• filter:
  • 1494495496497 498
  • Page
  • Previous 40
  • Text Only
  • Search this Topic »
rated:
jpfern15 said:   
jpfern15 said:   I noticed that 30-year fixed rates are showing up at 3% with ~6,000 in total closing costs. Has anybody found a 3% with little/no fees? This would be my benchmark to refi.
  For reference, Sebonic Financial beat the best rate I could find (Texas Trust Home Loans).  Refi 30-year fixed 3.107 APR (3% rate).  Total out the door costs is about $5,600.  Excellent credit required.  Now I gotta decide if it's worth the 11-year break-even for this rate.

  
I'm also currently working with Sebonic.  Currently looking at 3.625% (refi down from 4.625%) for a 30 year fixed and $5600 in lender credits to cover all their fees and put a dent in the MIP upfront fee (its an FHA because I have a 2nd mortgage taken out after the original on the house and LTV is not quite down to 80%) 

rated:
SummerSoFar said:   Last night locked a 80% 30yr cash-out refi at AIM @ 3.125 w/ 1.9 pts (escrow waived). This morning they jumped right on it and they are already set up for me to submit docs, so thus far so good.

Amerisave is also pretty close in APR and fees, so that is another low-cost option. Unfortunately, my hunch was wrong about what was going to happen today in the markets and both are now about $1k cheaper for the same loan. Oh well....

  
Well, this isn't going very well now. According to my loan processor AIM is so far unable to schedule an appraisal for any sooner than EIGHT WEEKS from now. Supposedly everyone is booked solid currently. Plausible, but I am a bit suspicious as well.

As my lock was for only 30 days, what can I expect to happen now? Will AIM cover the cost of the lock extension, or will they come back at me asking for more $$$? Located in suburban PDX.

EDIT: Seems I'm up $h*+s creek. Just heard back from them, and my rate will just float. It doesn't sound like they will cover the cost to extend the lock. Dammit.

rated:
PDX appraisals are out of control right now. We had to wait almost two months for ours. I don't think any lender will protect you from that (ours did but it was an unusual situation, long story).

rated:
Need some advice from refinance gurus: I am in the process of no cost refi with chase. A few weeks into underwriting I get an email saying they need me to pay $225 for my HOA to provide condo certificate. They are telling me it's not their cost, so it's not included in no cost refi. Is this legit or should I fight this? TIA!

rated:
8 weeks to schedule appraisal ? that's crazy busy I guess...
I had an appraisal done 2 weeks ago, and they were available in 2 days (Los Angeles, CA ).

75% LTV cash out refi on Investment property SFR. ( no cost, Local lender)
I was offered to lock at 3.875%, 30 yr. Will see what's available on Monday.

rated:
rjdoc74 said:   Need some advice from refinance gurus: I am in the process of no cost refi with chase. A few weeks into underwriting I get an email saying they need me to pay $225 for my HOA to provide condo certificate. They are telling me it's not their cost, so it's not included in no cost refi. Is this legit or should I fight this? TIA!
   Any advice on this?

rated:
rjdoc74 said:   
rjdoc74 said:   Need some advice from refinance gurus: I am in the process of no cost refi with chase. A few weeks into underwriting I get an email saying they need me to pay $225 for my HOA to provide condo certificate. They are telling me it's not their cost, so it's not included in no cost refi. Is this legit or should I fight this? TIA!
   Any advice on this?

  If it were me, I'd look on the GFE they provided you and see whether this falls under "charges that may go up" or "charges that may go down" or "charges that stay the same".   if it's in the "down" or "same" total, I'd push them to try to get them to cover it (through email, for documentation...).   If it falls into one of the sections that are clearly marked as "may change" (Which 3rd party costs probably all are...) then you already agreed to it..  They aren't responsible for you not knowing what you signed that you read fully and understood had a section with costs that are outside of their control and their estimates weren't guaranteed to be final.  You can still back out if you want, but will be out the appraisal fee if already paid.

rated:
Thank you. I looked, its not listed anywhere. I guess I am on a hook for it. Hope to have some lender credit left over to cover this at the end.

rated:
SummerSoFar said:   
SummerSoFar said:   Last night locked a 80% 30yr cash-out refi at AIM @ 3.125 w/ 1.9 pts (escrow waived). This morning they jumped right on it and they are already set up for me to submit docs, so thus far so good.

