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Mortgage Rates (4 Viewers)
- Thread starter MechEng
- Start date
How long does it take from closing to delivering the mortgage the Fannie Mae or Freddie Mac?
I am closing next week on my refinance.
It sucks that the mortgage lenders are expected to eat the costs for all the loans they locked but cannot deliver before September 1.
CR69
Footballguy
It's typically about a week. Our company isn't changing locks but extensions for refis closing after 8/24 (if they're the fault of the borrowers) got a heck of a lot more expensive.
The Z Machine
Footballguy
Booooooo
Right after I get off furlough and have my income back. Grrrr
Right after I get off furlough and have my income back. Grrrr
Charlie Harper
Footballguy
⚡DEADHEAD⚡
Footballguy
Waiting to lock on a jumbo. Looking at a 70-day close because of a second-loan subordination. Broker eating the cost to hold it open that long. Targeting 3% or possibly 2.875%. Thankfully the FF hike earlier this week is not impacting jumbos. Not sure how that work but I'm good with that!
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Chadstroma
Footballguy
Chadstroma
Footballguy
I am hoping they pressure Calabria to rescind but they don't have any direct power to do anything (Calabria was Pence's chief economist so there is strong connection to apply pressure though)
Might need Congressional action. Sigh.
Chadstroma
Footballguy
Correct. Conventional refinances (almost all but an exception for construction to perm). Purchases are not getting smacked right now... probably because they don't want the powerful NAR riled up and in arms... even though they have come out against this as well.
Chadstroma
Footballguy
Basically unless you closed already the lender is going to get hit with this fee. If you are locked, they can't do anything about it. If not, they may or may not charge in rate/points. That is up to the lender.
Otis
Footballguy
Likely will be putting 10%. Still waiting to sign contract and get my mortgage app submitted.
dancingbones
Footballguy
Just closed today - 30 yr cash out refi for 3.125% (had to pay a bit over a point for it, but overall - glad we did). 5 months from start to finish!
Thanks for the hookup in MN Chad - we ended up using your guy. Not the smoothest process, but it all turned out in the end.
Glad it is done.
Thanks for the hookup in MN Chad - we ended up using your guy. Not the smoothest process, but it all turned out in the end.
Glad it is done.
Osaurus
Footballguy
My current lender, Mr. Cooper, sent yet another teaser mailer. They’re offering me 3.5% with about $6k in closing. WTF? Do people actually think their lender is going to give them a good deal compared to what else is out there? I’m closing this week at 2.375% and about $6500 in closing on a 15-year with no points.
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Chadstroma
Footballguy
5 months?! Good grief... Well.... sounds like you started right when all hell broke loose. Sounds like they used one of the lenders I am avoiding at all costs right now. But for a period there, there weren't many lenders doing cash out at all. Out of those a few I will not use ever and the one I would use has been really struggling recently. Capacity issues are causing a lot of hiccups along the way.Just closed today - 30 yr cash out refi for 3.125% (had to pay a bit over a point for it, but overall - glad we did). 5 months from start to finish!
Thanks for the hookup in MN Chad - we ended up using your guy. Not the smoothest process, but it all turned out in the end.
Glad it is done.
In the end, glad it got done and you are in a better spot!
beef
Footballguy
And I'm out...
After some back and forth between Veterans First/Wintrust and LoanUnited, I got them both down to 2.25%, although Veterans First was slightly lower on APR. LoanUnited offered no closing costs but didn't have the rate locked in which seemed sketchy. They kind of got a little used car dealer towards the end too. LoanUnited also uses TMS Money Source as a bank which didn't check out the best either.
So I'm sticking with Veterans First/Wintrust. 2.25%, no points, about $1300 in costs. Haven't had any issues since I transferred to them last December, so figure it's worth the $1300 for that little extra piece of mind. Should close in September.
lumpy19
Footballguy
I couldn't get the rates some in here are posting but I locked today and will knock $300/month off my mortgage payment. I had been waiting to get off of 25% furlough, we had an emergency at work and I got my furlough temporarily removed, showed 30 days of work and slammed everything thru.
ChiefD
Footballguy
Just closed today - 30 yr cash out refi for 3.125% (had to pay a bit over a point for it, but overall - glad we did). 5 months from start to finish!
Thanks for the hookup in MN Chad - we ended up using your guy. Not the smoothest process, but it all turned out in the end.
