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Mortgage Rates (4 Viewers)

I finally officially closed on my 4.5% 30 yr jumbo-conforming loan. Couldn't be happier cutting around 1/6th off my monthly payment.

My loan is thru Wells and I did get bit by a small .105% fee to extend my locked rate since Wells took a few extra days to process my loan. Either way I'm :dancing pickle: but it confirms the trend of Wells not pushing these loans thru quickly enough to make the 30 day window.

 
Quick newb question-

If I get a FHA loan, is the rate going to be the same regardless of the lender? Is there any way I could get screwed over with this type of loan - extra fees, closing costs, etc?

 
newteech said:
Quick newb question-If I get a FHA loan, is the rate going to be the same regardless of the lender? Is there any way I could get screwed over with this type of loan - extra fees, closing costs, etc?
Click to expand...
I just closed on my first home 3 weeks ago and got an FHA loan. Different lenders will have different rates on FHA loans and they can change several times a day. As for the fees and the closing costs, in my experience that had more to do with the mortgage broker and title company than it did the lender itself...so yes, be aware that either of them could try and stick you with extra fees.
 
djcolts said:
towney said:
jobarules said:
djcolts said:
I'm frustrated with my refinance attempt at this point. It has moved at a snails pace - and here's a reason why:On Friday, May 8th, I got a phone call from the mortgage guy (who basically avoided me for the most part up to this point). He said it was on track, and he needed a couple of more things from me. One was a mortgage payment history from the last 12 months - the other was a written explanation of 2 credit inquiries I had this year. I told him I was out of town, but I'll get those two things in on Tuesday, May 12th.So, on Tuesday, May 12th, I gave the receptionist the printed mortgage history, and I wrote a detailed explanation of the 2 credit inquiries. One week later, I followed up with the receptionist to make sure that the mortgage guy got both the history and the credit inquiry explanation. She said he got both those things.Fast forward to yesterday (my 60 day rate lock expires on Tuesday). The underwriter emailed me and the mortgage guy, and asked for the explanation of the 2 credit inquiries. I was furious - what they heck are they doing? I'm doing everything they ask in a very timely manner - and they screw around and either lose things or miscommunicate with each other. While the mortgage guy says don't worry about the rate lock expiration date - I can't really trust how this is going.
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Same exact experience here. I got everything in in a timely fashion. My mortgage guy keeps blaming Wells Fargo for taking so long approving my loan. My 60 day rate lock expired and my mortgage guy said he extended it 5 days but still I havent heard anything. Not really sure who to blame here as I did nothing wrong.
Click to expand...
Sounds suspect. But Wells Fargo has been notorious for taking a longer then normal time to underwrite and close loans, 60 days I'm not sure on that. My Wells AE has told us that underwriting alone is taking at least 10 business day to underwrite a file. It could also be that your mortgage person dragged their heals in getting the file to Wells which happens a lot. If the mortgage person is telling you not to worry on the rate lock expiration then have him give you a written lock confirmation showing the new expiration date with your original rate. You could also email the Wells underwriter back and ask when the file was received if you think the mortgage person delayed in getting the application file to Wells. Hope that your rate is still protected for once it expires w/ Wells you will be looking at current market rates which are hovering around 5.5% 30yr fixed 5.125% 15yr fixed.I have submitted a number of files to Wells over the last 4 months and have locked my clients for 60 days and have never had an issue with closing them on time, but then again I don't not wait to long to submit them to Wells. Oh, and it seems as if you are doing all the right things, but someone else is dropping the ball.
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My relationship with the "mortgage guy" is shaky as it is. He's been "better" at returning phone calls, but early on it was awful. I think the underwriter is not going to be receptive to me because after the email I left a very, very stern voicemail - basically letting out my frustration at this entire process. She didn't call me back (shocking - not). I'm just accepting that the lock won't hold, there won't be a refinance, and I'm out the $400 deposit.
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My closing is at 2 today. I'm still tempering my expectations down so I'm not as stunned if this fails today.
 
I'm making offers on houses right now. Seems like rates are going down a bit after a few weeks of going up. Anyone have a prediction about the next month or so?

