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Mortgage Rates (5 Viewers)
- Thread starter MechEng
- Start date
Osaurus
Footballguy
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beef
Footballguy
I just got a new VA ReFi quote from LoanUnited at 2.375% for a 30-yr. I'm waiting on the paperwork to see what the total cost will be, but was told it'd be under $2000 (disabled Vet discounts), which will just get rolled into the new mortgage. Seems to good to be true since they are a half point or more lower than all other major VA Home Loan companies.
Tentatively proceeding with caution on this one....
Tentatively proceeding with caution on this one....
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DallasDMac
Footballguy
I'm at 3.52% on a 30 yr fixed. Is it worth it to refi if I plan to be in the house a max of six or seven years before selling? Could be as little as maybe three years if the economy recovers. i.e. It is till retirement then getting the #### out of the city. So swapping to a 15 year not really a factor. I'd prefer to stay with 30 and pay extra each month towards the principal if anything.
NREC34
Footballguy
beef
Footballguy
Paperwork looks legit. MLS and loan officer checks out too. $695 rate buy fee. about $900 in other closing costs, then the tax and insurance. Going to do it.
beef
Footballguy
Im still surprised by it. My credit is good, but I'm not an 800er. Gonna do it. I'll either report back on a success story or start a new thread on how I got scammed.
Phil Elliott
Footballguy
Finally closed today! 3 months, 27 days after application. 30 yr 3.25% no points, closing costs were $2,800. Closing was at our home with a Notary. A few forms we ended up not signing or modified. Do not use First United Bank. They are probably regional to OK/TX/etc. We used them due to promotions related to our agent's brokerage when we bought the home last year. I started working with a referral from Chad in Feb. First United was always a little high, especially for refi, but they had a "flash sale" so we jumped on it. Chad's referral indicated it was a good offer. Refi rates have not gone as low as new loans due to the high volume. We missed 8..125%, by a day, which I think may have been close to the bottom for refi;s. We were at 4.25%. First United was totally overwhelmed and about a month ago hired another attorney as they were so stacked up, and giving priority to new loans. They did waive the 60 day rate lock and the appraisal.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.
Chadstroma
Footballguy
Glad you got the marathon done! Geez, I would have shot myself if I was the LO on that deal. almost 4 freaking full months. Ouch.
Chadstroma
Footballguy
Absolutely.
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. 
CGRdrJoe
Footballguy
beef
Footballguy
No funding fee with a 10%, or higher, rating. That's saved me thousands over the past few years on VA loans and the Refi's.
CGRdrJoe
Footballguy
Otis
Footballguy
Yes there is usually no prepayment penalties on these. I need to confirm. But pretty sure. Seems silly.
Otis
Footballguy
I noted on that prior page that Citi Private Bank is MAKING me put down 10% rather than 20, on a jumbo for a second home. But it’s a private bank relationship, but sure if they do something Iike this one the other side of the business. Worth checking maybe.
Otis
Footballguy
But a silly question: why would I want to do this? At 3% or lower rate, arent I better off borrowing as much as I can for as long as I can, and putting the money elsewhere?
Charlie Harper
Footballguy
I was debating this and then I read someone re-frame it this way:
Would you take out a loan to invest in the stock market?
If you are comfortable with that leverage, then put a lower down and invest the rest. If you would never take out a loan to invest in the market or don't have a specific plan to use it then put 20% down.
Don't Noonan
Footballguy
Closing today on my refinance. Thanks for the referral @Chadstroma! I wanted to keep the costs to a minimum because it is possible we could move in 3-4 years. Wound up choosing 2.75% on a 30 year fixed with a significant lender credit that comes out to just over $200 in total closing costs. I could have went with 2.625% but closing costs would have been $1,500. Essentially going from 3.68% down to 2.75% for $200.
Ron Swanson
Footballguy
Don't Noonan
Footballguy
joey
Footballguy
Don't Noonan
Footballguy
⚡DEADHEAD⚡
Footballguy
culdeus
Footballguy
You live like 20 miles from me (if that). Chad's guy just gave me some crazy numbers like 5 minutes ago. I'm going to run those by BOA and start the process.
I need to understand how to evaluate these loan credits as that's an entirely different concept for me.
joker
Footballguy
My 23 yr old just got an offer from a company called Lakeview Loan Servicing (she's in MN) to refi and drop her 30 yr from 4.99 to 3.65, saving her $144/month. Just under in $3k in closing costs. She doesn't have much credit history other than her mortgage and car payments, so I'm not sure what her credit score is. Chad, have you ever heard of this outfit? Do you have someone in MN other than Lender Fi since they're not taking new refis?