Amerisave is also pretty close in APR and fees, so that is another low-cost option. Unfortunately, my hunch was wrong about what was going to happen today in the markets and both are now about $1k cheaper for the same loan. Oh well....

  
Well, this isn't going very well now. According to my loan processor AIM is so far unable to schedule an appraisal for any sooner than EIGHT WEEKS from now. Supposedly everyone is booked solid currently. Plausible, but I am a bit suspicious as well.

As my lock was for only 30 days, what can I expect to happen now? Will AIM cover the cost of the lock extension, or will they come back at me asking for more $$$? Located in suburban PDX.

EDIT: Seems I'm up $h*+s creek. Just heard back from them, and my rate will just float. It doesn't sound like they will cover the cost to extend the lock. Dammit.


AIMLOAN extended a lock for me due to processing delays. But had nothing to do with appraisal since they ended up doing a Property Inspection Waiver (basically, their computer said my house was worth enough more than what I was claming that they didn't need an appraisal.)

But it wasn't 8 weeks either...

rated:
steveb10 said:   
Lefty421 said:   
bluegreenturtle said:     Probably.  It was in the estimate.  I haven't decided if to refinance or not.  I have $111,000 @ 3.375, 10 years remaining on a $600k house.  I am looking to possibly refinance and lower my monthly commitments if things turn south for me in the next year.   I think I can get another 15 @ 3% for about $1500 out of pocket costs. 
  
You should be able to do a bit better than that.  I just got 15 @ 3% with only $400 out of pocket.  I only need to pay the $400 appraisal out of pocket, everything else is being covered by lender credits.  I just locked the rate yesterday.  

  Lefty, who did you refinance with at that rate?  Thanks!

  Yes......where did you find a 15 at 3% with $400 OOP?  

rated:
 
KingUltra said: 8 weeks to schedule appraisal ? that's crazy busy I guess...
I had an appraisal done 2 weeks ago, and they were available in 2 days (Los Angeles, CA ).

75% LTV cash out refi on Investment property SFR. ( no cost, Local lender)
I was offered to lock at 3.875%, 30 yr. Will see what's available on Monday.

Which lender?
 

rated:
SummerSoFar said:     


Well, this isn't going very well now. According to my loan processor AIM is so far unable to schedule an appraisal for any sooner than EIGHT WEEKS from now. Supposedly everyone is booked solid currently. Plausible, but I am a bit suspicious as well.

As my lock was for only 30 days, what can I expect to happen now? Will AIM cover the cost of the lock extension, or will they come back at me asking for more $$$? Located in suburban PDX.

EDIT: Seems I'm up $h*+s creek. Just heard back from them, and my rate will just float. It doesn't sound like they will cover the cost to extend the lock. Dammit.
 


  
That seems crappy.  My lender gave me a 75 day lock without me even having to ask for it.  Seems strange that one lender would hold a rate lock for 75 days and another won't extend past 30...   I locked my rate on 7/12 and the lock expiration is listed as 9/26 .

Locked? Y
Rate Lock Date 7/12/2016
Lock Expiration 9/26/2016
Closing Date 9/5/2016

They also claim that we will be ready to close well before the estimated closing date.  
 

rated:
Lefty421 said:   That seems crappy.  My lender gave me a 75 day lock without me even having to ask for it.  Seems strange that one lender would hold a rate lock for 75 days and another won't extend past 30...
It's actually not strange at all, as the shorter the lock, the less expensive it is for any given lender. Retail customers don't have access to the rate sheets, but if you did, you'd typically see better loan level pricing for shorter locks, such that a 7 day lock is cheaper than a 14 day lock, which is cheaper than a 30 day lock, etc...

