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hard2hold said:   I'll preface this with No Hate, please.†† I'm embarrassed to even type this out as I should be.†† I notice the group is primarily for those with a good credit rating but where can I find a home loan with abysmal credit (580) and†not be hit with a higher interest?†† My income is good, I have cash to put down - 20% but I'd rather hold onto as much of that as I can, obviously & don't want to dip in our 401K's.†† Debt to income is good, payment history sucks but we haven't had a late on our mortgage in over a year.† Again, no hate.†† I need answers, not a beat down.†† I've done that enough on my own.

You're going to need to get to two years Of no late payments, etc, on everything, before you'll get closer to a decent rate.

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I have a new house purchase to close 6/1/15.† I have a 60 day lock with 5/3 bank at 3.675 0 pts with a $2,400 credit.† I have paid them $500 and the mortgage is complete through underwriting.†

I plan to stay in the house for 5 years (until both of my kids go to college) because it is more house than my wife and I would need without kids.† But who knows these days.

I was looking today and capital one has a rate of 3.5% 0 pts with I believe a $1,500 credit

The difference in the payment amounts per month is 44.28

So my calculations are 44.28 * 60 = 2656.80 - ($900 difference in credits) - ($500 paid to 5/3) = $1256.80 potential savings

My questions for the group

1.† Are there any gotchas with walking away from a mortgage with a locked rate and going to another one?

2.† Is the savings worth it?

Thank you for your time in answering


rated:
If you have no prepayment penalty, you can always go though with the current mortgage company, turn around and refinance. If you have not taking money out, often one can refinance shortly after. There will be a 6 month seasoning if one plans to take money out. I am in a similar situation in a new build where builder suggested mortgage company is doing a credit back of $5000, but with a really bad rate of 3.75 for a 15 years fix. In reality, the mortgage is really like $1000 credit back after closing frees. However, I am probably going to just get a mortgage else where since the rate may go up shortly after I closed. On the open market, I am getting quote a rate of 3 percent for a 15 fix.

As to your question, get a written quote from the better rate company. Go back to your original company and ask if they can match the deal. If not just go with the new company. If the $500 was for appraisal, get a copy and use it with the new company.

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hard2hold said:   I'll preface this with No Hate, please.†† I'm embarrassed to even type this out as I should be.†† I notice the group is primarily for those with a good credit rating but where can I find a home loan with abysmal credit (580) and†not be hit with a higher interest?†† My income is good, I have cash to put down - 20% but I'd rather hold onto as much of that as I can, obviously & don't want to dip in our 401K's.†† Debt to income is good, payment history sucks but we haven't had a late on our mortgage in over a year.† Again, no hate.†† I need answers, not a beat down.†† I've done that enough on my own.
††
it is just reality. the sole purpose of credit score is to determine your creditworthiness. If the score is too low, lenders will not lend because of the risk is too high; for lower scores, risk is perceived to be higher and interest rate will be charged higher accordingly. Your best bet is to get the mortgage with higher interest now (rates are low historically), stay current on your payments and hopefully when your credit score improves, rates are still low and you can refinance into a lower rate.

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rhornback said:   I have a new house purchase to close 6/1/15.† I have a 60 day lock with 5/3 bank at 3.675 0 pts with a $2,400 credit.† I have paid them $500 and the mortgage is complete through underwriting.†

I plan to stay in the house for 5 years (until both of my kids go to college) because it is more house than my wife and I would need without kids.† But who knows these days.

I was looking today and capital one has a rate of 3.5% 0 pts with I believe a $1,500 credit

The difference in the payment amounts per month is 44.28

So my calculations are 44.28 * 60 = 2656.80 - ($900 difference in credits) - ($500 paid to 5/3) = $1256.80 potential savings

My questions for the group

1.† Are there any gotchas with walking away from a mortgage with a locked rate and going to another one?

2.† Is the savings worth it?

Thank you for your time in answering

††
what's "new"? is it brand new? if it is a brand new attached condo, not all lenders will do it. You usually don't find that out until underwriting. So that will be a risk when you switch to a new lender because you won't find out until much later, and the current lender is already done with underwriting.

make sure you get official written GFE from the new lender before asking current lender to match; it is not a guarantee they will match.

appraisal is not usually transferable. so you will lose $500.

while there is plenty of time until 6/1, for a 0.125% difference and more upfront cost (you are essentially paying $1400 to lower your rate by 0.125%), I would rather close with the existing lender for better peace of mind.


