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Mortgage Rates (4 Viewers)
- Thread starter MechEng
- Start date
-OZ-
Footballguy
Chadstroma
Footballguy
Good luck!Chad your guy in Columbus called. Gonna call him in a little while.
I hope you get a cut for all this
I wish... but that is a big no. It would be a RESPA violation for me to get ANY compensation for referring someone to another loan officer or broker. I rather not lose my license so this is all just helping connect people. I don't believe in karma but I do believe in business karma. Somehow, someway, sometime, something will happen as a result of me helping. Plus, if I am referring people to brokers it is because as much as I know them they are solid people who do the right thing the right way. But I appreciate the thought.
Chadstroma
Footballguy
Cash out is seen as riskier. I am sure there is data that backs that up. It likely is tied into "needing" money leading to higher default rates vs a rate/term refi is just saving money being less.
cosjobs
Footballguy
I was talking about this to my broker yesterday and she said when you pay over the amount for, use a separate check and designate it is for principal only.
tommyGunZ
Footballguy
Punxsutawney Phil
Footballguy
I have about 21yr left on a 25yr at 3.625. refinanced once from a 30 year. I'm selling an investment property and thinking about rolling over the money into a 15yr refinance. It sounds like rates could lower again at some point. I'd be ecstatic about a 2.75.
-OZ-
Footballguy
Discussed with my wife last night. More of a "hey babe, we're doing this..." She's hands off with the finances but then got interested in this process. And now she wants us to pay it off even quicker.
I've said it before and I'll keep saying it, I have no real desire to pay this down along the way. We'll round the payments up to the next hundred, but beyond that I just don't care until we have enough to pay it off completely without touching the retirement accounts. And then I'm on the fence. But that won't happen for a long time.
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jb1020
Footballguy
Got a quick turn around from the broker @Chadstroma sent my way yesterday. The quick, easy option is just a straight refi. I was hoping to get lower than a 3.6% rate (currently at 4.65), but its just $2000 in closing cost so the savings of $160 a month pay for itself in less than a year. Not to mention getting to skip one payment.
Looking at other options, but that amount of savings per month is good enough for me.
Looking at other options, but that amount of savings per month is good enough for me.
Chadstroma
Footballguy
At these rates it would be silly to put any real effort in paying off early. Use the extra cash flow for retirement or investment. If you have a high deductible insurance, my favorite thing is to max out an HSA account, then mix retirement and investment options. Maybe even put money away to acquire an investment property.Discussed with my wife last night. More of a "hey babe, we're doing this..." She's hands off with the finances but then got interested in this process. And now she wants us to pay it off even quicker.
-OZ-
Footballguy
No HSA for us retirees (Tricare). Max retirement accounts.
The extra funds will probably go to college funds (5 kids).
Punxsutawney Phil
Footballguy
https://www.bbc.com/news/business-51278043
If the bank of England cuts their rates I'd expect us to again this year.
If the bank of England cuts their rates I'd expect us to again this year.
Chadstroma
Footballguy
Hell... then more high stakes fantasy football leagues and needless trips to warm places with lots of bikinis around... I assume you are past the hookers and blow stage.
Chadstroma
Footballguy
We dipped down again. With the market rally I expect to see rates edge up. Still testing historic levels on rates.
flapgreen
Footballguy
-OZ-
Footballguy
Which market?
If rates are tied to the stock indexes, would you expect rates to drop much if we get into a bear market?
We'll proceed with the refi anyway, just curious.
Big League Chew
Footballguy
bagger
Footballguy
-OZ-
Footballguy
Yeah, I was waiting for something like that. But I'm not willing to bet on rates dropping below 2.75%, even in a
2.75 is awesome. I told the guy in Columbus when he called me and he hasn't seen anything close to that. I don't think he has even seen 3.0%Yeah, I was waiting for something like that. But I'm not willing to bet on rates dropping below 2.75%, even in a
To mirror the others 2.75 on a 30 is pretty insanely low, that would be even lower than most 15’s right now. Will take a lot to drop enough to get below that, so take the money and run. Your rate will be barely above inflation.Yeah, I was waiting for something like that. But I'm not willing to bet on rates dropping below 2.75%, even in a
ghostguy123
Footballguy
Gotta love competition. I called a guy I used a couple years ago. I was offered 3.875 for 15 years on a cash out refi that would pay me around 60k.
Chad's guy blew that away with 3%.
Now this other guys is trying to pull out all the stops to beat that, but not sure he will be able.
Also my current lender caught wind of me looking at other lenders and they want to talk to me tomorrow to "match or beat any other offer".
Moral of the story, seems like you cant go wrong with one of Chad's guys
Chad's guy blew that away with 3%.
Now this other guys is trying to pull out all the stops to beat that, but not sure he will be able.
