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7 hours ago, Otis said:

Just a $4k fee for the loan modification, which I'll break even on in 5 months given the savings.

That's a hefty fee for a mod. I bet you could shop it around and get better if you were inclined. Even more so if you dangle the wealth management relationship as a carrot to another bank. 

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5 hours ago, DA RAIDERS said:

not understanding these sub 3 numbers. especially on 30 year loans.  people have to be buying points, correct?

Like I said before lots of factors involved. I can explain more in your particular situation if you would like via text. 

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3 hours ago, Chadstroma said:

Like I said before lots of factors involved. I can explain more in your particular situation if you would like via text. 

i get that there are mitigating factors.  sub 3, just seems impossible without buying points.

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7 hours ago, Chadstroma said:

That's a hefty fee for a mod. I bet you could shop it around and get better if you were inclined. Even more so if you dangle the wealth management relationship as a carrot to another bank. 

In NY id take that fee and run

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7 hours ago, Chadstroma said:

That's a hefty fee for a mod. I bet you could shop it around and get better if you were inclined. Even more so if you dangle the wealth management relationship as a carrot to another bank. 

Maybe, but I don’t want to move my relationship — they handle a bunch of financial items for me and I like banking with them. I’m just thrilled to get down to that rate on jumbo mortgage and save that much money on a monthly basis. 

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16 hours ago, shadyridr said:

In NY id take that fee and run

I have never originated in NY and don't plan to so perhaps you are right. I seem to remember something about a loan tax?

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@Chadstroma is 1% standard for closing costs? 

All ready to go, only $900 out of pocket, saves $500 / month (which includes removing escrow, really only $200 / month less total)

2.84% apr, 30 years. 

I'm good with it. 

Edited by -OZ-

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10 hours ago, -OZ- said:

@Chadstroma is 1% standard for closing costs? 

All ready to go, only $900 out of pocket, saves $500 / month (which includes removing escrow, really only $200 / month less total)

2.84% apr, 30 years. 

I'm good with it. 

That really isn't a yes or no question. Closing costs cam range freatly from city to city, county to county , let alone state to state and even then a good chunk of closing costs is title. 

Most of the line items are bot anything to do with a lender and/or broker. 

In the end... that is one sick APR my friend. If it was another lender. I would have questions to ask but knowing who I sent you to, you are good. Enjoy the awesome rate!

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Sort of related...

County wide tax re-appraisals just came back, and my house came in at ~5% higher than what my recent appraisal came in at. Worth going through the appeals process for that amount of difference?

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1 hour ago, Worm said:

Sort of related...

County wide tax re-appraisals just came back, and my house came in at ~5% higher than what my recent appraisal came in at. Worth going through the appeals process for that amount of difference?

No

Taxes always go up. 

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@Chadstroma, you happen to have someone in NJ I can speak to?    I just refinanced 2 months ago at 3.625 over 30.  Might be too late now, but I was thinking it wouldn't be worth it to do again but figured might as well talk to someone and see what they have to say.  TIA.

Edited by NutterButter

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1 hour ago, shadyridr said:

No

Taxes always go up. 

I got mine lowered about 20% after I bought my house.

So if you appeal an appraisal does it cost you more?

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I also had my property taxes lowered when a non-profit hospital in my town turned private.    And this is in NJ of all places.  If your kids ask you if miracles exist, you tell them about the time old man nutterbutter had his property taxes lowered in NJ.   

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3 hours ago, NutterButter said:

@Chadstroma, you happen to have someone in NJ I can speak to?    I just refinanced 2 months ago at 3.625 over 30.  Might be too late now, but I was thinking it wouldn't be worth it to do again but figured might as well talk to someone and see what they have to say.  TIA.

Sure do. Send me a PM with your contact info and I will pass it on to have him reach out and discuss. 

Who did you do the refi with 2 months ago? 

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5 hours ago, Worm said:

Sort of related...

County wide tax re-appraisals just came back, and my house came in at ~5% higher than what my recent appraisal came in at. Worth going through the appeals process for that amount of difference?

Potentially. The one contact I know of that does this professionally charges $100 flat fee and between 30-50% of the first year savings. For a $100 roll of the dice to have someone else do the work and potentially save big... sounds like a pretty good bet. And from what I have heard in Illinois, they usually come back with some savings. 

