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53 minutes ago, Snickers said:

I have an appraiser heading to my house this afternoon due to a refi. I had 27 years left on my last refi at 3.75%. Got 3.0% on a 15 year so pretty happy. Monthly payment is going up around $800/month but sold some stock to pay off my wife’s car so absent that monthly payment it is close to a wash. No debt outside the house now and would like to pay off the house in 10 years to coincide with my second kid starting college. Not sure I can pull that off but that would be ideal.

So we just finished our basement but didn’t pull any permits for it. Is the appraiser going to ask or check on that?

They aren't code inspectors.  

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57 minutes ago, -OZ- said:

Curious, although this might not be your point. How much difference are y'all seeing between list and actual sale? Everyone I've talked to here sells at their listing price, quickly. Usually it's a race with extra offers of cash, waiving inspection, etc. The listing prices are probably way too low but this seems to hold true even a couple hours north of us where my in laws sold and bought recently.

I have no idea. I’m 10+ years out from moving/retiring so I hear sales and see flyers but I have no clue about initial price to final sale. Things appear to go pretty quickly and Charlotte/NC is growing like crazy so I’d assume prices aren’t going down much. 

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15 hours ago, [icon] said:

They’re surely not doing this for free. I get the no appraisal (I only needed because of a cash out), but $436 doesn’t cover title fees or taxes let alone their pay. I’m assuming some was rolled into the mortgage. 

$436 is only the lender fee. It does not include the FL doc stamps, taxes and other prepaids that would need to be paid in any refi.

For comparison, I went to my Credit Union first. They gave me a rate of 3.75 (LenderFi is 3.375)

Origination Fee of $800 plus points of $1,332. LenderFi does not charge this fee and no points.

Credit Union wanted an appraisal for $500. LenderFi said no appraisal.

I'm now certain that the Credit Union can be beaten by just about anyone. Regardless, the LenderFi deal is good, if not great.

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15 hours ago, NutterButter said:

Jesus.  That's awesome.  Did you get a rate for a 15 yr?   I was gonna wait until the recession begins but at that rate, might just do it now.   

I checked on a 20 year. Same rate, but more fees. Didn't make sense for me.

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1 hour ago, Gianni Verscotchie said:

I checked on a 20 year. Same rate, but more fees. Didn't make sense for me.

That's just bizarre.  Why would anyone go with a 20 year?  You could also just repay at the same schedule as the 20 with the 30 if you desired.   

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19 hours ago, [icon] said:

They’re surely not doing this for free. I get the no appraisal (I only needed because of a cash out), but $436 doesn’t cover title fees or taxes let alone their pay. I’m assuming some was rolled into the mortgage. 

When I used them they offered about a grand in lender credits to offset fees, so there's a good chance it wasn't rolled into the mortgage. LenderFi was easily the best experience I've had ever doing a refi. From rate, communication, and efficiency, it couldn't have been better.

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Speaking of inversions, take a look at ARM vs. 30yr.  This #### is bananas.

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37 minutes ago, culdeus said:

Speaking of inversions, take a look at ARM vs. 30yr.  This #### is bananas.

What are you seeing?  What do you mean?

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1 hour ago, gianmarco said:
2 hours ago, culdeus said:

Speaking of inversions, take a look at ARM vs. 30yr.  This #### is bananas.

What are you seeing?  What do you mean?

According to Bankrate.com, the 5/1 Arm is 3.89% and the 30 year fixed is 3.75%. Usually you'd expect the ARM to have a lower rate, otherwise why go with the ARM at all?  

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5 minutes ago, FBG26 said:

According to Bankrate.com, the 5/1 Arm is 3.89% and the 30 year fixed is 3.75%. Usually you'd expect the ARM to have a lower rate, otherwise why go with the ARM at all?  

I just did a 10/1 ARM that was over half a point lower than a 30 yr fixed. That's why I was asking.

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On 8/22/2019 at 4:06 PM, gianmarco said:

I just did a 10/1 ARM that was over half a point lower than a 30 yr fixed. That's why I was asking.

We are in an inverted yield curve (short term rates are higher than long term rates), which last happened around 2003.