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rhornback said:   I have a new house purchase to close 6/1/15.† I have a 60 day lock with 5/3 bank at 3.675 0 pts with a $2,400 credit.† I have paid them $500 and the mortgage is complete through underwriting.†

I plan to stay in the house for 5 years (until both of my kids go to college) because it is more house than my wife and I would need without kids.† But who knows these days.

I was looking today and capital one has a rate of 3.5% 0 pts with I believe a $1,500 credit

The difference in the payment amounts per month is 44.28

So my calculations are 44.28 * 60 = 2656.80 - ($900 difference in credits) - ($500 paid to 5/3) = $1256.80 potential savings

My questions for the group

1.† Are there any gotchas with walking away from a mortgage with a locked rate and going to another one?

2.† Is the savings worth it?

Thank you for your time in answering



Does not look worth it to me.

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rhornback said:   
2.† Is the savings worth it?†

††
you need to see if this is worth the hassle as your actual saving will be ~30% less (mortgage interest being tax deductible) so the $44 will feel like a saving of $30 per month
but you could check with your bank to see why can't they offer the same rate.

rated:
Another rookie question for experts here....
I'm still about 30days away from closing on a house purchase.
so in the process of shopping around for mortgages, I earlier locked with a local bank.... they gave their preferred attorney etc...etc...
Time goes by, I apply at Provident... and I gave the same attorney contact to Provident when they asked if I have an attorney.... I have not paid locked with Provident yet.

The attorney is on my back now saying I need to decide which lender i'm going with?
My Realtor says I need to pick one as the attorneys do not want to do double work.

I realize now that I should have let each lender picked their own attorney.
Is that what folks do when we are shopping around for mortgages?
I thought 30-days out is good time and I still have few days to make a decision... am I wrong in that assumption.
Should I tell Provident now..."hey use your own attorney now. ignore the one i suggested" ?

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is PenFed 5/5 ARM the best deal out there? 2.875 on a $570k mortgage

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I've been happy with Bank of America. †Although the local credit unions have some amazing deals!

rated:
hard2hold said:   I'll preface this with No Hate, please.†† I'm embarrassed to even type this out as I should be.†† I notice the group is primarily for those with a good credit rating but where can I find a home loan with abysmal credit (580) and†not be hit with a higher interest?†† My income is good, I have cash to put down - 20% but I'd rather hold onto as much of that as I can, obviously & don't want to dip in our 401K's.†† Debt to income is good, payment history sucks but we haven't had a late on our mortgage in over a year.† Again, no hate.†† I need answers, not a beat down.†† I've done that enough on my own.
††
Pay off any other debt you have as fast as you can. †Keep stockpiling money towards your down payment. †Recovering your credit score is going to take time, but it will be worth the wait. †Run some mortgage payment calculations on bankrate (or where ever) to see what the difference is between an 8% interest rate vs 3% over 30 years (The difference will be huge). †These rates are locked unless you decide to refinance later. †Check your score again in a year to see how well you've done and after your other debt is paid. †My guess is a year of no late payments and no other debt is going to help you significantly.††It will be worth the wait and you will have more money down. †Put down as much as you can (~20%+) and don't touch your 401k to do it.

rated:
i recently refinanced, and i've been waiting for my old mortgage company (susquehanna bank) to return my escrow money and some overage. †is there a regulation governing how quickly that's supposed to occur? † i closed on 3/16...called them last week, they said they cut a refund check on 3/30...it's 4/8 and i still haven't received it. †

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nooch said:   i recently refinanced, and i've been waiting for my old mortgage company (susquehanna bank) to return my escrow money and some overage. †is there a regulation governing how quickly that's supposed to occur? † i closed on 3/16...called them last week, they said they cut a refund check on 3/30...it's 4/8 and i still haven't received it. †
††
We closed our refi and the previous holder of our mortgage (GreenTree) got the payoff on 3/6 and we had an overpayment.† They said we would get it back 'within 30 days'.† The check was probably mailed at exactly 30 days, got it yesterday, April 8.† I guess they want to hang onto it as long as they can...

btw, we went through Aurora Financial and the process was quick and painless..whole thing was done 3 weeks from the day we first contacted them.

rated:
Any recent PenFed purchase experiences?
Their rates seem quite attractive for 30-yr fixed even with a 1% origination fee....