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2 hours ago, NutterButter said:

I also had my property taxes lowered when a non-profit hospital in my town turned private.    And this is in NJ of all places.  If your kids ask you if miracles exist, you tell them about the time old man nutterbutter had his property taxes lowered in NJ.   

I did some research before buying trying to figure out which county has the best property taxes in Illinois. I came by a national list. The top was all NJ counties, then some NY and then some Illinois. You guys get rolled there on your property taxes. 

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Curious.... a lot of you guys have mentioned that I have been helpful with the info. I thought it might be useful to start a seperate thread with tips and advice on mortgages and other real estate/financial stuff I know of. Would that seem useful? I don't want to be presumptious since there is this thread and personal finance and real estate values etc.... 

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3 minutes ago, Chadstroma said:

Curious.... a lot of you guys have mentioned that I have been helpful with the info. I thought it might be useful to start a seperate thread with tips and advice on mortgages and other real estate/financial stuff I know of. Would that seem useful? I don't want to be presumptious since there is this thread and personal finance and real estate values etc.... 

very useful!

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22 minutes ago, Chadstroma said:

Curious.... a lot of you guys have mentioned that I have been helpful with the info. I thought it might be useful to start a seperate thread with tips and advice on mortgages and other real estate/financial stuff I know of. Would that seem useful? I don't want to be presumptious since there is this thread and personal finance and real estate values etc.... 

I check in here about every day just to see whats new.  

That lender you referred me too called me in about an hour and we had things wrapped in an afternoon.  Got me down from a 4.6 to a 3.5 30 year rate.  $2,000 in closing costs so the entire transaction pays for itself in about 11 months.  I was hoping to get a slightly better rate, but with the low costs it was still a no brainer.  

You're super helpful  :hifive:

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Done :)

$850 out of pocket, but we get to skip next month's mortgage payment so that's more than covered. 

quoted 15 months to recoup the closing costs (mostly rolled in)

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7 hours ago, Chadstroma said:

Curious.... a lot of you guys have mentioned that I have been helpful with the info. I thought it might be useful to start a seperate thread with tips and advice on mortgages and other real estate/financial stuff I know of. Would that seem useful? I don't want to be presumptious since there is this thread and personal finance and real estate values etc.... 

I personally like LESS threads to check in on, so like when you drop your knowledge in here

 

2cents

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20 minutes ago, joey said:

I personally like LESS threads to check in on, so like when you drop your knowledge in here

 

2cents

Agreed. 

As is, it's somewhat odd that we have the personal finance thread and a 401k thread - there seems to be no difference.

If I hadn't said it before @Chadstroma, big time thank you. This will actually be my lowest home payment since 2006 when we lived in a house built in 1900. (I still love that house but it was cheap!) 

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our current rate is 3.96...bought the home 2 years and 7 months ago.

Home is worth 1.5ish, we owe 1.00ish.

What rate could we get now and should we refi.(plenty of money and excellent credit) so assume best possible rate.

 

Thanks in advance!!

Edited by TripItUp

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13 hours ago, Worm said:

Sort of related...

County wide tax re-appraisals just came back, and my house came in at ~5% higher than what my recent appraisal came in at. Worth going through the appeals process for that amount of difference?

yes, Once it goes up, its the new basis for next year and so on. I hire a guy who charges me a third of what he saves me. That's a no-brainer.

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1 hour ago, TripItUp said:

our current rate is 3.96...bought the home 2 years and 7 months ago.

Home is worth 1.5ish, we owe 1.00ish.

What rate could we get now and should we refi.(plenty of money and excellent credit) so assume best possible rate.

 

Thanks in advance!!

I just got offered 3.25 on a 30 year

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1 hour ago, -OZ- said:

Agreed. 

As is, it's somewhat odd that we have the personal finance thread and a 401k thread - there seems to be no difference.

If I hadn't said it before @Chadstroma, big time thank you. This will actually be my lowest home payment since 2006 when we lived in a house built in 1900. (I still love that house but it was cheap!) 

Glad to have helped to connect you two!