Glad it is done.
Wife and I are looking to move to the Brainerd area in Minnesota early next year - if either of you guys can share a name of a mortgage guy up there or near there it would be most appreciated.
Thanks!
-OZ-
Footballguy
TripItUp
Footballguy
We just locked in a 3.25 for our jumbo after shopping for months...settled with Compass/BBVA.
Jumbo market sucks but we were thrilled with this...saves us almost 800 bucks a month.
As a heads up they started with quoting a 3.6 and we had to work them down to 3.25...a lot of these guys are care salesmen...keep that in mind.
Jumbo market sucks but we were thrilled with this...saves us almost 800 bucks a month.
As a heads up they started with quoting a 3.6 and we had to work them down to 3.25...a lot of these guys are care salesmen...keep that in mind.
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Closed today on a REFI in So Cal. 2.875% 30YR no points.
I REFIed a year ago and thought that would be the last time I would have the opportunity.
I've used the same guy when I bought and both REFIs. He is amazing. Some of the simplest business transactions I have ever had in my life. If anyone is looking to REFI or buy in CA or AZ let me know and I'm happy to pass along his contact info.
I REFIed a year ago and thought that would be the last time I would have the opportunity.
I've used the same guy when I bought and both REFIs. He is amazing. Some of the simplest business transactions I have ever had in my life. If anyone is looking to REFI or buy in CA or AZ let me know and I'm happy to pass along his contact info.
gianmarco
Footballguy
TripItUp
Footballguy
TripItUp
Footballguy
-OZ-
Footballguy
@Chadstroma do you know anything about clear path lending or "the federal savings Bank"?
We keep getting ads in the mail to streamline refi, yesterday's both show the rate at 2.25%. APR of 2.39% and 2.495% (presumably these points raise the apr). Seems too good to be true. (Obviously these are teaser rates, but what are the chances of actually getting this rate?)
We keep getting ads in the mail to streamline refi, yesterday's both show the rate at 2.25%. APR of 2.39% and 2.495% (presumably these points raise the apr). Seems too good to be true. (Obviously these are teaser rates, but what are the chances of actually getting this rate?)
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Yep, IDK how he got such a deal. I am still waiting to close on a 2.875 30 year conventional with no points.
Long Ball Larry
Footballguy
Locked in the exact same thing on Friday with my current lender. Only took like a 15-minute phone call. Very pleased.This_Guy said:
Osaurus
Footballguy
I just read a little about that bs COVID closing charge. What I read said the average person could see an extra $1,400 tacked on to closing costs for refi. Can anyone verify this? It's supposed to kick in September 1st. I am closing at 3:00 EST today. 
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Chadstroma
Footballguy
Sure, message me and I can connect youChiefD said:
Chadstroma
Footballguy
Never heard of Clear Path. I have seen The Federal Savings Bank LE's a couple of times and they were always high.-OZ- said:
flapgreen
Footballguy
OMG. That's crazy. We held off a while back, but we may have too, now. Still at 2.79 on a 15Absolutely.
You have to pay for it... BUT I am now seeing 15 yr loans with 1 in it.2 is very possible if you don't wanna pay points. Send me a PM and I can connect you to someone in your state to look at options.
Chadstroma
Footballguy
Good news (readers digest version is that the extra fee has been delayed and adjustments made to not charge on lower loan amounts. If you are going to refi. Now is the time before this refinance tax is implemented)....
Adverse Market Refinance Fee Implementation now December 1
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020.
FHFA is also announcing that the Enterprises will exempt refinance loans with loan balances below $125,000, nearly half of which are comprised of lower income borrowers at or below 80% of area median income. Affordable refinance products, Home Ready and Home Possible, are also exempt.
The fee is necessary to cover projected COVID-19 losses of at least $6 billion at the Enterprises. Specifically, the actions taken by the Enterprises during the pandemic to protect renters and borrowers are conservatively projected to cost the Enterprises at least $6 billion and could be higher depending on the path of the economic recovery.
Those expenses are expected to at least include:
$4 billion in loan losses due to projected forbearance defaults;
$1 billion in foreclosure moratorium losses; and
$1 billion in servicer compensation and other forbearance expenses.