Having said that, processing loans quickly also costs money, so some lenders have made a decision not to hire as much processing personnel and, instead, to offer longer locks at no additional cost to cover extended processing times.
rjdoc74 said:   Need some advice from refinance gurus: I am in the process of no cost refi with chase. A few weeks into underwriting I get an email saying they need me to pay $225 for my HOA to provide condo certificate. They are telling me it's not their cost, so it's not included in no cost refi. Is this legit or should I fight this? TIA!
Lenders routinely require estoppel certificates from HOA's, particularly condo HOA's, to ensure that your HOA dues are up to date, that the HOA is not pursuing you for violations, etc... The lender is absolutely right when it tells you that it's not the lender's cost, as the charge is being imposed by your own HOA for filling out a simple form.

rated:
Thanks!

rated:
I currently have a construction loan (4.5%) on a house that I am building. The house should be finished in November and the loan will end in May. How do I begin my search for an online lender? Is this considered a new home purchase? I"m having a hard time getting these rate comparison tools to give me anything legit and I can't figure out why. The house will be roughly valued at $800k and I plan to borrow $200-$400k (depending on how fast I sell my current house). Thanks in advance
 

rated:
In looking around more for my upcoming negative cost refinance, I've found one other place with lower quotes. Goodmortgage.com's quotes found through mtgprofessor. Anyone with bad experiences with them? It shows quotes allowing greater negative costs than I was finding elsewhere, and about ~$100 lower baseline than the quotes i have from Box (so, essentially equal, but allowing a higher "max lender credit").

Also, anyone had success refinancing at a higher rate and same program? (Like, refi a 30yr 4.00% into 30yr 4.125%?) It doesn't fit one of the standard "rate is lower, payment is lower, program changed, cash out" options on the "reason" form.

I'm at 4.00% but, it looks like breakeven between neg points at 3.875% and the higher negative points at 4.125% is over 6 years.  I should probably just go with Box again @ 3.75 for simplicity sake (i'm familiar with all of the process with them), but if I were to refi again in 6 months if rates stay flat for longer.... the 3.875 or a higher rate with larger credit would work out more profitably.

rated:
ggmon said:   I am in NJ and would like to close a purchase with in 30 days due to scheduled & paid travel plans. Is there a lender that will provide a guaranteed closing.
thx

  Bank of America has a 25-day closing guarantee.

rated:
sredni said:   
hoodwink said:   
sredni said:   I just locked in 3.25% at Bank of America for a 30 year fixed rate jumbo loan. They are giving me a credit of $3000 which comes to about -0.39 points.
I had a option of getting 3.375% with $5000 back.
I see that for Bank of America and Wells Fargo the jumbo loan rates are lower then the conventional loans.


How much was down payment and how much was loan amount?


Loan amount is ~$790,000. That is after paying 20% down.
Bank of America also has a closing guarantee - if they don't close in 30 days, they give back $500.

  
Just an update on this. The guaranteed closing time was actually around 25 days. My loan took 30 days to close. Yesterday, I received a $500 check from them for missing the deadline.
 

rated:
We ended up locking a 2.625% for a 7/1 ARM with ~$4,000 in closing costs with Leader Bank in MA for $608k @ 80% LTV. Credit scores are 780+, DTI 12% front-end and 18% back-end, stable W2 income with several years of documented history.

They were advertising 2.75% but matched the offer from Citizens that we had in hand.

Our main reason for going with them was that they had closed 3 of the 14 units in our new construction condo complex with ease while several other banks either had delays (leaving people homeless for a few weeks) or had low appraisals.

