• filter:
  • 1471472473474 475
  • Page
  • Text Only
  • Search this Topic »
rated:
MBS + means rate will likely drop
and MBS - rate will rise

rated:
more so pricing than rates, the same rates are available every day, it's just a matter of the cost or credit associated with the rates that fluctuate.

rated:
RhizzleBop said:   Can someone just quickly explain what a +/- MBS means?  I've tried googling it am apparently not using the right term to get the definition.

Does + MBS mean a rate rise or a rate drop is likely?

  Please read the first line of the quick summary on the first page of this thread.

rated:
My girlfriend is trying to refinance her Condo.  The condo is a part of a Co-Op in Washington, DC which means not all lenders will do it (PenFed won't touch Co-Ops)  She started the process about 60 days ago and got a rate lock with Bank of America.  They have dragged their feet and haven't been able to close within the lock period.  During this time, rates have dropped.  She was quoted 3.25% by BOA for a 15 year fixed. Their rate is now  3.0%.  Her lending officer says that Bank of America will have to keep her at the higher rate even though the rate lock will expire before they can close.  When I asked, "well what would happen if the rates had gone up?" he informed me that BOA would charge the higher rate.  So if the rate lock expires and the rates have gone down they will stick with the original rate, but if it goes up, they will require the higher rate?  Anyone else have this experience?  Is it just BOA?

Anyone else have a suggestion for another lender with good rates and minimal fees for a Co-Op.  Girlfriend has credit scores around 800, same job for 13 years, and low debt/income ratios.  Only financing about 160,000 (worth about 340k).  Condo is in a great neighborhood...lender wouldn't have much exposure.

rated:
I think the loan officer is not playing it right. You can either go to another BOA branch start a new application with a new officer and get the current rate or go with a new lender. I have had good luck getting a loan approved and funded within a short time by home direct mortgage. I worked with Tamara Gillespie.

rated:
MBS -2

Has been as high as +4 and as low as -4. Rumors circling about EU QE are stirring markets.

rated:
Sorry duplicate post

rated:
I am thinking about refinance my current 7/1 ARM at 2.8% to a 30 year fixed mortgage.

The initial loan amount is $300,000, right now is about $285,000. When I bought the house, I did not want to pay closing cost so I chose the ARM with higher rate to get credit. (In hind sight, not sure if it's the right choice, 3.125% would be the 30 year fixed rate I've gotten, closing cost $3000.)

Anyhow, now I think I might want to get a 30 year fixed loan as we will probably stay in the area and keep the house even if we move.

I did not do a lot of research, just thought provident funding seems to have really good rate. Any other suggestions?

Would anybody provide any cons and pros about provident funding? 

I have excellent credit score, 780-800, no other debt except current house.20% down for my initial loan.

House payment is about $1652 right now, with new loan, will probably be $1752, which is below 28% of my salary. However, I have a condo that I am renting and the HOA fee is $611.(Ouch). If count that in, the debt to income ratio is a bit over 33%. 

The rental condo has tenants in it paying $1300 per month. Have formal lease etc.

Would this rental be an issue with provident funding?

I also wonder if I need to pay anything if the loan does not go through?


Any input is greatly appreciated.

Thanks in advance.

rated:
Provident I think caps DTI @ 43%. Do you have 2 year rental history, and are you backing out a portion of the rent for vacancy factor (usually 25%)?

rated:
MBS -18/32s

Back to -7, pretty choppy in general, but all negative....

rated:
AMCBL said:   Provident I think caps DTI @ 43%. Do you have 2 year rental history, and are you backing out a portion of the rent for vacancy factor (usually 25%)?
Thank you AMCBL.

I have 18 month rental history, which probably does not count. I have about 40,000 cash set aside as my emergency etc., no specific account for rental reserve.

DTI ratio of 43% will do for me. I think I am all right to go with provident.

Another question, does broker get better rates from provident? Or just do it myself?

rated:
They might require 24 months before they'll count the rent. I don't know re: better or worse going direct from Provident.

rated:
How long you have been renting? If its not 2 year then the mortgage + HOA +tax+insurance for that condo will be count as debt and will be in debt to income ratio, rent income will not be added in income. I have similar case as long as your DTI is below 43% I think you should be ok. But they do look for 3-6 month of reserve for all debt. You can use you 401k+IRA (60%) for reserve purpose.

rated:
san312 said:   How long you have been renting? If its not 2 year then the mortgage + HOA +tax+insurance for that condo will be count as debt and will be in debt to income ratio, rent income will not be added in income. I have similar case as long as your DTI is below 43% I think you should be ok. But they do look for 3-6 month of reserve for all debt. You can use you 401k+IRA (60%) for reserve purpose.
 Thank you.

My debt ratio is still within 43% and I have enough reserve.

Just realized that I did not carry separate insurance for my condo besides the master policy of the condo. The master policy of the condo covers a lot but of course not liability. 

Would that be an issue? 

