Fantasy Football - Footballguys Forums
This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!
Mortgage Rates (3 Viewers)
- Thread starter MechEng
- Start date
fruity pebbles
Footballguy
We are going below 3 for a 30 year loan
Chadstroma
Footballguy
HOLY CRAP...
Fed cuts rate by half a point... Much more importantly (for mortgage rates) the 10 yr Treasury Bond yield is ravor thin close to going below 1%. What does that mean? CONTACT ME NOW ABOUT REFINANCING. I don't care where you are, if I can't help, I will get you help.
Fed cuts rate by half a point... Much more importantly (for mortgage rates) the 10 yr Treasury Bond yield is ravor thin close to going below 1%. What does that mean? CONTACT ME NOW ABOUT REFINANCING. I don't care where you are, if I can't help, I will get you help.
culdeus
Footballguy
cosjobs
Footballguy
Locked in last night 30yr@ 3.125 / 10% down / .4point to prepay all Mortgage Insurance
Don't really need the cash (by only putting 10% down), but at this rate I'd rather have it than additional home equity. I'll probably just park in high yield savings acct until the dust settles from Corona. It will be a short term loss of 1-1.5%, but I expect some big bargains at some point and cash will be king.
Don't really need the cash (by only putting 10% down), but at this rate I'd rather have it than additional home equity. I'll probably just park in high yield savings acct until the dust settles from Corona. It will be a short term loss of 1-1.5%, but I expect some big bargains at some point and cash will be king.
CGRdrJoe
Footballguy
So I just bought in July 19 with a 30 yr VA loan at 3.25%, should I wait till April hoping they drop another .25 like rumored?
Last edited by a moderator:
Chadstroma
Footballguy
Geebus... internet went down.... second day in a row.... Xfinity you are costing me money!!!!!
Chadstroma
Footballguy
Fed Fund rate does not directly impact mortgage rates.
There is a lot involved that can change rate but just priced a VA loan at 2.75%. So, definitely worth you digging into.
PM me your contact info and state and I will get you in touch with a good broker to assist exploring.
My broker just told me the fed rate drop isn’t impacting his rates this morning on a 30 year fixed (said they’re even up slightly). I’m locking in a no cost refi at 3.25%, down from my current 3.875%. If I keep paying the same monthly amount I’ll shave 30 months off to payoff.
Chadstroma
Footballguy
Fed doesn't move mortgage rates.
Many factors do.
Biggest factor is 10 year treasury.
Others are MBS market and other secondary market and the lender appetite and competition are big factors.
Chadstroma
Footballguy
Payment will go up a bit but if you can handle the increased payment then I have one question for you.... do you like money?
Ted Lange as your Bartender
Footballguy
10 year below 1% - first time ever
need2know
Footballguy
Last edited by a moderator:
Chadstroma
Footballguy
MTskibum
Footballguy
~300,000 dollar house
I owe ~120,000
I would only be refinancing to improve my rate. Currently I am 6 years into a 30 year mortgage at 4%.
Is this enough information to answer those questions?
How much does a typical refinance cost?
Do I need an appraisal?
Do I need to put additional money down when doing a refinance?
Chadstroma
Footballguy
That's the million dollar question!
Hell if I know... we are in uncharted territory. Lot's of factors at play here. Virus, election, economy are just the three big ones. Movement up and down. Could we go lower.... damn, I suppose but this is all time low territory right now. Good virus news, Sanders gets bounced, the economy keeps going strong and say goodbye to literally likely a once in a lifetime chance of refinance. The virus is unleashed in the US, Sanders wins, the economy tanks.... could go lower.
My take.... how can you improve your situation from where you are now. If you want to hedge your bets then take a bit higher rate and no costs. If you think we are close to bottom and you are not selling the property for a while.... go with the lowest you can and don't worry if it goes a little lower. But pretty much everyone that hasn't done something in the last couple of months can benefit here.
Chadstroma
Footballguy
flapgreen
Footballguy
We just refinanced less than a month ago at 2.9% on a 15 year. You telling me we should consider doing it again?
Chadstroma
Footballguy
flapgreen
Footballguy
Chadstroma
Footballguy
Worth a convo. You would have made your first payment in Oct. March is 6 payments. They are clear of getting charged on it. If pricing makes sense.... if not then with things as bonkers as they are right now it might make sense in near future....
ghostguy123
Footballguy
Just signed with the notary last night for my cash out refi. 15 year at 3%.
Now what to do with the 53 grand.......................
I want negative rates.
Now what to do with the 53 grand.......................
