Chadstroma
Footballguy
Happy to have helped!Don Quixote said:Closed this week on a 30 year at 2.75%. Chad was the man. He got my rate locked-in just in time before the 50 bps fee hit.
Happy to have helped!Don Quixote said:Closed this week on a 30 year at 2.75%. Chad was the man. He got my rate locked-in just in time before the 50 bps fee hit.
Drama Queen much?We just closed on our Re-Fi at 15 years 2.25.
Process went pretty well - everything on line except the last signing day. A notary came to our house and we signed everything there. My hand is still cramped.
The short answer is that it depends. Still come good rates out there for sure though.Is it too late to Refinance if we've been lazy and slow to get this done?
I know you are in SD. If you want, I can take a look for you at where you could be.My re-fi in March from a 30 yr @ 3.75 to a 15 yr @ 2.875 is now looking rough with all these 15 yr loans at 2.25%. I moved too early!!!!
I don't know of any lenders (not to say that there isn't someone out there somewhere) that would do a 2nd as a purchase to assume the 1st. So, that buyer would need to most likely have the cash available to make up the difference on the purchase price. Further, I know they exist but I don't know of any lenders off the top of my head (but to be honest, I haven't looked either) that are doing assumable mortgages. IMO, a lot of trouble to really market to a very specific buyer. Not to say that couldn't work or isn't a good route to go.Psychopav said:Good points, I was really just thinking about the salability of the property, say, 5 years from now if interest rates go through the roof. I would assume the buyer would still find value in assuming the remainder of my note then opening a second mortgage to make up the difference in cash owed to me for my equity. I don't know if it makes sense because I know a second mortgage right off the bat could get complicated, but if interest rates skyrocket wouldn't it be worth the hassle?
All that Lending Tree is is a lead generation platform. The biggest gripe about them is that if you just think about the website you will be fighting the urge to drive to the nearest body of water and throwing you phone in it. I believe they show 'rates' there too if I am not mistaken which are basically useless and more about selling you than actually giving actual rates.Psychopav said:FYI, I know Chad is doing the Lord's work in here and I don't mean to rain on that parade, but my experience:
I shopped for a refi like I would for a car, basically. I went to Lending Tree, my current mortgage holder (US Bank), and the guy I've used in the past. Gave general info. to all and asked what their terms would be, including closing costs, points, and APR's, and researched reviews on the lenders that responded to my Lending Tree inquiry (went with Gateway).
The Lending Tree lender ended up with the best terms, so I moved forward with them. Everything went off without a hitch, and I did have some extra e-mails for a couple weeks but they ended up going away once they understood I'm not interested in pursuing with them.
Purchase rates are awesome right now.Getzlaf15 said:Had a client this morning close on a 30 year at 2.49%, on a purchase
Sort of me...Ministry of Pain said:Who has Chad got in Florida?
Flash backs to countless not funny jokes for weeks 20 years ago.Hov34 said:Don't know, but he's probably just hanging.
Holy crap. I just closed today as well here in MD with a #Chadguy. Did you use Certified Title for the title co? If so, did Monica come by your place? I got the same rate, but on an 18 year mortgage. I had to pay 0.5% points to get that rate too. Had no zoom calls, it was all over email.scorchy said:Closed today @ 2.75 on a 30-year refi using Chad's guy in MD - 6 weeks from start to finish. Had one brief zoom call at the start then everything else via email until the notary came by the house today. Utterly painless.
So, what's the deal with VA IRRRL?Purchase rates are awesome right now.
I know a couple of LO's in MD. Honestly, I never track who I send loans to - other than if I get feedback of a bad experience to note not to send them referrals anymore. (That doesn't really happen- other than a few dropped balls of not calling/emailing). Keep in mind with rates that there are a number of factors that feed into the actual rate/terms available. I, for example, can do two loans on the same day and have two very different rates because of all the data points that change what rates are available not to mention rates change daily (even potentially multiple times a day). We have had some decent swings on rates over the last couple of months.Holy crap. I just closed today as well here in MD with a #Chadguy. Did you use Certified Title for the title co? If so, did Monica come by your place? I got the same rate, but on an 18 year mortgage. I had to pay 0.5% points to get that rate too. Had no zoom calls, it was all over email.
Started the process on Sept 19, so about the same timeframe.
VA IRRRL rates have plummeted down over the last couple of months and are not impacted by the FHFA surcharge that conventional refis are getting hit with now. 2.25% is certainly doable on a 30 year now. One of the biggest wholesalers in the country is running a "special" on VA loans right now- they would be where I would sent pretty much any VA deal right now because of their rates being awesome. The "no fees" thing may be different. A lot of times that is sales pitches that sounds better than it is. If you are 7 months in you have pretty much hit the 210 days mark for eligibility on an IRRRL. Might be worth a look.So, what's the deal with VA IRRRL?
