Shopping for a mortgage

[Brock Landers]

Fed buying 500b in tsy and 200b mbs. Rates should drop again.

[4matic]

Fed buying 500b in tsy and 200b mbs. Rates should drop again.

If it's enough. Daily volume is $600 billion. How many sovereigns need immediate cash and dollars? Fed just announced further intervention in swaps

[Brock Landers]

200 billion over the next few months...say in the longer end 6 months (maybe less) is 35b/ month. That spread should come right in and more than offset any small bump in tsy over the last week

[mattig]

New MBS origination has been running at $8bln a day on average.

Hundreds of billions are traded each day. $200bln (+$20bln a month in reinvestments that are coming back after having previously been diverted to Treasuries) is a tourniquet, but not a panacea.

Lenders can't drop rates too quick or all of this week's locks will bail. They'll also be more overwhelmed with biz than they already are.

IF YOU'RE CONSIDERING A REFI, do yourself and your loan officer a favor and don't call them asking if the Fed just cut your rate again. Read up:

http://www.mortgagenewsdaily.com/con...es/938844.aspx

[rideit]

Our gal will call us if there is a drop below a certain threshold, we don’t bother her with bullshit.

[muted]

My lender is offering 2.875 15 year fixed, I'm locking it in now and ready to cancel/regroup if rates drop while it's being processed. This will save us about $177,000 over the lifetime of the loan, partly because we are switching from 22 years left of a 30 fixed to a 15.

Feels like I'm jumping the gun but I don't want to miss out on saving a shitload like I did earlier this month. One day he quoted me 2.875 and the next day it was gone.

What are you guys seeing out there?

[4matic]

This will save us about $177,000 over the lifetime of the loan, partly because we are switching from 22 years left of

How much would you save if you went to 30 years and invested the payment difference at 2% compounded and you can also use the tax deduction?

[rideit]

Just talked to my lender yesterday, said the best she could find was 3.3 (we are at 3.37) unless we went to a 15. Both with impeccable credit and perfect payment records. She said to hang tight, she will keep looking.

[muted]

How much would you save if you went to 30 years and invested the payment difference at 2% compounded and you can also use the tax deduction?

Good question. Payment difference is about $150 more a month though.

[4matic]

Good question. Payment difference is about $150 more a month though.

You'd have $32000 after 15 years not including any additional tax savings. it's a tough calculation for sure and more what makes one comfortable.

[Brock Landers]

You'd have $32000 after 15 years not including any additional tax savings. it's a tough calculation for sure and more what makes one comfortable.

Plus the liquidity/ optionality of that money. Just in case. Or if something presents itself (great hookers, deal on blow, etc).

[liv2ski]

Nice price improvement today. Scenario below is a SFR, rate and term refi. $600k value and $350k loan amount. O/O with a 760+ credit score. Pricing in GREEN is a credit towards your costs.

30 year fixed 45 day lock


15 Year fixed with a 45 day lock

[liv2ski]

O poop, I have been waiting for this shoe to start to fall with my investors.

Effective immediately, we are not accepting new loan submissions for properties located in the following Bay Area Counties: Alameda, Contra Costa, Marin, Santa Clara, Santa Cruz, San Francisco, and San Mateo, with the following exception: Properties with a PIW and a notary service willing to sign the borrowers up.

[muted]

I hope our appraiser can get to our house before SLC has a non-essential travel ban.

[Ottime]

Well, guess I won’t be calling you back any time soon. I can only assume this is due to the fact that we are early adopters to fighting the spread of the virus. Hope y’all join us, so this thing passes sooner rather than later.

[liv2ski]

Ottime, one investor out of 20. My concern has been more about getting notaries to come out, but I can see appraisers getting weird too I guess.

[Ottime]

If I recall correctly, my last appraisal was completely virtual. I took a lot of pictures in an ap. Not sure if that still floats.

[liv2ski]

Nope, but properties with a lot of equity and no cash out usually get an appraisal waiver. Now can we get a notary out to you at closing in 5 weeks?

[Ottime]

I can me a notary in Alpine County. But my wife can’t. That would be the issue.

[liv2ski]

Rates are the best in about 3 weeks today, 2.625% on a 15 year and 3.125% on a 30 year with a closing cost credit on a SFR with 760+ credit. If you missed it, time to look again. Closed a few loans for maggots and I know they are stoked.

[Name Redacted]

Rates are the best in about 3 weeks today, 2.625% on a 15 year and 3.125% on a 30 year with a closing cost credit on a SFR with 760+ credit. If you missed it, time to look again. Closed a few loans for maggots and I know they are stoked.

You know anyone who specializes in special loans like portfolios? Building in 36.5% retail.

[liv2ski]

Sorry, not my forte. Look at the commercial edition of the Scottsman Guide for leads? http://www.sg-comdigital.com/comdigi...olio=Cover#pg1

[Name Redacted]

Sorry, not my forte. Look at the commercial edition of the Scottsman Guide for leads? http://www.sg-comdigital.com/comdigi...olio=Cover#pg1

No worries, almost pulled the trigger to refi with our current bank a few weeks ago but held off because they couldn't get it done without jumping through some hoops.

[mattig]

Commercial is pretty fucked right now, apart from stuff backed by agencies (since the Fed is buying CMBS). That's mainly residential-only based on my limited understanding of the safe.

[slcdawg]

Rates are the best in about 3 weeks today, 2.625% on a 15 year and 3.125% on a 30 year with a closing cost credit on a SFR with 760+ credit. If you missed it, time to look again. Closed a few loans for maggots and I know they are stoked.

Are you licensed in CO? What are you seeing for 30 year today?