mr roboto
Footballguy
This is what I locked today. Crazy timesOne of Chad's contacts is getting me down to 3.125 on a 30yr (for basically no cost after lender's credits) and dropping PMI. Nice!
This is what I locked today. Crazy timesOne of Chad's contacts is getting me down to 3.125 on a 30yr (for basically no cost after lender's credits) and dropping PMI. Nice!
How much is "basically no cost"?One of Chad's contacts is getting me down to 3.125 on a 30yr (for basically no cost after lender's credits) and dropping PMI. Nice!
I was in rate lock at 3.50 and my broker was able to negotiate down to 3.25 by threatening them that I'd be walking if they didn't. Signed today! From 4.375 to 3.25 in less than one year! Incredible!I signed papers monday.
Now, had I decided to NOT sign and ask for the better rate "or else, would I have gotten it? Or would your guy have told me to pound sand Chad?
Approx. $500.How much is "basically no cost"?One of Chad's contacts is getting me down to 3.125 on a 30yr (for basically no cost after lender's credits) and dropping PMI. Nice!
Seems....low.Approx. $500.
My closing costs are almost 19k. Dont move to NY lolSeems....low.
Is this every possible fee that goes into the refi? Appraisal, title, lender, everything?
Cause if so then I feel like a horses bum for getting 3% on a 15 year cash out refi with all inclusive fees over 3 grand
My closing costs are about $9k, but with lender's credits, I'll owe about $500. I think ghostguy123 didn't see the "basically no cost (with lender's credits)". But yea, NY taxes on the loan are nuts.My closing costs are almost 19k. Dont move to NY lolSeems....low.
Is this every possible fee that goes into the refi? Appraisal, title, lender, everything?
Cause if so then I feel like a horses bum for getting 3% on a 15 year cash out refi with all inclusive fees over 3 grand
When I think of "closing costs", I think "how much money does it cost me to make this transaction".My closing costs are about $9k, but with lender's credits, I'll owe about $500. I think ghostguy123 didn't see the "basically no cost (with lender's credits)". But yea, NY taxes on the loan are nuts.
It's such a sham. I paid the mortgage tax last year when I bought and now less than a year later have to pay the tax again on the same loan.My closing costs are about $9k, but with lender's credits, I'll owe about $500. I think ghostguy123 didn't see the "basically no cost (with lender's credits)". But yea, NY taxes on the loan are nuts.
I don't know how to say it more clearly. The fees (appraisal, title, etc.) are like $9k, the lender is kicking in a bunch to pay those fees, so it'll cost me $500. My loan amount will stay the same. I'll breakeven on the refinance in just over two months.When I think of "closing costs", I think "how much money does it cost me to make this transaction".
I mean, that's really what matters, and what makes it either worth it or not.
So FBG26, how much did it cost you to make your transaction? I still cant figure it out based on what you have said.
Paying anything out of pocket seems irrelevant. New loan minus old loan (plus money if a cash out refi).
Well crap. That's almost worth redoing my 2.75 (30).2.375 on a 15 year at my credit union this afternoon. I'm calling tomorrow morning
Hsv AL
So the guy is doing it all for you for free? Seems crazyI don't know how to say it more clearly. The fees (appraisal, title, etc.) are like $9k, the lender is kicking in a bunch to pay those fees, so it'll cost me $500. My loan amount will stay the same. I'll breakeven on the refinance in just over two months.
Broker's fee was included in closing costs. Lender's credit is probably supposed to cover his fee, but he's cutting me a deal since our loan amount is pretty large and he's making good money on it anyway. Thus, the lender's credit more than covers his fee and offsets most of the remaining closing costs. Sorry if this explanation doesn't satisfy you, it's the best I've got.So the guy is doing it all for you for free? Seems crazyI don't know how to say it more clearly. The fees (appraisal, title, etc.) are like $9k, the lender is kicking in a bunch to pay those fees, so it'll cost me $500. My loan amount will stay the same. I'll breakeven on the refinance in just over two months.
Chad, explain to us how this is even possible. Who makes money here(besides FBG26 of course)?
Did you look at your closing statement? It should say how much the broker is making on there. Even though my broker “waived his fee” to me on my recent refinance, he was still getting 5 figures on the deal as a commission paid by the lender.ghostguy123 said:So the guy is doing it all for you for free? Seems crazy
Chad, explain to us how this is even possible. Who makes money here(besides FBG26 of course)?
it went back up to 2.625. seems to change multiple times a day-OZ- said:Well crap. That's almost worth redoing my 2.75 (30).
