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MechEng

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31 minutes ago, Chadstroma said:

I would want to know some more info to make a good decision.... Here are things I would think through... 

Where is that money going to be? ---I'll probably start in FDIC account or possibly precious metals. In this climate, somewhere very very safe/conservative, like inflation protected treasuries or maybe % precious metals

Will I expect a higher return of 3.125% on it plus $1500 on it?    -In the future. Now we are battening the hatches and fattening reserves for the expected pandemic

Or is it going to sit in a bank account making next to nothing? possibly for for the FDIC insurance

Is this money that is extra padding to your personal reserves or is this your reserves (meaning, do you have 3-6 month emergency fund with or without this money)? Padding. Cash may be king near term

What is the likelihood of me needing to tap into the cash? If low, then maybe setting up a HELOC to act as that backdrop if needed makes sense. Pretty slim.no interest HELOC. 

Also, no pricing difference on 80% vs 90% LTV on the rate? yes, no diff in rate.  but I do have to pay .391 point at closing

Answers above to q's.

Basically I want as much readily available, safe funds as possible for the near term. I have Roth, 401K, all that. 

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18 minutes ago, cosjobs said:

Answers above to q's.

Basically I want as much readily available, safe funds as possible for the near term. I have Roth, 401K, all that. 

You seem pretty hard leaning towards the reserving cash side right now in your answers. The last question is always the sleep well at night factor... if having the cash helps you sleep well at night and spending keeps you up- then save the cash and sleep well at night regardless of what any numbers say. 

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24 minutes ago, matuski said:

What are normal closing costs? 2.5% of loan seems high?

Closing costs or points? The answer is.... it depends. Largely on area and amount of your loan. 

First, you need to make sure you are looking at things correctly. 

Closing costs: Actual costs of doing the loan, can include points, lender fees, transaction taxes, misc fees like credit report, title work, etc

Prepaids: daily interest, escrow funding for taxes and insurance. On an LE (Loan Estimate) the prepaids can get lumped in but these are not 'costs' being that they are things you would pay anyways. 

Origination Points: As noted above, is part of closing costs but a lot of times lenders will advertise great rates and then add in points. 

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Now I am battling with Experian.

3/2017 - Synchronicity Bank reported a delinquent payment in error.

I resolved the matter and

8/2017 Synchronicity sent letters top all three bureaus, asking for removal of the delinquent report

Today - In my mortgage brokers credit report, Experian still shows the delinquency. This will cost me about $1500

 

Called them and was told to file a dispute and they would respond by 30 days. No expedited process. *******s

 

 

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20 hours ago, cosjobs said:

Now I am battling with Experian.

3/2017 - Synchronicity Bank reported a delinquent payment in error.

I resolved the matter and

8/2017 Synchronicity sent letters top all three bureaus, asking for removal of the delinquent report

Today - In my mortgage brokers credit report, Experian still shows the delinquency. This will cost me about $1500

 

Called them and was told to file a dispute and they would respond by 30 days. No expedited process. *******s

 

 

You can talk to a FCRA practicing lawyer. If they are violating any laws then you can sue and get compensation. If you want to reach out to me and I will see if my guy can practice in TX or knows someone to review. The way my guy works is he will try to resolve and if resolved great. If not, then it strengthens the case and then he sues and usually gets a settlement. 

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19 hours ago, cap'n grunge said:

Been on hold for a refi for a while now. Rates gonna drop even more? 

Potentially... 

The big driving force right now is the fear of the virus. This could get bad and really break down society let alone the economy. Small things are already seen such as logistical chain breakdowns from China and certain items are out of stock and being profiteered (surgical masks for example). If it appears it has broken containment in the US people will stop going out (spending money) going to work (making money) you won't be able to get your 2 day Amazon thing, stores will not be able to stock and sell food, etc. There is the potential for massive issues..... and then there is the possibility that this is all fear driven and everything will be fine like it was with SARS, swing flu, etc scares in the past. This one seems more real to me though. 

