Mortgage Rates (2 Viewers)

[Primetime Players]

Looking at doing a refi. Want to get a 15 year. credit is 775-795Whats a good rate for that?I still dont see how people are doing this with no closing cost... Are you just rolling them into the loan and thinking youre not paying?

Thx for the other responses.Did you guys play mortgage companies against each other? Like when buying a car? What tactics did you use to lower the BS fees?

In all honesty, banks don't need your business that bad. There is a cost of doing business. They all change somewhere between $500-$800 in origination even for a zero point loan. Very doubtful they will get rid of the fee. Appraisal is a 3rd party. It's not truly "their" fee. They control the cost of it but it pays for the 3rd party vendor they use and to the appraiser they have to pay.I think banks have maybe about .50bps in flexibility in them which means about .125% or so in rate. You really shouldn't see that much of a difference in rates. If you do, there is usually a reason for it. You're going to pay more for the loan. Banks know people play attention to rates and points. Sometimes people just want a certain rate and don't care as much about how much it cost to get there. When people tell me they received this rate or that and it sounds too low to be true, my next question is how much did it cost to get to that rate. They usually give me a blank stare. They don't really know for sure because it wasn't important to them. Banks know this and take advantage of it. My advice is to not do a no closing cost loan if you have the equity. Money is cheap. Take advantage of it. Know what the bank is truly charging and what are the customary 3rd party fees. When it comes to 3rd party fees (title insurance/recording costs, for example) they will be the same no matter which bank does the loan. Figure out the bank charges. Pay attention to the APR. If it is close to the rate, the bank fees are normal. If they are signifcantly higher, the origination charges are higher and you're paying for that lowere rate even though they may be telling you the loan is a "zero" point loan. In general, banks don't really care what other offers you have out there. If the quote was from a previous day, it's irrelevant. Rates change daily. They don't care that much because they have never been busier. Their volume is insane. They are not going to go out of their way to get your business. They might be able to tweak the rate a little or maybe reduce an app fee by $100 or so, but don't expect too much. Also, if you don't want to get screwed, go with a bank you trust or have heard of. I know people who found lenders over the internet that were advertising lower rates and whatnot and they are 6 months into their refi. Don't get sucked into that crap.

 

[KGB]

Looking at doing a refi. Want to get a 15 year. credit is 775-795Whats a good rate for that?I still dont see how people are doing this with no closing cost... Are you just rolling them into the loan and thinking youre not paying?

Thx for the other responses.Did you guys play mortgage companies against each other? Like when buying a car? What tactics did you use to lower the BS fees?

In all honesty, banks don't need your business that bad. There is a cost of doing business. They all change somewhere between $500-$800 in origination even for a zero point loan. Very doubtful they will get rid of the fee. Appraisal is a 3rd party. It's not truly "their" fee. They control the cost of it but it pays for the 3rd party vendor they use and to the appraiser they have to pay.I think banks have maybe about .50bps in flexibility in them which means about .125% or so in rate. You really shouldn't see that much of a difference in rates. If you do, there is usually a reason for it. You're going to pay more for the loan. Banks know people play attention to rates and points. Sometimes people just want a certain rate and don't care as much about how much it cost to get there. When people tell me they received this rate or that and it sounds too low to be true, my next question is how much did it cost to get to that rate. They usually give me a blank stare. They don't really know for sure because it wasn't important to them. Banks know this and take advantage of it. My advice is to not do a no closing cost loan if you have the equity. Money is cheap. Take advantage of it. Know what the bank is truly charging and what are the customary 3rd party fees. When it comes to 3rd party fees (title insurance/recording costs, for example) they will be the same no matter which bank does the loan. Figure out the bank charges. Pay attention to the APR. If it is close to the rate, the bank fees are normal. If they are signifcantly higher, the origination charges are higher and you're paying for that lowere rate even though they may be telling you the loan is a "zero" point loan. In general, banks don't really care what other offers you have out there. If the quote was from a previous day, it's irrelevant. Rates change daily. They don't care that much because they have never been busier. Their volume is insane. They are not going to go out of their way to get your business. They might be able to tweak the rate a little or maybe reduce an app fee by $100 or so, but don't expect too much. Also, if you don't want to get screwed, go with a bank you trust or have heard of. I know people who found lenders over the internet that were advertising lower rates and whatnot and they are 6 months into their refi. Don't get sucked into that crap.