I want negative rates.
Chadstroma
Footballguy
Not always but that is the industry standard.Ok, thanks - so six payments is the cutoff. At worst if I have to wait a month or two it may be even lower, so I'll absolutely shoot something to my guy and see what he thinks. As always, big thanks to Chad for his work in here
Chadstroma
Footballguy
Capella
Footballguy
Chadstroma
Footballguy
You can PM me. Anyone can PM me. Happy to help. A little overwhelmed right now so give me a little time to respond.
Chadstroma
Footballguy
And BTW... 10 yr Treasury Bond yield is below 1%.
Un freak ing believable.
My head is spinning today.
Un freak ing believable.
My head is spinning today.
Punxsutawney Phil
Footballguy
Something to backup what Chad's saying in regards to interest rates being lowered
https://www.marketwatch.com/story/heres-what-the-feds-surprise-interest-rate-cut-means-for-mortgage-rates-2020-03-03
https://www.marketwatch.com/story/heres-what-the-feds-surprise-interest-rate-cut-means-for-mortgage-rates-2020-03-03
Other than the broker’s commission being put in jeopardy, any other reason why one couldn’t refinance after recently closing on a purchase/another refinance?
Chadstroma
Footballguy
Not unless there is a pre-payment penalty which 99.9% of mortgages do not have (that might be a low estimate... I don't know of any that do). And inside 6 months, it wouldn't put the brokers commission in jeopardy.... they would lose it.... and it isn't just that they don't make money but it actually costs them money. So, it really sucks. If you use a true broker and you must- go back to that broker and work with them. If you did the loan at a retail place such as bank, credit union, non-depository bank (Quicken, Fairway, LoanDepot, etc), etc then I wouldn't worry about it. The LO's don't get clawed back personally and it isn't a big deal. But as brokers.... we are small business owners and loan officers who work 100% commission. The time and effort we spend on you is our livelihood. Again, big difference between retail and wholesale (brokers). This also goes for paying the loan off early. If you come into a big chunk of money.... make your 6 payments and then pay it off.... you can even do a huge principle payment to almost pay it off and then make your 6 payments and then pay the rest off.
Chadstroma
Footballguy
I can help with that... well, refer you to a MA broker that is.... send me a PM with your contact info and I will get you over to a broker there.
Chadstroma
Footballguy
Thanks for your service.
I would look into doing a refi and doing a true no cost refi. You should have room there with the IRRRL to get lower and not pay. That hedges your bet.... if you sell in two years, you saved money over those two years... if you don't then you have a lower rate. No downside.
ragincajun
Footballguy
You have mail El Capitan.
The Ref
Footballguy
Chadstroma
Footballguy
Chadstroma
Footballguy
I think I caught up with everyone this morning. If I missed you then I apologize and send me another PM. I put in 15 hours yesterday or pretty much non-stop work. I had to put salon pas on my right wrist when I went to bed!!! lol I expect another long day but have a meeting with the school for my son mid day.
I am happy to help those of you in the states I can and refer you to good brokers that I trust in states I can not. If you want me to run numbers for you, advice or refer you to someone anyone can feel free to PM me. If you are in a state I can not help, I will just send the info over to that broker and let them tell you what they can and can't do. Too many variables for me to guess on their behalf and honestly I am too busy to do it right now.
Send me the following info:
Value (your best guess)
Amount owed (if on different liens, break it down for me)
Current rate, term and how far into it
If thinking cash out, how much and why
Credit score
Zip code
Type of loan (FHA, VA, conventional, etc)
Expected time frame for keeping property
Any other information you think it relevant
Your contact info
I am happy to help those of you in the states I can and refer you to good brokers that I trust in states I can not. If you want me to run numbers for you, advice or refer you to someone anyone can feel free to PM me. If you are in a state I can not help, I will just send the info over to that broker and let them tell you what they can and can't do. Too many variables for me to guess on their behalf and honestly I am too busy to do it right now.
Send me the following info:
Value (your best guess)
Amount owed (if on different liens, break it down for me)
Current rate, term and how far into it
If thinking cash out, how much and why
Credit score
Zip code
Type of loan (FHA, VA, conventional, etc)
Expected time frame for keeping property
Any other information you think it relevant
Your contact info
E Street Brat
Footballguy
First time in this thread, Can ya help in Florida? Current rate is 5%
Chadstroma
Footballguy
ThaPenguin
Footballguy
Zoinks. What city/state are you? Best I am seeing from PNC is 2.675, feels like I am getting greedy.
Similar threads