The second part is Sanders becoming the clear frontrunner in the DNC. If Biden wins SC, I would expect to see bonds ease and mortgage rates to move up (assuming no big bad news elsewhere). If Sanders wins, that will drive rates down further as that will cement him as the clear and strong favorite to win the nomination. 

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Here's where I'll probably go again. Mortgage in 2010 with them and refi in 2013. Probably do a substantial cash out refi to pay off alot of CC debt. Yeah I'm a dummy and built myself a big one. Also thinking of a 15 or 20 to save a bunch of interest.

http://www.hartwest.com/mortgage-rates.asp

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18 minutes ago, cap'n grunge said:

Here's where I'll probably go again. Mortgage in 2010 with them and refi in 2013. Probably do a substantial cash out refi to pay off alot of CC debt. Yeah I'm a dummy and built myself a big one. Also thinking of a 15 or 20 to save a bunch of interest.

http://www.hartwest.com/mortgage-rates.asp

I can't tell if they are a small mortgage bank or broker. They are a member of NAMB which makes me want to throw up in my mouth but they could still be a broker that is clueless.

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49 minutes ago, Chadstroma said:

I can't tell if they are a small mortgage bank or broker. They are a member of NAMB which makes me want to throw up in my mouth but they could still be a broker that is clueless.

They are a broker. Not sure what your post means. Had good experiences with them and recommended to others who have used them. They sell immediately to Provident Funding.

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32 minutes ago, cap'n grunge said:

They are a broker. Not sure what your post means. Had good experiences with them and recommended to others who have used them. They sell immediately to Provident Funding.

Geesh.... Provident Funding and a member of NAMB.... it is industry stuff but that makes me want to throw up even more. It doesn't directly impact you as a consumer though. 

A small point to make here. If they 'sell' the loan to Provident then they are not brokering but doing correspondent lending (acting as the bank with a line of credit and then selling the loan to the lender) vs. brokering where the Loan Originator never 'owns' the loan but just acts on behalf of the lender to do the loan. Why does that matter? Because of how rules are set up- brokers are capped on what they can get on compensation from the lender. Correspondent lending does not have the same rules. When I get recruited by non-depository banks and they know I am a broker that is their pitch "you can make more money off of these loans". So, I get nervous with that. That being said it goes the other way too where being a correspondent gives you flexibility to go lower too. 

It looks like they are in Arizona. I know a guy there that I would bet money could do the loan for cheaper than they would if you want to compare... as long as he isn't too busy to take on new clients. Let me know. 

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1 hour ago, Chadstroma said:

Geesh.... Provident Funding and a member of NAMB.... it is industry stuff but that makes me want to throw up even more. It doesn't directly impact you as a consumer though. 

A small point to make here. If they 'sell' the loan to Provident then they are not brokering but doing correspondent lending (acting as the bank with a line of credit and then selling the loan to the lender) vs. brokering where the Loan Originator never 'owns' the loan but just acts on behalf of the lender to do the loan. Why does that matter? Because of how rules are set up- brokers are capped on what they can get on compensation from the lender. Correspondent lending does not have the same rules. When I get recruited by non-depository banks and they know I am a broker that is their pitch "you can make more money off of these loans". So, I get nervous with that. That being said it goes the other way too where being a correspondent gives you flexibility to go lower too. 

It looks like they are in Arizona. I know a guy there that I would bet money could do the loan for cheaper than they would if you want to compare... as long as he isn't too busy to take on new clients. Let me know. 

Sell might not be the right word. It is a bit confusing. There is two sets of paperwork, one with Hartwest and the other Provident.

If you want to PM the info I'll take a look at it. Appreciate the input.

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1 hour ago, Chadstroma said:

Geesh.... Provident Funding and a member of NAMB.... it is industry stuff but that makes me want to throw up even more. It doesn't directly impact you as a consumer though. 