Very unique and many times see this happen before a recession.

Edited by schlesinj
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Just wanted to say thanks to @skycriesmary and @shady inc for the referral to Lender Fi.

Just locked in a no-cost re-fi at 3.375% for 15 years. And 6-month rate insurance too, so that's a nice bonus!

Guy at Lender Fi says, "You're one of those FootballGuys too? My god, we're getting tons of business from whatever that is!" 🤣

Edited by BeTheMatch
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10 year Treasury yield has cratered, meanwhile mortgage rates have actually ticked up slightly. Strange world we live in right now.

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Turns out I wasn’t borrowing enough to deal with Lender Fi anyway (he finally called a week later). They won’t work with cash out refi below $125k. Wanted me to cash out more equity.. no thanks :) 

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6 hours ago, BeTheMatch said:

Just wanted to say thanks to @skycriesmary and @shady inc for the referral to Lender Fi.

Just locked in a no-cost re-fi at 3.375% for 15 years. And 6-month rate insurance too, so that's a nice bonus!

Guy at Lender Fi says, "You're one of those FootballGuys too? My god, we're getting tons of business from whatever that is!" 🤣

Guy I am working with from LenderFi said that he’s recently worked with people from a football message board as well. Mine isn’t a re-fi, but I locked in a no points 30 yr 3.375% as well. 

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Maybe I should hit them up too. My estimated equity is 40k and my loan amount is 135k. Damn, been in the house 30 months and only paid off 14k. F'ing interest.

I pay $100 more each month (says I'll save 71 months) and am at 3.85%.

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On 8/22/2019 at 6:21 AM, Snickers said:

I have an appraiser heading to my house this afternoon due to a refi. I had 27 years left on my last refi at 3.75%. Got 3.0% on a 15 year so pretty happy. Monthly payment is going up around $800/month but sold some stock to pay off my wife’s car so absent that monthly payment it is close to a wash. No debt outside the house now and would like to pay off the house in 10 years to coincide with my second kid starting college. Not sure I can pull that off but that would be ideal.

So we just finished our basement but didn’t pull any permits for it. Is the appraiser going to ask or check on that?

I know you plan to stay in the house but if you do decide to sell, buyers may ask about permits or home inspector may find building code issues if said code wasn’t followed.

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7 hours ago, [icon] said:

Turns out I wasn’t borrowing enough to deal with Lender Fi anyway (he finally called a week later). They won’t work with cash out refi below $125k. Wanted me to cash out more equity.. no thanks :) 

Just take the larger loan, ensure no prepayment penalty, first payment is $200,000 

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On 8/12/2019 at 3:32 PM, Worm said:

I'll take a PM. :thumbup:

Closed. Three weeks and one day.

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Random question about mortgage payments.  What day of the billing cycle is the interest calculated for the next payment?  Would it be the due date of the previous payment?  

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3 hours ago, ghostguy123 said:

Random question about mortgage payments.  What day of the billing cycle is the interest calculated for the next payment?  Would it be the due date of the previous payment?  

It's not a "day".  Usually for first mortgages (there can be variations in calculation methods) it would be the previous month's ending balance (let's assume being paid on time). 

Example:

Let's say you paid your September 1 payment on August 25. It brought your balance down to $90,000.  If the interest rate were 4%, interest for the October 1 payment would be (.04/12) x 90,000 = $300.00.

By the way, if you pay after the due date, it normally assumes the payment was made for interest calculation purposes.

 

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36 minutes ago, Juxtatarot said:

It's not a "day".  Usually for first mortgages (there can be variations in calculation methods) it would be the previous month's ending balance (let's assume being paid on time). 

Example:

Let's say you paid your September 1 payment on August 25. It brought your balance down to $90,000.  If the interest rate were 4%, interest for the October 1 payment would be (.04/12) x 90,000 = $300.00.

By the way, if you pay after the due date, it normally assumes the payment was made for interest calculation purposes.