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1 hour ago, TripItUp said:

our current rate is 3.96...bought the home 2 years and 7 months ago.

Home is worth 1.5ish, we owe 1.00ish.

What rate could we get now and should we refi.(plenty of money and excellent credit) so assume best possible rate.

 

Thanks in advance!!

Check banks. The one area it is hard for brokers to compete is in jumbos. 

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What do 15 year rates look like right now?  I'm at 2.875, which is stupid good, but if it gets better I'll happily go to plaid on the rate.

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I just took 3.0 on a 15-yr fixed. As of last week though so not sure if things have shifted much since. 

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5 hours ago, Aaron Rudnicki said:

I just took 3.0 on a 15-yr fixed. As of last week though so not sure if things have shifted much since. 

No greatly significant movement over the last couple of weeks. 

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5 hours ago, Sand said:

What do 15 year rates look like right now?  I'm at 2.875, which is stupid good, but if it gets better I'll happily go to plaid on the rate.

You are good. 

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On 2/14/2020 at 5:47 AM, Sand said:

What do 15 year rates look like right now?  I'm at 2.875, which is stupid good, but if it gets better I'll happily go to plaid on the rate.

 

On 2/14/2020 at 11:26 AM, Chadstroma said:

You are good. 

Agreed. 
Because of this thread, when I checked in on rates last week with my broker, she said that 15's were at 3.375.
I’m in the Bay Area so not sure if rates are different by region but we all know it’s very High cost of living here. 

Edited by joey
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1 hour ago, joey said:

 

Agreed. 
Because of this thread, when I checked in on rates last week with my broker, she said that 15's were at 3.375.
I’m in the Bay Area so not sure if rates are different by region but we all know it’s very High cost of living here. 

Reach out to me in PM, I will run it through for you. Provide this info there... 

Property value 

Current loan amount (if cash out how much cash you want)

Credit score

Zip code

Type of loan you currently have (conventional, FHA. VA, etc)

And out of curiosity, the company name of your broker.

 

Edited by Chadstroma

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57 minutes ago, fruity pebbles said:

Doesn't seem to be a whole lot of difference in 30 and 15 year rates.  Latest quote for me was only about a .25 point less.

I ran a quote for FHA today. 20yr was actually an eighth HIGHER than the 30yr. 

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1 minute ago, Chadstroma said:

I ran a quote for FHA today. 20yr was actually an eighth HIGHER than the 30yr. 

Isn’t that crazy? There never was a huge difference in the 30 and 20 rate but to actually be higher. Doesn’t that tell us the market thinks rates stay this low or go even lower? Ie they wanna lock in this rate for as long as possible? 

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6 minutes ago, fruity pebbles said:

Isn’t that crazy? There never was a huge difference in the 30 and 20 rate but to actually be higher. Doesn’t that tell us the market thinks rates stay this low or go even lower? Ie they wanna lock in this rate for as long as possible? 

Just on FHA. Conventional still a slight decrease in rate on lower terms. To be honest... I don't know why and I only got one quote from one lender because the client isn't ready to do an application, it was just talking through things with an example. 

I know a couple of weeks ago we went inverted on yield curves which is usually a indication of a recession coming. I have been too busy to pay attention to markets much. Rates have multiple factors into them but biggest driving force is yield on treasuries (10 yr). 

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Attention all Vets and those who know Vets...

A Marine Vet Loan Originator shared with me a thread in a Facebook post where a vet asked about the best places to get a VA loan. The responses from Vets turned my stomach. The reason it did was over and over again these vets were listing companies that as a way of standard procedure overcharge vets on rates and/or fees and origination points. The list was a who's who of lenders that take advantage of vets. Among the worst: Quicken, Veterans United, and New Day. Some places that have stellar reputations and do a lot of good in other areas like insurance or car loans but consistently over charge like USAA and Navy Federal Credit Union. Even banks who are just plain not competitive at all in any government loan. 

I will tell you a dirty little industry secret. Brokers are capped on what we can charge on VA loans. In fact, we are capped on all loans. However, if you are a "bank" (and by bank I don't mean your Chase or local Savings and Loan but you can be a non-depository Bank aka all you do is mortgage loans like Quicken, Fairway, LoanDepot, etc) you can charge more! In fact, when I get recruited by these places (and it happens often) that is what they lead with "Hey! We are a bank, so we can charge more on the govy's and you make more money!" (Govy's is industry talk for VA, FHA and USDA loans). 

