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Mortgage Rates (5 Viewers)
- Thread starter MechEng
- Start date
TripItUp
Footballguy
skycriesmary
Climbing up the Walls
Glad it worked out for you!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.
Chadstroma
Footballguy
Depends on the lenders turn times on reviewing conditions. I have some lenders that are at 48 hours amd others about a week.
If you used Wells Fargo should be sometime.... factor the rotation speed of the world... carry the one..... Spring of 2022.
skycriesmary
Climbing up the Walls
Yeah, I've done it now 3 times in about 18 months. When you're getting the lender credits to make it a truly no fee refi, it works as long as the rate drop is worth your time. I just went from a 3.5% 30 to a 2.75% 30. No appraisal required either, which was a nice bonusbig 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.
⚡DEADHEAD⚡
Footballguy
WF amended by brother's jumbo from 3.625 to 2.875. No closing costs, no appraisal, no term change. Just changed the rate. He's got all his money there, just about. I'd like to do the same but I don't think that's in the cards.
Chadstroma
Footballguy
TOTALLY different. That is not a refinance but a loan modification which any lender could do if they wanted to. That is a great deal on a jumbo and the big banks often will be aggressive with jumbo loans as they want to capture the full banking/financial services relationship so they can make money off them that way.
My current mortgage is with them. I have ordered payoffs from them a couple of times to see if they would send a modification offer luke this but I guess they don't care about my little nothing loan so I guess I will need to do a regular refinance for myself when I get the chance.
My poking at them is because last I heard they were at mandatory 180 locks for refinances. 180 days?! Half a freaking year.
⚡DEADHEAD⚡
Footballguy
Yes, I understand. My brother's modification started as a refi request. In fact, his advisor locked him in at 3%, and then WF unilaterally informed him of the modification. That's pretty good customer service, but WF has its downsides too. I'm in a similar situation, less the large account (but my $ isn't chump change) but WF won't return my calls.TOTALLY different. That is not a refinance but a loan modification which any lender could do if they wanted to. That is a great deal on a jumbo and the big banks often will be aggressive with jumbo loans as they want to capture the full banking/financial services relationship so they can make money off them that way.
My current mortgage is with them. I have ordered payoffs from them a couple of times to see if they would send a modification offer luke this but I guess they don't care about my little nothing loan so I guess I will need to do a regular refinance for myself when I get the chance.
My poking at them is because last I heard they were at mandatory 180 locks for refinances. 180 days?! Half a freaking year.
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Psychopav
Help us, Joebi-Wan Brynobi, you're our only ho
Yeah, Chad responded. Now I just need to find a bank that's offering HELOC's. None of the major nationwide banks are - at least, not in TX.
Currently waiting on a callback from a regional - Iberia Bank - to see if they will. I'm looking at a refi to either 2.75% (30 yr) or 2.625% (20 yr) with no cash out. Both include $4700 closing costs which as I understand it are unavoidable in TX. If I can't get a HELOC after I'll probably go with a cashout option at slightly higher rates but I'm really hoping I can get an interest only HELOC because the way my comp is structured (and w 2 kids in college) I end up carrying a large balance on my cc for most of the year, then pay it off in the spring. Much better for me to do that with a HELOC than the cc...
Chadstroma
Footballguy
Check credit unions for Equity Loans and HELOCs. Check with 3 or 4 around your area. They tend to offer the best terms.
Psychopav
Help us, Joebi-Wan Brynobi, you're our only ho
Great advice, they're still lending away. Thanks!
Going with a 30 year fixed at 2.75% with no cash out. Yes, I have to pay $4,700 in closing costs but the new rate will pay for that in a year...Can't believe rates are this low. Phenomenal times we're living in...
culdeus
Footballguy
Psychopav
Help us, Joebi-Wan Brynobi, you're our only ho
DevilDog919
Footballguy
Called around and was told with my VA IRRL I could get 2.25% for 30 years at the cost of a little over a point. He said that cost could be rolled into the loan. Other option was 2.7% at no points.
We plan to be in the house for 20-30 years, which is the best option?
We plan to be in the house for 20-30 years, which is the best option?
Psychopav
Help us, Joebi-Wan Brynobi, you're our only ho
Google tells me that on a $100k loan, the first option (financing $101k) costs $138,985 and the second costs $146,015.
gianmarco
Footballguy
Closed today on our jumbo refinance. 3.125% on a 30 yr fixed, although it's a biweekly option which turns it into just over a 26 year mortgage. Total closing costs after credits was just over $1,000.
Thrilled to get out of our 10/1 ARM we signed last year and be worry free. Not as good as @Otis but can't complain.