In order to buy landlord insurance, I need to get my tenant to buy renters insurance. Not sure she will do that.

rated:
Don't think it will be an issue for getting mortgage, but as general rule its better to have liability policy for renting property. In terms of renters insurance if its not in lease terms than you cannot force the renters to get the insurance now, can you ask them if they agree that's good (unless there is some kind of state law or condo law which requires renters insurance). But do add that in lease agreement when its up for renewal and point that out to renters before they sign.

rated:
orangetabby said:   
san312 said:   How long you have been renting? If its not 2 year then the mortgage + HOA +tax+insurance for that condo will be count as debt and will be in debt to income ratio, rent income will not be added in income. I have similar case as long as your DTI is below 43% I think you should be ok. But they do look for 3-6 month of reserve for all debt. You can use you 401k+IRA (60%) for reserve purpose.
 Thank you.

My debt ratio is still within 43% and I have enough reserve.

Just realized that I did not carry separate insurance for my condo besides the master policy of the condo. The master policy of the condo covers a lot but of course not liability. 

Would that be an issue? 

In order to buy landlord insurance, I need to get my tenant to buy renters insurance. Not sure she will do that.

You should definitely get landlord's insurance and you should have required your tenant to carry insurance as part of the lease. If your tenant does something stupid (e.g. clogs the toilet, floods all your neighbors), you could be on the hook for a lot of damage. Landlord's insurance pretty cheap for condos since the master policy already covers a lot of scenarios. I pay less than $200 a year. 

I've gone through Provident Funding. Their rates are good, but my main complaint is that they require a lot of documentation for every little detail and they took a long time to get the loan through. 

rated:
I just submitted, but have not locked, a 30-year refi with aimloan at 3.5%. Closing costs with offsetting escrow are about $5,000, but I'm mortgaging the difference (not bringing anything to the table).

I think I'm going to lock it, 3.5% w/ 0.25 points? Anyone see anything better in the near future?

rated:
gumbydamnit said:   My girlfriend is trying to refinance her Condo.  The condo is a part of a Co-Op in Washington, DC which means not all lenders will do it (PenFed won't touch Co-Ops)  She started the process about 60 days ago and got a rate lock with Bank of America.  They have dragged their feet and haven't been able to close within the lock period.  During this time, rates have dropped.  She was quoted 3.25% by BOA for a 15 year fixed. Their rate is now  3.0%.  Her lending officer says that Bank of America will have to keep her at the higher rate even though the rate lock will expire before they can close.  When I asked, "well what would happen if the rates had gone up?" he informed me that BOA would charge the higher rate.  So if the rate lock expires and the rates have gone down they will stick with the original rate, but if it goes up, they will require the higher rate?  Anyone else have this experience?  Is it just BOA?

Anyone else have a suggestion for another lender with good rates and minimal fees for a Co-Op.  Girlfriend has credit scores around 800, same job for 13 years, and low debt/income ratios.  Only financing about 160,000 (worth about 340k).  Condo is in a great neighborhood...lender wouldn't have much exposure.

  I had great experience with Citibank (also with a co-op). They didn't drag their feet, but a month after my lock, rates had gone down about .25, and they were able to renegotiate my rate to nearly that much (basically it cost me half a point of credit compared to if I hadn't had the original lock). Furthermore, they have a rate protection program if you setup an autopay with citi, and that saved me another 3/8ths just this past month (even though I was sure rates would never go lower when I originally got it...).

rated:
orangetabby,
I'm 3 years into my Provident Lending 30 year and I had no issues with them and getting everything taken care of was no better or worse than the other refis I have done. I think the worst part was I had to deal with 2 or 3 people and they didn't seem to have any communication with each other.

rated:
MBS +2/32s

Was a pretty volatile day, with MBS down sharply up through most of the ECB press conference. Things reversed and rallied for a bit, then back in the red. Some spikes up and down all day, with high of +14, low of -14 and just about everything in the middle.

As dust settles, any sense of relief in EU will likely hurt bonds/mbs

rated:
MBS +4/32

>>  +9/32s @ 4:10

rated:
I'm in the process of refinancing with Weslend Financial dba Lenox. Should I pull out before giving them my credit card? The rep is great to talk to, but I'm seeing some very poor comments when I google their name...

rated:
UNUSUAL mortgage circumstances: We are just in the final week of building our 36yr old Son his first house. We, meaning his Dad did a lot of the work himself and subbed out a lot of what Dad couldnt do. Son helped on weekends, this took about 18 months total. Son cashed in some stock for cash to start and we paid for the rest, as when the house is done he will be getting a new mortgage and pay us what he owes us. We gave him the ONE acre of land, so right off the bat the house and land has approx 400K equity, he has about 160K in it. He has had employment at the same place about 3 yrs, NO debt, I am sure he will have no trouble qualifying for a mortgage. QUESTION: what/who is the best bank/mortgage co. to go with. He will probably only finance about 130K. Thank God rates are still low. I have no idea if he will go for 15 or 30yr mortgage, but Im sure he will do fixed rate . The reason he did not take out a mortgage in the first place is because NO bank or mortgage co. would have loaned $ to him since he did not have a licensed builder build the house. Our county (in FL) allows for "owner-builder" as long as the land is in the homeowners' name. Of course the house has a building permit and has had each and every inspection along the way. Dad is a retired residential construction superintendant so he knows every step of the way in building a house. Thanks for the info

rated:
Has anyone found any low-cost credit unions / banks offering interest only ARMs? I did an online search of ~40 credit unions in the Bay Area and only found one example (SFPCU below) offering these.  I also found two banks (Bank of the West and Union Bank) that offer interest-only ARMs, but at higher rates with much higher closing costs.  Didn't find any other low cost options, and Penfed, Provident, and some of the other low-cost lenders mentioned in this thread do not appear to offer interest-only loans. 