 
Closed on my house yesterday. 5% FHA loan. I'm happy to be done with the process buying short sells take a long time.

 
djcolts said:
jobarules said:
:goodposting: My Wells Fargo loan was finally approved Mon! Closing supposed to be on Sat!
Click to expand...
Funny how that works. I'll post tonight about the closing.
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I got a copy of the HUD statement via email. I'm really pleased - they are rolling everything in the loan - including the spring property tax payment that is due next month (which means that their slowness actually made the loan better for me).
 
djcolts said:
djcolts said:
jobarules said:
:lmao: My Wells Fargo loan was finally approved Mon! Closing supposed to be on Sat!
Click to expand...
Funny how that works. I'll post tonight about the closing.
Click to expand...
I got a copy of the HUD statement via email. I'm really pleased - they are rolling everything in the loan - including the spring property tax payment that is due next month (which means that their slowness actually made the loan better for me).
Click to expand...
Whoops. Spoke too soon. Got a "revised" HUD - and the loan is over 2k less, and I have to put in an extra 2 months of escrow up-front, too. I went from a loan where i got nearly $800 cash back to a loan where i have to pay nearly $1700 at closing.
 
randall146 said:
I'm making offers on houses right now. Seems like rates are going down a bit after a few weeks of going up. Anyone have a prediction about the next month or so?
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Rates will be going up. Bank on it. MBS market is already getting crushed today.
 
Been meaning to reply to this thread and forgot about it. I just closed on our home refinance on June 5 through our credit union.

Old: 30-year fixed @ 6.875

New: 15-year fixed @ 4.50

Our payment is going down only slightly, but we're cutting 8 years off our mortgage. Plus no more mortgage insurance!!!

:goodposting:

 
I've been trying to buy a HUD home with a VA loan. The whole process was going along smoothly until the VA appraisal. This is a mountain cabin that had a basement build out that was not completed and perhaps not permitted. The appraisal came back with language such as "possible illegal concrete foundation, illegal plumbing," etc. As the VA has certain guidelines for construction quality and this house does not meet those guidelines, they won't touch it. Now I can try to finance it with an FHA-203k that allows the renovations to be included in the loan but I'm not certain how much that will cost. My lender told me to walk, the appraiser said the same thing but my gut is telling me different. The asking price was 121k, I offered 110K, we settled on 115K and it appraised 140K. 2 years ago it sold for 260K 2years ago (after the build out). The appraiser is acting in the VA's best interest but he lives in this small mountain community that has seen home values drop 30-40% in the last year. I'm pissed at HUD for some of the crap they pulled with this whole deal such as a fraudulent appraisal and making me get the utilities in my name in order to get the appraisal done. Anyway, that ends my rant. Thanks for listening.

 
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djcolts said:
djcolts said:
djcolts said:
jobarules said:
:lmao: My Wells Fargo loan was finally approved Mon! Closing supposed to be on Sat!
Click to expand...
Funny how that works. I'll post tonight about the closing.
Click to expand...
I got a copy of the HUD statement via email. I'm really pleased - they are rolling everything in the loan - including the spring property tax payment that is due next month (which means that their slowness actually made the loan better for me).
Click to expand...
Whoops. Spoke too soon. Got a "revised" HUD - and the loan is over 2k less, and I have to put in an extra 2 months of escrow up-front, too. I went from a loan where i got nearly $800 cash back to a loan where i have to pay nearly $1700 at closing.
Click to expand...
It finally is done. The closing only took 30 minutes - and they answered all my questions in a satisfactory manner.Final total - 4.875% 30 year fixed, 1 point, saved $135 a month on P and I with no PMI for my HARP Fannie Mae refinance.
 
jason12vb said:
newteech said:
Quick newb question-If I get a FHA loan, is the rate going to be the same regardless of the lender? Is there any way I could get screwed over with this type of loan - extra fees, closing costs, etc?
Click to expand...
I just closed on my first home 3 weeks ago and got an FHA loan. Different lenders will have different rates on FHA loans and they can change several times a day. As for the fees and the closing costs, in my experience that had more to do with the mortgage broker and title company than it did the lender itself...so yes, be aware that either of them could try and stick you with extra fees.
Click to expand...
We got an FHA loan in April and we basically told them we wanted to see everything for the FHA and a regular loan just to be sure we weren't getting extra fees thrown in. One thing we did notice was the rate being slightly higher. We built so we could lock anytime within 30 days of closing so everyday we would get the rates and FHA was always a little higher...until the day we locked. We called to get the rates and it was at 4.75 for FHA (I think 4.65 for the others) and we talked about locking for a couple hours and decided to go for it and called her back to tell her we wanted to lock and she said that the FHA had just dropped to 4.5 along wtih the other so they were exactly the same. 4.5% fixed for 30 years. We will have PMI but hopefully it won't take long for the values of the houses to start going back up and we got it for a great price. Houses are going up like crazy in this area.
 