This is what I did on a refi after consulting with a couple financial advisors. 30 yr Cash out on equity earned on my house to put elsewhere. We plan on doing an addition anyways but will have money left over to invest. I’m skeptical about the market until after the election but I see it as the cheapest money I’ll see in my lifetime.Otis said:
culdeus
Footballguy
unrelated to thread, but lumber prices are about to nearly double in the next couple weeks. Now, as in RIGHT NOW, is the time to buy or lock in your lumber price if you need building materials.
Chadstroma
Footballguy
Lakeview is a lender with both retail and wholesale operations. We have them as one of our lenders but I don't usually use them, though I did with one loan earlier this year and it went fine.
That rate seems high unless she has lower side credit.
PM me, I can intro her to a broker licensed in MN for sure. I would be shocked if she didn't get a better deal.
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Chadstroma
Footballguy
It is kind of related. If you are looking at a new build that would impact what options you have.
What is up with limber? COVID or?
Yes covid, in the sense that everybody is staying home and building decks/remodels/additions/etc added to the fact that we're in the middle of building season in the midwest. Material that used to be 1 to 2 weeks max to get in is now 3 - 5 weeks out. Some of our suppliers are working 24/7 and they still cant keep up with demand. (they may have reduced staff because of covid, not sure about that though)
Chadstroma
Footballguy
Yea, I have seen the inflated prices in getting estimates for doing epoxy in the basement, 3 season room and garage. They all seem to be very busy. I think people doing more stuff to home since they are spending all their time there on top of we had some bad rains with a lot of flooding this winter. So, not just lumber but all around.
-OZ-
Footballguy
We had a leak in one of the bathrooms, which caused around $10k in damage. The crew was able to get out here to fix the leak and the water damage, cut out the affected drywall, carpet (it got into the bedroom closet on the other side of the wall), and otherwise take care of the pressing issues. But the restoration is going to take a few weeks and the vanity we ordered won't arrive until the EOM. business is good for these guys, thankfully they're able to handle priority items like water damage quickly, partly because most customers seem to be understanding that their upgrades and other non pressing work can wait a day or two.Chadstroma said:
My boss is getting a sunroom put in, he paid half in July, the work won't be done until October, or later. I guess that crew is super busy.
joker
Footballguy
Thanks, I'll shoot you a PM. She told me her credit score was 680 as of a few weeks ago, but I figured since she's young and has a credit history of about three years and three things (mortgage, car payment, and a low limit CC) that it was affecting her rate.
ghostguy123
Footballguy
Question about forbearance.
If you have refinanced your home loan, how long would you have to wait before you could take forbearance per the Cares Act? 1 day? 1 year? Completely depends on the lender?
Assuming federally backed mortgage.
If you have refinanced your home loan, how long would you have to wait before you could take forbearance per the Cares Act? 1 day? 1 year? Completely depends on the lender?
Assuming federally backed mortgage.
Chadstroma
Footballguy
I don't think there is a time limit but I can not say for 100% certain.
Most lenders (all that I work with) require documentation that your income is not affected and for you to sign saying as such at closing. I am not sure of the legal implications of that but it is a legal document as all closing docs are. Is there any recourse for them if you lied? I don't know. In the normal course of business, lying on a mortgage application is mortgage fraud but I don't know of this would be the same as it is way too new and I am not a lawyer.
I strongly urge everyone to NOT use forbearance unless it is absolutely the last resort. You are not getting free money here. The money will be owed in one shape or form, usually in the past a balloon payment at he end of the forbearance.
Finally, if you did the refi with a broker. That broker will get hit for this. Most lenders will treat this as a default and the broker will end up having to pay back their commission. Not only does that mean that did the loan for free but it cost them money and time. Which as a broker I can tell you really sucks.
I don't have a definitive answer for you. I am pretty sure that you can do forbearance on demand (but I think the time for that is ending soon?) but you really do not want to unless there is no choice. If there is no choice then the time frame doesn't matter... because you have no choice otherwise.
ghostguy123
Footballguy
The money will not be owed in the form of a balloon payment. Per the Cares Act the payments are tacked on to the end of the loan, essentially extending the length of the loan (potentially a balloon payment owed at the end of the loan).
Also, it will be quite a while before you cant do forbearance. Again per the Cares Act you can request forbearance up to 4 months after the economic crisis is over. Not sure who determines that and when, but it won't be any time real soon.
Also they can not report you to the credit bureaus for non payment.
I have looked into the current potential terms of forbearance, but just didn't know if it was possible soon after a refi
I am currently taking forbearance on one of my rental properties, and will probably take the full 12 months that the Cares Act allows. The lender can try and screw you into all sorts of modifications or balloon payments or whatever, but they HAVE to allow you to take the option to add the payments to the end of the loan.