Also my current lender caught wind of me looking at other lenders and they want to talk to me tomorrow to "match or beat any other offer".
Moral of the story, seems like you cant go wrong with one of Chad's guys
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Chadstroma
Footballguy
Chadstroma
Footballguy
There isn't a direct correlation but generally when the stock market is doing well- money flows out of safe bonds and to the stock market. When there is fear (virus outbreak) money flows from stocks and into bonds. When the 10 yr treasury yield is pushed down mortgage rates move down and vice versa.
Chadstroma
Footballguy
Yup, send me a DM with your contact info and I will forward it on (also about where in Virgina as I know several there)
Chadstroma
Footballguy
Yes, for example, there is a chance that if we hit a recession rates will break all time lows as in a recession interest rates are pushed down even further. The market isn't going down on economic data right now it is the fear of the coronvirus (sp?). If the fear abates then rates will jump up. We have seen that on a daily basis this last week really. Generally bad stuff happens throughout the world then it is good news for rates. When things are going great, then it is bad news for mortgage rates.
Chadstroma
Footballguy
I would love to know who the other loan officer is with and who your loan is with now.Gotta love competition. I called a guy I used a couple years ago. I was offered 3.875 for 15 years on a cash out refi that would pay me around 60k.
Chad's guy blew that away with 3%.
Now this other guys is trying to pull out all the stops to beat that, but not sure he will be able.
Also my current lender caught wind of me looking at other lenders and they want to talk to me tomorrow to "match or beat any other offer".
Moral of the story, seems like you cant go wrong with one of Chad's guys
Yes, there are 'trigger leads' that notify lenders about a credit inquiry. They will try to steal a loan away. One thing to remember about this though.... specially if a loan officer starts at 3.875% and then magically beats the offer at 3%.... do you really want to go with the lender that was trying to screw you over before you shopped and got a good for honest good rate? If rates are close then it is good competition trying to beat each other. If they aren't close then someone was trying to screw you and now they are trying to give a good deal just to keep your business. I personally don't give those people the chance (I shopped HVAC this last summer and the guys who gave me ridiculous quotes were instantly out of the running no matter how much they were going to drop their offers to) but that is me.
Good luck with it all bud. And yes.... Brokers are Better (all I said in my manifesto is the God's honest truth) lol
Chadstroma
Footballguy
Messaged you back. I can connect you to a guy for sure... but jumbo's are one area that brokers are not always best. Often times a bank (yes, I puked in my mouth a little bit just there) can be the best route with jumbos. Here is why: Banks are often times willing to 'buy' the relationship of a wealthy individual in order to gain their other relationships for banking and investing. They use the mortgage as a loss leader, doing it for free or even at a slight loss because they are looking to make their money off of getting you into their wealth management area. Often this does not require you actually joining it, they are doing it hoping that they can convince you to make the move. Keep that in mind, you can talk to a broker but do not be surprised if a bank gives a better rate/cost.
Chadstroma
Footballguy
I found out today that the fastest growing and largest lender with no retail operation wholesale lender in the nation UWM has a Super Bowl ad:
https://m.youtube.com/watch?v=-X4dvNICep4
This is pushing the link I provided earlier: www.findamortgagebroker.com and takes a good shot at those rat btard bottle rocket boys. Love it.
https://m.youtube.com/watch?v=-X4dvNICep4
This is pushing the link I provided earlier: www.findamortgagebroker.com and takes a good shot at those rat btard bottle rocket boys. Love it.
cosjobs
Footballguy
Yeah, if I can land a rate like that, I'll borrow as much as I can for as long as I can. That's some cheap money.
cosjobs
Footballguy
Surely you can find a place to put that money and earn more than 3%, rather than paying down aggressively. Play with the house's money when its this cheap
cosjobs
Footballguy
I've been trying to buy a house for quite a while now and the deals keep falling through. I locked in three weeks ago a 3.65 and not points.
This week, she quotes me 3.175 for the same.
That's huge drop.
And mortgage brokers/lenders tend to be like gas stations- quick to reflect a rise and slow to reflect a decline.
She said the Corona virus has them worried. Its going to get worse, so I'm tempted to wait before doing a lock, as the virus ain't getting better any time soon. Also, she quoted me 2.99 for a 15 year. That spread at that rate screams, "take the 30y" to me/
@Chadstroma
What are your thoughts on most recent decline? Do you attribute it mostly to the virus?
This week, she quotes me 3.175 for the same.
That's huge drop.
And mortgage brokers/lenders tend to be like gas stations- quick to reflect a rise and slow to reflect a decline.
She said the Corona virus has them worried. Its going to get worse, so I'm tempted to wait before doing a lock, as the virus ain't getting better any time soon. Also, she quoted me 2.99 for a 15 year. That spread at that rate screams, "take the 30y" to me/
@Chadstroma
What are your thoughts on most recent decline? Do you attribute it mostly to the virus?
cosjobs
Footballguy
Chadstroma
Footballguy
How damn dare you ask me and tag me before reading this whole thread!!!