Thanks, perfect response.

 

[FootballWidow]

I would like some advice please. My lender Seterus sent me a letter that I qualify for a home affordable refinance program. So I call and its a HARP thru Quicken loans. Basically my current rate is 5.75 and payments $1978.00. they can change to 4.25 and payments $1420.00 with a $700.00 loan fee.

But my loan starts over so, I purchased in 2004 so I am losing 8 years?

Is this a good thing to do?

 

[Tuco]

I would like some advice please. My lender Seterus sent me a letter that I qualify for a home affordable refinance program. So I call and its a HARP thru Quicken loans. Basically my current rate is 5.75 and payments $1978.00. they can change to 4.25 and payments $1420.00 with a $700.00 loan fee.But my loan starts over so, I purchased in 2004 so I am losing 8 years?Is this a good thing to do?

What if they did a 15 year and you "gain" 7 years? Your rate would be lower and you might have close to your same payment.

 

[Primetime Players]

I would like some advice please. My lender Seterus sent me a letter that I qualify for a home affordable refinance program. So I call and its a HARP thru Quicken loans. Basically my current rate is 5.75 and payments $1978.00. they can change to 4.25 and payments $1420.00 with a $700.00 loan fee.But my loan starts over so, I purchased in 2004 so I am losing 8 years?Is this a good thing to do?

What if they did a 15 year and you "gain" 7 years? Your rate would be lower and you might have close to your same payment.

I haven't personally done any HARP loans. The bank I work for has an area that does them and they only do HARP for loans they currently service. I just do normal mortgages. I'm not sure if you can lower the original term of the loan for a HARP, though. I think the term would have to be for 30-years. The only reason to do a HARP is if you cant do a traditional refinance because you have equity issues and you can't roll in closing costs. If you have equity it doesn't make sense to do a HARP...and you can do the term you want. If you can do a 20-year, you'd be in good shape. The payment will be better and you would knock off 2 years. If you can do a 15-year and the payment is still comfortable, I think that's a no-brainer.

 

[towney]

In all honesty, banks don't need your business that bad. There is a cost of doing business. They all change somewhere between $500-$800 in origination even for a zero point loan. Very doubtful they will get rid of the fee. Appraisal is a 3rd party. It's not truly "their" fee. They control the cost of it but it pays for the 3rd party vendor they use and to the appraiser they have to pay.I think banks have maybe about .50bps in flexibility in them which means about .125% or so in rate. You really shouldn't see that much of a difference in rates. If you do, there is usually a reason for it. You're going to pay more for the loan. Banks know people play attention to rates and points. Sometimes people just want a certain rate and don't care as much about how much it cost to get there. When people tell me they received this rate or that and it sounds too low to be true, my next question is how much did it cost to get to that rate. They usually give me a blank stare. They don't really know for sure because it wasn't important to them. Banks know this and take advantage of it. My advice is to not do a no closing cost loan if you have the equity. Money is cheap. Take advantage of it. Know what the bank is truly charging and what are the customary 3rd party fees. When it comes to 3rd party fees (title insurance/recording costs, for example) they will be the same no matter which bank does the loan. Figure out the bank charges. Pay attention to the APR. If it is close to the rate, the bank fees are normal. If they are signifcantly higher, the origination charges are higher and you're paying for that lowere rate even though they may be telling you the loan is a "zero" point loan. In general, banks don't really care what other offers you have out there. If the quote was from a previous day, it's irrelevant. Rates change daily. They don't care that much because they have never been busier. Their volume is insane. They are not going to go out of their way to get your business. They might be able to tweak the rate a little or maybe reduce an app fee by $100 or so, but don't expect too much. Also, if you don't want to get screwed, go with a bank you trust or have heard of. I know people who found lenders over the internet that were advertising lower rates and whatnot and they are 6 months into their refi. Don't get sucked into that crap.

Being in the mortgage industry for 20 plus years this pretty much sums it up, only thing I'd mention is to also take a look at mortgage brokers vs banks. Most of the time brokers will have better rates then banks and now a days there are reputable mortgage brokers out there do to the tough laws. Remember to always get an estimate of closing costs and shop around, rates are still at all time lows.