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FBGirl79 said:
jason12vb said:
newteech said:
Quick newb question-If I get a FHA loan, is the rate going to be the same regardless of the lender? Is there any way I could get screwed over with this type of loan - extra fees, closing costs, etc?
Click to expand...
I just closed on my first home 3 weeks ago and got an FHA loan. Different lenders will have different rates on FHA loans and they can change several times a day. As for the fees and the closing costs, in my experience that had more to do with the mortgage broker and title company than it did the lender itself...so yes, be aware that either of them could try and stick you with extra fees.
Click to expand...
We got an FHA loan in April and we basically told them we wanted to see everything for the FHA and a regular loan just to be sure we weren't getting extra fees thrown in. One thing we did notice was the rate being slightly higher. We built so we could lock anytime within 30 days of closing so everyday we would get the rates and FHA was always a little higher...until the day we locked. We called to get the rates and it was at 4.75 for FHA (I think 4.65 for the others) and we talked about locking for a couple hours and decided to go for it and called her back to tell her we wanted to lock and she said that the FHA had just dropped to 4.5 along wtih the other so they were exactly the same. 4.5% fixed for 30 years. We will have PMI but hopefully it won't take long for the values of the houses to start going back up and we got it for a great price. Houses are going up like crazy in this area.
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:thumbup: Awesome job.
 
FBGirl79 said:
jason12vb said:
newteech said:
Quick newb question-If I get a FHA loan, is the rate going to be the same regardless of the lender? Is there any way I could get screwed over with this type of loan - extra fees, closing costs, etc?
Click to expand...
I just closed on my first home 3 weeks ago and got an FHA loan. Different lenders will have different rates on FHA loans and they can change several times a day. As for the fees and the closing costs, in my experience that had more to do with the mortgage broker and title company than it did the lender itself...so yes, be aware that either of them could try and stick you with extra fees.
Click to expand...
We got an FHA loan in April and we basically told them we wanted to see everything for the FHA and a regular loan just to be sure we weren't getting extra fees thrown in. One thing we did notice was the rate being slightly higher. We built so we could lock anytime within 30 days of closing so everyday we would get the rates and FHA was always a little higher...until the day we locked. We called to get the rates and it was at 4.75 for FHA (I think 4.65 for the others) and we talked about locking for a couple hours and decided to go for it and called her back to tell her we wanted to lock and she said that the FHA had just dropped to 4.5 along wtih the other so they were exactly the same. 4.5% fixed for 30 years. We will have PMI but hopefully it won't take long for the values of the houses to start going back up and we got it for a great price. Houses are going up like crazy in this area.
Click to expand...
Confirm this with your broker, but my broker said you have to keep PMI for a minimum of 5 years, even if you reach 78% LTV sooner than 5 years.
 
Dragons said:
FBGirl79 said:
jason12vb said:
newteech said:
Quick newb question-If I get a FHA loan, is the rate going to be the same regardless of the lender? Is there any way I could get screwed over with this type of loan - extra fees, closing costs, etc?
Click to expand...
I just closed on my first home 3 weeks ago and got an FHA loan. Different lenders will have different rates on FHA loans and they can change several times a day. As for the fees and the closing costs, in my experience that had more to do with the mortgage broker and title company than it did the lender itself...so yes, be aware that either of them could try and stick you with extra fees.
Click to expand...
We got an FHA loan in April and we basically told them we wanted to see everything for the FHA and a regular loan just to be sure we weren't getting extra fees thrown in. One thing we did notice was the rate being slightly higher. We built so we could lock anytime within 30 days of closing so everyday we would get the rates and FHA was always a little higher...until the day we locked. We called to get the rates and it was at 4.75 for FHA (I think 4.65 for the others) and we talked about locking for a couple hours and decided to go for it and called her back to tell her we wanted to lock and she said that the FHA had just dropped to 4.5 along wtih the other so they were exactly the same. 4.5% fixed for 30 years. We will have PMI but hopefully it won't take long for the values of the houses to start going back up and we got it for a great price. Houses are going up like crazy in this area.
Click to expand...
Confirm this with your broker, but my broker said you have to keep PMI for a minimum of 5 years, even if you reach 78% LTV sooner than 5 years.
Click to expand...
I'll have to double check because I thought they told us 3 years but I guess 2 more years isn't a huge deal. We definitely bought at the best possible time for us and got a rate I doubt we could have gotten had we waited.
 