Brokers have no influence on rates. All is through the markets. We get mid day raises and declines based on markets. So, I do disagree with the gas station analogy- it isn't what I see.
But yea, who the hell knows with this virus. It isn't even about the spread of the virus or how bad the virus is.... it is the fear of the virus. It is 'new' so that drives the fear. How far will it spread? What is the mortality rate? etc. The more those are answered and assuming they are not worst case answers, the more markets will likely rebound and rates go up.
In general, if you like the rate, lock the rate. If you have room and want to hedge your bets then take a lender credit to pay for the closing costs and then if rates do go lower you can refi again with no sunk cost. But remember, even if you refi to a lower rate and rates go lower still.... you still profited from the refi and you can't go broke from taking profits.
ghostguy123
Footballguy
Your guy seemed way more professional than my other guy who was trying to sell me even harder after I showed him your guy's quotes.Chadstroma said:
I have not talked to my current lender yet. Supposed to do that today.
Ted Lange as your Bartender
Footballguy
@Chadstroma hooked me up with a broker who got me into a 15-year at 3% (currently about 9.5 yrs into a 30 at 4.625%). Estimate that it’ll save about $70k in interest. 
Chadstroma
Footballguy
brun
Footballguy
@Chadstromapokey pokeyNew Hampshire... testing me huh?
I don't think I know anyone in NH but I am sure I can find someone licensed there. Give me a bit to reach out and see what I can find for ya. If you don't hear from me in a couple of days just poke me.
Chadstroma
Footballguy
brun
Footballguy
Chadstroma
Footballguy
For anyone interested, you can like my business page on Facebook. I try to mix it up with educational and entertaining posts.
www.facebook.com/mortgageloanmasters
www.facebook.com/mortgageloanmasters
ghostguy123
Footballguy
Hopefully I should get some iron clad numbers to choose from today. Chad's guy said he is going to put together an email breakdown for me.
My current lender left me a long message wanting to know if I have offers from other lenders and what those offers are, also telling me to basically hurry because rates are worse today
And the third guy also wants to see other offers.
Basically it looks like Chad's guy is gonna send me an offer and the other two will try and match? Frankly I dont see the point. Likely just gonna go with Chad's guy.
My current lender left me a long message wanting to know if I have offers from other lenders and what those offers are, also telling me to basically hurry because rates are worse today
And the third guy also wants to see other offers.
Basically it looks like Chad's guy is gonna send me an offer and the other two will try and match? Frankly I dont see the point. Likely just gonna go with Chad's guy.
fruity pebbles
Footballguy
Your current lender sounds like a douchenozzleHopefully I should get some iron clad numbers to choose from today. Chad's guy said he is going to put together an email breakdown for me.
My current lender left me a long message wanting to know if I have offers from other lenders and what those offers are, also telling me to basically hurry because rates are worse today
And the third guy also wants to see other offers.
Basically it looks like Chad's guy is gonna send me an offer and the other two will try and match? Frankly I dont see the point. Likely just gonna go with Chad's guy.
-OZ-
Footballguy
@Chadstroma - maybe you can explain this better.
No issues, I think. But they're asking for a letter confirming I can make the payments. Mind you, I haven't not made a payment in the 4 years we've had the mortgage, and my DTI is ~12%, well below the 28/36% I understand they want.
My wife isn't on the new mortgage, she doesn't have an income. Maybe this is the only reason they want the letter but it seems unnecessary.
No issues, I think. But they're asking for a letter confirming I can make the payments. Mind you, I haven't not made a payment in the 4 years we've had the mortgage, and my DTI is ~12%, well below the 28/36% I understand they want.
My wife isn't on the new mortgage, she doesn't have an income. Maybe this is the only reason they want the letter but it seems unnecessary.
Chadstroma
Footballguy
Yes, rates worsened about 6bps today. A move in the wrong direction but not huge.Hopefully I should get some iron clad numbers to choose from today. Chad's guy said he is going to put together an email breakdown for me.
My current lender left me a long message wanting to know if I have offers from other lenders and what those offers are, also telling me to basically hurry because rates are worse today
And the third guy also wants to see other offers.
Basically it looks like Chad's guy is gonna send me an offer and the other two will try and match? Frankly I dont see the point. Likely just gonna go with Chad's guy.
Knowing who those companies are now, that is totally their MO. They will try to get as much from you as possible but then if there is someone else offering a solid deal try to meet it to grab the business. They often will say a bunch of sales crap to explain why you should stay with them... the guys who were trying to get you to spend more than you need to... than the guy who was offering a solid good deal to begin with.
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