A small point to make here. If they 'sell' the loan to Provident then they are not brokering but doing correspondent lending (acting as the bank with a line of credit and then selling the loan to the lender) vs. brokering where the Loan Originator never 'owns' the loan but just acts on behalf of the lender to do the loan. Why does that matter? Because of how rules are set up- brokers are capped on what they can get on compensation from the lender. Correspondent lending does not have the same rules. When I get recruited by non-depository banks and they know I am a broker that is their pitch "you can make more money off of these loans". So, I get nervous with that. That being said it goes the other way too where being a correspondent gives you flexibility to go lower too. 

It looks like they are in Arizona. I know a guy there that I would bet money could do the loan for cheaper than they would if you want to compare... as long as he isn't too busy to take on new clients. Let me know. 

Can you expound on the provident funding piece a bit.  That’s who the broker I’m doing the refi with is using.  Should I be worried?

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20 minutes ago, cap'n grunge said:

Sell might not be the right word. It is a bit confusing. There is two sets of paperwork, one with Hartwest and the other Provident.

If you want to PM the info I'll take a look at it. Appreciate the input.

Ok, yea, then brokering. Don't worry... it is confusing as hell and words that mean can mean something are used when in ways that they don't mean anything. LOL 

I don't have any info to PM. I would connect you to someone in AZ (assuming that was where you were) and let them talk to you. I get nothing for it (by law) but happy to do so as I have done for others. 

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21 minutes ago, Ted Lange as your Bartender said:

Can you expound on the provident funding piece a bit.  That’s who the broker I’m doing the refi with is using.  Should I be worried?

I would never broker to them (the why being mostly industry related stuff) and the 'crowd' of brokers I interact with would mostly follow suit.... so I don't pay attention to how their servicing levels are and don't hear much about from others. For you, as long as the broker can close the loan within the lock period then you should be good. Since I don't keep tabs on them, I can't tell you how likely you are or not to close on time. Hopefully the broker can anticipate their close times and advise accordingly. 

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I’m a long time site lurker, but these rates are too good and I think i need to pull the trigger.  Chad - Any chance you’ve got a reference for someone in PA? 

I have a 5/5 ARM through PenFed that adjusted up last spring to 4.625, and it looks like I could cut an easy percent or more off of the loan and possibly pull some cash out too.  Thinking I need to jump on this first thing next week...

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Looking at a 30yr fixed cash out to 70/30 at 3.375. Pulling about 85k out going from 4.5. Payment barely higher. 
 

Insight Loans - United Wholesale Mortgage

Wells wanted 4.5%. I think they’ve done too many cash outs lately. 

Edited by mr roboto
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38 minutes ago, mr roboto said:

Looking at a 30yr fixed cash out to 70/30 at 3.375. Pulling about 85k out going from 4.5. Payment barely higher. 
 

Insight Loans - United Wholesale Mortgage

Wells wanted 4.5%. I think they’ve done too many cash outs lately. 

UWM rocks. My favorite lender. 

I heard that Wells refis are mandatory locks for like 90 days now. If it takes longer than 3 weeks to close at UWM it is usually either the appraisal took forever or the borrower took forever. 

Insight looks to be a retail lender and not a broker. I would be curious to see their Loan Estimate to make sure you are getting a good deal. Rate looks good but that isn't the whole shabang when doing a loan. Feel free to shoot it over to me bud if you want me to review for you. 

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51 minutes ago, Lacey said:

I’m a long time site lurker, but these rates are too good and I think i need to pull the trigger.  Chad - Any chance you’ve got a reference for someone in PA? 

I have a 5/5 ARM through PenFed that adjusted up last spring to 4.625, and it looks like I could cut an easy percent or more off of the loan and possibly pull some cash out too.  Thinking I need to jump on this first thing next week...

Yup, got you taken care of. 

You will drop that rate like a rock and get it in fixed. You should be apply this weekend and get the ball rolling. 