djcolts said:
djcolts said:
djcolts said:
djcolts said:
jobarules said:
:wall: My Wells Fargo loan was finally approved Mon! Closing supposed to be on Sat!
Click to expand...
Funny how that works. I'll post tonight about the closing.
Click to expand...
I got a copy of the HUD statement via email. I'm really pleased - they are rolling everything in the loan - including the spring property tax payment that is due next month (which means that their slowness actually made the loan better for me).
Click to expand...
Whoops. Spoke too soon. Got a "revised" HUD - and the loan is over 2k less, and I have to put in an extra 2 months of escrow up-front, too. I went from a loan where i got nearly $800 cash back to a loan where i have to pay nearly $1700 at closing.
Click to expand...
It finally is done. The closing only took 30 minutes - and they answered all my questions in a satisfactory manner.Final total - 4.875% 30 year fixed, 1 point, saved $135 a month on P and I with no PMI for my HARP Fannie Mae refinance.
Click to expand...
And, predictably - my old mortgage company pays my spring property taxes - and Wells Fargo made me pay ahead for my spring property taxes as well - so my taxes will be double-paid. GRRRRRRRRRRRRRRRRR. I hate mortgage companies.
 
djcolts said:
djcolts said:
It finally is done. The closing only took 30 minutes - and they answered all my questions in a satisfactory manner.Final total - 4.875% 30 year fixed, 1 point, saved $135 a month on P and I with no PMI for my HARP Fannie Mae refinance.
Click to expand...
And, predictably - my old mortgage company pays my spring property taxes - and Wells Fargo made me pay ahead for my spring property taxes as well - so my taxes will be double-paid. GRRRRRRRRRRRRRRRRR. I hate mortgage companies.
Click to expand...
I don't think they'll be paid double, you'll just have a bunch of money sitting in your escrow account at the new place that doesn't get used.Finally closing on mine Friday. It's taken 3 months now since the date that I locked, which has been pretty annoying, but we're finally there. 4.75, 30 year fixed, no points here I come!
 
Dragons said:
FBGirl79 said:
jason12vb said:
newteech said:
Quick newb question-If I get a FHA loan, is the rate going to be the same regardless of the lender? Is there any way I could get screwed over with this type of loan - extra fees, closing costs, etc?
Click to expand...
I just closed on my first home 3 weeks ago and got an FHA loan. Different lenders will have different rates on FHA loans and they can change several times a day. As for the fees and the closing costs, in my experience that had more to do with the mortgage broker and title company than it did the lender itself...so yes, be aware that either of them could try and stick you with extra fees.
Click to expand...
We got an FHA loan in April and we basically told them we wanted to see everything for the FHA and a regular loan just to be sure we weren't getting extra fees thrown in. One thing we did notice was the rate being slightly higher. We built so we could lock anytime within 30 days of closing so everyday we would get the rates and FHA was always a little higher...until the day we locked. We called to get the rates and it was at 4.75 for FHA (I think 4.65 for the others) and we talked about locking for a couple hours and decided to go for it and called her back to tell her we wanted to lock and she said that the FHA had just dropped to 4.5 along wtih the other so they were exactly the same. 4.5% fixed for 30 years. We will have PMI but hopefully it won't take long for the values of the houses to start going back up and we got it for a great price. Houses are going up like crazy in this area.
Click to expand...
Confirm this with your broker, but my broker said you have to keep PMI for a minimum of 5 years, even if you reach 78% LTV sooner than 5 years.
Click to expand...
They're going to have to refi to take advantage of any gained equity anyways. I don't think you can get an appraisal and say "see, my house is worth 20K more now, get rid of my PMI!". You're going to have to get to 78% of the appraised value at the time you bought it, or refi into something else.PMI isn't the end of the world anyways while they're letting you write it off of your taxes. It only adds about .5% to your effective rate, turning a 4.5% loan into more of a 5% loan. You'll probably be hard pressed to find something better than 5% while you're paying that MI anyways and you just have to wait until you've paid it down to 78% and it's a 4.5% loan after that.
 