Thrilled to get out of our 10/1 ARM we signed last year and be worry free. Not as good as @Otis but can't complain.
dgreen
Footballguy
Closed last night on 2.625/30yr refinance. Thanks to @Chadstroma for guiding this through a plethora of strange issues. He put in a lot of extra work.
Based on how this has gone, Chad and I joked that we're waiting for something else to go wrong even after closing, but I think we finally did it!
Based on how this has gone, Chad and I joked that we're waiting for something else to go wrong even after closing, but I think we finally did it!
Chadstroma
Footballguy
I appreciate that but you are being way too kind. It has been a complete poo show and I publicly apologize to you. Because everyone in the whole lending ecosystem is swamped there is a little more bumps in the road with more loans than usual but this loan was down right ridiculous. It took too much effort on your part and took way too much time to get done. I am sorry for that and embarrassed by it since it really ought to have been a slam dunk easy loan to get done.
Unfortunately, this loan and another (which happened to be my Brother in Laws loan) was assigned to a processor that... I don't even know how to describe it... but long story short, didn't do her job (prob did more harm than good) and I eventually got her fired it was so bad. We started picking up the pieces but then it seemed like I had made the Refinance gods mad with this loan or something because anything and everything broke bad on it for me and my company to run around in fire drills trying to fix. My BIL loan was bad too but I was able to get that put together easier than this one which for some reason always seemed to just have something else come up.
I am waiting with my breath held for the loan to fund and then will be happy. I usually have no worries at this point in the process but feel snake bitten and don't want to jinx anything.
Though there was not much I could have done to make it smoother since I can't think of one thing that was my personal fault, it doesn't matter because in the end it is only the experience to you that matters and that is 100% my responsibility and I let you down for sure on this. Once more, my sincerest apologies.
Franknbeans
Footballguy
I can't seem to get any better than 2.99 on a 30 year fixed by me. That includes using Chad's guy. Great credit, too. Not sure what else to do.
Chadstroma
Footballguy
Things are tightening up. I am moving pretty much all my loans to one lender right now. Lenders are starting to add in the FHFA fees into pricing which was delayed to Dec 1st. 50 bps makes a big difference in pricing available. It's a big F U to American homeowners on their money grab.
The reason why the pricing is coming back is that it is taking a lot of lenders longer than 30 days to close and then once they close those loans they have to prep them to sell to Fanne/Freddie and the chances of them being sold after Dec 1st is high for many of them now.
⚡DEADHEAD⚡
Footballguy
WF failed to record our HELOC, which we signed nearly three months ago, so we cannot refi until WF gets their S together. I am furious. My lender told me we are missing the ability to lock at 3%, no points, on a jumbo. We are stuck until we sort this out. We need to record it, and they we will need to subordinate it. Saving grace may be that WF will help us expedite subordination. But still. Total SS.
MTskibum
Footballguy
I also tried to refinance through wells fargo around 2 months ago. I have followed up multiple times with no response.
Our current loan is through wells fargo and i was hoping that it would be painless if i went though them rather then a different lender. I wish I would have done it differently months ago.
⚡DEADHEAD⚡
Footballguy
I'm using a lender. I've tried to do it with WF but they want me to transfer all my $ from Fidelity, which I can't do, to them to give me a competitive rate. Build a relationship with a lender who can shop for your and then leverage that relationship in the future so you get some discounts and credits.
Also, do whatever Chad says to do!
culdeus
Footballguy
It depends on how it was presented in Texas. They can give you a scratchpad/napkin level of fees, or they can basically say "This is it" and that's it. Gonna vary by state I would imagine how this type of thing is handled.
The_Man
Footballguy
Yeah, the 0.75% was on a worksheet that says “your actual rate, payment, and cost could be higher”
culdeus
Footballguy
That would be non-enforceable in Texas. Though I would still be like, bro, wtf? I mean the actual lender costs should not be rising.
Big League Chew
Footballguy
if i wanted to take out 50k for an investment on a 2nd property. what is my best route to take?
heloc?
conventional loan?
refi cash out?
heloc?
conventional loan?
refi cash out?
⚡DEADHEAD⚡
Footballguy
Probably HELOC with a credit union?
NREC34
Footballguy
I dealt with all this stuff for about 5 months. Canceled the first 2 tries and then finally found someone good right as rates fell back again and done before the fee was announced. I feel pretty lucky. Company was Gateway. They sold it already to Fannie Mae but still servicing, not sure I understand how that works exactly. 2.875% 30 year, 100K loan.