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1 hour ago, Ted Lange as your Bartender said:

Can you expound on the provident funding piece a bit.  That’s who the broker I’m doing the refi with is using.  Should I be worried?

I've been with them since 2010. No issues. And they haven't sold my loans like i hear some do which I imagine is a PITA. When I first had them in 2010 i was told that they are sticklers compared to some for paperwork. Actually come to think of it there was a small snag in my original but that had more to do with the short sale nature and their being a second loan who demand $2k more to make it go. Dumb but in the end the buyer and seller agents ate it. Also at the time I believe they were one of the largest in the nation. Im not in the industry though like Chad so that's just my anecdotal piece.

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1 hour ago, Chadstroma said:

Ok, yea, then brokering. Don't worry... it is confusing as hell and words that mean can mean something are used when in ways that they don't mean anything. LOL 

I don't have any info to PM. I would connect you to someone in AZ (assuming that was where you were) and let them talk to you. I get nothing for it (by law) but happy to do so as I have done for others. 

Thanks. I'll probably connect with mine in the next couple weeks and let you know.

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4 minutes ago, cap'n grunge said:

I've been with them since 2010. No issues. And they haven't sold my loans like i hear some do which I imagine is a PITA. When I first had them in 2010 i was told that they are sticklers compared to some for paperwork. Actually come to think of it there was a small snag in my original but that had more to do with the short sale nature and their being a second loan who demand $2k more to make it go. Dumb but in the end the buyer and seller agents ate it. Also at the time I believe they were one of the largest in the nation. Im not in the industry though like Chad so that's just my anecdotal piece.

Short sale's SUCK.... I have one right now but THANKFULLY it looks like it is moving ahead. 

As a consumer, I really can't say stay away from them. My distaste for them is more about issues with them and brokers. 

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10 minutes ago, Chadstroma said:

Short sale's SUCK.... I have one right now but THANKFULLY it looks like it is moving ahead. 

As a consumer, I really can't say stay away from them. My distaste for them is more about issues with them and brokers. 

I forget the exact numbers but with mine their was a first and a second. Something like $300k plus and $100k. I offered $260k which was comparable to the same model same neighborhood recent sales history. The first's policy (it might have been Wells Fargo, don't recall) was to give the second $3k of the offer. The second demanded $5k. Like I said, in the end the agents ate it.

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10 hours ago, Chadstroma said:

UWM rocks. My favorite lender. 

I heard that Wells refis are mandatory locks for like 90 days now. If it takes longer than 3 weeks to close at UWM it is usually either the appraisal took forever or the borrower took forever. 

Insight looks to be a retail lender and not a broker. I would be curious to see their Loan Estimate to make sure you are getting a good deal. Rate looks good but that isn't the whole shabang when doing a loan. Feel free to shoot it over to me bud if you want me to review for you. 

Thx for the feedback. What should I look for on the loan estimate?

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11 hours ago, cap'n grunge said:

I've been with them since 2010. No issues. And they haven't sold my loans like i hear some do which I imagine is a PITA. When I first had them in 2010 i was told that they are sticklers compared to some for paperwork. Actually come to think of it there was a small snag in my original but that had more to do with the short sale nature and their being a second loan who demand $2k more to make it go. Dumb but in the end the buyer and seller agents ate it. Also at the time I believe they were one of the largest in the nation. Im not in the industry though like Chad so that's just my anecdotal piece.

Don’t worry about your loan being sold. It’s just where you send you payment or if you do it online it’s even easier. They just tell you as if X payment. I’ve had that happen in the past and it was no sweat. I wouldn’t even let that worry make me decide where to get my loan and increase my overall cost. I’d just look at rate and closing costs.

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12 hours ago, cap'n grunge said:

I've been with them since 2010. No issues. And they haven't sold my loans like i hear some do which I imagine is a PITA. When I first had them in 2010 i was told that they are sticklers compared to some for paperwork. Actually come to think of it there was a small snag in my original but that had more to do with the short sale nature and their being a second loan who demand $2k more to make it go. Dumb but in the end the buyer and seller agents ate it. Also at the time I believe they were one of the largest in the nation. Im not in the industry though like Chad so that's just my anecdotal piece.

