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rated:
Hi all - a couple of questions for the rate experts here:

I'm getting rate quotes from a couple of Costco lenders for a refi on my duplex which is now an investment property. I have a primary mortgage, and a secondary that was a HELOC that is now a loan, which we took out in 2005. Both lenders have told me that because the second was not used to purchase the property that the primary loan is on, that my refinance will be considered a "cash-out". This is increasing my rate by .375 points! So all in all, instead of an APR of 3.75 zero points (single family, primary residence), they've bumped my quote up to 4.375 (.250 for multi-family, .250 for investment property and .375 for "cash-out") - ugh! Some of the research I found indicates that if my HELOC was originated more than 12 months from now (which it was), then it's technically not a cash-out by Fannie's standards, but I'm not sure how up to date or correct that is....

So my questions are:

     1) Is my refi really required to be a "cash-out"?
     2) is .375 the standard bump for a "cash-out" refi?

Thanks in advance!

rated:
I'm hoping a mortgage expert can help answer these questions. Thanks in advance!:

We are in NJ and about to go to contract with a closing date in mid-August. The sellers want me to provide a loan commitment letter 75 days prior to close.
1) Am I bound to a rate in order to obtain a commitment letter? Or, can I lock a rate closer to close (i.e. 30 days)?
2) Am I subject to additional underwriting/re-verification after I receive a commitment letter? God forbid someone loses a job within that 75 days, could the loan be canceled (and I would be out my earnest deposit)?

rated:
kvs25 said:   I'm in Florida, and I'm hearing that credit unions are exempt from paying the intangible property tax. Does anyone have experience with this? I'm looking to get a mortgage with GTE financial.
  I think that changes from state to state, but it is true here in Georgia

rated:
Did you ask GTE? The rates posted on their webpage aren't as competitive as some.

rated:
So anyone know what the standard rate markup is for a cash out refi? First Choice (Costco) is marking it up .375

rated:
ksuwldkat said:   Did you ask GTE? The rates posted on their webpage aren't as competitive as some.

Ya, just found out from my builder that it is indeed true. Their rates are the same that my builder is offering, bit their closing costs are a lot cheaper.

rated:
Hello, I am planning to do refinance, today I got 30 year fixed for 3.625% with $4300 lender credit

Expense: ($2725)
$425 Appraisal
$ 800 Lender Origination Fee
$1500 My Title Company ( I talked to my old title company, they agreed to this re-issue rate)

Total remaining credit ($4300 - $2725 =$1575)

I am allowed to take that money home, my lender says I cannot take that out because it may considered as cash out load, what are my options? Thanks in advance.

rated:
put some money and use the credit to buy down the rate to 3.5

rated:
You can use the remaining credit to pay for escrow reserves which includes property taxes and insurance.

rated:
sometimes, depending on the HOA and also maybe on the state rules, you can choose to pay off a couple of months of HOA as well.

rated:
Are online lenders such as Amerisave, Sebonic, Consumer Direct, etc. able to work with government down payment assistant and first time home buyer programs?

rated:
Missourian said:   Hello, I am planning to do refinance, today I got 30 year fixed for 3.625% with $4300 lender credit

Expense: ($2725)
$425 Appraisal
$ 800 Lender Origination Fee
$1500 My Title Company ( I talked to my old title company, they agreed to this re-issue rate)

Total remaining credit ($4300 - $2725 =$1575)

I am allowed to take that money home, my lender says I cannot take that out because it may considered as cash out load, what are my options? Thanks in advance.

  As gaurav1980 and phenyle have said, you could use extra credit to bring down the rate ( to say 3.5%) or use it to increase the escrow balance. Also make sure all the closing costs are covered in your expense list - like closing company fee, government recording fee, etc.. The ones you have listed are the most obvious ones, but there will be more.
If I may ask, can you share the details of the lender?
 

rated:
boobinson said:   I'm hoping a mortgage expert can help answer these questions. Thanks in advance!:

We are in NJ and about to go to contract with a closing date in mid-August. The sellers want me to provide a loan commitment letter 75 days prior to close.
1) Am I bound to a rate in order to obtain a commitment letter? Or, can I lock a rate closer to close (i.e. 30 days)?
2) Am I subject to additional underwriting/re-verification after I receive a commitment letter? God forbid someone loses a job within that 75 days, could the loan be canceled (and I would be out my earnest deposit)?