FHFA has a statutory responsibility to ensure safety and soundness at the Enterprises through prudential regulation. The Enterprises' Congressional Charters require expenses to be recovered via income, allowing the Enterprises to continue helping those most in need during the pandemic.
Throughout the pandemic to protect borrowers and renters while supporting the mortgage market, FHFA allowed the Enterprises to:
Offer forbearance on multifamily and single-family mortgages;
Buy loans in forbearance;
Modify mortgage terms to reduce monthly payments and simplify repayment options;
Provide protections for tenants in properties in forbearance; and
Provide loan processing flexibility.
Adverse Market Refinance Fee Implementation now December 1
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020.
FHFA is also announcing that the Enterprises will exempt refinance loans with loan balances below $125,000, nearly half of which are comprised of lower income borrowers at or below 80% of area median income. Affordable refinance products, Home Ready and Home Possible, are also exempt.
The fee is necessary to cover projected COVID-19 losses of at least $6 billion at the Enterprises. Specifically, the actions taken by the Enterprises during the pandemic to protect renters and borrowers are conservatively projected to cost the Enterprises at least $6 billion and could be higher depending on the path of the economic recovery.
Those expenses are expected to at least include:
$4 billion in loan losses due to projected forbearance defaults;
$1 billion in foreclosure moratorium losses; and
$1 billion in servicer compensation and other forbearance expenses.
FHFA has a statutory responsibility to ensure safety and soundness at the Enterprises through prudential regulation. The Enterprises' Congressional Charters require expenses to be recovered via income, allowing the Enterprises to continue helping those most in need during the pandemic.
Throughout the pandemic to protect borrowers and renters while supporting the mortgage market, FHFA allowed the Enterprises to:
Offer forbearance on multifamily and single-family mortgages;
Buy loans in forbearance;
Modify mortgage terms to reduce monthly payments and simplify repayment options;
Provide protections for tenants in properties in forbearance; and
Provide loan processing flexibility.
The Z Machine
Footballguy
Just restarted the refi process again today. Thanks for the heads up, Chad.
Dragons
Delusions of Grandeur
Closed last week with a 3.125% 15/15 ARM, no points (limited cash out, rolling closing costs into loan, only paid Escrow) through my local credit union. Surprisingly, Chad's guy (and other rate checks I performed) could only quote around 3.5% in early June when I locked. Chad's guy was extremely helpful otherwise.
dancingbones
Footballguy
ChiefD
Footballguy
We finally closed today. They delivered the rates and credit as promised. They were very disorganized getting closing documents to the settlement company, so we had to reschedule the closing multiple times and extended the rate lock twice. I was concerned the wouldn't since rates apparently have gone up.
DA RAIDERS
Footballguy
big shout out to @Chadstroma
funded on friday. 2.875% no appraisal, no points. just title, escrow and a few misc fees. with a $1300 lender credit, it cost next to nothing. never thought i'd get under 3.
i didn't end up using chad, because he was up front about some some odd circumstances, that were totally out of his control. some people on his lender/escrow side had gotten seriously hurt/sick, so he was unsure of turn around times. i needed to get this done quickly, so he said to go with my guy here. chad went over my LE and said everything looked kosher. i went through lenderfi and used the guy, @skycriesmary had recommended and that i had used in october.
thanks again gents!
and i'll happily do it again in 6 months, if it somehow keeps falling.
funded on friday. 2.875% no appraisal, no points. just title, escrow and a few misc fees. with a $1300 lender credit, it cost next to nothing. never thought i'd get under 3.
i didn't end up using chad, because he was up front about some some odd circumstances, that were totally out of his control. some people on his lender/escrow side had gotten seriously hurt/sick, so he was unsure of turn around times. i needed to get this done quickly, so he said to go with my guy here. chad went over my LE and said everything looked kosher. i went through lenderfi and used the guy, @skycriesmary had recommended and that i had used in october.
thanks again gents!
and i'll happily do it again in 6 months, if it somehow keeps falling.
Otis
Footballguy
Locking in a 3% rate on a 30 year jumbo on a second home. It seems a little high based on some of the 2.x rates in here, but damn, I’m thrilled to have that rate. Bank originally quoted me 3.25 but said she could likely get an exception approved through her management down to 3.0. Love it.
culdeus
Footballguy
Chadstroma
Footballguy
Typically no. It is possible that there could be some lender specific seasoning but that would be rare.
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