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Mortgage Rates (1 Viewer)
- Thread starter MechEng
- Start date
ghostguy123
Footballguy
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?
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?
ghostguy123
Footballguy
shadyridr
Footballguy
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!
E Street Brat
Footballguy
ghostguy123
Footballguy
Seems....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
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shadyridr
Footballguy
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.
ghostguy123
Footballguy
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).
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shadyridr
Footballguy
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.
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.
-OZ-
Footballguy
ghostguy123
Footballguy
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)?
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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.
-OZ-
Footballguy
shadyridr
Footballguy
-OZ-
Footballguy
NutterButter
Footballguy
It was a VA loan right? I believe those have better rates then a conventional.
-OZ-
Footballguy
joey
Footballguy
thanks for calling that out. A super important distinction to make. (especially for a guy like me looking to refi this very moment
)
shadyridr
Footballguy
Chadstroma
Footballguy
I leave you kids alone for a day....
NutterButter
Footballguy
matuski
Footballguy
-OZ-
Footballguy
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.
It would be different if this were the first time I mentioned it, or if I were saying anything about y'all doing the same.
The 2.375 (15y) rate is better in many ways.
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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?
flapgreen
Footballguy
Chadstroma
Footballguy
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.
-fish-
Footballguy
Shout out to @Chadstroma. I had a ton of questions and ran multiple scenarios by him via pm. He was able to answer everything and I ended up applying for a refi.
Ya, I get that a lot. Many don’t want to refi investment or vacation properties in FLA.
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.
CR69
Footballguy
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.
Chadstroma
Footballguy
Right now the rates are not following the treasury as much as they normally do due to convexity buying.tommyGunZ said:
I am advising my clients to get their applications in and float for now. Take a wait and see.
2.85% on a 15 yr is generally a good rate (being blind to all else)
Chadstroma
Footballguy
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:
"Look, if Wells Fargo says that they will refinance you, they will. You don't need to remind them every six months."
Chadstroma
Footballguy
Ok.... I need to take a break..... so.... let me give some info here....
RATE ENVY: Guys (meant as the non gender- all of you) you need to understand that there isn't just one rate out there. One person can have a rate at 2.75% with truly no cost and there is no way in BLEEPITY BLEEP you can get that. I can't get that for myself even if we did the loan for free. Another person can be getting a 3.75% rate and it is a damn good rate for them. 2.75% and 3.75% is a big swing. But it all matters about the specifics and that isn't even talking about points, credits and fees. You have to be careful of the tricks that are played with lenders. Some love to offer attractive rates but then fine print is 2 or 3% in origination points OR an attractive rate and no points but then several thousand in various fees. Finally, everyone is very busy right now- supply and demand. That means margins will increase and not decrease for lenders. They can be pickier right now.
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.
RATE ENVY: Guys (meant as the non gender- all of you) you need to understand that there isn't just one rate out there. One person can have a rate at 2.75% with truly no cost and there is no way in BLEEPITY BLEEP you can get that. I can't get that for myself even if we did the loan for free. Another person can be getting a 3.75% rate and it is a damn good rate for them. 2.75% and 3.75% is a big swing. But it all matters about the specifics and that isn't even talking about points, credits and fees. You have to be careful of the tricks that are played with lenders. Some love to offer attractive rates but then fine print is 2 or 3% in origination points OR an attractive rate and no points but then several thousand in various fees. Finally, everyone is very busy right now- supply and demand. That means margins will increase and not decrease for lenders. They can be pickier right now.
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.
Chadstroma
Footballguy
By the way... VA IRRRL 2.75% at no cost is a thing. God bless our vets- they earned it.
-OZ-
Footballguy
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)
Chadstroma
Footballguy
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.
ghostguy123
Footballguy
How much does it cost to have escrow set up and how much each year during the loan?
I never even realized it was optional at any point.
