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A buddy of mine who is a mortgage broker in Cali just posted on his Facebook that he locked one of his clients into a 3.25% 30 year with no points. :jawdrop:

Damn.On how much $$$?
Don't know but I know it is a purchase and my buddy is in an area in So Cal where median home values are around $400K.
:thumbup: Gonna have to pm you about getting this guy's info here in a few months.
You're going to buy?
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I’m officially a homeowner. Just closed.  2.75%, 15 years.  🥳

Just made my last mortgage payment yesterday!!!  I am free and clear!

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

You guys hear anything from Wells Fargo about rate renegotiation's? I got a call from a Wells Fargo guy today. We have out mortgage with them. They are telling me i am eligible for a rate renegotiation. No cost to it. I am contemplating calling him back.

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You guys hear anything from Wells Fargo about rate renegotiation's? I got a call from a Wells Fargo guy today. We have out mortgage with them. They are telling me i am eligible for a rate renegotiation. No cost to it. I am contemplating calling him back.

This is what I want to do. I'm current on pmts with US Bank but nervous about an appraisal. Not eligible for HARP or HAMP. Why are they offering you this? Are you current? Have you contacted WF about MHA Programs?
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You guys hear anything from Wells Fargo about rate renegotiation's? I got a call from a Wells Fargo guy today. We have out mortgage with them. They are telling me i am eligible for a rate renegotiation. No cost to it. I am contemplating calling him back.

This is what I want to do. I'm current on pmts with US Bank but nervous about an appraisal. Not eligible for HARP or HAMP. Why are they offering you this? Are you current? Have you contacted WF about MHA Programs?
Johnny - I am current. We have paid all payments on time and some against the principal. Our credit is excellent. We refinanced with them about 2 years ago I would guess. Not sure why they are offering. This is the second call i have gotten from them though.
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  • 2 weeks later...

Amerisave is slow.......... Their underwriters are apparently really back logged, so they've eaten 1 lock extension already with that extension expiring tomorrow. I started this process on 6/5 and still no word on when we're closing. How many times can they extend the lock before it becomes a loss for them? Can they kill the deal if this continues?

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Just locked in VA rate reduction program through local Credit Union. 2.875%, 15 years, nothing due at closing (rolled back into loan.) Payment does not change and I save about 40K in total interest over the remaining life of loan (had 21 years left on current VA mortgage at 6%.)

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Amerisave is slow.......... Their underwriters are apparently really back logged, so they've eaten 1 lock extension already with that extension expiring tomorrow. I started this process on 6/5 and still no word on when we're closing. How many times can they extend the lock before it becomes a loss for them? Can they kill the deal if this continues?

I would think as long as rates do not inch up you'll be ok. Not sure of Amerisave's lock extention policy, but I know with most of lenders I use there is either a cost hit or extending would be at a worst case scenario (rate wise). But since rates have been stable and even lower since June I don't think I'd worry to much. As far as killing the deal I would think not but they could come back and say the rate is now higher and that's if rates inch up. Unless there has been some issue on your end I see no reason why it should take 2 months to do a mortgage loan, 45 days should be the max. Try telling the loan officer your considering other financing options unless you can get a firm closing date, see if that lights a fire. HTHOn a side note if everyone shops their refi's/purchases it is not unheard of to find 30yr as low as 3.25%-3.375% and 15yr @2.75....no points.
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Chase (who has our note) called about the harp program. Can someone give me the cliffs notes? Our payment goes up $700 a month in about 6 years so I will want to refi before then. But my wife (house in her name) is not working any more and her credit is a little worse than when we (she) bought the house. Can she do a harp loan with (1) lower credit score than before and (2) no employment.? Or is it just a new program that the bank can put her in because we have always paid the loan on time?

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Chase (who has our note) called about the harp program. Can someone give me the cliffs notes? Our payment goes up $700 a month in about 6 years so I will want to refi before then. But my wife (house in her name) is not working any more and her credit is a little worse than when we (she) bought the house. Can she do a harp loan with (1) lower credit score than before and (2) no employment.? Or is it just a new program that the bank can put her in because we have always paid the loan on time?