I'm sorry, did you get a 2.75% 30 year refi loan? Or am I misreading this?-OZ- said:Well crap. That's almost worth redoing my 2.75 (30).
I'm sorry, did you get a 2.75% 30 year refi loan? Or am I misreading this?
Right.It was a VA loan right? I believe those have better rates then a conventional.
It was a VA loan right? I believe those have better rates then a conventional.
thanks for calling that out. A super important distinction to make. (especially for a guy like me looking to refi this very moment )Right.
Maybe he likes seeing people get all excited before crushing their hopes.So why not say that from the beginning instead of being coy.
Was fairly obvious from the original post right?Maybe he likes seeing people get all excited before crushing their hopes.
My statement was that the 2.375 almost is worth redoing my current rate. I've mentioned a few times in this thread that I got a VA mortgage. Not being "coy" at all.So why not say that from the beginning instead of being coy.
What's the problem with Florida?I’ve been trying to refinance our rental property (single family house) in Florida but with no luck. Currently at 4.25% which is fine but I wouldn’t mind getting some cash out. No one wants to refi in Florida and I’ve kind of given up. Is it worth it to keep working on this or just live with what I’ve got?
Florida.
Ya, I get that a lot. Many don’t want to refi investment or vacation properties in FLA.Florida.
Thanks, will do later today.
PM me. We can talk. Investment properties are a whole different ballgame. But I have options. Might find something that does what you want to do.
Mortgage bonds are only up 17bps right now, they're not moving the same anymore. Investors are worrying about the runoff in their portfolios and at the same time you have lenders messing with margins to try and keep control of their processing and underwriting times. At my company at broke records for our region with the number of loans locked every day so far this week. I've been working 12 hour days just to try and keep up with the phone calls and appointments. So much crazier than Brexit when I was originating at Wells Fargo and they went to 60 day locks due to the influx of volume.Bump - what do you mortgage guys say about the 10 yr collapse today? I’m in the middle of a refi, currently locked at 2.85% on a 15 yr. Should I back out?
Right now the rates are not following the treasury as much as they normally do due to convexity buying.tommyGunZ said:Bump - what do you mortgage guys say about the 10 yr collapse today? I’m in the middle of a refi, currently locked at 2.85% on a 15 yr. Should I back out?
I have heard Wells is at 90 day mandatory locks.... that was over a month ago..... they might be at 120 now. A meme is going around that saysCR69 said:Mortgage bonds are only up 17bps right now, they're not moving the same anymore. Investors are worrying about the runoff in their portfolios and at the same time you have lenders messing with margins to try and keep control of their processing and underwriting times. At my company at broke records for our region with the number of loans locked every day so far this week. I've been working 12 hour days just to try and keep up with the phone calls and appointments. So much crazier than Brexit when I was originating at Wells Fargo and they went to 60 day locks due to the influx of volume.
Most of these make sense, even if I wouldn't have thought of them..
The following things impact what kind of rate is available which means you are likely not comparing apples to apples when talking to someone else and their rate.
Type of property- SFR, Condo, etc
Occupancy of property- owner occupied, second home, investment, etc
Location of property
Type of loan- VA, FHA, conventional, USDA, non-QM, portfolio, etc
Amount of loan
Credit score
Loan to Value and Combined Loan to Value
Type of transaction- purchase, rate and term refi, cash out refi
Amortization type- ARM, fixed, IO
PMI type- Upfront, monthly, lender paid, etc
Escrow type
Documentation type
I might be forgetting something.... I am running on fumes and caffeine right now.
That is more about over 80% LTV (Loan to Value) there are options on getting a waiver on escrow accounts. That may or may not increase rate/cost on a loan. Under 80% LTV it is your decision to have or not have it with no impact on rate/cost.Most of these make sense, even if I wouldn't have thought of them.
But how does escrow type factor in? I removed escrow, rate didn't change (wouldn't have removed it if the rate increased)
How much does it cost to have escrow set up and how much each year during the loan?That is more about over 80% LTV (Loan to Value) there are options on getting a waiver on escrow accounts. That may or may not increase rate/cost on a loan. Under 80% LTV it is your decision to have or not have it with no impact on rate/cost.