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DrJ said:
Dragons said:
FBGirl79 said:
jason12vb said:
newteech said:
Quick newb question-If I get a FHA loan, is the rate going to be the same regardless of the lender? Is there any way I could get screwed over with this type of loan - extra fees, closing costs, etc?
Click to expand...
I just closed on my first home 3 weeks ago and got an FHA loan. Different lenders will have different rates on FHA loans and they can change several times a day. As for the fees and the closing costs, in my experience that had more to do with the mortgage broker and title company than it did the lender itself...so yes, be aware that either of them could try and stick you with extra fees.
Click to expand...
We got an FHA loan in April and we basically told them we wanted to see everything for the FHA and a regular loan just to be sure we weren't getting extra fees thrown in. One thing we did notice was the rate being slightly higher. We built so we could lock anytime within 30 days of closing so everyday we would get the rates and FHA was always a little higher...until the day we locked. We called to get the rates and it was at 4.75 for FHA (I think 4.65 for the others) and we talked about locking for a couple hours and decided to go for it and called her back to tell her we wanted to lock and she said that the FHA had just dropped to 4.5 along wtih the other so they were exactly the same. 4.5% fixed for 30 years. We will have PMI but hopefully it won't take long for the values of the houses to start going back up and we got it for a great price. Houses are going up like crazy in this area.
Click to expand...
Confirm this with your broker, but my broker said you have to keep PMI for a minimum of 5 years, even if you reach 78% LTV sooner than 5 years.
Click to expand...
They're going to have to refi to take advantage of any gained equity anyways. I don't think you can get an appraisal and say "see, my house is worth 20K more now, get rid of my PMI!". You're going to have to get to 78% of the appraised value at the time you bought it, or refi into something else.PMI isn't the end of the world anyways while they're letting you write it off of your taxes. It only adds about .5% to your effective rate, turning a 4.5% loan into more of a 5% loan. You'll probably be hard pressed to find something better than 5% while you're paying that MI anyways and you just have to wait until you've paid it down to 78% and it's a 4.5% loan after that.
Click to expand...
After the minimum # of years, I think you can pay for an appraisal to show the LTV is less than 78%.
 
Dragons said:
DrJ said:
Dragons said:
Confirm this with your broker, but my broker said you have to keep PMI for a minimum of 5 years, even if you reach 78% LTV sooner than 5 years.
Click to expand...
They're going to have to refi to take advantage of any gained equity anyways. I don't think you can get an appraisal and say "see, my house is worth 20K more now, get rid of my PMI!". You're going to have to get to 78% of the appraised value at the time you bought it, or refi into something else.PMI isn't the end of the world anyways while they're letting you write it off of your taxes. It only adds about .5% to your effective rate, turning a 4.5% loan into more of a 5% loan. You'll probably be hard pressed to find something better than 5% while you're paying that MI anyways and you just have to wait until you've paid it down to 78% and it's a 4.5% loan after that.
Click to expand...
After the minimum # of years, I think you can pay for an appraisal to show the LTV is less than 78%.
Click to expand...
That is what they told us. We were told we wouldn't have refinance to get rid of PMI rather have an appraisal done and as long as it meets the 78% requirement they would remove it. I still don't know if it is 3 or 5 years though. Can you ever build a house and end up with equity in the first few years?
 
newteech said:
Any opinions about using Lending Tree to find a mortgage?
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Big waste of time. They work more for generating leads for banks than for getting you the best rates. I still get solicitation calls from banks that Lending Tree sold/passed my info to in 2006.
 
Bankrate is showing rates just under 5.5% in NJ for a 30 year fixed with no points. Does this sound right? I thought rates were a little lower than this.

 
Gamma1210 said:
Bankrate is showing rates just under 5.5% in NJ for a 30 year fixed with no points. Does this sound right? I thought rates were a little lower than this.
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My local banker is quoting 5.625 for a 100K-300K loan today. Hoping for a drift downward, as I'm targeting mid-August to close.eta - location is NE Indiana
 
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Gamma1210 said:
Bankrate is showing rates just under 5.5% in NJ for a 30 year fixed with no points. Does this sound right? I thought rates were a little lower than this.
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Yep that's about right - after today don't be surprised if that 5.5% comes with at least 1/2 point.
 
newteech said:
Any opinions about using Lending Tree to find a mortgage?
Click to expand...
Nope. Not competitive, and normally (from my past experience) the rates/points quoted are not honored + I've heard many stories of straight bait & switch.
 
