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MechEng

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On 10/26/2020 at 8:26 AM, Hov34 said:

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.

 

Drama Queen much? :lmao:

 

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On 10/26/2020 at 9:34 AM, tommyGunZ said:

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 know you are in SD. If you want, I can take a look for you at where you could be. 

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On 10/26/2020 at 11:02 AM, 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?

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. 

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On 10/26/2020 at 11:06 AM, 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.

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. 

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17 hours ago, Ministry of Pain said:

Who has Chad got in Florida?

Sort of me...

I am personally licensed in CA and IL currently. However, our brokerage is also licensed in FL, VA, IN, WI and WA. For the states that I am not licensed in, I hand those loans to a Loan Officer in our office that is licensed there and act as their Loan Officer Assistant (aka, I am the main point of contact and do all the work- lol). 

Feel free to reach out. Happy to take a look for you. 

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22 hours ago, 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.

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.

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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%.

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1 hour ago, Chadstroma said:

Purchase rates are awesome right now.

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%)

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2 hours ago, The Z Machine said:

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.

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. 

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1 hour ago, FUBAR said:

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%)

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. 

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BTW- we closed on our own refi last night. 

I ended up doing a 2.98% rate on a 30 year. This may shock a few people. As you might assume, yes, I can cut myself a pretty good deal (essentially work on the loan for free) but there were two factors to the rate. 1) This was a cash out refi. 2) I took a little higher rate than I could get to take some lender credits to offset costs that I don't have control over. 

We had a 1st mortgage at 3.25% from the purchase in 2012. NEVER did I think we would EVER refinance that loan. When we bought the house, I told my wife, pay the minimum amount due to the penny and forget about it. The cash out part is that we had a fixed equity loan a few years ago at 4.25%. By rolling that into the first and dropping the rate on the first as well, it is saving me about $500 a month in cash flow and in doing it how I structured it, I am getting that extra cash flow for free. 

I also structured it like to hedge my bet. If rates drop (possible) more then I can refi again after I make my 6th payment and then do a rate/term refi. If they don't or don't enough to make sense for me to refi again (possible) then I put ourselves in a better position than we were before for very little cost. 

The loan went relatively smoothly. However, even my loan had a last minute issue that left me scrambling the day we were suppose to close and ultimately couldn't resolve and had to move forward in a way I did not really want to. But the loan officer was amazing! Can't recommend him enough! :lmao:

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2 hours ago, Chadstroma said:

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. 

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.

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21 minutes ago, FUBAR said:

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.

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. 

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16 hours ago, The Z Machine said:

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%.

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.

Once you got comfortable with opening a brokerage account and getting ETFs or low cost funds then you put the $250 a month in there. If you have a bad month then you’ve also got the flexibility to only pay $1000. If the loan rates are close enough the there should only be a small difference in total payments when you get to year 30. Well worth the financial flexible and good chance to earn more investing in 30 years to make a huge difference in savings in 30 years. 

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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.

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17 minutes ago, The Z Machine said:

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.

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.  

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On 10/26/2020 at 6:55 PM, shuke said:

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.

:ptts:

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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.

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On 10/31/2020 at 5:51 PM, acarey50 said:

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.

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. 

I am suspicious the title company was trying to kill me that week.... but made it through. 

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5 hours ago, houston said:

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! 

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. 

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4 hours ago, BassNBrew said:

3% is smoking good for a jumbo on a second 

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. 

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Just now, Chadstroma said:

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. 

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.

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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.

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3 hours ago, 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.

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.

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17 minutes ago, Chadstroma said:

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.

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.

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1 hour ago, MTskibum said:

@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?

Doubtful

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1 hour ago, MTskibum said:

@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. 

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21 hours ago, MTskibum said:

@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?

 

If you want that money back you'd be looking at a cash out refinance.  Your traditional refinance will just take your current payoff into account.  

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18 hours ago, FBG26 said:

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.

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. 

