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This just in:

The average rate on a 30-year fixed mortgage fell to

2.98%, mortgage-finance giant Freddie Mac said Thursday, its lowest level in almost 50 years of record keeping. It is the third consecutive week and the seventh time this year that rates on America’s most popular home loan have hit a fresh low.

I should probably look at refinancing, huh?  

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I’m officially a homeowner. Just closed.  2.75%, 15 years.  🥳

Just made my last mortgage payment yesterday!!!  I am free and clear!

If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with

55 minutes ago, johnnycakes said:

This just in:

 

 

I should probably look at refinancing, huh?  

Doing tons of refi's right now. If you haven't refi'd in the last year.... heck, last 6-9 months.... chances are you can refi and save big time. I got our 30 yr at pretty much the previous low point back in 2012. If I wasn't so busy doing everyone else's loans... I would be doing my own right now... still got to figure out time to do mine though. 

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https://www.americanbanker.com/news/cfpb-launches-investigation-of-quicken-loans-real-estate-affiliate?fbclid=IwAR3zIutTvUC1M1MB8AysGYDd55UOptVNP_AYJAOhwx4BgUf4CsFlUh5AW-4#:~:text=The CFPB issued a civil,the name Rocket Companies Inc

This made me smile today. A small thing compared to all the illegal and unethical things that they do on a daily basis but I am hoping the investigation trips over some of the other stuff. Perhaps it will be like Wells Fargo where one investigation leads to uncovering another scandal and another and another and another.... 

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Chad, Thank you for doing this. I saved a bunch of money. I contacted a Mortgage broker after I let my current lender (Mr Cooper) get the first shot. What Mr C sent was a joke, I knew this because of this thread.

I contacted a Mortgage Broker in Asheville NC (Plum Dog Financial) Cathy Early was fantastic, upfront, proactive and diligent. I could not have asked for more. I ended up with a 30 Year @ 2.99, no buy down. Closing costs were so low, (80% lower than the LE from MR C), that this refi pays for itself in 4 months.

I closed last week.

Thanks

 

 

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Looks like my broker in Asheville is offering 30 yr at 2.875 for a condo (they always add an 1/8th to 1/4 for a condo) no buy down and 30 yr at 3.5% for a home (investment) no buy down, but 25% down on the latter.

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Looks like the overly conservative appraiser that blew up my refi in March may have done me a favor - working with one of Chad's recommended guys now who locked me at roughly 2.8%, no points on a 30 year refi, rate was 3.375% 4~5 months ago. Savings of roughly 2,400 in interest in the 1st year from that earlier refi attempt. Fingers crossed everything goes smoothly for an August 15th close.

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Been in  a holding pattern with my refi since early june b/c the title company screwed up the filing of the title with the county on my last refi and now they have to refile which is taking forever.   I'm still locked into my 3% with 825 in total closing costs.   Not sure if the rates have come down since I originally locked in.  Would that even be something that they'd even reconsider?   How would I even go about even bringing this up; "hey refi guy, any chance we can lower that rate if its actually gone down, but if its in fact gone up, let's just stay where we're at" :)?    I would think I'm either gonna need to get a competing offer or play a little game of chicken.  Neither option sounds appealing.   

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On 7/16/2020 at 5:07 PM, Chadstroma said:

Doing tons of refi's right now. If you haven't refi'd in the last year.... heck, last 6-9 months.... chances are you can refi and save big time. I got our 30 yr at pretty much the previous low point back in 2012. If I wasn't so busy doing everyone else's loans... I would be doing my own right now... still got to figure out time to do mine though. 

Hi @Chadstroma - happen to have a guy in Maryland, preferably close to Baltimore?

Can't even get a call back from Chase, my current mortgage holder, about a possible re-fi

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On 7/14/2020 at 6:22 PM, Phil Elliott said:

Finally have close date next Wed for refi. 30@3.25% no points, with our current mortgage co. 33% LTV. About 3.5 months to close. Although rates at record low, refi rates haven’t dropped much more over past several months. Honoring the 60 day lock. Appraisal waived.

Well, we thought we had a closing date of today. When I sent a note this weekend asking for the closing statement, the reply was "we are hoping to close this week, thanks for your patience, will be in touch". No touch yet. :tumbleweed:

 

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2 hours ago, NutterButter said:

Been in  a holding pattern with my refi since early june b/c the title company screwed up the filing of the title with the county on my last refi and now they have to refile which is taking forever.   I'm still locked into my 3% with 825 in total closing costs.   Not sure if the rates have come down since I originally locked in.  Would that even be something that they'd even reconsider?   How would I even go about even bringing this up; "hey refi guy, any chance we can lower that rate if its actually gone down, but if its in fact gone up, let's just stay where we're at" :)?    I would think I'm either gonna need to get a competing offer or play a little game of chicken.  Neither option sounds appealing.   

Chances are you blew through the lock. If it was me, I would likely pull it from the current lender and place it with another lender and likely get you a better deal in that scenario. 

