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susrivas said:   Great experience with Cardinal Financial.

Closed 15 year fixed at 2.625 with escrow yesterday. No points , Origination fee of $1498 , lender credit of $2280. No Appraisal

Rate Lock Nov 7, closing Nov 22.

Total fees after lender credit $469.

  I got 2.725 with no points, no escrow. Rep wouldn't budge on 2.625. BTW, my credit score is 830.

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Hi everyone. I know everyone has been disappointed by the rates market over the past several weeks. I was hoping to do a no-cost refinance of my 30 year @ 3.625 to a 15-year @ 2.875, but that isn't happening now.

Just a quick reminder that if you are looking to lower your mortgage payment and interest but not your rate, you can do a "recast"-- paying off X% of your loan and reducing your payment by X%. It's like doing a prepayment, but it doesn't shorten your mortgage term.

If you have a conforming mortgage owned by Fannie or Freddie, and you're paying down a significant chunk of change (EG $5000 or more) most servicers will allow you to do it. Some will do it for free; some will charge a $200-$500 fee. But calling and asking for their policy on recasts and whether you are eligible is free.

You don't necessarily need to refinance to change your payment.

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I got pre-approved with a Zillow lender and was just informed they charge an additional .125% fee for every 15 days you want to lock in the current rate. Is this the typical fee and do most lenders not include this in their Zillow up front fee listings?

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nwill002, I've never had a broker talk about costs for lock periods. Have you asked them for a longer lock than their default? In my experience, the lender has always been the reason for closing to take as long as it does, and I expect them to include a lock for as long as they will need at no additional cost. Usually that's 30 days, though my last 2 in October had a 45 day lock. And as usual, they needed almost all of that.

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nwill002 said:   I got pre-approved with a Zillow lender and was just informed they charge an additional .125% fee for every 15 days you want to lock in the current rate. Is this the typical fee and do most lenders not include this in their Zillow up front fee listings?Every quote I've seen includes the standard 30-day lock -- if you click on the quote it actually mentions it under "Assumed rate lock." If you need more time to close for some reason, then you have to pay for a longer lock period. 0.125% for 15 days is probably right.However, if the lender needs more time because they're too busy or they think (or lie) about the "activity" in your area, then it's their problem and you shouldn't have to pay -- ask them to either honor the original quote and close in 30 or waive the lock extension fee.

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Thanks not sure how I missed that assumed rate lock field. I got clarification on my quote came with 30 day lock... no idea why this wasn't mentioned when I first asked them.

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On a purchase loan with AimLoan, I was offered an extension to a 90-day lock for about $500 on a $308K loan. For whatever reason, a little voice told me that I should purchase it and enjoy the added peace of mind. Even with that fee, they were by far the least expensive. Lo and behold, we ended up needing every bit of those 90 days because our inspection revealed a failed septic system. Replacing the whole thing took many weeks to draw up plans, apply for permits, and perform the work. Having those 90 days made it possible to negotiate the most favorable terms for us, resulting in about $25K worth of improvements paid for by the sellers prior to closing.

The moral of the story is, if you're doing a refinance and have all your docs ready for the lender, there's little to no risk with a short lock period. But if you're doing a purchase with standard inspection contingencies, you should at least consider a longer lock in case you run into unforeseen delays.

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okwiater said:   The moral of the story is, if you're doing a refinance and have all your docs ready for the lender, there's little to no risk with a short lock period. But if you're doing a purchase with standard inspection contingencies, you should at least consider a longer lock in case you run into unforeseen delays.
  Alternately, lock after inspection period is over? (Or decide if you want to extend it after getting it inspected?) 
Or does inspection period varies by market?  In TX there's not really an "inspection period", the inspections usually all occur during an unrestricted option period where one can walk away without any reason.  So, I'd have to decide or negotiate based on the inspection in the first 10 days (ended up inspecting, negotiating and ending the option period in 3 days, I think ) on my purchase.  

Do you have much longer "inspection period" time in other states?

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danceteammom said:   Anyone have any experience with SoFi? www.sofi.com
Yeah.  Terrible.  With pristine credit and 800+ rating, they spent weeks and multiple requests for duplicate documentation just getting me a pre-approval letter (I didn't know any better, so I just waited.)  

Finally, I just got tired of waiting and picked a low-rate bank from BankRate and got pre-approved in less than an hour.

Of course, YMMV.

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I'm using a Zillow mortgage broker and on my lender signing docs it said I am not locked in my rate. I asked the broker about locking in as rates are at about 3.88 and he said I'm already pre-locked at 4% and he is monitoring and deciding when is the best time to do a final lock that will hopefully be even lower (we don't close until late February). Is this a typical arrangement? I'm not sure if I should roll with this or just put my foot down and insist on locking in now.

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If docs say you're not locked, then you're not locked. He might be trying to squeeze a bigger profit for himself. I would insist on locking if that's what you want, but also make sure that whatever lender fee or credit you've been quoted is adjusted accordingly. And shop around at the time of lock -- since you didn't lock, you may no longer be getting the best deal.

