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Mortgage Rates (6 Viewers)
- Thread starter MechEng
- Start date
Chadstroma
Footballguy
That is if you are in forbearance and want to refi. I believe his question was if you already refinanced if there was a waiting period after the loan was funded before you could do forbearance. But my head hurts right now... so I could be wrong.
culdeus
Footballguy
Working through the process. The documentation demands due to this forebearance thing is driving me crazy (And I didn't even take the option).
Trying to get an approved worksheet from Chad's guy to shop around. The back of envelope numbers they gave me were so low the two banks I talked to said to take it and run, but show it to them prior to taking it just to see.
Every single conversation I've had has mentioned this forebearance thing. For god's sake don't take it.
Trying to get an approved worksheet from Chad's guy to shop around. The back of envelope numbers they gave me were so low the two banks I talked to said to take it and run, but show it to them prior to taking it just to see.
Every single conversation I've had has mentioned this forebearance thing. For god's sake don't take it.
CR69
Footballguy
Ohhhhh. Yeah I totally read that wrong then. The only thing I can think of is potentially running into an issue if it's before the first payment given the first payment hardship disclosure. Never run into that though haha.
skycriesmary
Climbing up the Walls
I'm refinancing again, for the third time in 14 months. Can't pass up 2.75% with no closing costs (outside of prepaid interest and taxes). Every time I've gone through this I think, 'it can't get much lower...' but it does.
NutterButter
Footballguy
Why would you with no closing costs? LenderFi again? I thought they weren't accepting new refis?
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Osaurus
Footballguy
I think I’ve officially doubled the amount of information I’ve been asked for compared to my first mortgage in 2006. Whatever credit reports my broker gets is jacked up. It shows some weird crap like a small loan for my roof (paid in full) as a mortgage and/or a lien which it is not. WTF? I’ve provided these folks everything I have and my credit is awesome. I’m guessing it’s going to get worse from here for other folks to refi or get a new mortgage. Oh well. Still worth it to drop 2% 
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Senor Schmutzig
Footballguy
I want me some of that.
We refinanced our loan at 3.875 for a 30-year mortgage in January. If we can get 1.99%, that would but $450/month off of my mortgage.
Also in the process of purchasing a home for my parents. Would love to get that 1.99% on that one also.
Does it make any difference that my current mortgage is being serviced by UWM?
skycriesmary
Climbing up the Walls
It's a 30 year, with a 375k balance. Too much coin to pass up. Yes, LenderFi is not accepting new refis at this time.
CR69
Footballguy
I think it was based on the huge jump in mortgage delinquencies. They've dropped almost 100bps since yesterday morning which is about 0.375-0.5% in rate...
Have rates risen yet? I know there can be a disconnect in some cases with the 10 year treasury, i.e. they usually align but not always.
I’d think that there might be a disconnect seeing as how rigorous the application process seems to be now. It’s not surprising at all given the high unemployment that delinquencies are up. It seemed like a foregone conclusion to me.
CR69
Footballguy
Yes, I'm referring to the price of mortgage backed securities and the UMBS 2.0 coupon to be exact. Lenders re-priced midday yesterday (some many times) and today is going to be worse.
culdeus
Footballguy
CR69
Footballguy
Looks like the Fed stepped in but we’ll have to see when data comes out. Still down compared to Monday but not as bad as it was looking this morning.I think I missed the boat here.
ghostguy123
Footballguy
At this moment, what are the rates to refi about 200k? 15 or 30 year
ghostguy123
Footballguy
Chadstroma
Footballguy
What a couple of damn days.
Chadstroma
Footballguy
So... a couple of things...I want me some of that.
We refinanced our loan at 3.875 for a 30-year mortgage in January. If we can get 1.99%, that would but $450/month off of my mortgage.
Also in the process of purchasing a home for my parents. Would love to get that 1.99% on that one also.
Does it make any difference that my current mortgage is being serviced by UWM?
1) You will pay points for that 1.99%
2) If your loan is currently UWM, you won't be able to. The special program on that only allows for purchases and refi's that were not done with UWM for at least 18 months.
CR69
Footballguy
Some lenders (like us) would let you lock now and then get the credit report updated. Then you update the lock (which is based on today’s rate sheet) with your new score. That does suck though, sorry.
CR69
Footballguy
Senor Schmutzig
Footballguy
Yeah, I got that from my mortgage guy last night after I sent over the link. He did indicate that he "heard" that they may be lifting that restriction soon so I'm hopeful.
Chadstroma
Footballguy
Refinancing is getting more expensive. Just saw guidelines from Fannie and Freddie which is adding .5 points to all refinance loans for "deteriorating economic conditions". I can't think right now so I can't put thought into jow that will shape out. More to come later.
gianmarco
Footballguy
CR69
Footballguy
Is there anything I can do to avoid this or make it better?
No. They're the government. They're here to help.
Chadstroma
Footballguy
Here is what is happening and what it means:
The FHFA (The Federal Housing Finance Agency) which is the regulator for Fannie and Freddie (the agencies that buy conventional loans and set the rules for what a conventional loan is) decided to have Fannie and Freddie now charge a .5% on almost all refinances due to “market and economic uncertainty resulting in higher risk and costs.”