 

[glvsav37]

Is there any danger to interest rate in any of the "fiscal cliff" solutions they are tossing out (I admit, I have not been following). We are in the final stages of a refi to a 15, and I don't want to risk losing the rates that attracted us to do it in the first place.

 

[urbanhack]

where are you guys at that you're getting 3.25% on a 30 year with no points?

I am in Chicago. I have a mortgage banker who is really good. I locked in at a good time. Rates will fluctuate based on capacity and investor willingness as well as competitive forces in your area.

I also got this in Chicago about a month ago for my refi with no points and no closing costs.

Who did you go through?

 

[Harris]

where are you guys at that you're getting 3.25% on a 30 year with no points?

I am in Chicago. I have a mortgage banker who is really good. I locked in at a good time. Rates will fluctuate based on capacity and investor willingness as well as competitive forces in your area.

I also got this in Chicago about a month ago for my refi with no points and no closing costs.

Who did you go through?

Gary Komar at Draper & Kramer. He did my original loan three years ago also.

 

[Steeler]

Completed my refi last Friday; 30yr fixed @3.375. Original loan was from 2009. PMI is included for 3 to 5 years but I'm still saving over $250 per month.

 

[Dentist]

Refinance with wells fargo is going pretty smooth so far.after submitting all my docs, we're doing ok.Appraisal process wasn't too bad, they actually appraised it for more than i thought they would... more than i paid for it in 2004, which was sweet.It looks like i'm going to achieve this crazy 2.625% 10 year rate - that's going to be amazing.

 

[IGKYA!!!]

Refinance with wells fargo is going pretty smooth so far.after submitting all my docs, we're doing ok.Appraisal process wasn't too bad, they actually appraised it for more than i thought they would... more than i paid for it in 2004, which was sweet.It looks like i'm going to achieve this crazy 2.625% 10 year rate - that's going to be amazing.

Unbelievable, isn't it. I just got that 2.625% on a 15 yr. It practically free money.

 

[Sarnoff]

 

[5Rings]

Best I could get for a 30 jumbo was 3.375 with about $4500 in closing costs, credit score 775. Costs will be realized in 5 months How did you guys get 2.625?

 

[Dragons]

Best I could get for a 30 jumbo was 3.375 with about $4500 in closing costs, credit score 775. Costs will be realized in 5 months How did you guys get 2.625?

15 year vs. 30 yearETA - or in my case, I'm closing this month @ 2.5% on a 5/1 FHA Streamline Refi w/ no closing costs.

 

[Dentist]

Best I could get for a 30 jumbo was 3.375 with about $4500 in closing costs, credit score 775. Costs will be realized in 5 months How did you guys get 2.625?

Also I'm not a big baller like you with a jumbo loan.my house is only worth a little over 200K... i only owe like 130K on it.

 

[5Rings]

Best I could get for a 30 jumbo was 3.375 with about $4500 in closing costs, credit score 775. Costs will be realized in 5 months How did you guys get 2.625?

Also I'm not a big baller like you with a jumbo loan.my house is only worth a little over 200K... i only owe like 130K on it.

Nothing about being a baller, buddy. Just living on the CA coast

 

[BassNBrew]

Start my re-fi with BOA in June 2012. They're telling me I should close a week from Friday. Waiting for the other shoe to drop again. I think I'm getting 4.25 on a 30 yr HARP, but I honestly don't remember anymore. It's lower than the 6% I'm at.Along the way they've managed to accomplish the following...Changed the billing on my insurance from me to them, which they have no money to pay.Somehow the subordination of my second (different lender) caused my credit line to be locked which has all my tax money I've been saving for the IRS due in a week.This lock put negetive information on my credit report. Wonder if that will bump my rate again.

 

[Chadstroma]

Best I could get for a 30 jumbo was 3.375 with about $4500 in closing costs, credit score 775. Costs will be realized in 5 months How did you guys get 2.625?

Jumbo is always going to have a higher rate than what you can get on a conventional. For a jumbo 30 year fixed, you did very well.

 

[culdeus]

Reading wells fargo's disclosure yesterday they say they are not able to get much more than a 10 point spread on morts right now and are only loaning 80% of their book. So basically, yeah, the rates have bottomed out.