I've gotten 5-10 letters a week recently advertising 2.25% on a 30 year, many with no fees.
I contacted my current mortgage company to see what they can do, but no reply yet. (7 months in on a 30 year at 2.75%, I won't go to a 15 unless it's below 2%)
Where would you recommend I look? I can call the same person you had hooked me up with before (Alabama) but I asked her a month ago and it didn't sound promising.VA IRRRL rates have plummeted down over the last couple of months and are not impacted by the FHFA surcharge that conventional refis are getting hit with now. 2.25% is certainly doable on a 30 year now. One of the biggest wholesalers in the country is running a "special" on VA loans right now- they would be where I would sent pretty much any VA deal right now because of their rates being awesome. The "no fees" thing may be different. A lot of times that is sales pitches that sounds better than it is. If you are 7 months in you have pretty much hit the 210 days mark for eligibility on an IRRRL. Might be worth a look.
Stay away from the letters, though I send some out myself, it is a crap shoot on that and sleezeballs LOVE targeting vets (it is sickening). Touch base with her again... rates have gone down on VA significantly in the last month or so. Though, you may not be able to tap into that "special" I mentioned as they have a time limit on them if it was that same lender before.Where would you recommend I look? I can call the same person you had hooked me up with before (Alabama) but I asked her a month ago and it didn't sound promising.
Or would you reply to one of the letters? They just seem scammy.
Less for you since you’ve done it, just a suggestion for investing the delta/increasing payment. If go with the longer one you can just pay the extra that you would be paying for the shorter loan. For example, if the 30 year is 1000 and 18 is 1250 then you can get the 30 and just pay 1250 each month. Make sure that it defaults to paying down principle with the extra. No idea if they still do this but one of my first loans had a checkbox on the payment slip to pay extra to principal and if you didn’t it would count as your next payment which doesn’t have the same effect.I could have done like other suggested and refi'd to a 30 year and invested the delta, but I don't have faith that I would be diligent in doing so over the next 18 years. I'd rather lock it in. In fact I went the other way and cut 5 years off the mortgage length and upped my monthly payment by ~7%.
This is similar to why I went from a 30 to 15 when I refi’d. It also means my home should be paid for when I turn 60, instead of 68. And now I feel much better about frivolous monthly spending since I know we are already being aggressive on our only outstanding loan.Generally, I agree with you. The challenge is that my wife handles the bill payment portion of the finances and I handle the investments / research / allocations. If the bill says $X, she'll pay only $X and no more. She won't agree to add in extra every month as she would prefer to spend that money elsewhere. By locking in the higher monthly payment, I prevent that discussion from even happening. I'll trade off flexibility for a better working financial relationship with my wife.
I had a decent rate from my last refi so I wasn't looking around at all, but our bank guy kept badgering me. I finally said yes to 2.89% for a 10 year with $300 total in closing costs.
Looking in here I should have shopped around some.
Thanks bud. We locked in at a great time and luckily with the lender we did to give us the extensions until the subordination was done.Yet another giant thumbs up to @Chadstroma as we closed on our cashout refi last week, not without it's fair share of excitement. 30 year @ 2.625%
Guys (and gals), I really do urge you to at the very least contact Chad to let him see if he can help you out - process was relatively simple, primarily e-mail and online other than one late phone call due to a fun (since it worked out) issue with paperwork from the title company.
3% is smoking good for a jumbo on a secondMy recent purchase at 3% looking downright foolish based on some of the rates in here. Well done all.
We can touch base here with a PM. Shoot me a message and tell me about your situation as much as you think it relevant and we can go from there.Chad, I am in Virginia. Have some general questions for you to see if my situation makes sense to refi. Let me know best way to contact you. Thanks!
Yes. I keep saying it and I know it is hard to look at someone getting X% and you have Y% and if Y is higher feel like you lost out but the reality is that there are so many variables on what rates are available. Try not to look at it like that or it could make you go mad.3% is smoking good for a jumbo on a second
We'll have to cut him some slack. As an attorney, he can buy a cup of coffee and it can be to hot and to cold at the same time.Yes. I keep saying it and I know it is hard to look at someone getting X% and you have Y% and if Y is higher feel like you lost out but the reality is that there are so many variables on what rates are available. Try not to look at it like that or it could make you go mad.
Many people (including people I have helped) have much better rates than I do on my recent mortgage refi. The big question is "Are you better off than you were before" as long as you didn't get raped by going for a ride on a Rocket Mortgage (Quicken's new rebranding to try to shake the horrible reputation Quicken has) or other slimball lender then you did good.
Overall, 3% for a jumbo is a dang good rate.
Thanks! I get a notice that you cannot receive messages when I try to send a PM.We can touch base here with a PM. Shoot me a message and tell me about your situation as much as you think it relevant and we can go from there.