FBGirl79 said:
Dragons said:
DrJ said:
Dragons said:
Confirm this with your broker, but my broker said you have to keep PMI for a minimum of 5 years, even if you reach 78% LTV sooner than 5 years.
Click to expand...
They're going to have to refi to take advantage of any gained equity anyways. I don't think you can get an appraisal and say "see, my house is worth 20K more now, get rid of my PMI!". You're going to have to get to 78% of the appraised value at the time you bought it, or refi into something else.PMI isn't the end of the world anyways while they're letting you write it off of your taxes. It only adds about .5% to your effective rate, turning a 4.5% loan into more of a 5% loan. You'll probably be hard pressed to find something better than 5% while you're paying that MI anyways and you just have to wait until you've paid it down to 78% and it's a 4.5% loan after that.
Click to expand...
After the minimum # of years, I think you can pay for an appraisal to show the LTV is less than 78%.
Click to expand...
That is what they told us. We were told we wouldn't have refinance to get rid of PMI rather have an appraisal done and as long as it meets the 78% requirement they would remove it. I still don't know if it is 3 or 5 years though. Can you ever build a house and end up with equity in the first few years?
Click to expand...
Yes - build a $300K house but only finance $234K
 
jonmhend said:
FBGirl79 said:
Dragons said:
DrJ said:
Dragons said:
Confirm this with your broker, but my broker said you have to keep PMI for a minimum of 5 years, even if you reach 78% LTV sooner than 5 years.
Click to expand...
They're going to have to refi to take advantage of any gained equity anyways. I don't think you can get an appraisal and say "see, my house is worth 20K more now, get rid of my PMI!". You're going to have to get to 78% of the appraised value at the time you bought it, or refi into something else.PMI isn't the end of the world anyways while they're letting you write it off of your taxes. It only adds about .5% to your effective rate, turning a 4.5% loan into more of a 5% loan. You'll probably be hard pressed to find something better than 5% while you're paying that MI anyways and you just have to wait until you've paid it down to 78% and it's a 4.5% loan after that.
Click to expand...
After the minimum # of years, I think you can pay for an appraisal to show the LTV is less than 78%.
Click to expand...
That is what they told us. We were told we wouldn't have refinance to get rid of PMI rather have an appraisal done and as long as it meets the 78% requirement they would remove it. I still don't know if it is 3 or 5 years though. Can you ever build a house and end up with equity in the first few years?
Click to expand...
Yes - build a $300K house but only finance $234K
Click to expand...
yeah I know that much. I was thinking more about the value increasing in this type of economy where we got a new build cheaper than the price of foreclosures in this neighborhood of the same size houses.
 
:lmao:

So we just tried to do a re-fi of our house. It got appraised. Our home is (according to them) worth nearly 30% less than 2 years ago.

a loss of 60k.

Now i'm freaking stuck in this crap hole with an terrible rate. I stood to save about 100K over the course of the loan if we got the new rate we were locked in too.

Any recourse on the appraisal?

I'm going to throw up.

 
tipsy mcstagger said:
:lmao:So we just tried to do a re-fi of our house. It got appraised. Our home is (according to them) worth nearly 30% less than 2 years ago.a loss of 60k.Now i'm freaking stuck in this crap hole with an terrible rate. I stood to save about 100K over the course of the loan if we got the new rate we were locked in too.Any recourse on the appraisal? I'm going to throw up.
Click to expand...
There is always the opportunity to challenge an appraisal, ask you r loan officer if it looks like a fair appraisal. But to be honest, 30% less then 2 years ago sounds ok to me. What type of loan did you take back then, who is the loan with, did they originate it? Maybe your current lender can do a streamline for you, but there are a million variables to that.
 
Cant believe this ####. My application was approved 2 weeks ago (see above) and I am STILL waiting to hear about a closing date. My broker said he has everything he needs from me but first he blamed Wells Fargo saying they take 5 days to look at everything and then a week later he said hes still waiting for the subordination from Chase. After I asked him for an update on that yesterday he said Chase sent him an email saying they were sending it yesterday. Havent heard from him since. Was hoping to do the closing last Sat and now this Sat. My wife is 39 weeks preggo and if we dont get this done ASAP its gonna blow up in his face. I started this process in March! :rant:

 
What are rates going to look like in November - anyone making predictions?