HARP is just a program to help people refi their homes that are near or actually underwater where they otherwise may not be able to because of their LTV (loan to value). She will not be able to do the loan with just her and not showing employment. You will have to be on the new HARP loan. Credit score could be a problem depending on how much lower it is. I don't know the threshold on the underwriting but I am pretty sure that they do have some min qualification in credit.
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Doing a 2.875 15yr as well. Total costs end up being about $300.

Jesus.We just closed on a 15 year at 3.25%. We paid like 5k in closing costs or something stupid like that.:wall:
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Amerisave is slow.......... Their underwriters are apparently really back logged, so they've eaten 1 lock extension already with that extension expiring tomorrow. I started this process on 6/5 and still no word on when we're closing. How many times can they extend the lock before it becomes a loss for them? Can they kill the deal if this continues?

I would think as long as rates do not inch up you'll be ok. Not sure of Amerisave's lock extention policy, but I know with most of lenders I use there is either a cost hit or extending would be at a worst case scenario (rate wise). But since rates have been stable and even lower since June I don't think I'd worry to much. As far as killing the deal I would think not but they could come back and say the rate is now higher and that's if rates inch up. Unless there has been some issue on your end I see no reason why it should take 2 months to do a mortgage loan, 45 days should be the max. Try telling the loan officer your considering other financing options unless you can get a firm closing date, see if that lights a fire. HTHOn a side note if everyone shops their refi's/purchases it is not unheard of to find 30yr as low as 3.25%-3.375% and 15yr @2.75....no points.
We've had zero issues on our end. They said right up front that they'd pay for the first extension and not to worry about it. They said their underwriters are really backlogged. I'm just tired of the waiting and want to get this over with.What if rates are lower? Will they drop it? :rolleyes:
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Doing a 2.875 15yr as well. Total costs end up being about $300.

Jesus.We just closed on a 15 year at 3.25%. We paid like 5k in closing costs or something stupid like that.:wall:
Quit your job, dude!
In his defense, 5k is something like a 1/10th of a pt for him.
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Doing a 2.875 15yr as well. Total costs end up being about $300.

Jesus.We just closed on a 15 year at 3.25%. We paid like 5k in closing costs or something stupid like that.:wall:
Quit your job, dude!
In his defense, 5k is something like a 1/10th of a pt for him.
The local bank I'm refinancing with has a flat fee of $199 + recording fees for this rate. I've said many times in this thread there is no reason to pay closing costs in this rate environment.
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We've had zero issues on our end. They said right up front that they'd pay for the first extension and not to worry about it. They said their underwriters are really backlogged. I'm just tired of the waiting and want to get this over with.What if rates are lower? Will they drop it? :rolleyes:

Probably not but I can tell you if rates go up yours will too. Get them to get this closed soon or move onto another company, as I said there should be no reason for this to be dragging on this long. Good Luck.
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We've had zero issues on our end. They said right up front that they'd pay for the first extension and not to worry about it. They said their underwriters are really backlogged. I'm just tired of the waiting and want to get this over with.What if rates are lower? Will they drop it? :rolleyes:

Probably not but I can tell you if rates go up yours will too. Get them to get this closed soon or move onto another company, as I said there should be no reason for this to be dragging on this long. Good Luck.
I emailed them yesterday morning and was told the underwriter was reviewing the field report and they'd be in contact with me ASAP. 24hrs later and no dice. I'm inches away from pulling the plug.Can I reuse the appraisal (and field review) that we just had done with a new lender to save the $?
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Doing a 2.875 15yr as well. Total costs end up being about $300.

Jesus.

We just closed on a 15 year at 3.25%. We paid like 5k in closing costs or something stupid like that.

:wall:

Quit your job, dude!
In his defense, 5k is something like a 1/10th of a pt for him.
The local bank I'm refinancing with has a flat fee of $199 + recording fees for this rate. I've said many times in this thread there is no reason to pay closing costs, in Ohio, in this rate environment.
Fixed.
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I bought 2 years ago for $260,000 and put only 5% down and got 4.5% but also have to pay about $200/month in PMI. Any reason for me to see if I can re-fi so soon? I'd love to get out from under the PMI but don't think i've got 80% equity even with a little bit of appreciation on the house. If I understand correctly it would have to appraise at $300,000. I think I may be a little short of that figure.

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Doing a 2.875 15yr as well. Total costs end up being about $300.

Jesus.

We just closed on a 15 year at 3.25%. We paid like 5k in closing costs or something stupid like that.