I would say ask them. Tell them you have heard rates have got better and you were wondering if you could get a better rate from them. If they offer one, great. If they don't then shop it. If you can get a better rate then you win. If you can't then you have the peace of mind knowing you are good. Then it is up to you to either switch or stay based on that info (assuming that can't do anything else). 

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1 hour ago, The_Man said:

Hi @Chadstroma - happen to have a guy in Maryland, preferably close to Baltimore?

Can't even get a call back from Chase, my current mortgage holder, about a possible re-fi

Chase did you a favor by not calling you back. 

Yea, I got a guy in Maryland I know. Good guy. Shoot me a PM with your contact info and I will pass on to him for you and let you know his name to expect to hear from him. 

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1 hour ago, Phil Elliott said:

Well, we thought we had a closing date of today. When I sent a note this weekend asking for the closing statement, the reply was "we are hoping to close this week, thanks for your patience, will be in touch". No touch yet. :tumbleweed:

 

Curious, send me a PM with the current loan company. 

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1 minute ago, Chadstroma said:

Chances are you blew through the lock. If it was me, I would likely pull it from the current lender and place it with another lender and likely get you a better deal in that scenario. 

I would say ask them. Tell them you have heard rates have got better and you were wondering if you could get a better rate from them. If they offer one, great. If they don't then shop it. If you can get a better rate then you win. If you can't then you have the peace of mind knowing you are good. Then it is up to you to either switch or stay based on that info (assuming that can't do anything else). 

I did blow through the lock, but they're honoring it since the title issue isn't my fault.   I will ask them though if they can give me a better rate.   Maybe they'll bite with the suspicion that I'll jump elsewhere if they don't.    

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1 hour ago, flapgreen said:

What is the going rate on 15 year fixed at the moment? We're currently at 2.8

I’ve been quoted 2.5% (no points) and less (with points)

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I used Lender Fi in the past based on a recommendation from here and had good success.  Was hoping to use them again but their website says they're not accepting any new applications at this time 😕

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2 hours ago, shady inc said:

I used Lender Fi in the past based on a recommendation from here and had good success.  Was hoping to use them again but their website says they're not accepting any new applications at this time 😕

I just had a broker I was going to send a FBG to help in another state ask me to send it to someone else because he is at full capacity. Most lenders are just slammed. I have one lender that can still kick #### on a file and close in 2-3 weeks but most are struggling. Applications are up 400% from this time last year and last year was a pretty strong year. If you want, reach out to me. I can find a broker to connect you with. 

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49 minutes ago, DEADHEAD said:

Chad, how are the jumbos looking? Anyone in the Bay Area I should call?

I can take a look for you since I am licensed in CA now. To be honest, I haven't looked at jumbo in a few weeks so I am not sure what I have available to me right now but happy to look. If it looks like I can do something good for you, rock n roll. If not, then I will see if I can get you in touch with a banker that can assist. 

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1 hour ago, Chadstroma said:

I can take a look for you since I am licensed in CA now. To be honest, I haven't looked at jumbo in a few weeks so I am not sure what I have available to me right now but happy to look. If it looks like I can do something good for you, rock n roll. If not, then I will see if I can get you in touch with a banker that can assist. 

Going to piggyback on this as my wife and I were just discussing refi and consolidating a few things - hope you don't mind. But what is difference between Jumbo and a conforming in a high cost of living area?

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4 hours ago, acarey50 said:

Going to piggyback on this as my wife and I were just discussing refi and consolidating a few things - hope you don't mind. But what is difference between Jumbo and a conforming in a high cost of living area?

The difference in rate? Kinda depends on a lot of factors really. 

Cash out to jumbo prob will not be the route to go though. Most likely would look to refi current loan under jumbo and then do a second for consolidating but you want to run the numbers to check for sure.

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Ended up staying closer to home (read: wife’s extended family) but can definitely recommend Chad’s guy in PA. Very responsive and quick.

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I had been predicting rates to bottom out this fall, but I am not sure how much lower they can go. We are pretty close to inflation rate. I was planning to go to a 15 on a refi, but at these rates I think I will want this locked as long as possible. 

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2 hours ago, Franknbeans said:

If you know someone up here in the Northeast Mass area, I would be much obliged.

My wife and I are closing on our first home Friday and used the broker Chad referred us to. We were happy with this his services. 

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5 hours ago, Franknbeans said:

If you know someone up here in the Northeast Mass area, I would be much obliged.

Mass for sure... where in Mass... I don't know. Feel free to PM me your contact info and I can make an intro no problem.

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6 hours ago, Drunken Cowboy said:

I had been predicting rates to bottom out this fall, but I am not sure how much lower they can go. We are pretty close to inflation rate. I was planning to go to a 15 on a refi, but at these rates I think I will want this locked as long as possible. 

Agreed. I am not really too sure there is much further to go. That being said I seriously thought that I would NEVER refi my own 3.25% rate mortgage I got back in 2012. The inly thing that us held me vack is being busy doing other people's mortgage refinancing and purchase too. 