 

Gotcha.  So if I planned to pay extra I should probably just wait till the end of the month rather than make the payment earlier (say today for example), then paying extra principle at the end of the month?  Or would they just factor in that extra principle for the next payment?  I dont think they do, cause whenever I made the payment early in the month the following statement came in the mail before the month was even over.

 

Edited by ghostguy123

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28 minutes ago, ghostguy123 said:

Gotcha.  So if I planned to pay extra I should probably just wait till the end of the month rather than make the payment earlier (say today for example), then paying extra principle at the end of the month?  Or would they just factor in that extra principle for the next payment?  I dont think they do, cause whenever I made the payment early in the month the following statement came in the mail before the month was even over.

 

Your experience might differ, but for my mortgage, if I pay a second time the same month they count it as next month's payment. Did this accidentally a couple months ago. 

If you add to the first payment, all additional goes to principal. 

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3 minutes ago, -OZ- said:

Your experience might differ, but for my mortgage, if I pay a second time the same month they count it as next month's payment. Did this accidentally a couple months ago. 

If you add to the first payment, all additional goes to principal. 

I did that also where I paid the next payment in like may and got the July statement while it was still May

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1 hour ago, ghostguy123 said:

Gotcha.  So if I planned to pay extra I should probably just wait till the end of the month rather than make the payment earlier (say today for example), then paying extra principle at the end of the month?  Or would they just factor in that extra principle for the next payment?  I dont think they do, cause whenever I made the payment early in the month the following statement came in the mail before the month was even over.

 

Yes, as Oz said, I suggest just paying extra with your normal October 1 payment near the end of the month.  If that doesn't work (maybe you're on automatic payments for your regular payment or something), I would suggest calling your servicer and asking for instructions on how to make a separate, principal-only payment. 

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2 minutes ago, Juxtatarot said:

Yes, as Oz said, I suggest just paying extra with your normal October 1 payment near the end of the month.  If that doesn't work (maybe you're on automatic payments for your regular payment or something), I would suggest calling your servicer and asking for instructions on how to make a separate, principal-only payment. 

You may have to designate it to pay down principal. It was a past mortgage (don’t want to pay down at my current rate), but there was a setting/preference that was defaulted to next payment, i.e. not all principal. You could change it, but I’d check that if you login to your lender’s site. It’s entirely possible that some of those banking bills the pst few years changed the default like how credit cards now have to pay down your highest rate balance. They used to get you with those 0% offers by not letting you pay all your purchases at the higher rate before paying down the 0% balance.

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3 minutes ago, stbugs said:

You may have to designate it to pay down principal. It was a past mortgage (don’t want to pay down at my current rate), but there was a setting/preference that was defaulted to next payment, i.e. not all principal. You could change it, but I’d check that if you login to your lender’s site. It’s entirely possible that some of those banking bills the pst few years changed the default like how credit cards now have to pay down your highest rate balance. They used to get you with those 0% offers by not letting you pay all your purchases at the higher rate before paying down the 0% balance.

I'm unaware of any regulation for mortgages that would impact this directly.  I suspect "next payment" is the usual default.  That's neat that a servicer allowed that change through their website.

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1 hour ago, -OZ- said:

Your experience might differ, but for my mortgage, if I pay a second time the same month they count it as next month's payment. Did this accidentally a couple months ago. 

If you add to the first payment, all additional goes to principal. 

Only if you tell them to put it to additional principal.   There's usually a space to write that in.   If you dont specify, they could put it in escrow account, towards next month, etc. 

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58 minutes ago, stbugs said:

You may have to designate it to pay down principal. It was a past mortgage (don’t want to pay down at my current rate), but there was a setting/preference that was defaulted to next payment, i.e. not all principal. You could change it, but I’d check that if you login to your lender’s site. It’s entirely possible that some of those banking bills the pst few years changed the default like how credit cards now have to pay down your highest rate balance. They used to get you with those 0% offers by not letting you pay all your purchases at the higher rate before paying down the 0% balance.

 

38 minutes ago, Getzlaf15 said:

Only if you tell them to put it to additional principal.   There's usually a space to write that in.   If you dont specify, they could put it in escrow account, towards next month, etc. 

Makes sense. 