We completely gave up on Penfed after they literally stopped picking up the phone or returning our calls. They were also on the fence from an underwriting standpoints on the complex. I do not recommend them for a mortgage at this time (Jul 2017), I think they're inundated with refis right now.

rated:
Great thread for Mortgages from FW members. I am looking for loan of about $150,000, 15 years, credit score is 833 and am in Houston, TX. Someone please recommend a deal for me? I am new to this. Thanks.

rated:
sredni said:   
sredni said:   
hoodwink said:   
sredni said:   I just locked in 3.25% at Bank of America for a 30 year fixed rate jumbo loan. They are giving me a credit of $3000 which comes to about -0.39 points.
I had a option of getting 3.375% with $5000 back.
I see that for Bank of America and Wells Fargo the jumbo loan rates are lower then the conventional loans.


How much was down payment and how much was loan amount?


Loan amount is ~$790,000. That is after paying 20% down.
Bank of America also has a closing guarantee - if they don't close in 30 days, they give back $500.

  
Just an update on this. The guaranteed closing time was actually around 25 days. My loan took 30 days to close. Yesterday, I received a $500 check from them for missing the deadline.

Avoid BOA.

BOA missed our deadline for a home purchase as well.  Also my loan officer revealed my home appraisal value to the sellers agent without my consent.  Appraisal was higher than purchase price which hurt our negotiations for other terms of the sale.  Calls to loan officer's boss are not returned.  Email to upper management demanding reimbursement for appraisal charge gets no response.

rated:
I have an account with DCU (Digital Federal Credit Union), I applied pre approval loan for a new house $200,000. I was approved and the rate for 15 years is 2.50% (2.893% APR). Don't know the closing cost. Is this a good deal? Many recommended here Sebonic. Thanks. 

rated:
sardarji said:   I have an account with DCU (Digital Federal Credit Union), I applied pre approval loan for a new house $200,000. I was approved and the rate for 15 years is 2.50% (2.893% APR). Don't know the closing cost. Is this a good deal? Many recommended here Sebonic. Thanks. 

DCU provided us with very high closing costs + prepaids when I inquired with them ($14k on a $608k loan) while most others were in the $8 to $10k region. Without this piece of information you're comparing apples with astronauts.

You can use various calculators out there to see what the break-even period is for a loan with high closing costs and a low rate. I expect that you would have to hold on to the typical DCU loan for 10+ years to see a break-even above a bank with a slightly higher interest rate but lower closing costs.

rated:
finally locked my refi, went with same lender again. TX $160-165k 80LTV conventional @ 3.750%, $2493 net lender credit, Box's estimate of closing costs negative 198.70. Expected actual net closing credit of ~$800-900.

I had been waiting a few days for the 3.750% to fall back to their largest allowed credit (which is $0 projected closing costs, minus the 1/8 point Fatwallet fee discount).   I'm only 0.125% off of their lowest rate that I could have locked at last month just after Brexit, so I'm good with that.

rated:
Bend3r said:   finally locked my refi, went with same lender again. TX $160-165k 80LTV conventional @ 3.750%, $2493 net lender credit, Box's estimate of closing costs negative 198.70. Expected actual net closing credit of ~$800-900.

I had been waiting a few days for the 3.750% to fall back to their largest allowed credit (which is $0 projected closing costs, minus the 1/8 point Fatwallet fee discount).   I'm only 0.125% off of their lowest rate that I could have locked at last month just after Brexit, so I'm good with that.

  Who is your lender? I have an execute sale contract for $275K in Houston, TX, down payment $125, loan needed $150K. I want to close this deal ASAP. Thanks.

rated:
Sebonic Financial - I locked in 15 yr $150K loan with 2.75% rate (0.00 points) and closing cost is $2,200. DCU, PenFed, and others have closing costs $6,000. I will look for re-financing down the road.

rated:
sredni said:   
hoodwink said:   
sredni said:   I just locked in 3.25% at Bank of America for a 30 year fixed rate jumbo loan. They are giving me a credit of $3000 which comes to about -0.39 points.
I had a option of getting 3.375% with $5000 back.
I see that for Bank of America and Wells Fargo the jumbo loan rates are lower then the conventional loans.


How much was down payment and how much was loan amount?


Loan amount is ~$790,000. That is after paying 20% down.
Bank of America also has a closing guarantee - if they don't close in 30 days, they give back $500.