Just signed contract on a new build - Rural Loan.....have no idea what the interest rates are going to look like when we actually close.

 
jobarules said:
Cant believe this ####. My application was approved 2 weeks ago (see above) and I am STILL waiting to hear about a closing date. My broker said he has everything he needs from me but first he blamed Wells Fargo saying they take 5 days to look at everything and then a week later he said hes still waiting for the subordination from Chase. After I asked him for an update on that yesterday he said Chase sent him an email saying they were sending it yesterday. Havent heard from him since. Was hoping to do the closing last Sat and now this Sat. My wife is 39 weeks preggo and if we dont get this done ASAP its gonna blow up in his face. I started this process in March! :shrug:
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Finally got our close done today, it was started back in March. Long wait, but well worth it.
 
I am getting put out with my broker as well. Everytime I see new numbers everything is up. What bothers me is that the original numbers didn't have me paying out of pocket as much as I have had to so if anything I would think my loan payment, amount, etc would be going down. Also when the process started in early May I was given a 4.8% interest rate and today he showed me 5.5%.

I haven't done a very good job on educating myself on the whole process as I am in a bit of a jam and time is an issue for the move. I am worried like hell that I am costing myself lots of money because I'm somewhat in the dark. Then the other side of me worries that I am being a jerk to this guy when all of the things going on is just normal.

Should be closing on Tuesday...don't know what to expect. :blackdot:

 
Papa Georgio said:
I am getting put out with my broker as well. Everytime I see new numbers everything is up. What bothers me is that the original numbers didn't have me paying out of pocket as much as I have had to so if anything I would think my loan payment, amount, etc would be going down. Also when the process started in early May I was given a 4.8% interest rate and today he showed me 5.5%.I haven't done a very good job on educating myself on the whole process as I am in a bit of a jam and time is an issue for the move. I am worried like hell that I am costing myself lots of money because I'm somewhat in the dark. Then the other side of me worries that I am being a jerk to this guy when all of the things going on is just normal.Should be closing on Tuesday...don't know what to expect. :goodposting:
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5 1/2 seems a little high since rates dropped today. My buddy locked at 5 1/8 and my bank was at 5 1/4 today par 30 yr fixed. I'd challenge him to give you a reason unless you already know why.
 
Since rates jumped in June this thread lost a little momentum.

With a successful 10 yr Treasury Auction yesterday rates have come back quite a bit since their highs a few weeks ago. I locked 30 yr fixed today at 5% with .25 pt.

Just thought I'd mention it in case some FBG's were hoping to refinance but quit watching when rates jumped. I'm not in the mortgage business but I believe rates have a chance to reach mid to high 4's again. But for me the pain of having to potentially lock at 5.75% if it jumps again is worse than seeing it dip below 5% since my house is nearly done and I need to pick a rate.

 
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jobarules said:
djcolts said:
I'm frustrated with my refinance attempt at this point. It has moved at a snails pace - and here's a reason why:On Friday, May 8th, I got a phone call from the mortgage guy (who basically avoided me for the most part up to this point). He said it was on track, and he needed a couple of more things from me. One was a mortgage payment history from the last 12 months - the other was a written explanation of 2 credit inquiries I had this year. I told him I was out of town, but I'll get those two things in on Tuesday, May 12th.So, on Tuesday, May 12th, I gave the receptionist the printed mortgage history, and I wrote a detailed explanation of the 2 credit inquiries. One week later, I followed up with the receptionist to make sure that the mortgage guy got both the history and the credit inquiry explanation. She said he got both those things.Fast forward to yesterday (my 60 day rate lock expires on Tuesday). The underwriter emailed me and the mortgage guy, and asked for the explanation of the 2 credit inquiries. I was furious - what they heck are they doing? I'm doing everything they ask in a very timely manner - and they screw around and either lose things or miscommunicate with each other. While the mortgage guy says don't worry about the rate lock expiration date - I can't really trust how this is going.
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Same exact experience here. I got everything in in a timely fashion. My mortgage guy keeps blaming Wells Fargo for taking so long approving my loan. My 60 day rate lock expired and my mortgage guy said he extended it 5 days but still I havent heard anything. Not really sure who to blame here as I did nothing wrong.
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My brother had the same problem with Wells Fargo. In the end he had to go with another lender and it cost him an extra $200/month in lost interest rate.
 