:wall:

Quit your job, dude!
In his defense, 5k is something like a 1/10th of a pt for him.
The local bank I'm refinancing with has a flat fee of $199 + recording fees for this rate. I've said many times in this thread there is no reason to pay closing costs, in Ohio, in this rate environment.
Fixed.
I'm just going to go ahead and chalk this up as "you just dont get it".
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Doing a 2.875 15yr as well. Total costs end up being about $300.

Jesus.

We just closed on a 15 year at 3.25%. We paid like 5k in closing costs or something stupid like that.

:wall:

Quit your job, dude!
In his defense, 5k is something like a 1/10th of a pt for him.
The local bank I'm refinancing with has a flat fee of $199 + recording fees for this rate. I've said many times in this thread there is no reason to pay closing costs, in Ohio, in this rate environment.
Fixed.
I'm just going to go ahead and chalk this up as "you just dont get it".
Prove me wrong. Go find a mortgage of under 3.0 in Fl with no closing costs. You couldn't earlier in ther thread, you can't now.
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Doing a 2.875 15yr as well. Total costs end up being about $300.

Jesus.

We just closed on a 15 year at 3.25%. We paid like 5k in closing costs or something stupid like that.

:wall:

Quit your job, dude!
In his defense, 5k is something like a 1/10th of a pt for him.
The local bank I'm refinancing with has a flat fee of $199 + recording fees for this rate. I've said many times in this thread there is no reason to pay closing costs, in Ohio, in this rate environment.
Fixed.
I'm just going to go ahead and chalk this up as "you just dont get it".
Prove me wrong. Go find a mortgage of under 3.0 in Fl with no closing costs. You couldn't earlier in ther thread, you can't now.
:wall:

It doesn't matter if its 2.5 3.0 3.5 or 4.0. The last time you, Otis, me, or anyone refi'd it was higher than what it is today (assuming you haven't refi'd in the past few months. Try to follow this:

5 years ago X was a good rate with no closing costs. X-.5 was a great rate but cost $2K.

4 years ago X-.5 was a good rate with no closing costs. X-1 was a great rate but cost $2K.

3 years ago X-1 was a good rate with no closing costs. X-1.5 was a great rate but cost $2K.

2 years ago X-1.5 was a good rate with no closing costs. X-2 was a great rate but cost $2K.

1 years ago X-2 was a good rate with no closing costs. X-2.5 was a great rate but cost $2K.

Today X-2.5 is a good rate with no closing costs. X-3 is a great rate but cost $2K.

X might be 5.5 for me and 6.5 for you. It doesn't matter.

Do you really think buying down your rate has been a good move? Anywhere?

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Found a 2 unit in the Biscayne Park section of Miami(115th-120th alongside Miami Shores). 2 units with a 2/1 upstairs, 2/1 downstairs but the downstairs has access to the extra 250-300 sq ft off from the carport which the current owner has set up as a personal office and I think I might do the same.

The house upstairs and down is about 2,000+ sq ft, 1/4 acre and the yard is really nice, lot of natural shrubs as the 60+ year old owner grew up in this house...he also has not done much to change anything in it for about 20-30 years...kitchen needs a complete makeover, some flooring needs done, and we are putting in central air(currently window units)...Florida and no central AC is just unacceptable.

The top rents for $1250 but I imagine once we put in the central air that I can charge a little more for rent, maybe as much as $1500, rents are going higher right now not lower in Miami.

Owner was asking $275k, I did some comp searches and not a lot came up, realtor told me to offer $225k which I thought might be too low but they took it and they also understand if the appraisal does not come in high enough that we are only going to spend what it appraises for.

I am figuring $225k plus $25-$30k for fixing up the kitchen, central air, and some flooring in a couple rooms. Monthly with taxes and insurance will be around $2k give or take, if I can rent for close to $1500 it will leave us paying even less than what we rent for now. My goal would be to establish residency there and then after 12-18 months go look for another property and rent out the bottom for at least what the top rents for if not a little more.

Just starting the process, gotta go find some contractors to bid on the work but I hope this works out

Posted this in the 203k thread as well

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A few more things I am afraid a lot of potential homeowners overlook. For a lot of people 3.5% down even on $100k is going to be a lot so there are a few things you can do.