This was just an accidental payment. I had just switched to having the mortgage pulled directly from my account, beforehand I had just had a check automatically sent in monthly from my checking account.  It never mattered how much extra I paid before, anythingn I added to the first check went to principal. 

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Having a hard time with local banks and credit unions refinancing me into a Jumbo in MN. I can do a new Conventional + HELOC that gets me the same amount but the HELOC is 5.875%

Anyone recommend a Jumbo servicer? Not keen on Big Bank high rates and high fees. 

Edited by Johnny Rock

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2 hours ago, Juxtatarot said:

Yes, as Oz said, I suggest just paying extra with your normal October 1 payment near the end of the month.  If that doesn't work (maybe you're on automatic payments for your regular payment or something), I would suggest calling your servicer and asking for instructions on how to make a separate, principal-only payment. 

I can make a principle only payment no problem, the question is this.

Say for example I was to make my payment today, and then I get the bill for November.  If I was to make a principle only payment at the end of this month, would that November payment reflect the interest as of having made the payment today, or would it factor in that principle only payment.  

Hopefully that makes sense

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1 hour ago, Johnny Rock said:

Having a hard time with local banks and credit unions refinancing me into a Jumbo in MN. I can do a new Conventional + HELOC that gets me the same amount but the HELOC is 5.875%

Anyone recommend a Jumbo services? Not keen on Big Bank high rates and high fees. 

Sent you a PM.  I work for a bank but we have pretty good rates on jumbo.  Current jumbo rates today.

15 year fixed. 3.125%

30 year fixed 3.875%

These are refinance rates.

Edited by Don't Noonan
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10 minutes ago, ghostguy123 said:

I can make a principle only payment no problem, the question is this.

Say for example I was to make my payment today, and then I get the bill for November.  If I was to make a principle only payment at the end of this month, would that November payment reflect the interest as of having made the payment today, or would it factor in that principle only payment.  

Hopefully that makes sense

It wouldn't matter what day in September you made your regular and principal only payments.  It's generally a monthly calculation, not daily. (Again, for the most part.  There can be exceptions.) 

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I've got 24 years remaining on my 30yr fixed at 3.75%, and I'm surprised that switching to a 15 year or 10 year loan doesn't significantly lower my rate.  I'm seeing 3.25% for 10 and 15 year.  Figured it would be 2.75%, which may make it worth my while.  

Disappointed.  :(

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On 9/5/2019 at 11:11 AM, Johnny Rock said:

Having a hard time with local banks and credit unions refinancing me into a Jumbo in MN. I can do a new Conventional + HELOC that gets me the same amount but the HELOC is 5.875%

Anyone recommend a Jumbo servicer? Not keen on Big Bank high rates and high fees. 

For the most part you're going to get the best rates on jumbo loans with banks. They have the biggest pockets and portfolios. Your best bet is if you can get a relationship discount with WF, Chase, etc. by having enough assets on deposit or under management to get a break on the rate.

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Lots of wins today for me because of this thread.  On my refi got a rate reduction of .75, PMI removed as my equity topped the 20% and due to timing will not pay mortgage for 2 months.  Win win win.   Thanks all!  

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Anyone have experience with a Rapid ReCheck with CoreLogic? Basically a rapid credit re-score outside the usual monthly updates to the credit bureaus, initiated by a lending institution.

Basically, I paid a bunch of debts down which should trigger a higher credit score, which will in effect reduce my Freddie Mac fees and should save about .75%. I’m told I need to contact each credit grantor and get a letter on company letterhead with the changes. Seems like a high threshold when calling a credit card company. Then it’s 3-5 days to take effect. By then rates could be up another quarter or half point. 

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So I am torn and looking for advice.....

- I built a house in December 2013.  Locked in at 4.875

- March 2016 refinanced at 3.75, 30yr fixed.  (We make extra pmts throughout the year.)  Paid extra to get out of PMI.

- Today we should appraise, etc and have 20% equity.  I wasn’t really planning on refinancing again, but these rates have me thinking....

If my wife and I plan on staying in this house for a while what say you?  Are folks seeing sub 3.75?

