This thread is to list Lenders & Rates that people on FW have dealt with and have had good experiences and are considered "Reputable". I urge the FW community to update the WIKI as I will try to keep the first post updated to the best of my ability. Again include in the Wiki post the latest rates from REPUTABLE lenders and not some flyby companies.
30 Year Fixed best rates (To get advertised rates assume: Good Credit (720+), Stable jobs, 80% Maximum LTV):
ARMs, 5/5, No Points 12/06/2007 5.5% (jumbo is the same) 12/13/2007 5.625% (jumbo is the same) 01/09/2008 5.125% at www.penfed.org (jumbo is the same) 01/15/2008 5.0% at www.penfed.org 08/05/2011 3.625 at www.penfed.org 08/08/2011 3.625% at www.penfed.org (jumbo is the same) 02/29/2012 2.625% at ING Direct 05/07/2012 3.0% (jumbo is the same) at www.penfed.org 07/20/2012 2.875% (jumbo 3%) at www.penfed.org
15 yr, Conventional, Jumbo, No points 01/23/2011 4.25% at www.penfed.org (online rate, 0/0 and no closing costs) 9/23/2011 3.75% at Schwab
Few things you want to do on the call:
1) Ask for lower origination. My agent knocked $500 off the $995 price 2) Make sure the lock period is at 45 days or more 3) Ask them to email you a good faith estimate. You'll also get the agent's contact info this way 4) Have them acknowledge the rate floatdown if rates drop by .5% , 10 days before closing. You pay half of the rate drop in points to take this option.[/L]
Message edited by: atlr on 2012-11-15 22:33:49 CST
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shahhere
Ancient Member
rated:
posted: Dec. 3, 2007 @ 2:15p
Penfed is good too from all the reviews I have read but their rate is much higher as of today.
DavidScubadiver said: That's a non-jumbo rate 5.5 at madrate. Jumbo rate is 6.75.Actually, this makes me wonder... although I have a jumbo at 5.5, I am only 20,000 away from being a conventional mortgage. I suppose I may be able to qualify for a lower rate just by virtue of being a conforming loan. Should a conforming rate ever go below 5.5, I'll have to consider prepaying.
Personally, I wouldn't mind seeing some jumbo rates included as well. I added the PenFed rate. Have people worked with them before? How are the closing costs?
DavidScuba, how did you find such a great rate for a jumbo?
ELOAN assumes 33% down. roflol. Most buyers are lucky to scratch 20% together.
I applied for a 30 year fixed loan through mtgcapital.com for 5.875%. We should close within two weeks. MTG was the best i found without a bloated loan origination fee. MTG rocks.
LoansAtWholesale.com today has 5.625 for conventional 30 year fixed with -.25 points. Lender fees total $1449 (all 800 items on GFE).
Their rate/points details have been fluctuating every day. I submitted an app over the weekend and don't think they've contacted me yet (was traveling yesterday, may have missed them).
SlimTim said: LoansAtWholesale.com today has 5.625 for conventional 30 year fixed with -.25 points. Lender fees total $1449 (all 800 items on GFE).
Their rate/points details have been fluctuating every day. I submitted an app over the weekend and don't think they've contacted me yet (was traveling yesterday, may have missed them). Apparently they don't do loans for California.
It was a few months back, but I did a contruction mortgage with zero to close (about $7k in closing becuase I bought points during construction) that converted to a conventional 30 year fixed at 5.87 %. I had to do an 80/10 for it, with the 10 being at 7.5% and a 15 year balloon.
zaky101 said: Do you guys think its good time to refinance ?
Currently i have an 5yr ARM(5.75%) going to reset in Mar,2010. I want to refinance that to a 30 year fixed.
I would wait to see exactly what the shakeout is with the fed bailout plan. Might not reset afterall - but I have only read headlines - not sure who it applies to.
bNeta86 said: zaky101 said: Do you guys think its good time to refinance ?
Currently i have an 5yr ARM(5.75%) going to reset in Mar,2010. I want to refinance that to a 30 year fixed.
I would wait to see exactly what the shakeout is with the fed bailout plan. Might not reset afterall - but I have only read headlines - not sure who it applies to.
I'm wondering if they are going to be going lower as well. I have a 30 year fixed but at 6.75%... 5.625% sounds pretty tempting.