 

[Chadstroma]

Start my re-fi with BOA in June 2012. They're telling me I should close a week from Friday. Waiting for the other shoe to drop again. I think I'm getting 4.25 on a 30 yr HARP, but I honestly don't remember anymore. It's lower than the 6% I'm at.Along the way they've managed to accomplish the following...Changed the billing on my insurance from me to them, which they have no money to pay.Somehow the subordination of my second (different lender) caused my credit line to be locked which has all my tax money I've been saving for the IRS due in a week.This lock put negetive information on my credit report. Wonder if that will bump my rate again.

I would stay away from Citi, BofA, Chase, etc. on lending with the exception of if you already have your loan with them and don't have many choices (due to LTV or credit etc). That said... The first thing sounds like they set up an escrow account and now you have to fund it. Depending on your LTV that may not have been avoidable. Depending on the specifics, this may not be a BofA thing but an industry standard. However, not knowing how they handled it, they very well could have done a better job of warning and explaining this to you. Locking of the line after a subordination is not a BofA call since they do not have the line (I am not aware of any subordination request that would request the line be locked). So this is most likely the call of the lender who holds the second. Locking a line of credit in and of itself would not be a negative on your credit report. Something else is going on. In most cases, converting a line to a loan will end up with a higher locked in rate. I would look at your loan docs or contact the lender that has the 2nd.

 

[Chadstroma]

Reading wells fargo's disclosure yesterday they say they are not able to get much more than a 10 point spread on morts right now and are only loaning 80% of their book. So basically, yeah, the rates have bottomed out.

They have such a dominating position in the market that they can choose to be more conservative and pull back and not lose out on it but only gain. Depending on capacity, others will try to grab market share from them.

 

[pizzatyme]

Ok, help a brother out. Have an old BK from 9 years ago on my report and am sitting at 650 score.Have a 2 yo mortgage at 4.75%Debt to Inc ratio is 26%.Is it worth me looking into a refi with the rates where they are? What about a no closing costs refi?TIA

 

[eoMMan]

What are the rules with refinancing an FHA loan?We have over 20% equity now and it's been over 3 years since we bought the house. Does it need to be 5 years?

 

[Dragons]

What are the rules with refinancing an FHA loan?We have over 20% equity now and it's been over 3 years since we bought the house. Does it need to be 5 years?

No, it doesn't need to be 5 years. The 5 year "trigger" with an FHA loan is the minimum length of time to kill PMI.

 

[flapgreen]

Refinance with wells fargo is going pretty smooth so far.after submitting all my docs, we're doing ok.Appraisal process wasn't too bad, they actually appraised it for more than i thought they would... more than i paid for it in 2004, which was sweet.It looks like i'm going to achieve this crazy 2.625% 10 year rate - that's going to be amazing.

Unbelievable, isn't it. I just got that 2.625% on a 15 yr. It practically free money.

2.75 here.

 

[fasteddie_21]

Got a call from our mortgage broker yesterday...she asked us about refinancing. We bought our first house at the end of April last year using a VA loan. It was a primo short sale that was got for pennies (6 years old and originally sold for 260k we got it for 218k). Our loan amount was @223k at 3.875%. She said that we had 2 options: 3.5% and get $4k in cash back along with lowering our monthly payments about $35-$40/mo. And no out of pocket money. No appraisal (same lender) and super easy. Would increase our current loan about $3k from where it is now. Keep in mind that we already have about $20k in equity as is. The other option is 3.25% and it would add about $7k to our total loan amount, get us about $1200 in cash and lower the monthly payments about $50-$60/mo. The first option seems smarter, but we are new to this. Thoughts?

 

[fasteddie_21]

Is there any downside here?

 

[Random]

Got a call from our mortgage broker yesterday...she asked us about refinancing. We bought our first house at the end of April last year using a VA loan. It was a primo short sale that was got for pennies (6 years old and originally sold for 260k we got it for 218k). Our loan amount was @223k at 3.875%. She said that we had 2 options: 3.5% and get $4k in cash back along with lowering our monthly payments about $35-$40/mo. And no out of pocket money. No appraisal (same lender) and super easy. Would increase our current loan about $3k from where it is now. Keep in mind that we already have about $20k in equity as is. The other option is 3.25% and it would add about $7k to our total loan amount, get us about $1200 in cash and lower the monthly payments about $50-$60/mo. The first option seems smarter, but we are new to this. Thoughts?