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nwill002 said:   I'm using a Zillow mortgage broker and on my lender signing docs it said I am not locked in my rate. I asked the broker about locking in as rates are at about 3.88 and he said I'm already pre-locked at 4% and he is monitoring and deciding when is the best time to do a final lock that will hopefully be even lower (we don't close until late February). Is this a typical arrangement? I'm not sure if I should roll with this or just put my foot down and insist on locking in now.

Something similar happened to me on my very first mortgage.  Loan broker said he thought rates were going down and didn't lock yet and would monitor for best rate, etc....  I verbally told him to lock and he didn't.  On day of signing, the final rate was .125% higher than if he had locked when I requested.  Cost me about $20 extra per month.  I suppose it could've worked in my favor but I never used that loan broker again.  If you request a lock, make sure you get confirmation in writing/email and not just verbal.  

rated:
okwiater said:   On a purchase loan with AimLoan, I was offered an extension to a 90-day lock for about $500 on a $308K loan. For whatever reason, a little voice told me that I should purchase it and enjoy the added peace of mind. Even with that fee, they were by far the least expensive. Lo and behold, we ended up needing every bit of those 90 days because our inspection revealed a failed septic system. Replacing the whole thing took many weeks to draw up plans, apply for permits, and perform the work. Having those 90 days made it possible to negotiate the most favorable terms for us, resulting in about $25K worth of improvements paid for by the sellers prior to closing.

The moral of the story is, if you're doing a refinance and have all your docs ready for the lender, there's little to no risk with a short lock period. But if you're doing a purchase with standard inspection contingencies, you should at least consider a longer lock in case you run into unforeseen delays.

  
I did my purchase 2+ years ago with Aimloan and refi last year with Aimloan. 30 day lock both times. 

On the refi, Aimloan dragged their feet, I always turned everything they asked for back in 24hrs or less - we ran up against the 30 days and they extended it at their cost...ended up extending it a 2nd time since they moved so slow. I think it was during the trough in interest rates and demand was high. That was for a 3.625% no-cost 30yr on a ~$220k loan.

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any lender doing high LTV ( possibly 90% / 95% ) construction to permanent loan for 475k with high income 180k ( medical profession)

rated:
For Second Mortgages I refer Private Lend as an affordable option. They approached me with fair policies and I think they are not greedy like other private lenders in Canada.
http://www.privatelend.com/private-mortgages/second-mortgage/

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I was pre-approved for a loan on Zillow, but since then there have been lower rates from other lenders. Should I apply for a bunch and see who locks in the best rate?

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matrix5k said:   I was pre-approved for a loan on Zillow, but since then there have been lower rates from other lenders. Should I apply for a bunch and see who locks in the best rate?If you haven't locked, the current lender should be offering you the same rate as you see for them on Zillow, and if not, you could either ask them to match or just pick another lender. If you locked, you'll lose any money you've paid them or they can ask for money to re-lock.

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Hi, I have been working with a mortgage broker. He's top rated in our area and works well with our agent. However his rate is about 4.25% with $2000 lender fees.Any idea if this is a reasonable quote?

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Our lender is offering 4.24% and charging $2000 in lender costs. Reasonable?

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American Federal Mortgage has 2.887% APR for 10 year fixed. This sounds too good to be true, has anyone used them recently? I know they resell to other lenders based on previous posts here.

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gpsuser said:   Hi, I have been working with a mortgage broker. He's top rated in our area and works well with our agent. However his rate is about 4.25% with $2000 lender fees.Any idea if this is a reasonable quote?
 Really depends on all the details...

Is the $2000 just lender fees or all-in fees? And what is the size of the loan and loan-to-value ratio? Is that a 30 year loan? What credit score, what state, etc.

My go-to comparison is Aimloan.com - they are one of the cheapest, and they are a direct lender, and you can fill out like 6 pieces of info on the main page and then get the whole range of quotes that are real-time live, with buying points, getting lender credit, 30yr, 20yr, 15yr, etc.

That'll at least tell you if someone is in the ballpark of the low end. Of course, your local high rated mortgage broker that your agent recommends probably won't be in the ballpark of the cheapest online lenders. But that depends on you - if you are willing to spend a couple thousand extra to not incur the ire from your agent of working with an online lender, and to get to work with someone local vs online with calls, faxes, scans to an online company.

rated:
dk240t said:   
gpsuser said:   Hi, I have been working with a mortgage broker. He's top rated in our area and works well with our ag ent. However his rate is about 4.25% with $2000 lender fees.Any idea if this is a reasonable quote?
 Really depends on all the details...

Is the $2000 just lender fees or all-in fees? And what is the size of the loan and loan-to-value ratio? Is that a 30 year loan? What credit score, what state, etc.

My go-to comparison is Aimloan.com - they are one of the cheapest, and they are a direct lender, and you can fill out like 6 pieces of info on the main page and then get the whole range of quotes that are real-time live, with buying points, getting lender credit, 30yr, 20yr, 15yr, etc.