 If I understand correctly, all the seller is asking is for a loan pre-approval document; loan pre-approval does not bind you to the lender; both for rates or for the loan. Pre-approval is valid for 60 days but you can get it for 75 days. Rate lock, appraisal come into picture after a purchase contract is signed. If you go with the same lender who pre-approved, the process may be shorter but you still have to go through appraisal, inspection, rate lock, under writing process, etc. 
As regards your other question (of losing job, etc.) - your purchase contract must include at least two pre-conditions - 1) your eligibility to get a loan 2) successful pass of home inspection; if either of these two conditions dont pass, purchase contract can be cancelled and you would get your ED. If you lose your job, condition# 1 will fail making the contract cancelable. If you are working with a buyer's agent, then the purchase contract will include all these conditions in the contract. If not, do a google search for a purchase contract template, and model it after.

Hope this helps.. 
 

rated:
Missourian said:   Hello, I am planning to do refinance, today I got 30 year fixed for 3.625% with $4300 lender credit

Expense: ($2725)
$425 Appraisal
$ 800 Lender Origination Fee
$1500 My Title Company ( I talked to my old title company, they agreed to this re-issue rate)

Total remaining credit ($4300 - $2725 =$1575)

I am allowed to take that money home, my lender says I cannot take that out because it may considered as cash out load, what are my options? Thanks in advance.

  dude.. share the name of the lender please.

rated:
30 yr fixed rates aren't so favorable for those with >80% LTV. The best offer I got for 86% LTV was 4% interest with LPMI, no closing cost, and $1200 remaining credit (which will be rolled into escrow). This was with loandepot.

Any rate below 4% came with a hefty $2000-3000 closing cost.

rated:
stblazer said:   30 yr fixed rates aren't so favorable for those with >80% LTV. The best offer I got for 86% LTV was 4% interest with LPMI, no closing cost, and $1200 remaining credit (which will be rolled into escrow). This was with loandepot.

Any rate below 4% came with a hefty $2000-3000 closing cost.

  Is it high balance loan ? Loan detailsLoan product30 year fixedInterest rate3.875%APR4.085%Payment (principal & interest)$2,821Loan amount$600,000Mortgage balance$600,000Quote IDZQ-VWHSBYZHDate submitted4/29/2015 at 3:08 PMFeesLoan origination fee$1,949Appraisal fee$400Lender credit($4,338)Total Estimated Lender Credit$1,989 

rated:
you can get as low as 3.625% in case its not a high balance loan.
Loan origination fee
$695
Appraisal fee
$400
Credit report fee
$42
Lender credit
($850)
Total Estimated Lender Fees
$287

rated:
try various options on zillow mortgage

rated:
It is a high balance super conforming loan.  No cost 3.875% seems like a better deal.  I'll check out zillow mortgage like you suggested.

rated:
I am looking for 20 or 30 year mortgage for 460k. The best I could find is 3.25%, 20 years. For 30 years there is nothing below 3.75.
I am in NJ. Anyone here knows for anything better?
Thanks

rated:
I am looking for refi lender suggestions. Pennsylvania. Chief criteria is no-cost or low cost refi (<$500).
Current mortgage is 10 year fixed at 3%. LTV about 65%. Targeting a 2.25% or 2.5% APR for a 3 to 5 year term. ARM or Fixed does not matter, as I am planning to pay off in 3 years.
First hand experiences will greatly help.
Currently my funds are tied in CDs that are maturing in 3 years. They have 6-12 months prepayment penalty. Giving 2-3% interest.
Thanks!

rated:
Smarter Mortgages came through...my refinance @3.375% for 30 year mortgage closed earlier than expected without any issues. I would highly recommend them.

Other lenders I have worked with and that give good rates are Choicelend.com and Interfirst lending both based out of california.

rated:
Anyone have any experience with CashCallMortgage.com They are quoting a refi rate of 2.85% with no closing costs The last post in this thread that I saw was from 2013.

https://www.cashcallmortgage.com/index.aspx

rated:
My mortgage loan through Cap ED credit union

Loan: 253,000
30 yr fixed Interest rate: 3.75%
10% downpayment
80/10/10 loan to avoid Pvt.Mortgage insurance -PMI ($180 per month in my case)

Closing costs:around $5000. I dont know if the closing costs are high. This is the only credit union that offers 80/10/10 loans to avoid PMI ..

any feed back

rated:
RMAC said:   Anyone have any experience with CashCallMortgage.com They are quoting a refi rate of 2.85% with no closing costs The last post in this thread that I saw was from 2013.

https://www.cashcallmortgage.com/index.aspx

  
Look at their adjustments. 

rated:
cmouly said:   
Benjji said:   Has anyone dealt with Reliant bank? I've got a quote for a 30 year jumbo refinance at 3.25% and $800 in lender fees with 0 pts. Seems like a good rate, but can I do better?
  Could you provide breakup of the closing costs? as stated by others, 3.25% appears unbelievable...