Sounds like she is trying to get you a cash out refi. That raises your rate. Those closing costs (added to your current balance) sound ridiculously high (I havent shopped for a while but no way would I pay 3K or 7K to refi). Shop around and see how those rates/costs compare.

 

[5Rings]

Got a call from our mortgage broker yesterday...she asked us about refinancing. We bought our first house at the end of April last year using a VA loan. It was a primo short sale that was got for pennies (6 years old and originally sold for 260k we got it for 218k). Our loan amount was @223k at 3.875%. She said that we had 2 options: 3.5% and get $4k in cash back along with lowering our monthly payments about $35-$40/mo. And no out of pocket money. No appraisal (same lender) and super easy. Would increase our current loan about $3k from where it is now. Keep in mind that we already have about $20k in equity as is.

The other option is 3.25% and it would add about $7k to our total loan amount, get us about $1200 in cash and lower the monthly payments about $50-$60/mo. The first option seems smarter, but we are new to this. Thoughts?

I did not run the #s, but I'm not so sure over the life of the loan if $4k now (unless you invest it) is worth the $3k balance increase.

 

[The Captain]

Refinance with wells fargo is going pretty smooth so far.after submitting all my docs, we're doing ok.Appraisal process wasn't too bad, they actually appraised it for more than i thought they would... more than i paid for it in 2004, which was sweet.It looks like i'm going to achieve this crazy 2.625% 10 year rate - that's going to be amazing.

Unbelievable, isn't it. I just got that 2.625% on a 15 yr. It practically free money.

2.75 here.

I hate all of you. Completely underwater, loan not owned by Mac or Mae, can't participate in any programs and missing the greatest opportunity ever afforded home buyers in our country's history. This sucks./rant

 

[Sarnoff]

the greatest opportunity ever afforded home buyers in our country's history

Looking to buy, but the market is terrible here in Los Angeles. Banks are holding all the inventory back to inflate prices, trickling them out one-by-one. 60-80% decline in inventory from last year depending on the area. Investors gobble them up as soon as they hit the market in massive bidding wars. One home in Granada Hills listed for $280K and sold in 10 days, all-cash, for $380K after fielding 120+ offers. In Anaheim one listed for $575K went for more than $40K over list with 20 offers. There's very little opportunity for the "average" home buyer who's got at 20% down payment and solid credit. Great "opportunity" for the flippers, speculators, investors, and the banks that caused the housing bubble to pop 5 years ago.

 

[Dragons]

Got a call from our mortgage broker yesterday...she asked us about refinancing. We bought our first house at the end of April last year using a VA loan. It was a primo short sale that was got for pennies (6 years old and originally sold for 260k we got it for 218k). Our loan amount was @223k at 3.875%. She said that we had 2 options: 3.5% and get $4k in cash back along with lowering our monthly payments about $35-$40/mo. And no out of pocket money. No appraisal (same lender) and super easy. Would increase our current loan about $3k from where it is now. Keep in mind that we already have about $20k in equity as is. The other option is 3.25% and it would add about $7k to our total loan amount, get us about $1200 in cash and lower the monthly payments about $50-$60/mo. The first option seems smarter, but we are new to this. Thoughts?

Sounds like she is trying to get you a cash out refi. That raises your rate. Those closing costs (added to your current balance) sound ridiculously high (I havent shopped for a while but no way would I pay 3K or 7K to refi). Shop around and see how those rates/costs compare.

I agree with this. Do you need cash out? How about a rate that covers your closing costs but doesn't add a dime to the loan?ETA: $3k seems fair for a refi, $7k is very high.

 

[The Ref]

You know what is great? Not paying much interest to a bank every month. You know what sucks? Having to take the Standard Deduction for the first time in close to a decade and having a big tax bill.

 

[CrossEyed]

Refinance with wells fargo is going pretty smooth so far.after submitting all my docs, we're doing ok.Appraisal process wasn't too bad, they actually appraised it for more than i thought they would... more than i paid for it in 2004, which was sweet.It looks like i'm going to achieve this crazy 2.625% 10 year rate - that's going to be amazing.