1. Take a little higher rate. The higher rate will have a rebate which the loan officer can apply to the closing costs. If the par rate is 3.5%, then 3.75% might have .5/1 point coming back, maybe over a full point to a point and a half at 4.0%, see if you can apply some of that to offset the closing costs.

2. Seller contributions. It's a buyer's market so make the seller pay for some of those closing costs.

3. In case #2 goes over like a lead balloon...Give the money to the seller to give back to you to help cover the closing costs. Loan is $200k, $5k in closing costs, up the loan amount to $205k and have the seller agree to give you the 5k back to put on closing costs.

Pretty sure you can still do all this stuff and it can be very helpful if you have a partner who tends to shut down or get timid when the numbers start rolling out..."How we gonna come up with $10k?" There are ways around some of this stuff. Rates are just too good to not be doing everything in your power to buy a home right now. Get a duplex with some rental income if you think you can't handle the entire note.

In some parts of the country, $100k can still buy you a decent home. At 3.5%...we talking $500 for a mtg payment?

Edited by Ministry of Pain
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How do you guys get no closing costs? I'm looking at 3.375 now but around 6-7k in closing.

:goodposting: We're at 3.49 with no points on a 30-year, but figuring the closing costs will be aboue the same. Also, looks like we're doing our loan through Weichert Financial but now we're being told by some friends that it's better to go through a bank. Don't want to rush into anything but we're also in the middle of the process, out of attorney review, etc. What are the upsides/downsides to using Weichert instead of say Wells Fargo?Seems like numbers are numbers to me, but I'm dumb with this stuff.
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A few more things I am afraid a lot of potential homeowners overlook. For a lot of people 3.5% down even on $100k is going to be a lot so there are a few things you can do.

1. Take a little higher rate. The higher rate will have a rebate which the loan officer can apply to the closing costs. If the par rate is 3.5%, then 3.75% might have .5/1 point coming back, maybe over a full point to a point and a half at 4.0%, see if you can apply some of that to offset the closing costs.

2. Seller contributions. It's a buyer's market so make the seller pay for some of those closing costs.

3. In case #2 goes over like a lead balloon...Give the money to the seller to give back to you to help cover the closing costs. Loan is $200k, $5k in closing costs, up the loan amount to $205k and have the seller agree to give you the 5k back to put on closing costs.

Pretty sure you can still do all this stuff and it can be very helpful if you have a partner who tends to shut down or get timid when the numbers start rolling out..."How we gonna come up with $10k?" There are ways around some of this stuff. Rates are just too good to not be doing everything in your power to buy a home right now. Get a duplex with some rental income if you think you can't handle the entire note.

In some parts of the country, $100k can still buy you a decent home. At 3.5%...we talking $500 for a mtg payment?

When we bought our house a couple months ago, it was a short sale and we got $5000 in closing costs (which covered the whole bit) on a $218.5k short sale. :thumbup:

Ask for it...hell, we got a bank to cover our closing costs! Worst they can do is say no!

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How do you guys get no closing costs? I'm looking at 3.375 now but around 6-7k in closing.

Either the posters are adding costs to the loan amount or the rate is higher then the current market to cover the closing costs. Seems kind of steep on your costs if it does not include escrow items like taxes,insurance and not a high level loan amount. Years ago no closing cost refis were popular for I could pay the borrowers costs by inching the rate up, things are a little different now with the new GFE rules. If your looking for a true no closing cost refi just inquire to your bank or mortgage broker what the rate would be to have portion or all closing costs covered. HTH
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Doing a refi at 3.625 (had refi'd 3 years ago to 4.875) on a 30 year, no points, or any closing cost. Im at 93% LTV on a Fannie Loan, and not appraisal is likely needed.

Edited by Fennis
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Other annoying thing about my refi with Wells: they totally effed me.

Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.

I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

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Doing a refi at 3.625 (had refi'd 3 years ago to 4.875) on a 30 year, no points, or any closing cost. Im at 93% LTV on a Fannie Loan, and not appraisal is likely needed.

I'm friends with the mortgage broker on this loan, based on the rate, he gets paid about 2 points from the lender based on the rate. He will cover the closing costs ($2400) and make slightly over a point for himself.
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How do you guys get no closing costs? I'm looking at 3.375 now but around 6-7k in closing.