Chadstroma
Footballguy
Wells is certainly on the lower end of places I would want to see someone try to get a loan through. Generally nothing special rate/cost wise if not more expensive and I have no idea how long they will take. Last time I heard anything it was pushing 180 day locks. The only thing that they might deliver on is jumbo but there are other fish in the seas to do that too. Plus, do you really want to end up with surprise bonus checking accounts? (sorry... when it comes to Wells, I can never stop myself from mocking them on that)MTskibum said:
Chadstroma
Footballguy
Did you have a locked loan estimate? If not, then markets change daily. I am careful to explain that to my clients if they are not locked. In general, it could be a snake in the grass trying to play games or it could be the market changing from quote to lock. You can 'refuse' it and maybe they do something for you. You have the right to walk away. However, unless you have a locked loan estimate you have no legal recourse to force them to do anything.The_Man said:
I am also curious as to whether it was a true broker (and if it was someone I referred, definitely let me know, sorry, I don't keep track on who I referred to whom since I am too busy and there is no reason for me to track it or remember it). You can PM me the name of the company or post here if you want.
Chadstroma
Footballguy
A worksheet is useless and meaningless. I told a rate shopper earlier in the week the same thing when he sent me a competitors rate on a worksheet. It looks pretty and usually much more consumer friendly to read and understand but has no value or legal meaning at all.The_Man said:
The only thing that really matters is a locked loan estimate. An unlocked loan estimate has some value but not in terms of rate/points etc.
Chadstroma
Footballguy
Not nearly enough info to really give you any advice.
Conventional loan is not really an option. I am not sure what you meant by it. To get money out you either are going to do an equity product (loan or line) or cash out refi.
What makes sense has a laundry list of questions like rate and amount of current mortgage, value of property, length of time expect to hold property, length of time expect to pay back, and much more.
Psychopav
Help us, Joebi-Wan Brynobi, you're our only ho
You should put some feelers out asap imo. Window is closing fast but I think it's still open for lenders who are able to get them processed quickly.
Charlie Harper
Footballguy
Gotta give thanks to Chad. Got the keys to my home 2 days ago at 2.875%/30 years with lender credit that took care of 90% of the loan fees (origination/underwriting/credit report).
He was a pleasure to work with, answered a lot of questions for us as first time home buyers, and communication was on point through out the process. Not too mention he offered us the best deal. He beat 1 lender with the rate and another lender offered the same rate, but $1000 less in credits. No hesitation recommending Chad to my California friends and family even though he's out of state.
He was a pleasure to work with, answered a lot of questions for us as first time home buyers, and communication was on point through out the process. Not too mention he offered us the best deal. He beat 1 lender with the rate and another lender offered the same rate, but $1000 less in credits. No hesitation recommending Chad to my California friends and family even though he's out of state.
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The Z Machine
Footballguy
My refi offer is 2.75% with 0.866 points on a 20 year. Thoughts?
Currently at 4.375% with ~23.5 years left.
Currently at 4.375% with ~23.5 years left.
Psychopav
Help us, Joebi-Wan Brynobi, you're our only ho
WITH points? You might want to run this through lendingtree or bankrate just to see what they come up with, with your details. That sounds a little bit high to me. There might be better deals out there.
Chadstroma
Footballguy
Chadstroma
Footballguy
Oh goodness... stay away from lendingtree or bankrate unless you want to throw your phone in a large body of water.
Chadstroma
Footballguy
I hate talking specific rates in a vacuum because there are so many variables that impact rate. Feel free to reach out to me. You can shoot me the Loan Estimate if you want and I can take a look for you.
Psychopav
Help us, Joebi-Wan Brynobi, you're our only ho
It was my way of saying what you said - specific details might mean this is a reasonable offer. Bankrate can tell you that. You can get an idea of reasonableness, that's all. You don't even have to get quotes if you don't want to.
Chadstroma
Footballguy
The rates given on those mean very little until you actually get a quote.
I also had a client tell me once they they went on one of those and didn't even put anything in and then got bombarded with calls. I have no idea how that would happen but I would stay away from those sites. Just pure junk. All they are (along with Zillow etc) are lead generation sites that are disguised as offering some form of value to you as a consumer (and mostly don't).
DA RAIDERS
Footballguy
-fish-
Footballguy
I started a refi in March. Covid hit, markets crashed. By the time rates settled down, Fannie Mae had tightened up its guidelines for self-employed borrowers, resulting in some ridiculous underwriting decisions. I got denied a refi despite a 7-figure income and cash on hand greater than the value of my loan. Finally, 6 months later, I have approval at 3.125% for a 30 year jumbo loan. Thanks to @Chadstroma for all of his effort and advice, even though I ended up having to go a different direction to eventually get this done. If you're looking for some guidance, he's definitely a great resource.
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BassNBrew
Footballguy
The Z Machine
Footballguy
Broker told me that he thinks the 50 basis points might get added on Monday. I told him to lock the rate. @Chadstroma, I just emailed you the loan estimate.
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