Sorry, inbox was full... just cleared it out a bit..... open now.Thanks! I get a notice that you cannot receive messages when I try to send a PM.
I don't know what the pay for it is. What they are buying is the servicing rights. So, they take your payment etc and then Fannie/Freddie pays them for taking care of the loan. Also, gives them more customers to do future loans for or in the case of a bank like Wells, cross sale other products to. Assuming rates don't go significantly lower it will pay off.culdeus said:I'm just waiting to close on my 2.75. The people that are doing this have it in their docs they plan on flipping this note before the ink is dry.
What is someone like Wells Fargo going to pay to take on this note? Just curious.
Do you have even a ballpark figure? I'm just curious. I'd believe virtually anything from a bag of chips to a rack or two.I don't know what the pay for it is. What they are buying is the servicing rights. So, they take your payment etc and then Fannie/Freddie pays them for taking care of the loan. Also, gives them more customers to do future loans for or in the case of a bank like Wells, cross sale other products to. Assuming rates don't go significantly lower it will pay off.
Not a clueDo you have even a ballpark figure? I'm just curious. I'd believe virtually anything from a bag of chips to a rack or two.
Doubtful@Chadstroma
I am applying for a refinance. My current mortgage is through wells fargo, however I have paid a year in advance on that mortgage. My next payment due is November of 2021. I paid both interest and principal in advance.
If I refinance does wells fargo give me that money back?
I couldn't say for certain but I would expect Wells to apply the balance to principle and thus your payoff amount due to be lower that dollar amount. However, if they have it in a suspense account then it is possible they would treat it like an escrow balance and send a check for the balance a few weeks after payoff of the new loan. The only way to know for sure would be to call them and ask.@Chadstroma
I am applying for a refinance. My current mortgage is through wells fargo, however I have paid a year in advance on that mortgage. My next payment due is November of 2021. I paid both interest and principal in advance.
If I refinance does wells fargo give me that money back?
@Chadstroma
I am applying for a refinance. My current mortgage is through wells fargo, however I have paid a year in advance on that mortgage. My next payment due is November of 2021. I paid both interest and principal in advance.
If I refinance does wells fargo give me that money back?
2.75% on a refi is a pretty good rate for a conventional right now (making a whole lot of assumptions- which any rate you get off a webpage is doing as well) depending on the situation, beatable or about right or too low. But yes, rates in the 2's are still available for most Americans. If you or anyone you know has a rate 3% or higher- you need to talk to someone.If Wells Fargo's website says they are offering 2.75% on a 30-year refi, I have to imagine you can get into the low 2s going through a broker. Crazy.
Man it’s funny looking back at posts in this thread from 2008 just to see the kinds of rates we were talking about then. Mama Mia.We're refi'ing at 5.75% on a 30-year fixed 1st, maxed out at the just-under jumbo amount in CA of $417k, and we have a second at 7.6% that's also a 30-year fixed but that we'll obviously pay off through a subsequent refi, once the jumbo loans pencil out sometime in the future. This was by far the best deal we could find, and the lender is paying for appraisal and the title search (about $500 value). This about as good as it gets in CA right now.
I remember buying my first condo and getting 6.375% and being super happy about the great rate with my 800 credit score.Man it’s funny looking back at posts in this thread from 2008 just to see the kinds of rates we were talking about then. Mama Mia.
This is sort of a funny user name comment combination.No expert on US rates, but I would bet that declines are not likely soon.
No, you are good.Will taking a 401k 1-time withdrawal hurt on a refi? The covid relief withdrawal that is.
I had to slap a decent chunk of change on a few things last summer that raise my credit usage to a point that put me in a lower credit score range than I would like. Not on weed and hookers. Had to have a plumber dig up the yard to fix a root problem, tree person to fix cause of root and HVAC complete replacement.
I'm fine just paying these off as rapidly as possible. Killing 'em off at a decent clip.
Thinking about it though I could just take the 401k withdrawal and kill off those expenses and get back to "normal". I think we only have until Jan 31 of this year to tap it. If I live to 80 it will amaze the entire world that knows me. I could then by the weed and hookers, too.
I need to refi, but the rates are going to be low next year. All of the repairs will be paid in full by say July or sooner. Knock on wood some other #### doesn't happen.
Will the influx of cash and the payoff of other things cause the underwriters to ####? Just spitballing here.
Thanks man! I thought bank statements were always needed. Crazy ### mortgage world...No, you are good.
If you did it a month or two before refi and your bank statements were needed the would question the transactions on your accounts. You would just need a letter and document the the 401k withdrawal.
Not always on a refi.Thanks man! I thought bank statements were always needed. Crazy ### mortgage world...
I'll hit you up for sure when I pull the trigger.