Unbelievable, isn't it. I just got that 2.625% on a 15 yr. It practically free money.

2.75 here.

Refinanced last year to a 15-year at 2.99%. I was robbed!!!

 

[SoBeDad]

the greatest opportunity ever afforded home buyers in our country's history

Looking to buy, but the market is terrible here in Los Angeles. Banks are holding all the inventory back to inflate prices, trickling them out one-by-one. 60-80% decline in inventory from last year depending on the area. Investors gobble them up as soon as they hit the market in massive bidding wars. One home in Granada Hills listed for $280K and sold in 10 days, all-cash, for $380K after fielding 120+ offers. In Anaheim one listed for $575K went for more than $40K over list with 20 offers. There's very little opportunity for the "average" home buyer who's got at 20% down payment and solid credit. Great "opportunity" for the flippers, speculators, investors, and the banks that caused the housing bubble to pop 5 years ago.

The same thing, to a lesser degree, is happening in the prime areas of southeast Florida, especially Miami which has a flood of foreign money from Latin America. The Latins see it as a safe haven and an alternative to their real estate bubbles (Brazil, Peru, etc) and socialist governments (Venezuela, Argentina). I have an underwater investment house in a less desirable area which I planned to short-sell. Now I might wait it out. I'm not sure if the banks are intentionally holding back inventory, or just dealing with a large backlog and legal challenges.

 

[Chadstroma]

Got a call from our mortgage broker yesterday...she asked us about refinancing. We bought our first house at the end of April last year using a VA loan. It was a primo short sale that was got for pennies (6 years old and originally sold for 260k we got it for 218k). Our loan amount was @223k at 3.875%. She said that we had 2 options: 3.5% and get $4k in cash back along with lowering our monthly payments about $35-$40/mo. And no out of pocket money. No appraisal (same lender) and super easy. Would increase our current loan about $3k from where it is now. Keep in mind that we already have about $20k in equity as is. The other option is 3.25% and it would add about $7k to our total loan amount, get us about $1200 in cash and lower the monthly payments about $50-$60/mo. The first option seems smarter, but we are new to this. Thoughts?

Do you need cash out? Ask about options without any cash and see what she says.

 

[[icon]]

Trying to Refi with PenFed but they have 1% origination fee and 0.25pt buydown to 3.49%APR on 30yr fixed. Closing costs of several thousand. What are some good spots to look for zero closing type loans? Or is there no free ride these days?

 

[phowler13]

Trying to Refi with PenFed but they have 1% origination fee and 0.25pt buydown to 3.49%APR on 30yr fixed. Closing costs of several thousand. What are some good spots to look for zero closing type loans? Or is there no free ride these days?

Im no expert but i think zero closing is only available in certain areas. I'm in ny and eveyone I've talked to has said it's not available, even the holder of my current mortgage (wells Fargo )who advertises it.

 

[stbugs]

Trying to Refi with PenFed but they have 1% origination fee and 0.25pt buydown to 3.49%APR on 30yr fixed. Closing costs of several thousand. What are some good spots to look for zero closing type loans? Or is there no free ride these days?

I used aimloan.com to spot rates and they have a 0 pt 3.25% 30 yr fixed. They have a $2k lender fee, which is basically an origination fee, so not how that matches up to your loan amount. I punched in my numbers and it was around $3k in closing costs, which included the $2k lender fee.

 

[[icon]]

Gotcha thanks guys!

 

[⚡DEADHEAD⚡]

Jumbo refinance. Hoping to lock at 3.875% with $2,500 lender credit next week. Lender credit unlikely but prefer the lower rate over 4% and a $2,500 credit. House is finally about worth what we paid for it, otherwise we couldn't do this. Jumbos are a ##### but thankful that we're finally in position to participate in the refinancing market.

 

[tommyGunZ]

Meeting with a mortgage loan officer in an hour to go over packages. I've been advised that a conventional loan putting 5% down is far better from a financial standpoint than going 3.5% down FHA. No PMI upfront payment and lower PMI costs throughout, as well as the ability to drop PMI altogether as soon as LTV reaches 80%.Does this sound right? Are 95/5 loans difficult to get?

