we receive the final paperwork that puts the rate at 4.0%. 
Mrs glock flips and calls our loan officer at the branch and leaves him a message. As she is hurrying out the door to work he calls and she hears him leave a brief message regarding the appraisal coming in low. His email:
She is fed up with banks playing games and wants to go with a credit union instead. We are in the midst of getting estimates to do work on the house and there are timing issues involved so we are bearing the usual stresses associated with that.Should we just roll with this or is Chase rolling us?
Last week we received the appraiser's report that came in a little low by our guess-timation, but no big deal. Today we receive the final paperwork that puts the rate at 4.0%. Mrs glock flips and calls our loan officer at the branch and leaves him a message. As she is hurrying out the door to work he calls and she hears him leave a brief message regarding the appraisal coming in low. His email:She says that is absolute bull##### and is calling our attorney.
She is fed up with banks playing games and wants to go with a credit union instead. We are in the midst of getting estimates to do work on the house and there are timing issues involved so we are bearing the usual stresses associated with that.Should we just roll with this or is Chase rolling us? Going through the same thing right now. I locked in at 3.75% for 30 with a .5%, but I knew that going in as I have a 2nd and I am hoping I can get my appraisal near the program that allows subordinate debt. Your LTV went above the % that they originally offered. Some banks do not offer any programs with higher LTV % programs and some do. In this case, they have a higher % program and at least you have that option. This is not uncommon especially in this market. Appraisers are ultraconservative, the rules for appraisals have changed due to timing of finding comps and location. The rates that are quoted all over the internet are 80% or less LTV. The real world many appraisals will come in above, so as long as you know that going in you should not be surprised. If it still makes sense to do the refinancing than just lock in and take it as a learning experience going forward.'glock said:We've been waiting a month for a response from Chase post appraisal on our 30 year fixed at 3.875%. We were told at signing that it was locked in and the documentation that we received shortly after reflects that rate.
She says that is absolute bull##### and is calling our attorney.
Harp 2.0 loan through Quicken Loans. I get to keep my current years(20+) at 3.99%(no points) with $4600 closing costs. Saves me $230 a month. Drop alomst 2 points(5.8% currently). I don't have to escrow. Good deal for someone that is flat to a few grand underwater?
thanks for your opinion.
thanks for your opinion.
fasteddie_21
2006 NM Poker Champ
#### that. Locked in is locked in, imo. I'd tell Chase to gfthemselves and go shopping. That's disgusting that they think they could do that, imo.Good luck!We've been waiting a month for a response from Chase post appraisal on our 30 year fixed at 3.875%. We were told at signing that it was locked in and the documentation that we received shortly after reflects that rate.
She says that is absolute bull##### and is calling our attorney.
fasteddie_21
2006 NM Poker Champ
If 30 yr rates drop below 3.0 (not likely, I know...but if they do), then we might look to refi even though it would be less than a year. Is this an issue w/ a VA loan?
Chadstroma
Footballguy
First mistake- Chase. People- don't go to the big banks for your mortgage. Check your small banks and credit unions before ever stepping foot in one of the big banks. My wife works at a small regional in Chicago and their rates are always better than the big banks and competitive with my CU. The pricing on their products is such that they don't care if they lose the smart shoppers because they are big enough to get a whole bunch of people who do not know any better. There are some advantages and times to bank with the big banks but your mortgage is almost always not going to be one of them.We've been waiting a month for a response from Chase post appraisal on our 30 year fixed at 3.875%. We were told at signing that it was locked in and the documentation that we received shortly after reflects that rate.
She says that is absolute bull##### and is calling our attorney.
Chadstroma
Footballguy
Yes. Good deal.
Chadstroma
Footballguy
A buddy of mine who is a mortgage broker in Cali just posted on his Facebook that he locked one of his clients into a 3.25% 30 year with no points. 
BigSteelThrill
Footballguy
Damn.On how much $$$?A buddy of mine who is a mortgage broker in Cali just posted on his Facebook that he locked one of his clients into a 3.25% 30 year with no points.
Ned
Footballguy
We're going through a refi right now and had the lender request a field review appraisal. The field review just suddenly popped up in our documents this weekend. I'd never seen this before, but after some googling it looks like the lender will do this to verify the first appraisal. I was suspicious, but the field review confirmed the first appraisal so I let it go.
Last night we received a new GFE and they just happened to slip another $400 charge for the field review. I think this is a total crock of #### and think the lender should be eating the entire cost. If they don't like/trust the first appraisal (which they chose this appraiser to begin with), why should I pay for it? I immediately questioned it, and they responded within a minute saying they'll " ask for some credit to off set it". I'm 99% sure they should be eating this whole thing, but wanted to check with the experts here first before I responded again...
Last night we received a new GFE and they just happened to slip another $400 charge for the field review. I think this is a total crock of #### and think the lender should be eating the entire cost. If they don't like/trust the first appraisal (which they chose this appraiser to begin with), why should I pay for it? I immediately questioned it, and they responded within a minute saying they'll " ask for some credit to off set it". I'm 99% sure they should be eating this whole thing, but wanted to check with the experts here first before I responded again...
Chadstroma
Footballguy
Don't know but I know it is a purchase and my buddy is in an area in So Cal where median home values are around $400K.Damn.On how much $$$?A buddy of mine who is a mortgage broker in Cali just posted on his Facebook that he locked one of his clients into a 3.25% 30 year with no points.
thanks. put in the deposit today.
tommyGunZ
Footballguy
Don't know but I know it is a purchase and my buddy is in an area in So Cal where median home values are around $400K.Damn.On how much $$$?A buddy of mine who is a mortgage broker in Cali just posted on his Facebook that he locked one of his clients into a 3.25% 30 year with no points.
Gonna have to pm you about getting this guy's info here in a few months.