That'll at least tell you if someone is in the ballpark of the low end. Of course, your local high rated mortgage broker that your agent recommends probably won't be in the ballpark of the cheapest online lenders. But that depends on you - if you are willing to spend a couple thousand extra to not incur the ire from your agent of working with an online lender, and to get to work with someone local vs online with calls, faxes, scans to an online company.

Thanks for the info.   $2K in lender fees only. LTV is 80% (30yr). Credit score is 800+  

rated:
This seems high, at least in comparison to my area.  Have you searched the zillow mortgage rates?  I'm seeing 3.8% with no fees. 

rated:
never mind... I'm blind.

rated:
I'm within 45 days of closing on my new house. Lender is offering a lock on 30-year traditional at 4.25%. This is my second house and I have 820+ credit score. Deal or no deal?

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SteelRing said:   I'm within 45 days of closing on my new house. Lender is offering a lock on 30-year traditional at 4.25%. This is my second house and I have 820+ credit score. Deal or no deal?Did you check zillow and bankrate? Interest rate isn't the only thing that matters, someone could charge you a million and offer you 0% interest. Rates and costs differ by location and amount.

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gpsuser said:   Hi, I have been working with a mortgage broker. He's top rated in our area and works well with our agent. However his rate is about 4.25% with $2000 lender fees.Any idea if this is a reasonable quote?
  What is this even supposed to mean?  Just that it's your agent's drinking buddy?  How is this "top rating" even quantified?

Just curious where the "mortgage broker" can even get a "top rating".  I didn't know there were agencies like S&P for companies that rate mortgage salesmen.

rated:
Has anyone gotten a physicians mortgage from Bank of America? We are looking at a new construction house around 850k and we will put about 350k down. The rates for the loan are decent 3.7 for a 30 year mortgage. However the closing costs are about 20k. Is this normal for a new construction?

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cliftonite93 said:   Has anyone gotten a physicians mortgage from Bank of America? We are looking at a new construction house around 850k and we will put about 350k down. The rates for the loan are decent 3.7 for a 30 year mortgage. However the closing costs are about 20k. Is this normal for a new construction?I don't know what a physicians mortgage is or why you need it, but I do know that mortgages from the big retail banks suck.  And Bank of America sucks especially hard. Your rate is somewhat low because of an insanely high closing cost. Nobody should ever pay that much. Have you checked zillow and bankrate?

rated:
scripta said:   
cliftonite93 said:   Has anyone gotten a physicians mortgage from Bank of America? We are looking at a new construction house around 850k and we will put about 350k down. The rates for the loan are decent 3.7 for a 30 year mortgage. However the closing costs are about 20k. Is this normal for a new construction?
I don't know what a physicians mortgage is or why you need it, but I do know that mortgages from the big retail banks suck.  And Bank of America sucks especially hard. Your rate is somewhat low because of an insanely high closing cost. Nobody should ever pay that much. Have you checked zillow and bankrate?

  Some of it is escrow for taxes/insurance and some of the items can be shopped.  Here is the breakdown.  I am looking at other lenders as well.

http://imgur.com/a/PMHKO  

rated:
cliftonite, I only pay attention to the amounts in your left column. Some on the right will vary from lender to lender, but if it's just a matter of how much tax & insurance they want prepaid, that all evens out within a year anyway. You've got a high transfer tax in your location that's going to give you higher closing costs than most of us, but moving to another state is probably the only way to avoid that.

Your loan costs in the left column mostly seem reasonable. I would definitely shop around for the lower left section that specifically says you can. First, $975 for closing seems unreasonable to me. Mine have been around $150 for someone to come to my house for a refi (new construction may have different circumstances that do cost more, but I believe this fee is mostly to cover your title company owners' international vacations). Your title insurance is a lot more than I've been spending too, but that may depend a lot on your local market too. These fees aren't going to your lender or broker, but they're also not coming out of their pocket, so they don't care how much their default options cost you.

rated:
I noticed a lot of the most competitive lenders advertised on Zillow are actually brokers... is there a way to go directly to the lenders that they use and get an even better deal?

rated:
cliftonite93 said:   
scripta said:   
cliftonite93 said:   Has anyone gotten a physicians mortgage from Bank of America? We are looking at a new construction house around 850k and we will put about 350k down. The rates for the loan are decent 3.7 for a 30 year mortgage. However the closing costs are about 20k. Is this normal for a new construction?
I don't know what a physicians mortgage is or why you need it, but I do know that mortgages from the big retail banks suck.  And Bank of America sucks especially hard. Your rate is somewhat low because of an insanely high closing cost. Nobody should ever pay that much. Have you checked zillow and bankrate?

  Some of it is escrow for taxes/insurance and some of the items can be shopped.  Here is the breakdown.  I am looking at other lenders as well.

http://imgur.com/a/PMHKO  

  the transfer tax of almost $8k will be paid by the seller so your closing costs are actually around $12K  

rated:
nwill002 said:   I noticed a lot of the most competitive lenders advertised on Zillow are actually brokers... is there a way to go directly to the lenders that they use and get an even better deal?
  A lot of lenders like to deal with brokers and if you go direct with them they will not give as good a deal as you would if you go with the broker.

rated:
You might try entitedirect to see if it saves you more money on title insurance.

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