For Wells Fargo specifically, they are a joke, I haven't heard anything in a while but the last I heard Wells was taking refi locks at mandatory 120 days. There are memes that go around saying things like "If Wells Fargo says they are going to refinance your loan, they will.... you don't need to ask them about it every 6 months". I take special pleasure in mocking them for the countless scandals they have had in screwing consumers over. They honestly should have been forced to break the bank up and sell it in parts IMO. Fun fact... my first ever checking account was at Wells. I picked it because their debit cards looked better than others I saw (They had that stagecoach on it). I then fell into banking and that is when I realized I didn't need to pay them $12 a month for the privilege of having a bank account. Went in to close my account (I never went into the branches) and I should have gone in the branches every single day.... there were about 10 tellers on the line, all women and every single one of them was a 7 or higher. Ahhhh, the good ole' days before the 2000's came. 

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On 1/17/2008 at 2:47 PM, redman said:

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.

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. 

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18 hours ago, Otis said:

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. 

I remember buying my first condo and getting 6.375% and being super happy about the great rate with my 800 credit score. 

Yesterday, I talked to a potential client who had 590 credit score and told her we were looking at 4.75% on a condo purchase and she acted like I was crazy. 

Everything is subjective.

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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 her being in banking for the last 15 years kind of the same thing. 

First, let me be very clear on a few things. 1) This has NOTHING to do with any FBG. 2) NO ONE here should ever shy away from reaching out to me for advice or help. MANY of you have and I have given my knowledge or hooked you up with someone to do a loan and some even helped you with your loans personally. I don't care if I can not personally help you. I will help. The only thing I ever ask is that if I can do your loan that you give me the OPPORTUNITY to win that business. That is all. If I can't do the loan, I have no expectations from you at all and will help. Now... to vent....

As some may see with this thread, I enjoy giving advice. I enjoy helping people. I do. It really is one of the biggest reasons why I continue to do what I do because I can help people in a way that many other mortgage lending professionals can't or won't help. One of the areas that I have deeper and fuller knowledge of than most Loan Officers is credit. I often help people get their credit up. I even have an email template I put together to assist with that. As I mentioned above, I help people all the time. If they are in a state I can not do a loan in and/or have no interest in a mortgage, I will still send them this email if they give me their email address. For people that I can help and their goal is a mortgage, I am willing to invest more time into them to help them get to where they need to be in order to buy a house. I do not charge for this and I don't expect that they MUST do their loan with me. I just look at it like, I have helped you- I think I have earned the chance to win your business. 

I had a guy reach out to me back in March I think it was. Over a few phone calls, I spent 2 hours talking to him helping work through everything he needed to do. One of the things I suggested was going with a credit repair company that would assist in disputing some collections on his credit. He did. This company is very good and they do give me updates if you sign up using my link for them. They reached out to me and let me know this guy was ready. I reached out. Nothing. Reached out again. Text and call. Nothing. The credit repair company reaches out to me and follows up asking if I get a hold of him and was moving forward. I told them I had reached out but had not got in contact with them. They reach out to the guy and he tells them that a friend of his recommended another loan officer so he felt like he needed to go with him. :mellow: 

I sent him a text "Hello ______ MyCreditGuy informed me that you were going to go with another lender. I would ask one thing that you reach out to me so that I can compete to win your business. I feel that the time that I spent helping you get to the point you were able to move forward would earn me the chance to compete. If your current lender beats me then you have the peace of mind knowing you have a great deal and if I beat them you end up with a better deal. I look forward to talking soon" .................... nothing back. Totally ghosted me. 

I would wonder if I did something to earn being ghosted but seriously, our last contact was him giving me 5 minutes of praise on how helpful and awesome I was before getting off of the phone. So, I don't think that is it. 

If you ever deal with anyone that is in a commission type of job. If you ever take up any of their time then you really ought to let them compete for your business. Now, if they lose out then that is all fair in love and war, right? When I compete it is rare I lose out but it has happened. I have no issues with that. But the few times that I have helped someone and then they ghost me to not even let me compete.... that pisses me off to no end. It doesn't happen often (the last time it did, I know what lender they went with and that they got RAPED on the loan costing themselves thousands and thousands in fees and higher interest... so it kind of makes me feel better lol). 

Ok. I feel better. LOL 

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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.

 

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18 minutes ago, Texas Football said:

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.

 

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. 

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15 minutes ago, Chadstroma said:

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. 

Thanks man! I thought bank statements were always needed. Crazy ### mortgage world...

I'll hit you up for sure when I pull the trigger. 

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