Bob Loblaw said:
Just locked in to a 30-yr fixed Obama refi @ 4.875%. There are 1.75 pts, but those are worked into the loan. Dropping my monthly payment by $500.
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Finally signed loan docs this past Monday night. It's taken such a long time as I started this in March. I have friends that just locked in to 4.875% 30-yr fixed (no points) yesterday.
 
johnnyrock62000 said:
Since rates jumped in June this thread lost a little momentum.With a successful 10 yr Treasury Auction yesterday rates have come back quite a bit since their highs a few weeks ago. I locked 30 yr fixed today at 5% with .25 pt.Just thought I'd mention it in case some FBG's were hoping to refinance but quit watching when rates jumped. I'm not in the mortgage business but I believe rates have a chance to reach mid to high 4's again. But for me the pain of having to potentially lock at 5.75% if it jumps again is worse than seeing it dip below 5% since my house is nearly done and I need to pick a rate.
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15 year rates in NY are at 4.75 with no points.
 
Just got out of attorney review on a house in NJ. Lowest I can find around here right now is 5.25 w/ the bank putting 900 to closing costs or 5.125 with paying 1/8th of a point.(same bank) I know its hard to tell day to day, but I can't lock in for free until Thursday this week(45 day lock) I can lock for 60 days now but it will cost me an eighth of an intrest point. What do you guys think is the better move?

 
Gamma1210 said:
Just got out of attorney review on a house in NJ. Lowest I can find around here right now is 5.25 w/ the bank putting 900 to closing costs or 5.125 with paying 1/8th of a point.(same bank) I know its hard to tell day to day, but I can't lock in for free until Thursday this week(45 day lock) I can lock for 60 days now but it will cost me an eighth of an intrest point. What do you guys think is the better move?
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How many points do you need to pay to get below 5%? To 4.75% or something?If you plan on staying the house for a little while and you either have some cash forthe points or can roll the points into the loan, I think it's worth getting the loan below5%. Check what the break-even time would be on one of the many mortgage calculatorsonline (I use bankrate.com).I refi'd down to 4.5% and I had to pay 1.5 points to get down there but I think it's well worth itsince we're doing renovations on the house, are in a great school district and plan on staying inthis house for the foreseeable future.
 
Gamma1210 said:
Just got out of attorney review on a house in NJ. Lowest I can find around here right now is 5.25 w/ the bank putting 900 to closing costs or 5.125 with paying 1/8th of a point.(same bank) I know its hard to tell day to day, but I can't lock in for free until Thursday this week(45 day lock) I can lock for 60 days now but it will cost me an eighth of an intrest point. What do you guys think is the better move?
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I'd wait until Thursday and lock the 45 day and not pay the 1/8 of a point. But, there's no guarantees either way.
 
LMAO Word for word what my mortgage guy just emailed me

The last issue is Wells Fargo's extension fees which came out to $2,837.00 I know what you are going to say that Wells took so long and that has nothing to do with you and I agree the problem is they don't give a #### so it falls on my lap. Originally I was making $3,765 (Minus the processing fee that gets paid directly to my corp. office processing dept it gets clumped in but is really separate and I do not make anything off of that fee) If I eat all the extension costs I close the loan with a profit of $928.00 I have to pay my corp. office $500 so I then make $428.00 Whatever your decision is I am fine with I was hoping we could meet in the middle and split the extension costs $1,418.5
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jobarules said:
LMAO Word for word what my mortgage guy just emailed me

The last issue is Wells Fargo's extension fees which came out to $2,837.00 I know what you are going to say that Wells took so long and that has nothing to do with you and I agree the problem is they don't give a #### so it falls on my lap. Originally I was making $3,765 (Minus the processing fee that gets paid directly to my corp. office processing dept it gets clumped in but is really separate and I do not make anything off of that fee) If I eat all the extension costs I close the loan with a profit of $928.00 I have to pay my corp. office $500 so I then make $428.00 Whatever your decision is I am fine with I was hoping we could meet in the middle and split the extension costs $1,418.5
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Wow - sorry about this. That's ridiculous.
 
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