  

It's about $1k in lender fees and another $1300 in title and recording fees

I'm currently locked in at 3.25% now and waiting on the appraisal and underwriting.

rated:
I really need some advice and fairly fast... buying a new home, they want me to use their mortgage company to close.

Loan is FHA. I rolled 7k into house price toward closing, 7k I get back as incentive.

I'm being quoted rates like 3.625% with 1.375% discount - $7,000 which I use my incentive to pay down. This was their best rate offer, others were worse but with less buy down.

So I started shopping around; one place quoted me 3.375% no fees, another 3.5% no fees and a third (which I got a GFE from) at 3.25% - these rates seem very low, their costs seem very low, how are they able to be lower than published rates? are these scams?

rated:
With FHA loans you have to pay mortgage insurance, all FHA loans require it. The effective interest rate is .75 higher than the quoted rate.

rated:

rated:
gaurav1980 said:   With FHA loans you have to pay mortgage insurance, all FHA loans require it. The effective interest rate is .75 higher than the quoted rate.
 

  Right, so youre saying the rate should be lower than conventional? is 3.25% too low though? my builders lender is miles out.

rated:
Try comparing what you are getting with the quotes from loansocal

If you are getting equal or better then you are getting a good deal.

rated:
The ones giving a low GFE are not scams. They are brokers who usually have lower cost structure and hence are able to pass the savings to you. I would recommend reading some reviews of the lender on zillow before deciding to go with them.

rated:
gaurav1980 said:   The ones giving a low GFE are not scams. They are brokers who usually have lower cost structure and hence are able to pass the savings to you. I would recommend reading some reviews of the lender on zillow before deciding to go with them.
  it was through homeloandirect but looks like bank of Kansas city are the real lenders - which appear some have used here and were happy.

if I lock am I tied to using them? if I find a better fha loan elsewhere can I lock more than one? - googled - yes but might be cost involved and its frowned up.

rated:
homeloandirect is good as they are direct lenders for kansas city financial.

Usually when you lock a rate you give a deposit to them which they refund at closing. Ask about the refundability of this deposit. Usually if the appraisal is not done yet they give you full refund back in case you go with someone else but it depends on what's written in the agreement. If the fee is non-refundable and you get a better price from another lender make sure its worth to switch even if you lose the deposit.

When I refi, if I like a rate I lock it. Then I try delaying the appraisal as much as possible. In the meantime if the rates improve meaningfully I jump ship to another lender and get my deposit refunded from the first one. Usually I only switch the lender if the savings are >1000$.

rated:
gaurav1980 said:   Try comparing what you are getting with the quotes from loansocal 

If you are getting equal or better then you are getting a good deal.

  
Wow, the 5/1 ARM is really low compared to what I've seen.

rated:
Has any used Piggy back loans to avoid Pvt. Mortgage insurance..

My case:

My mortgage loan through Cap ED credit union

Loan Amount: 253,000
30 yr fixed Interest rate: 3.75%
10% downpayment
80/10/10 loan to avoid Pvt.Mortgage insurance -PMI ($180 per month in my case)

Closing costs:around $5000. I dont know if the closing costs are high. This is the only credit union that offers 80/10/10 loans to avoid PMI ..

Please reply

rated:
gaurav1980 said:   homeloandirect is good as they are direct lenders for kansas city financial.

Usually when you lock a rate you give a deposit to them which they refund at closing. Ask about the refundability of this deposit. Usually if the appraisal is not done yet they give you full refund back in case you go with someone else but it depends on what's written in the agreement. If the fee is non-refundable and you get a better price from another lender make sure its worth to switch even if you lose the deposit.

When I refi, if I like a rate I lock it. Then I try delaying the appraisal as much as possible. In the meantime if the rates improve meaningfully I jump ship to another lender and get my deposit refunded from the first one. Usually I only switch the lender if the savings are >1000$.

  thanks for that, the builders lender asked for 24hrs to try to match the quote, so I missed locking and now its the same rate but a cost of $2000 at closing..that sucks, not sure if I lock today or wait? its worrying to see rates rising for now reason right now, I hate paying 2000 by one day but what if its 4000 tomorrow you know.

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