As for my home loan that I refinanced in March, I do not intend to take forbearance unless something unforeseen happens. I was just wondering how a refinance would play into the timeframe for things just in case.
Chadstroma
Footballguy
I am not sure that they have to tack on to the end of the loan. It could be an option. If this is a requirement, it is news to me. Here is some info from the CFPB (the government body that was set up after the 2008 financial crisis to protect consumers) copy and pasted below. It does not say definitively either way but does seem to suggest that a balloon payment could in play. I really don't know. I am not a lawyer and haven't read through the Act myself. I do know in the past that balloons were very common. Many people in Louisana got screwed over by this emergency forbearance in the past.
I heard realtors, CPAs and other 'professionals' encourage people to take forbearance as a way to basically generate new cash flow or some other dumb thing they cooked up. Made me sick and our dumb politicians don't have a clue and made it upon demand. Up until Fannie and Freddie came out and made new rules those who did were stuck in the water and not able to refi with the low rates (they allowed a route to make good and get out of the forbearance and then be eligable to refi luckily). It really should be just a final last resort and as the CFPB says below- contact your lender before.... but be careful, I have heard of more than a few cases where people were put in forbearance by their lender (Looking at you Wells Fargo!) just for asking about it! The CFPB in bold below:
If you are experiencing difficulty making on-time mortgage payments due to the national coronavirus emergency, forbearance may be an option for you. Forbearance can help consumers get back on their feet during short-term financial difficulty, but there are a few things you need to know and some important decisions you’ll need to make. Forbearance is when your mortgage servicer, that’s the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time. Forbearance does not erase what you owe. You’ll have to repay any missed or reduced payments in the future. So, if you’re able to keep up with your payments, keep making them. The types of forbearance available vary by loan type. If your mortgage is backed by the federal government—this includes FHA, VA, USDA, Fannie Mae and Freddie Mac loans—provisions of the recently enacted CARES Act allow you to temporarily suspend payments if you are experiencing financial difficulty due to the impact of the coronavirus on your finances. Loan servicers may also have forbearance or deferment options for non-government backed or private loans, but the exact options available to you may differ. Here’s how this works for federally-backed mortgages under the CARES Act. If you are experiencing financial hardship due to the coronavirus pandemic, you have a right to request forbearance for up to one hundred eighty days. You also have the right to request an extension for up to an additional one hundred eighty days. But, you must contact your loan servicer to request this forbearance. There won’t be any additional fees, penalties or interest added to your account. But, your regular interest will still accrue. Other than telling your servicer that you have a pandemic-related financial hardship, you won’t need to submit additional documentation to qualify for this forbearance. It’s important to find out what options are available to you. The best place to find that information is from your loan servicer. Look for their contact info on your monthly mortgage statement. Right now, most financial institutions, including mortgage servicers, are experiencing high call volumes, so there may be long wait times to talk to someone on the phone. Regardless of the type of mortgage you have or how you communicate with your servicer, here are some things to consider. If you cannot make your mortgage payments, and you are looking to suspend or reduce your payments, you will need to work with your servicer. If you decide to move forward with a forbearance plan, ask your servicer how you will be required to pay back the amount owed after the forbearance period. Will you owe the entire unpaid amount in a lump sum once the pause period has ended or at the end of the loan term? Can the loan term be extended so that missed payments are added to the end of your mortgage? Will your subsequent monthly payments be higher for a period of time to make up the deferred amount? Finally, be on the lookout for scams and scammers looking to take advantage of consumers affected by coronavirus. You might receive fraudulent calls, emails, text messages or other “offers” to help you reduce or stop your mortgage payments. Make sure you are working directly with your mortgage servicer. For more in depth information, including information on how to find a HUD-approved housing counselor, go to consumerfinance.gov/coronavirus
BassNBrew
Footballguy
Why did you take forbearance on the rental? You do know that screws any chance at eviction for non-payment?
ghostguy123
Footballguy
BassNBrew
Footballguy
ghostguy123
Footballguy
And the government isnt going to risk an eviction crisis.
Hey I could be wrong on that, but I see about a 95% chance they extend the eviction ban.
Knock on wood, my tenant in that unit is great, and not hurting for money. I also dont plan to buy any more real estate for a while.
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BassNBrew
Footballguy
ghostguy123
Footballguy
If I take forbearance for 12 months, the principle/interest will be about 5 grand.
What will I do with that? I dont know. Maybe buy some Leronlimab???
After 12 months maybe I just make a balloon payment if I dont need the money.
However, since the payments will be tacked on to the end of the loan which would be about 12 years from now, I SHOULD put it into the stock market, in which case any sort of modest return would be "free money".
BassNBrew
Footballguy
Read this today from our eviction attorney...
Appears that may apply just to multi-family.
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