Are they closing on time?

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whatSay said:   Any recent PenFed purchase experiences?
Their rates seem quite attractive for 30-yr fixed even with a 1% origination fee....

Are they closing on time?


I just applied today for a refi on their 5/5 arm...2.5%

Will see how it goes. I got a heloc through them last summer...they were slow to reply but got it done without much headache.

rated:
Anyone have a good source for 15yr or 20yr Jumbo Conforming rates -- Assume about $525k balance. I got quoted 3.25 on a 20yr which sounds pretty good, but was hoping i might be able to find a 15yr at or below 2.875% -- anyone seen anything? Would maybe consider a 10/1 arm, but prefer the shorter amortization/certainty of rate...

rated:
slyng1 said:   Anyone have a good source for 15yr or 20yr Jumbo Conforming rates -- Assume about $525k balance. I got quoted 3.25 on a 20yr which sounds pretty good, but was hoping i might be able to find a 15yr at or below 2.875% -- anyone seen anything? Would maybe consider a 10/1 arm, but prefer the shorter amortization/certainty of rate...
† Can you share lender info who is offering 3.25 for 20 yrs. It sounds good to me as i am also looking refinance a jumo for 20 yrs, currently 3 into a 5/5 arm.

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I have current rate of 4.6 on my mortgage and thinking of refi. I am in my 8th year of mortgage. Should i refinance for another 30 years or 15 yrs makes more sense ? I have around 270k left on my mortgage & house value is around 400k..

rated:
I just refinanced with valley national bank, 499$ fee - no other fees. 3.125% fixed for 15 years. They asked me to lock the rate but I didnt, as the rate lock was only for 60 days. In retrospect, it was a good decision as they took more then 2 †1/2 months. Slow to respond but a great deal. Best rate I could find with these low fees.†

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me4ever said:   I just refinanced with valley national bank, 499$ fee - no other fees. 3.125% fixed for 15 years. They asked me to lock the rate but I didnt, as the rate lock was only for 60 days. In retrospect, it was a good decision as they took more then 2 †1/2 months. Slow to respond but a great deal. Best rate I could find with these low fees.†

I am assuming this is good for NJ..can I share agent name & #

rated:
Anyone know where to get 5/1 ARM Interest Only refi? Not many banks offer this product...
I am looking for product with lowest payments possible.

rated:
hoodwink said:   
slyng1 said:   Anyone have a good source for 15yr or 20yr Jumbo Conforming rates -- Assume about $525k balance. I got quoted 3.25 on a 20yr which sounds pretty good, but was hoping i might be able to find a 15yr at or below 2.875% -- anyone seen anything? Would maybe consider a 10/1 arm, but prefer the shorter amortization/certainty of rate...
† Can you share lender info who is offering 3.25 for 20 yrs. It sounds good to me as i am also looking refinance a jumo for 20 yrs, currently 3 into a 5/5 arm.

††
Here you are:
http://www.thefederalsavingsbank.com/dougrose

I used him for a purchase loan when he was at a mortgage broker but haven't used him at his new company but he was excellent when i used him 3yrs ago.

rated:
I'm in the process of selling and purchasing a new home. Credit score is roughly 760 to 780, I have 20% to put down but would rather mortgage the max I can. Looking for a 30 with an approx mortgage of 400 to 450 after my down payment ( 100 to 125 available to down pay). Who would you guys recommend as right now. Not looking to lock the rate just yet but u need to get pre approved.

Thanks a bunch

rated:
Just go to any branch and speak with the manager. said: Tell him you want to talk about refinance, and get he application. I went to Edison branch. I feel that rates may rise soon - within next three months- so if I were to start on this process, I wouldn't wait any longer. Don't lock it yet, but a month into application - lock it in.†]
me4ever said:   I just refinanced with valley national bank, 499$ fee - no other fees. 3.125% fixed for 15 years. They asked me to lock the rate but I didnt, as the rate lock was only for 60 days. In retrospect, it was a good decision as they took more then 2 †1/2 months. Slow to respond but a great deal. Best rate I could find with these low fees.†

I am assuming this is good for NJ..can I share agent name & #

††

rated:
Has anyone dealt with First Internet Bank/Sebonic Financial - They are listed on the zillow mortgage section.
Just wondering if these are legitimate lenders.