I have a HELOC with a really small balance, and they were pressuring me to not only pay it off (which I did, a little earlier than I wanted to), but to also close the account, or else I’d get hit with additional closing costs.  
 

I objected- I’m not interested in closing the HELOC and I don’t see the big deal if it’s a zero balance anyway.  The broker, to his credit, essentially is going to reimburse me for the appraisal to net out the additional heloc subordination fees. 
 

Other than that, they’ve seemed ok to deal with.

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7 hours ago, Ted Lange as your Bartender said:

I have a HELOC with a really small balance, and they were pressuring me to not only pay it off (which I did, a little earlier than I wanted to), but to also close the account, or else I’d get hit with additional closing costs.  
 

I objected- I’m not interested in closing the HELOC and I don’t see the big deal if it’s a zero balance anyway.  The broker, to his credit, essentially is going to reimburse me for the appraisal to net out the additional heloc subordination fees. 
 

Other than that, they’ve seemed ok to deal with.

Subordination fee is charged by the lender that has the HELOC. Most HELOC's you can do with no closing costs and close with no fee. So, bringing that up as an option makes sense. 

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Talked to a guy at the Xfinity store "what's your rate?"

"5 something"

I almost choked. "Dude, when you get off work you need to call me and refi that!" 

It is a small loan so it won't matter much to me if he calls or not but damn, it will matter to him, hope he calls. 

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42 minutes ago, Punxsutawney Phil said:

POTUS pressuring fed.  Another a Coronavirus drop is inevitable.

PNC's site had 2.6 on a 15 year fixed refi. Can it really get much lower than that?

That is pretty much rhetorical, but I still would find it hard to believe.

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1 hour ago, ThaPenguin said:

PNC's site had 2.6 on a 15 year fixed refi. Can it really get much lower than that?

That is pretty much rhetorical, but I still would find it hard to believe.

Wow. I thought 2.9 was as low as we could imagine anymore. Unreal 

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9 minutes ago, flapgreen said:

 

1 hour ago, ThaPenguin said:

PNC's site had 2.6 on a 15 year fixed refi. Can it really get much lower than that?

That is pretty much rhetorical, but I still would find it hard to believe.

Wow. I thought 2.9 was as low as we could imagine anymore. Unreal 

 

Right? Just hitting 15 years on 30 year fixed so I am all ears. 

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I'm looking at a 3.25% rate on a 30yr. My current is @ 3.875%. A refi would lower my monthly payments (of course) but if I keep paying the same amount each month as my current mortgage, I pay it off in the same time and I save money overall in total payments. Finger poised on the "do it!" email to my broker.

That said...thinking the 30 might go down to 3% in a couple of days so might hold for a couple.

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I feel like i was just dealt a supreme bad beat by locking in only 2 or 3 weeks ago amid an unprecedented plunge in yields

@Chadstroma or anyone else, whats my recourse here?  I just have to suck it up and take it?  I'm seeing quotes almost 1/2 % lower than my lock.

Edited by Ted Lange as your Bartender
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54 minutes ago, Ted Lange as your Bartender said:

I feel like i was just dealt a supreme bad beat by locking in only 2 or 3 weeks ago amid an unprecedented plunge in yields

@Chadstroma or anyone else, whats my recourse here?  I just have to suck it up and take it?  I'm seeing quotes almost 1/2 % lower than my lock.

Each lender will have a rate renegotiation policy. The parameters will defer among them but essentially you pay X points to get market rates. 

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1 minute ago, culdeus said:

Expecting someone to come in and say they just closed on a 0% 50 year note with no points and no closing cost any day now.

I think they cut it another half point before the end of year.  Trump is already tweet lobbying for more.  It's been like clockwork.   

Edited by Punxsutawney Phil
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