It depends...First, there is no such thing as 'no closing costs' the question is how is it being paid. If someone says that they have no closing costs it could mean that they are not paying out of pocket for any (being paid for by the loan), it could be that there are certain items not being charged but some are (sometimes things like title are quoted as not being closing costs), it could be that the rate is covering the costs (current rates being 3.5% but the loan you are getting is 3.7% and the spread is covering the costs), it could be that a broker is covering the costs (similar to the spread covering it through the rate), etc. During the real estate boom, the idea of 'no closing costs' was thrown around pretty frequently and loosely (usually by brokers) as a hook to get re-fi business. I saw loans where people thought that they had 'no closing costs' but really it was just rolled into the loan but not only that but they got additional fun 'extra' fees added on and had no clue that they had just paid a broker an extra $2K or so in their 'no closing cost' loans.
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I bought 2 years ago for $260,000 and put only 5% down and got 4.5% but also have to pay about $200/month in PMI. Any reason for me to see if I can re-fi so soon? I'd love to get out from under the PMI but don't think i've got 80% equity even with a little bit of appreciation on the house. If I understand correctly it would have to appraise at $300,000. I think I may be a little short of that figure.

Did you buy in Miami? I don't know of many places that have appreciated much at all let alone to a 7% or so yearly clip. Or did happen to buy at massively below market value? Or invest a whole bunch of money into the property over the two years?Anyways... If you are at 4.5% rate, there are some products out there where you can pay a higher rate and get the PMI off- at current rates, you would still be reducing your current rate. It would be worth you discussing it further with someone. If you don't have any luck, PM me and I might be able to help.
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How do you guys get no closing costs? I'm looking at 3.375 now but around 6-7k in closing.

Thank you. I don't understand this.
1 Go herehttp://www.amerisave.com/2 Put in your info and hit submit.3 Select the rate that has a credit high enough to cover your closing costs. You can check your closing costs by clicking view in the closing costs column.There are many other websites that do the same thing. Shop around, they vary greatly. Another one to check is provident.com, but they charge an extra $1100 administrative fee, so factor this in when looking at the credit. Edited by Random
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How do you guys get no closing costs? I'm looking at 3.375 now but around 6-7k in closing.

Thank you. I don't understand this.
1 Go herehttp://www.amerisave.com/2 Put in your info and hit submit.3 Select the rate that has a credit high enough to cover your closing costs. You can check your closing costs by clicking view in the closing costs column.There are many other websites that do the same thing. Shop around, they vary greatly. Another one to check is provident.com, but they charge an extra $1100 administrative fee, so factor this in when looking at the credit.
So aggravating

Currently we do not offer our services in the state of New York

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Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

How was that even possible if you were reviewing the GFEs?
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Just got a quote of 3.875% for 30 year fixed with $2,400 in closing costs, in Ohio, yesterday. 15 year was 3.25%. Need to live in the house for about a year and a half to recoup closing costs (actually longer considering the monthly interest payment is tax deductible). Holding off for the time being as we just refinanced a couple years ago at 4.375%.

Edited by kip stabone
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Other annoying thing about my refi with Wells: they totally effed me.Mortgage broker got me a first mortgage and a HELOC through them. Should have had enough extra in the HELOC to cover closing costs. All good. HELOC group at Wells kept coming back and being a thorn in our side, nearly broke the deal a few times. Finally clear to close.I show up that day to close, it turns out they approved me for less, so I had to come up with 8 grand out of my pocket. Super annoying. But after the months of effort, I figured I had to go through with it.

I feel ya, Wells did their best to make my mortgage fall through. Eventually I was able to call enough people to get it done but I still had to come out a couple of days later because they wanted to change they HUD or reject it.
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Just got a quote of 3.875% for 30 year fixed with $2,400 in closing costs, in Ohio, yesterday. 15 year was 3.25%. Need to live in the house for about a year and a half to recoup closing costs (actually longer considering the monthly interest payment is tax deductible). Holding off for the time being as we just refinanced a couple years ago at 4.375%.

Call these guys. They're doing my 2.875 15yr for about $300.http://www.usavingsbank.com/default.aspx
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I have a rate of 3.0/15y locked with the credit union we have our current mortgage. MIL works at the CU. Just had the appraiser stop by the house yesterday and thats the tricky part. Been in the house since 2008 and have been paying extra. If the appraisal comes back at what the county tax value said from the letter I got last week I'll be happy.

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