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Refinance Rate locked yesterday 500K loan, LTV 77% , for 3.625% 30yr fixed with 2500 lender credit, excellent credit

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Any recommendations on mortgages for rental properties? I have a 5.5% 30 fixed with citi that I'm looking to refinance. Penfed was a no go since this unit is a condo.†

rated:
For what it's worth, Sebonic was started by people from Roundpoint Mortgage Co.† Roundpoint Mortgage Co. is now out of business (not to be confused with the sister company, Roundpoint Mortgage Servicing Co). Roundpoint sued Sebonic two years ago for stealing trade secrets and breaching fiduciary duties, among other things (http://www.bizjournals.com/charlotte/blog/bank_notes/2013/07/law...

I got my mortgage from Roundpoint Mortgage when it was still in business and had issues with them that might've been innocent mistakes but were both in Roundpoint's favor (said 45 day lock over the phone, but sent over paperwork with 30 day lock; fee on HUD-1 was initially too high by $200. Both "mistakes" got fixed).† Their Yelp rating wasn't good.†

Maybe Sebonic only poached the good people from Roundpoint when starting over.† Or maybe the issues started at the top.

rated:
1Rebate said:   I'm in the process of selling and purchasing a new home. Credit score is roughly 760 to 780, I have 20% to put down but would rather mortgage the max I can. Looking for a 30 with an approx mortgage of 400 to 450 after my down payment ( 100 to 125 available to down pay). Who would you guys recommend as right now. Not looking to lock the rate just yet but u need to get pre approved.

Thanks a bunch

Typical mortgage lenders to look for are Penfed, provident, Aimloan, Ameriprice. These are some of the lowest rate lenders and have been mentioned several times in this thread. Local credit unions are the best, in my opinion, if they come close to the best rates available. If you are a Costco member, try their mortgage finance lenders. In a buying scenario, having a local lender may help to have trouble free closing. I have not used any of the above mentioned lenders but did consider them when I bought my house. But I settled with a local banker who was slightly higher in rate but had excellent service. Closing was as smooth as I hoped for. Having a local lender really helped. Some of the national credit unions to look for are DCU, teacher credit union, etc. For pre-approval, take it from a local credit union and you dont have to worry about the rates until you are ready to submit the loan appln. You can also use the mortgage professor website to do a search for national lenders...

rated:
When mentioning closing costs, are people including transfer taxes and title insurance? Thanks.

rated:
cmouly said:   
1Rebate said:   I'm in the process of selling and purchasing a new home. Credit score is roughly 760 to 780, I have 20% to put down but would rather mortgage the max I can. Looking for a 30 with an approx mortgage of 400 to 450 after my down payment ( 100 to 125 available to down pay). Who would you guys recommend as right now. Not looking to lock the rate just yet but u need to get pre approved.

Thanks a bunch



††Try pulaski bank Just started refinance with them my fico is around same what you have I got 3.625% with .5% lender credit. PM if you need contact info.

rated:
nemo77 said:   When mentioning closing costs, are people including transfer taxes and title insurance? Thanks.
† May be title insurance but not transfer taxes..

rated:
We closed a purchase using Penfed 5/5 ARM yesterday. You really have to stay on them every step of the way, but ultimately we were happy with the deal.

rated:
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?

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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?

30 yr fixed? That seems unbelievably good, considering market rates are about 3.625 to 3.75 currently. In fact it seems pretty hard to believe.

rated:
whatSay said:   Any recent PenFed purchase experiences?
Their rates seem quite attractive for 30-yr fixed even with a 1% origination fee....

Are they closing on time?

†Penfed†has been slow AF for a 2.625 15y fixed. Applied 1/16. We finally closed 4/11. Communication was impossible with them, primary contact clearly had some reading comprehension issues (asking for explanations of large transfers OUT of bank account, as opposed to incoming, etc). Did a refi with them in 2010 on a different property, it didn't take this long.

That said, the rate is great, we'll save 40K of interest over the life of the loan, and now that it's done the aggravation will be but a memory. Definitely worth it in the end.

rated:
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...

rated:
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.

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