Shopping for a mortgage

[jmedslc]

I just locked a 3.5 30y after being at 4125 for 4 years. Saving 210/mo.

[4matic]

ARM rates could fall again soon. I'm still working a 5/5 ARM at 2.5% from 2016.

[snowaddict91]

I just locked a 3.5 30y after being at 4125 for 4 years. Saving 210/mo.

Dropping to hopefully 3.375 after being at 4.125 for the last 3 years. Locked at 3.5 but sounds like 3.375 should be a possibility from talking to another mortgage guy. Looking forward to almost $300/month savings!

[Danno]

I'm at 3.375 already, hard to convince myself to do anything.

[liv2ski]

Just locked a client in today at 3.125% on a 30 year fixed with a $2,800 credit towards his costs (so a no cost loan). If your in CA pm for the hook up.

[tgapp]

Anyone got a recommendation for a broker in Utah? Listening to people here I feel like we were taken for a ride when we bought our first home. Would love to chat with someone recommended by a mag.

[liv2ski]

It is tough to find guys like myself that are legit, close on time and offer the best price. So much for internet searches. That said, if you must, Zillow will normally have pretty good quotes and check the companies reviews before you jump in.

[Danno]

I have a great guy here in Colorado, but last time around he was out of the country when rates dropped. I got a smoking quote from Zillow, and the refi (northpointe bank) went smoothly.

[jmedslc]

Just locked a client in today at 3.125% on a 30 year fixed with a $2,800 credit towards his costs (so a no cost loan). If your in CA pm for the hook up.

What the fuck, why am I just getting a 3.5?

[ski-wpk]

We just closed on a 3.25 7/1 ARM. Hoping to pay it off quickly.

[snowaddict91]

What the fuck, why am I just getting a 3.5?

My guy that I used before originally told me 3.875 a week ago. After I got another offer at 3.50 he told me he could do 3.375. Its like buying a car and its super annoying to me.

Also, rates change daily and they have been dropping over the last couple weeks, though I'm not sure by how much.

You are probably aware of this, but some companies will offer a lower rate but do a "buy down" in the closing costs (which are rolled in to the new loan). This means that they will give you a lower rate, but effectively raise the loan amount.

[alias_rice]

Just locked a client in today at 3.125% on a 30 year fixed with a $2,800 credit towards his costs (so a no cost loan). If your in CA pm for the hook up.

That’s exactly what I got last fall. Pretty killer rate, and I doubt I’ll ever beat it.

[liv2ski]

What the fuck, why am I just getting a 3.5?

Small loan amount? In CA my average loan balance is $350k so that helps buy the clients rate down about .125%, but ya, you may not of shopped around really well

[Garbowski]

I’m at 3.75 and 5 years into it on my 30 year dentist sized mortgage in WA. I’d like to drop down to a 25 year or maybe 20. Same search strategy for this (ie Zillow guys) or do I need to look with the bigger/specialized guys?

[ICantLogIn]

Hope all you degenerates are refinancing if you are 3.75% or higher.

I can lock 3.25% fixed 30 yr but I decided to kick the can down the road until at least tomorrow. Am I an idiot? Already at 3.625%

Nope good move.

[ICantLogIn]

a $2,800 credit towards his costs (so a no cost loan).

What words do I have to use to make that happen?

[nickwm21]

I need to do this... currently at 4.0 with a 10/1.

I really hate this process though. No offense to the mags that are in this business, but it’s worse than going to a used car lot... the big banks are terrible to deal with, the local lenders seem to just slap a percentage on-top of a loan from elsewhere, the online mortgage companies just sell your contact info to all the lenders in a 100 mile radius....


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[Iowagriz]

We just closed on a 3.25 7/1 ARM. Hoping to pay it off quickly.

Exact same for me - figure that when the term ends, the rates will be even lower (due to politics or a larger market crash).

Approx 30days total from application to close - so get on it now if you plan on doing a refi - they will be busy.

[ex-powderbroker]

just bought my first place. move in july 15. 2.69% for a five year fixed, amortized over 25. seemed to be the best thing going but these mortgage guys are shady. inspection and whatever else was supposed to be included, i look at my first deductions and they’re for 333 and 43, which he claimed was an interest adjustment. wtf right?

[alias_rice]

I need to do this... currently at 4.0 with a 10/1.

I really hate this process though. No offense to the mags that are in this business, but it’s worse than going to a used car lot... the big banks are terrible to deal with, the local lenders seem to just slap a percentage on-top of a loan from elsewhere, the online mortgage companies just sell your contact info to all the lenders in a 100 mile radius....


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I did mine all through email and text. I didn’t meet anyone face to face until I showed up at the title company to close. I spent a few hours researching companies beforehand, but even that included I probably spent less than 5 hours total on it.

I do commercial real estate loans for a living which makes it a little easier to not get scammed.

[liv2ski]

What words do I have to use to make that happen?

Tell the lender you need a credit that will cover all of the one-time non-recurring closing costs. With me that is somewhere between 2,300 and 2,800 depending on if an appraisal is required

[liv2ski]

I just locked a refinance in on a 30 year fixed at 3% with a credit to the customer of $2,900, so a no-cost loan. Rates have never been this low in the 36 years I've been doing this

[snowaddict91]

And don't pay for an appraisal. Lender A told me I needed to and it was standard practice, then Lender B said "no appraisal neccessary." Went back to Lender A and suddenly he was able to make it go away. Shady indeed.

Bankers, lawyers, salesman, fuck 90 percent of them. Maybe 99 percent?

[XXX-er]

I did mine all through email and text. I didn’t meet anyone face to face until I showed up at the title company to close. I spent a few hours researching companies beforehand, but even that included I probably spent less than 5 hours total on it. .

Last mortgage I had was with the ING bank on the other side of Canada which is mostly virtual so I never did go to a bank, it was all done remotely by phone/ email/ courier and they had the best rates, variable/open was cheapest but you had to keep and eye on it .

[jmedslc]

I just locked a refinance in on a 30 year fixed at 3% with a credit to the customer of $2,900, so a no-cost loan. Rates have never been this low in the 36 years I've been doing this

Perhaps I should be talking to you instead of my current guy?!!?