I call BS.
This is a money grab. If it was an issue of market and economic costs (meaning a higher level of defaults) then you could simply tighten underwriting guidelines to ensure that new loans are of a higher quality. The country is historically lifted out of recessions through lower interest rates, which result in refinancing and increasing household cash flow to spend in other areas. I have seen this with many households freeing up hundreds of dollars a month in new cash flow with refinancing. Also, demand is (was?) very high and that demand has driven new jobs by the boatloads as lenders, brokers, etc ramp up hiring to try to add more capacity. Finally, if this was about market and economic uncertainty than why would you not look to do the same for purchase transactions? Why only tax refinance?
What is really happening is that Fannie and Freddie are seeing lot's of money being made by pretty much the whole ecosystem within housing finance except for them as they do not generally reap higher rewards from more refinance activity. This is their way to get in on that money.
The money may be intended to protect the capitalization of the Fannie and Freddie and perhaps they plan on using this extra capital to set them back on fully private settings but this is clearly a new tax on American homeowners. Is this really a time to add a new tax to homeowners and add obstacles to them being able to reduce their household costs? This action endangers not only the American homeowner but it also endangers the economic recovery we desperately need. In the end, with all taxes, it is the consumer who pays it. This is not a time for the American homeowner to pay for this tax.
I call upon the President and Congress to take immediate action to force Mark Calabria to rescind this immediately.
Sign this White House Petition to bring this to the President's attention and demand immediate action: https://petitions.whitehouse.gov/petition/no-longer-charge-5-all-conventional-refinances-through-fannie-mae-and-freddie-mac
The FHFA (The Federal Housing Finance Agency) which is the regulator for Fannie and Freddie (the agencies that buy conventional loans and set the rules for what a conventional loan is) decided to have Fannie and Freddie now charge a .5% on almost all refinances due to “market and economic uncertainty resulting in higher risk and costs.”
I call BS.
This is a money grab. If it was an issue of market and economic costs (meaning a higher level of defaults) then you could simply tighten underwriting guidelines to ensure that new loans are of a higher quality. The country is historically lifted out of recessions through lower interest rates, which result in refinancing and increasing household cash flow to spend in other areas. I have seen this with many households freeing up hundreds of dollars a month in new cash flow with refinancing. Also, demand is (was?) very high and that demand has driven new jobs by the boatloads as lenders, brokers, etc ramp up hiring to try to add more capacity. Finally, if this was about market and economic uncertainty than why would you not look to do the same for purchase transactions? Why only tax refinance?
What is really happening is that Fannie and Freddie are seeing lot's of money being made by pretty much the whole ecosystem within housing finance except for them as they do not generally reap higher rewards from more refinance activity. This is their way to get in on that money.
The money may be intended to protect the capitalization of the Fannie and Freddie and perhaps they plan on using this extra capital to set them back on fully private settings but this is clearly a new tax on American homeowners. Is this really a time to add a new tax to homeowners and add obstacles to them being able to reduce their household costs? This action endangers not only the American homeowner but it also endangers the economic recovery we desperately need. In the end, with all taxes, it is the consumer who pays it. This is not a time for the American homeowner to pay for this tax.
I call upon the President and Congress to take immediate action to force Mark Calabria to rescind this immediately.
Sign this White House Petition to bring this to the President's attention and demand immediate action: https://petitions.whitehouse.gov/petition/no-longer-charge-5-all-conventional-refinances-through-fannie-mae-and-freddie-mac
Chadstroma
Footballguy
If you are locked, you are locked. The lender will bear the brunt of the cost. For everyone else.... most lenders priced it in as of last night.gianmarco said:
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CR69
Footballguy
100% agree that if it was due to economic conditions then it would apply to purchases. Hell, I would argue that purchases are riskier if anything.
Also it is complete BS when you factor in the margin calls lenders had to deal with in the spring and the billions in mortgage payments that servicers are making for borrowers on forbearance.
Also it is complete BS when you factor in the margin calls lenders had to deal with in the spring and the billions in mortgage payments that servicers are making for borrowers on forbearance.
JaxBill
Footballguy
WASHINGTON—The Trump administration criticized a move by mortgage-finance companies Fannie Mae and Freddie Mac to charge a new fee on certain mortgages, saying it would harm consumers.
“The White House has serious concerns with this action, and is reviewing it,” a senior White House official said in a written statement late Thursday. “It appears only to help Fannie and Freddie and not the American consumer.”
“The White House has serious concerns with this action, and is reviewing it,” a senior White House official said in a written statement late Thursday. “It appears only to help Fannie and Freddie and not the American consumer.”
CR69
Footballguy
The 50bps adjuster only applies to refis but the mortgage bond market has had a rough week so purchase rates are still a little higher than last week. Great rates still though.
Osaurus
Footballguy
Osaurus
Footballguy
He's still gonna spend the money, it's just whether he spends all of it on his second house or if he has a little left over to buy the new Ford Bronco.Since when are you concerned about saving money?
Just poking fun Oats, but we both know it's probably true
bryhamm
Footballguy
CR69
Footballguy
Actually it depends, it could be 0.25% depending on the day. The bond market is also down 50+bps.
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