 

[menobrown]

Trying to Refi with PenFed but they have 1% origination fee and 0.25pt buydown to 3.49%APR on 30yr fixed. Closing costs of several thousand. What are some good spots to look for zero closing type loans? Or is there no free ride these days?

Im no expert but i think zero closing is only available in certain areas. I'm in ny and eveyone I've talked to has said it's not available, even the holder of my current mortgage (wells Fargo )who advertises it.

Zero closing costs are available anywhere but NY has the highest fees so it's more difficult than any other area.Here's the deal with zero closing costs. You are simply accepting a higher rate which yields the bank/broker more revenue they utilize to cover or void your fees. This is difficult on smaller loan sizes and areas with higher closing costs like NY and Texas and it can't be achieved on every loan but it's available anywhere.

 

[menobrown]

Meeting with a mortgage loan officer in an hour to go over packages. I've been advised that a conventional loan putting 5% down is far better from a financial standpoint than going 3.5% down FHA. No PMI upfront payment and lower PMI costs throughout, as well as the ability to drop PMI altogether as soon as LTV reaches 80%.Does this sound right? Are 95/5 loans difficult to get?

Yea sounds about right. One thing that might skew it is if you have a lower credit score it can seriously jack up the rate on 30 year FNMA mortgage loans at 95% loan to value. So lower credit scores might be better off with an FHA loan.95/5 loans are not considerably more difficult to obtain than say a 90/10. Unless raising that loan amount caused you to go over the debt to income ratio it's rare for it to be an issue but not impossible for a borderline borrower.

 

[Dentist]

i want to punch the people at wells fargo in the face!they lose my documents, can't read them, want massive amounts of irrational dataI hate you subprime mortgage people that caused the meltdown.Because of you they make it so hard to get a damn loan done.I make more money in 8 mo. than i'm attempting to refinance, have a credit score over 800, and oh by the way haven't missed a payment in 8 years with you, and they're having trouble getting this approved.

 

[Slapdash]

i want to punch the people at wells fargo in the face!they lose my documents, can't read them, want massive amounts of irrational dataI hate you subprime mortgage people that caused the meltdown.Because of you they make it so hard to get a damn loan done.I make more money in 8 mo. than i'm attempting to refinance, have a credit score over 800, and oh by the way haven't missed a payment in 8 years with you, and they're having trouble getting this approved.

Almost failed to close back in July because of these shenanigans at WFC.

 

[Courtjester]

i want to punch the people at wells fargo in the face!they lose my documents, can't read them, want massive amounts of irrational dataI hate you subprime mortgage people that caused the meltdown.Because of you they make it so hard to get a damn loan done.I make more money in 8 mo. than i'm attempting to refinance, have a credit score over 800, and oh by the way haven't missed a payment in 8 years with you, and they're having trouble getting this approved.

They are the worst.Our tale of woe:Our house is currently financed through BOA. We did our last refi, 3 years ago, but it fell just outside the ability to qualify for the new factor rates on FHA loans. So it honestly didn't make sense to refi at this point. We are at 5%--so not the best, but not the worst.We have been banking with Wells for years and years and have a line of credit with them. I went in to see about expanding that line of credit to finish our landscaping project and we were looking at doing a deck this summer. They go on and on about, "Oh we can do this and that for you. And you will save so much money." Okay fine. I let them talk me into a pretty nice rewards, no interest for a year, credit card. Something I could easily put my landscaping on and then pay off before any interest hits. They then try to sell me credit protection programs--no way. Life insurance--no thank you. And finally they offer a refi package to the mid 3s. Sounded good.Our credit isn't Denitst level, but we are in the high 700's, so no problem they tell us. I immediately told them I was concerned about LTV and what a new appraisal may show (since everyone seemed to have lost value in our area). Again no problem they tell us--this loan is a done deal. We pay them $500.00 for the appraisal and fees. Once we pay the money--we hear nothing from them. 2 MONTHS GO BY. Finally we get the appraisal and it comes in right below what we owe. I call the mortgage lady and she hadn't reviewed the appraisal and she asked if I could send her a copy. I wait another week and call and she says she still hasn't reviewed it, but if what I am telling her is true, I should just go to BOA and they can streamline my loan without an estimate. WTF??? I just wasted three months and $500 with you and your answer is that??? And the kicker is two days after I talked to her, we get closing documents in the mail regarding the loan as if it is good to go, which she says was sent by mistake.I called BOA less than 3 weeks ago and did all the paperwork over the phone. With Wells I had to practically give them my junior high grades--BOA took 20 minutes to complete. They have been wonderful to deal with and we are closing next week on our refi--less than 4 weeks after the phone call.