Here is the one example:

SF Police Credit Union
https://www.sfpcu.org 

Rates:
2.625% for a 3/1 ARM Interest Only, Up to $417,000
2.750% for a 5/1 ARM Interest Only, Up to $417,000
2.875% for a 7/1 ARM Interest Only, Up to $417,000

Also offer jumbo loans up to $1,500,000 for additional 0.125% rate to the above.

Closing costs include:
+ $599 flat fee covers Appraisal, Credit Report, Courier/FedEx, Appraisal Review, Tax Service, Wire Transfer, Underwriting and Flood Zone Certification (does not include title insurance, escrow or other fees not listed).
+ ~$1,200 estimated for Title Insurance
+ Escrow

Seems can become eligible to join the credit union by donating $35 to the California State Sheriffs’ Association Foundation.
https://www.calsheriffs.org/membership/ways-to-join/individual-membership.html 

Looks interesting, but would prefer to avoid closing costs.

rated:
I've been keeping an eye on refinance rates. Our current rate is 4.2%, which is not too bad.

Loan amount would be about $850,000 - so we're in jumbo territory.

My credit rating is in the range of 750 to 800+ (depending on which you look at).

Our timeframe for living in this house is at least two years, maybe more (it gets a little foggy with the possibility of downsizing sometime down the line).

I saw today that Navy Federal has a 30-year fixed refinance rate at 3.75% with no discount or origination points, which is the best I've seen for a jumbo. This beats the current PenFed rate/points.

Any other suggestions of places to look?

rated:
searchlight said:   I've been keeping an eye on refinance rates. Our current rate is 4.2%, which is not too bad.

Loan amount would be about $850,000 - so we're in jumbo territory.

My credit rating is in the range of 750 to 800+ (depending on which you look at).

Our timeframe for living in this house is at least two years, maybe more (it gets a little foggy with the possibility of downsizing sometime down the line).

I saw today that Navy Federal has a 30-year fixed refinance rate at 3.75% with no discount or origination points, which is the best I've seen for a jumbo. This beats the current PenFed rate/points.

Any other suggestions of places to look?

  Depends on what state you're in. I punched in the above numbers (assuming you are at 80% or lower LTV) as a California person into Amerisave's online quote and got 3.75% with about a $1200 lender credit. 

rated:
MBS -1/32s, off a low of -4/32.

Week ahead:
Tues = GDP @ 830, Consumer Confidence @ 10
Wed = FOMC Decision @ 2
Thurs = Claims @ 830
Fri = Chicago PMI @ 945

rated:
I have not locked yet at 3.875%, I am hoping for good news today.

rated:
MBS -4/32, few reprices starting to trickle in

rated:
MBS +8/32s.

Durable goods missed, and earnings also disappointing.

MBS +4/32s, might start to see some repricing if this continues

MBS ended +1/32, but several lenders repriced throughout the afternoon.

rated:
We bought a new house in TX and went with PenFed thanks a lot to the posts on this board. We did some research locally and couldn't find anyone who could compete with their rates: 2.75% 5/1; no origination fee. It was a little tedious and frustrating to work with them but I suppose that was to be expected. In all we are happy

rated:
MBS +8 heading into FOMC, will see how the announcement shakes out.

+13/32s as of 2:50

 

rated:
negotiatedsettlement said:   We bought a new house in TX and went with PenFed thanks a lot to the posts on this board. We did some research locally and couldn't find anyone who could compete with their rates: 2.75% 5/1; no origination fee. It was a little tedious and frustrating to work with them but I suppose that was to be expected. In all we are happy
  I tried to get rates for DFW area on PenFed's site, and they say they do not have product available in my area? Was looking to refi to 15 years from 30.  Do I need to call, or does it matter where in TX? I am thinking I may be entering some parameters wrong

rated:
MBS -4/32, about where they've been all day

rated:
My mortgage interest rate is 3.625% for 30 year fixed. I have $340k loan balance for $400k home. Is there any option to refinance it to much lower rates (closer to 3.0%).

rated:
rustum said:   My mortgage interest rate is 3.625% for 30 year fixed. I have $340k loan balance for $400k home. Is there any option to refinance it to much lower rates (closer to 3.0%).
  I see a few options to get you at or below 3%.
1.  Get a 15 year fixed.
2.  Get a 30 year fixed and buy significant points
3. Get a 5 year ARM

Anything fixed and you are looking at origination points of ~1%. 
3.625 on a 30 year is pretty darn good.
 

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.
  • 1471472473474 475
  • Page


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2015