I went with Wells Fargo 15 yr fixed at 5.25% with .25 point. Their rate was competitive, excellent reputation, great customer service, and FREE 60 day lock-in option (penfed's 30 days). All for $300 or $400 fee. If the rate drops further before my closing, they will re-lock the rate half way for free. So, if 15 yr fixed drops to 4.75, then they will drop my rate to 5.00 free. Very happy with their service so far. Oh, they have the closing gurantee: We will close your loan on or before the closing date stated in your original purchase contract or we'll write you a check equal to your first month's principal-and-interest payment.
kihne said: I went with Wells Fargo 15 yr fixed at 5.25% with .25 point. Their rate was competitive, excellent reputation, great customer service, and FREE 60 day lock-in option (penfed's 30 days). All for $300 or $400 fee. If the rate drops further before my closing, they will re-lock the rate half way for free. So, if 15 yr fixed drops to 4.75, then they will drop my rate to 5.00 free. Very happy with their service so far. Oh, they have the closing gurantee: We will close your loan on or before the closing date stated in your original purchase contract or we'll write you a check equal to your first month's principal-and-interest payment.
My builder's proffered lender gets their loans underwritten by Wells Fargo and up until this week they (Builders Lender) were playing games where they were quoting me 6.375% for 30 years with No Closing Costs ($1004). Finally when Wells Fargo dropped their rate this week the Lender came back and said that he could do 5.875% for 30 years fixed with no closing costs.
My initial plan was to go with Penfed when they had their 5/5 ARM at 5.375% (& my rate was 6.375%) that is why I took the No Closing cost option and basically paid 1/8% more. Now with the 5.875% I am debating if a 5.5% rate that is going on today will be beneficial. Maybe a 5.25% 30 year fixed (Hoping ).
bNeta86 said: I would wait to see exactly what the shakeout is with the fed bailout plan. Might not reset afterall - but I have only read headlines - not sure who it applies to.
Agreed. Read the other thread on the bailout. Basically the summary is that the people that are up for reset after Jan 1 will get an extension on their teaser rate if they have been paying consistently.
durin said: bNeta86 said: zaky101 said: Do you guys think its good time to refinance ?
Currently i have an 5yr ARM(5.75%) going to reset in Mar,2010. I want to refinance that to a 30 year fixed.
I would wait to see exactly what the shakeout is with the fed bailout plan. Might not reset afterall - but I have only read headlines - not sure who it applies to.
I'm wondering if they are going to be going lower as well. I have a 30 year fixed but at 6.75%... 5.625% sounds pretty tempting.
The general say is ... if current rate is less by 1% or more then it is worth a refinance... my 2 cents.
Just wondering how you guys are getting such low rates. My credit score is above 720 but I am planning to put down only 10% is that why my rates are higher than?? Please help me how to find good rate?? Is putting down 10% very low,
Checked in with www.penfed.org and the rate on a 30 year fixed jumbo went up to 6.375%. Updated the wiki to show that, but kept the old rates for historical perspective. Looks like the conventional went up as well, so I added that.
Two questions: (1) Has anyone used penfed and what did they think? (2) Is anyone seeing a lower 30 year fixed jumbo than 6.375%?
I believe the rate increase mostly had to do with the stronger than expected unemployment report issued on Friday morning. Once I saw that, I pounced on the phone and locked-in my 5.75% 30 year fixed rate from Wells Fargo before the market opened.
I am looking at a few lenders, but I am not sure about their reputation. AAXA seems like a good choice, and is approved by the BBB. Any thoughts or experience with these mortgage companies?
I am looking at a few lenders, but I am not sure about their reputation. AAXA seems like a good choice, and is approved by the BBB. Any thoughts or experience with these mortgage companies?
Before you start seriously considering any of these lenders, why don't you get good faith estimates and compare closing costs. I was surprised at some of the lower rate/zero point rates I saw, only to discover that the lenders were recouping the discounted rates with higher closing costs (on the 800 line items). Also check if your employer has any incentives with any mortgage lenders.
I updated the rates for today at 10am and looks like Madrate inched back down a bit again. It seems like Wells Fargo is much more conservative with their rate and are generally the last one to change their rates in the group of lenders I am following.
I am looking at a few lenders, but I am not sure about their reputation. AAXA seems like a good choice, and is approved by the BBB. Any thoughts or experience with these mortgage companies?
Dkam001 please note that before doing business with such companies that you note what their fees are because AAXA that you listed the rate for 5.625% does not charge points but their fees are almost $1300 so in essence they are making their money that way. Also note that unlike points which can be deducted every year you cannot deduct fees.
So, does anyone have any experience with PenFed? I assume that a credit union tied to a governmental agency has to pretty decent w/r/t timeliness, policies, fees, etc.
--edit: looked up some threads on the subject; they seem pretty cool. anyone have first hand experience with fees? can you make additional payments that are credited to your principal?
Also, is there any way for a civilian to become a member of Navy Federal Credit Union? The rates there are great -- 6% with no points for a jumbo 30 year.
--edit: looked up a thread, doesn't seem to be anyway in without a direct service connection (unlike penfed)
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