 

[Dentist]

i want to punch the people at wells fargo in the face!they lose my documents, can't read them, want massive amounts of irrational dataI hate you subprime mortgage people that caused the meltdown.Because of you they make it so hard to get a damn loan done.I make more money in 8 mo. than i'm attempting to refinance, have a credit score over 800, and oh by the way haven't missed a payment in 8 years with you, and they're having trouble getting this approved.

They are the worst.Our tale of woe:Our house is currently financed through BOA. We did our last refi, 3 years ago, but it fell just outside the ability to qualify for the new factor rates on FHA loans. So it honestly didn't make sense to refi at this point. We are at 5%--so not the best, but not the worst.We have been banking with Wells for years and years and have a line of credit with them. I went in to see about expanding that line of credit to finish our landscaping project and we were looking at doing a deck this summer. They go on and on about, "Oh we can do this and that for you. And you will save so much money." Okay fine. I let them talk me into a pretty nice rewards, no interest for a year, credit card. Something I could easily put my landscaping on and then pay off before any interest hits. They then try to sell me credit protection programs--no way. Life insurance--no thank you. And finally they offer a refi package to the mid 3s. Sounded good.Our credit isn't Denitst level, but we are in the high 700's, so no problem they tell us. I immediately told them I was concerned about LTV and what a new appraisal may show (since everyone seemed to have lost value in our area). Again no problem they tell us--this loan is a done deal. We pay them $500.00 for the appraisal and fees. Once we pay the money--we hear nothing from them. 2 MONTHS GO BY. Finally we get the appraisal and it comes in right below what we owe. I call the mortgage lady and she hadn't reviewed the appraisal and she asked if I could send her a copy. I wait another week and call and she says she still hasn't reviewed it, but if what I am telling her is true, I should just go to BOA and they can streamline my loan without an estimate. WTF??? I just wasted three months and $500 with you and your answer is that??? And the kicker is two days after I talked to her, we get closing documents in the mail regarding the loan as if it is good to go, which she says was sent by mistake.I called BOA less than 3 weeks ago and did all the paperwork over the phone. With Wells I had to practically give them my junior high grades--BOA took 20 minutes to complete. They have been wonderful to deal with and we are closing next week on our refi--less than 4 weeks after the phone call.

My original loan was through BOA.When i went to refinance the first time in 2010, they told me they wouldn't even do it... couldn't get it done without it costing me an arm and leg.That's how i ended up at Wells in the first place.BOA wouldn't give me the refi.. DESPITE the fact i had almost as much in assets with them as the loan was worth.... it's insane.If this process wasn't an unbelievably good deal for me overall, i wouldn't bother... it causes headaches, anxiety, and makes me hate society even more than i do already... which is a lot.I feel like they should be rolling out the damn red carpet for someone with as high of credit rating as i have and treating me to a steak dinner while they finalize the ####### loan... not treating me like some credit score 600 person with a 50% chance of defaulting and stealing their dough.

 

[⚡DEADHEAD⚡]

Jumbo refinance. Hoping to lock at 3.875% with $2,500 lender credit next week. Lender credit unlikely but prefer the lower rate over 4% and a $2,500 credit. House is finally about worth what we paid for it, otherwise we couldn't do this. Jumbos are a ##### but thankful that we're finally in position to participate in the refinancing market.

Locked at 3.875 last week with a partial lender credit. Got all the paperwork done, underwriting complete as of today. Expect to sign tomorrow or Monday. Everything expedited to get in before next mortgage payment due at the end of the month (it's an embarrassingly high amount so I was pushing for this).Worked with somebody local to get this done. Local companies have links to local appraisiers and small mortgage houses are nimble. Account managers can shepherd loan docs in an office over a day or two, not weeks that a big bank might take. Valuable lesson learned here. Attempted to work with WFC. Did not work out.