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51 minutes ago, ragincajun said:

So I am torn and looking for advice.....

- I built a house in December 2013.  Locked in at 4.875

- March 2016 refinanced at 3.75, 30yr fixed.  (We make extra pmts throughout the year.)  Paid extra to get out of PMI.

- Today we should appraise, etc and have 20% equity.  I wasn’t really planning on refinancing again, but these rates have me thinking....

If my wife and I plan on staying in this house for a while what say you?  Are folks seeing sub 3.75?

Not a lender but rates spiked big time and were up every day last week. It was the worst week for mortgage rates in like a decade after the best month in like a decade so it might just be a short term correction back up. IDK if you will find sub 3.75 on a refi at the moment but it's definitely worth talking to someone to see what they quote you. Even if it doesn't make sense right this moment, probably a good chance rates drift back down at some point.

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My broker told me rates have actually gone up slightly so I'd say no but maybe someone who is going through it right now can say otherwise. 

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Did our refi Friday. We had a little bit of PMI left that got wiped out after the appraisal came back huge so we are saving almost 600 a month lolooll. Worked out great. 

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1 hour ago, ragincajun said:

So I am torn and looking for advice.....

- I built a house in December 2013.  Locked in at 4.875

- March 2016 refinanced at 3.75, 30yr fixed.  (We make extra pmts throughout the year.)  Paid extra to get out of PMI.

- Today we should appraise, etc and have 20% equity.  I wasn’t really planning on refinancing again, but these rates have me thinking....

If my wife and I plan on staying in this house for a while what say you?  Are folks seeing sub 3.75?

We got 15 years at 3.25. Should be closing here in a few weeks.

Cut 6 years off and mortgage payment stayed the same.

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On 8/28/2019 at 12:58 PM, BeTheMatch said:

Just wanted to say thanks to @skycriesmary and @shady inc for the referral to Lender Fi.

Just locked in a no-cost re-fi at 3.375% for 15 years. And 6-month rate insurance too, so that's a nice bonus!

Guy at Lender Fi says, "You're one of those FootballGuys too? My god, we're getting tons of business from whatever that is!" 🤣

it all started with @skycriesmary!!  I also just signed my papers and got even bigger surprise.  I guess I caught the exact day or two during the month where I'm going to skip payments for both September and October!  boom!

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2 minutes ago, urbanhack said:

it all started with @skycriesmary!!  I also just signed my papers and got even bigger surprise.  I guess I caught the exact day or two during the month where I'm going to skip payments for both September and October!  boom!

Any day from Sept 1-15 would accomplish this.    I got my approval last Friday and was even told to not make my Sept 1 payment. Should close in a few days. Was told because it's being paid off and not 30 days late, won't hurt my credit.

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Been watching rates for a bit thinking about a cash out refi to get rid of a bunch of other debt. Was thinking a 20 but rates are creeping up again. A 15 is a cash flow suck but might be worth it.

Edited by cap'n grunge

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16 hours ago, Capella said:

Did our refi Friday. We had a little bit of PMI left that got wiped out after the appraisal came back huge so we are saving almost 600 a month lolooll. Worked out great. 

for you or anyone, is it easy or common to get PMI wiped based on a re-appraisal?  I thought the terms of my mortgage were that it was based strictly on the original loan amount, but maybe I was misunderstanding or misremembering.

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6 minutes ago, Long Ball Larry said:

for you or anyone, is it easy or common to get PMI wiped based on a re-appraisal?  I thought the terms of my mortgage were that it was based strictly on the original loan amount, but maybe I was misunderstanding or misremembering.

I think that’s the way it is for fha. We essentially have a new mortgage with our refi so we needed a new appraisal and it came through big. I was shocked. 

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54 minutes ago, Long Ball Larry said:

for you or anyone, is it easy or common to get PMI wiped based on a re-appraisal?  I thought the terms of my mortgage were that it was based strictly on the original loan amount, but maybe I was misunderstanding or misremembering.

Yep. We got our PMI eliminated. Original loan was FHA.

Our equity has risen a ton in the 9 years of being here. 

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