PLEASE- if you are a Vet and ever want anything to do with a mortgage or know of any Vets; join this group: https://www.facebook.com/groups/Vettedva/

It is full of professionals like myself committed to helping Vets get good information and help them make the best decisions while protecting their wallets from companies who see them as piggy banks to break into. There is a strict no solicitation rule in the group. If a Vet wants help they can get it but no one sells anything or they will get bounced out of the group. Too many vets are going to these places and have no idea that they could otherwise keep more of their money rather than handing it over to some of these scum bag lenders. It turns my stomach every time I hear about a Vet using one of these places because I know they got taken for a ride and abused but they have no idea and smile, say thank you and tell their buddies to go to the same lender to get abused as well. 

Edited by Chadstroma
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BTW 10 year treasury is flirting with all time lows right now. AKA if you haven't refied, do so now. 

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@Chadstroma's guy quoting me 15@2.875%, 20@3.125%, 30@3.3%.

Hmmm.

eta - leaning to the 20 year, paying extra to principal up to the 15 year monthly payment for the next 5 years.  At that point first kid enters college and if I need the extra monthly cash flow I can back off the extra payments - if not, I keep putting the extra in and end up fairly close to the 15 years anyway..  Is this logic sound?

Edited by matuski

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@Chadstroma you got a Michigan guy?

ive got ~15 years left on a 30 year but my house has still not fully recovered value after 2008, so I’m in kind of a tricky situation

have a primary and secondary that combined are about 87% of the Zillow value (I know not the best tool but for a ballpark)I have been told I need to be at or below 80% to do the refi

would like to get it combined into 1 payment and save some money but want to avoid coming up with the difference (if that’s even an option) or losing out on the appraisal fee if it doesn’t hit the number

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28 minutes ago, matuski said:

@Chadstroma's guy quoting me 15@2.875%, 20@3.125%, 30@3.3%.

Hmmm.

eta - leaning to the 20 year, paying extra to principal up to the 15 year monthly payment for the next 5 years.  At that point first kid enters college and if I need the extra monthly cash flow I can back off the extra payments - if not, I keep putting the extra in and end up fairly close to the 15 years anyway..  Is this logic sound?

You want to protect cash flow for sure. BUT that difference in rate makes a big difference in savings. If you are not SURE you will need the extra cash flow, one thought would be to go with the 15 yr and then get a HELOC down the road to help fund the kids college stuff as needed. 

That all said, there is no 'right' answer. There is the right route to take for you after considering all your options. 

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27 minutes ago, Ted Lange as your Bartender said:

Looks like I locked in too early.  oh well

It is hard to play the timing game on rates. I expected rates to drop today but no way for me to know for sure. I am a little gun shy of telling clients what to do with locking, even though I am right more times than I am not, no one has 100% forward vision. 

If you like the rate, then lock the rate and don't fret over it. You could have easily not locked and rates go up. 

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20 minutes ago, Dan Lambskin said:

@Chadstroma you got a Michigan guy?

ive got ~15 years left on a 30 year but my house has still not fully recovered value after 2008, so I’m in kind of a tricky situation

have a primary and secondary that combined are about 87% of the Zillow value (I know not the best tool but for a ballpark)I have been told I need to be at or below 80% to do the refi

would like to get it combined into 1 payment and save some money but want to avoid coming up with the difference (if that’s even an option) or losing out on the appraisal fee if it doesn’t hit the number

Yea, I got a Michigan guy for sure. A few. Send me a PM with your contact info and I will get you in touch with one to dive into the situation for you in more detail and see what options there may be. 

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2 hours ago, Ted Lange as your Bartender said:

Looks like I locked in too early.  oh well

And rates are historically mega-low.  No need to overthink this.

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1 minute ago, Ted Lange as your Bartender said:

It was more tongue in cheek than anything.  No way to know what’s going to happen

You picked a good time, regardless of the wiggles.  For the last five years I've been able to casually mention that my rate is under 3...

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