  
How much money did you have to bring to close, before the rebate?

rated:
Anyone have recent experiences with Entitle Direct? When I refi'd 6 mo ago, I got my lender's normal title co to match the quote from Entitle. But this time entitle lowered their quote by ~$225, and the other title co won't match entitle (they will low settlement fees to approx $275 price difference, started out at $450 difference).

OTOH, the first is a known entity but OTOH, I don't like throwing away $275.  So I'm considering using entitle.

rated:
We have a 30-year mortgage with a remaining balance of $850k. We've just had the mortgage for a year, but I'm paying it off as if it's a 24 year mortgage (adding an extra $500/month). If I add an additional $1400 a month, I could switch to a 15-year mortgage at a lower rate. My rate on the 30-year mortgage is 3.75%. It might be possible to get a 15-year mortgage at 3.00%. Switching from 3.75% to 3.00% would save about $6000 in pure interest. I've started thinking about this as follows: by investing an extra $16,800 per year, I'm reaping an additional $6,000 in saved interest strictly due to the lower rate - a pretty good return on investment, not even counting the saved interest on principal amount paid down.

I can't really afford the extra $16,800 from my annual income (with kids in college), but I could do it by using some funds that are intended for our retirement (not IRA or 401-k). We have other money in 401-ks and IRAs. We'll definitely be downsizing our housing before retirement, so the money will still be there in equity when retirement comes around.

Any thoughts on whether this makes sense or not?

rated:
searchlight said:   
I can't really afford the extra $16,800 from my annual income (with kids in college), but I could do it by using some funds that are intended for our retirement (not IRA or 401-k). We have other money in 401-ks and IRAs. We'll definitely be downsizing our housing before retirement, so the money will still be there in equity when retirement comes around.

Any thoughts on whether this makes sense or not?

  If the funds would otherwise be long-term investments, I would assume you expect more than 4% return and therefore it makes no sense (at least, from a strict numerical/probability standpoint) to throw extra funds into the mortgage.  It only makes sense to pay down the 3.75% mortgage funds if you are otherwise going to stick all the "retirement funds" into things like USD or treasury bonds with an expected return below that of the mortgage interest rate.

rated:
Bend3r said:   
searchlight said:   
I can't really afford the extra $16,800 from my annual income (with kids in college), but I could do it by using some funds that are intended for our retirement (not IRA or 401-k). We have other money in 401-ks and IRAs. We'll definitely be downsizing our housing before retirement, so the money will still be there in equity when retirement comes around.

Any thoughts on whether this makes sense or not?

  If the funds would otherwise be long-term investments, I would assume you expect more than 4% return and therefore it makes no sense (at least, from a strict numerical/probability standpoint) to throw extra funds into the mortgage.  It only makes sense to pay down the 3.75% mortgage funds if you are otherwise going to stick all the "retirement funds" into things like USD or treasury bonds with an expected return below that of the mortgage interest rate.

  I wouldn't do it for the 3.75% direct return on faster principal paydown. I might do it for the 39.8% guaranteed return in the first year for each added payment amount arising from the lowered interest rate across the whole balance (6690 savings divided by 16800 added payment).  Of course, after the year in which each higher payment is made, the return on each subsequent year would be the 3.75% interest on the principal paydown and accrued interest savings. It's hard to beat a 40% guaranteed first year return.

rated:
searchlight said:   I've started thinking about this as follows: by investing an extra $16,800 per year, I'm reaping an additional $6,000 in saved interest strictly due to the lower rate - a pretty good return on investment, not even counting the saved interest on principal amount paid down.

Any thoughts on whether this makes sense or not?
It doesn't. First, your "investment" to save $6600 in interest (1st year) is $23K -- you forgot about the $500/mo you're already paying.
Second, using the first year's ROI is not how long-term investments should be compared. As Bend3r said, if you expect your investments to have a higher return than your mortgage interest rate, then you should not be paying down your mortgage.

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.
  • 1494495496497 498
  • Page
  • Previous 40


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.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2016