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On 7/23/2020 at 3:37 PM, Chadstroma said:

I can take a look for you since I am licensed in CA now. To be honest, I haven't looked at jumbo in a few weeks so I am not sure what I have available to me right now but happy to look. If it looks like I can do something good for you, rock n roll. If not, then I will see if I can get you in touch with a banker that can assist. 

Any chance you took a look at the jumbos?

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Man, we locked in at 3% in May, closed at the end of June and thought we had a great deal. I still feel like it's free money but with all these 2% numbers I'm kinda kicking myself. Though we're happy with the house it would have been gone had we waited.

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On 8/1 I hit 6 months since my refi down to 3.29%, and thinking of doing it again.

VA Loan.  NewDayUSA is at 2.75%.  Not sure about this company and don't know anyone that has used them.  Still need to check with Veterans United and Veterans First.  Anyone seeing any better VA Rates than 2.75% or companies worth checking out?  

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My private bank relationship tells me they’ll do 3% on a jumbo.  When I told them I planned to put down 20% they told me not to — apparently triggers and origination fee, whereas if I put down only 10%, I avoid that fee (and no PMI or other penalties).  Weird a bank telling me to put down less.... but at this 3% number it just feels like free money, and I should probably put down as little as possible and extend it out as long as possible....

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33 minutes ago, Otis said:

My private bank relationship tells me they’ll do 3% on a jumbo.  When I told them I planned to put down 20% they told me not to — apparently triggers and origination fee, whereas if I put down only 10%, I avoid that fee (and no PMI or other penalties).  Weird a bank telling me to put down less.... but at this 3% number it just feels like free money, and I should probably put down as little as possible and extend it out as long as possible....

Can you put down 10%, then make a huge payment after it's settled to get you back to 20% equity?

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1 hour ago, Don't Noonan said:

I just locked my 30 year refi at 2.75% getting lender credit of $5,600 which will go towards paying origination fee of $4,400 and title insurance etc.  I was at 3.68% so almost a no cost loan as no appraisal was needed.

Nice, that sounds like a great deal.

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Does anyone know of a lender that will do a jumbo loan on a second home with 10% down? 

Had plenty of people offering this back in March but hard to find now with covid. We are under contract on a vacation home and want to keep as much cash as possible with these rates. 

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16 hours ago, beef said:

On 8/1 I hit 6 months since my refi down to 3.29%, and thinking of doing it again.

VA Loan.  NewDayUSA is at 2.75%.  Not sure about this company and don't know anyone that has used them.  Still need to check with Veterans United and Veterans First.  Anyone seeing any better VA Rates than 2.75% or companies worth checking out?  

I never heard of Veterans Firsf but DO NOT use Veterans United or NewDay. They are the biggest rip offs to vets on a continuous basis. Steer clear. 

For an IRRRL seasoning you need the later of 210 from first payment made or 6 months payments.

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8 hours ago, FreeBaGeL said:

Does anyone know of a lender that will do a jumbo loan on a second home with 10% down? 

Had plenty of people offering this back in March but hard to find now with covid. We are under contract on a vacation home and want to keep as much cash as possible with these rates. 

Not on wholesale side. Barely getting any jumbos back so far. 

Call some banks and credit unions in the area.

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6 hours ago, Chadstroma said:

I never heard of Veterans Firsf but DO NOT use Veterans United or NewDay. They are the biggest rip offs to vets on a continuous basis. Steer clear. 

For an IRRRL seasoning you need the later of 210 from first payment made or 6 months payments.

Thanks.  Veterans First is through Wintrust Bank.  I did my refi through them and can't say anything bad about them.  Had my mortgage through Veterans United prior to that, and there were some questionable fees and they like to get you to buy points.  I honestly didn't know NewDay even did mortgages until recently.  

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1 hour ago, beef said:

Thanks.  Veterans First is through Wintrust Bank.  I did my refi through them and can't say anything bad about them.  Had my mortgage through Veterans United prior to that, and there were some questionable fees and they like to get you to buy points.  I honestly didn't know NewDay even did mortgages until recently.  

NewDay is the same thing as Veterans United. They look to screw you over if they get the chance. I don't see Loan Estimates from them that are very competitive ever. 

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1 hour ago, gianmarco said:

Able to lock in a jumbo refinance at 3.125% yesterday on a 30 yr fixed.  Absolutely thrilled and still can't believe it was possible. 

Your home won’t appraise with the timber resources goneYour home won’t appraise with the timber resources gone

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32 minutes ago, BassNBrew said:

Your home won’t appraise with the timber resources goneYour home won’t appraise with the timber resources gone

Already told the lender, GB.  We had a moment of silence, as well.

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My mortgage broker officially ran the numbers for my refi and looks like:

15 year @ 2.375% (no points)

less than 4% APR (edit...APR is 4.5%)

ETA: Little bit of discount for survey (we have) and prior title policy (we also have)

We might just pay closing in cash ourselves rather than rolling it in

It’s 2% less (yes, you read it correctly) than my current mortgage.

Wow.

Edited by Osaurus
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