Shopping for a mortgage

[mattig]

On the other hand, Wells Fargo's retail site has had at least a half point gap between the two (in RATE) for weeks. That's unheard of prior to the corona.

[bizarrefaith]

On the other hand, Wells Fargo's retail site has had at least a half point gap between the two (in RATE) for weeks. That's unheard of prior to the corona.

Imagine refi demand is a lot higher than purchases right now


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[slcdawg]

Whats the call on locking again if rates come down? I locked with a lender a week ago at 3.25% and had another lender I was shopping call me up today and offer 3% with discounts. I have personal references for both lenders. I'm going to see if the orig lender can lower the rate (they said they could do this if rates come down by at least .25). But if not, can I lock with a different lender?

[bizarrefaith]

If original lender won't float down, you're free to cancel the loan app and start over somewhere else.

[liv2ski]

If original lender won't float down, you're free to cancel the loan app and start over somewhere else.

Don't try that BS with me pal, as you sign a disclosure you owe me a point for wasting my time. Fucktard. Ever hear the term a deals a deal?

[bizarrefaith]

Don't try that BS with me pal, as you sign a disclosure you owe me a point for wasting my time. Fucktard. Ever hear the term a deals a deal?

Truth in Lending Act says that’s your tough luck


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[slcdawg]

FWIW, talked to the first lender and they said they would try to match but if not they offered to drop my loan application if I wanted. Pretty cool of them.

[liv2ski]

Truth in Lending Act says that’s your tough luck


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Well, I have never lost in small claims, so sucks to be you buddy. BTW, The TIL has nothing to do with the disclosure my clients sign. so you are talking out of your ass Mr Smart Guy.

[bizarrefaith]

so sucks to be you buddy.

Yeah does it does sometimes, sorry



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[Kevo]

I locked at 3.25% last month.

Made it through automatic underwriting and got an appraisal waiver, so my 3rd party closing costs are $600, with all other costs being prepaids (property tax, insurance, etc).

The refi is going to save me about $230 per month, so break even is less than 3 months.

Liv2ski and others in the business who have recently seen rates- is this still a competetive rate by today's standard? Would I have been better off waiting?

[Flyoverland Captive]

^^^ With break-even in 3 months, why would you NOT do it? If rates go down, how do you lose doing another refi later?

[Kevo]

^^^ With break-even in 3 months, why would you NOT do it? If rates go down, how do you lose doing another refi later?

I intend to move forward. Mostly just wondering if I made a good choice in locking when I did and wondering if rates today are substantially lower.

Going to ask my broker as well but haven't had a chance yet- he told me that most lenders will split the difference between rates at lock and rates at close, so if 3.0% is possible I'd get 3.125%, etc.

On another note, I can't believe how easy it is to get a mortgage. I've got a primary checking account that represents a small percentage of my cash savings. I only needed to provide bank statements for that checking account (not my CDs or online savings accounts), two years worth of W2s, and two pay stubs. No appraisal needed. The whole process took like 10 minutes to upload docs and docusign some paperwork.

[Nobody Famous]

The refi is going to save me about $230 per month, so break even is less than 3 months.

That's a nice per month reduction. Did the number of remaining payments stay the same or increase?

[Kevo]

That's a nice per month reduction. Did the number of remaining payments stay the same or increase?

Number of months got pushed back to 360 from 320. While shopping there were better rates available at 30 years than trying to get a mortgage with exactly the same number of months remaining on the term. It sounds like 15 and 30 year fixed are easy to come by. 25 year a little less so and custom term lengths are less competitive.

I'm an outlier in that I place value on the APR and liquidity and have no intention to make extra payments against my mortgage until I can pay it off all at once. 3.5 years after buying my house I'm about 1/3 of the way towards being able to pay off the mortgage. I'd rather have the cash until I can pay it off entirely in case I have an imminent need.

[John_B]

Just got a quote for a 30 year 155K loan at 2.99. Hot damn. It'll save us about 125 a month. The plan is to continue the same payments and in theory the loan will be done in about 17-18 years. I haven't done the final math on that.

[HD333]

My refi closed this week. 3% 30yr.

Saving 700 a month. We were at 21 years left, we will hammer the principle with some if not all of the savings.

I like the piece of mind of a lower payment right now if the shit really hits the fan and one of us loses our job.

Bank also quadrupled our avail line of credit with a prime -1 interest rate.

No plans on tapping that unless we really need it, but again nice to know it is there.


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[liv2ski]

Kevo, sorry I missed your question yesterday as I have been really busy lately with rates down. Here is the thing. If a lender offers you a locked in rate, they are covering you if rates go up. Conversely, if rates go down, they expect you to close at the locked rate.

My best priced investors kick the shit out of companies that allow for a float down, so it is up to the client to decide who they want me to lock the loan in with. Between you and me, they always chose the best pricing with no float down option. That is why I tell my clients not to dick me around if rates go down .25%.

I have a totally different and honest conversation with my clients. Most lenders never explain the options out there, so go ahead and fuck with them.

[comish]

Conforming loan amount? Nice job!

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[jm2e]

So, without reading back through the last 350 posts, what's the pro intell for picking the right guy to broker my next mortgage?
Closed on our current place a year ago and went with the Plan B guy recommended by our realtor because my Plan A bank was being super difficult and inflexible around a delayed closing. Plan B guy was able to get us a lower rate, lower closing costs and a quick closing. At the end of the day though, I just felt lucky and didn't really understand how I could have navigated it differently.
Starting to look at houses and hoping to find something in the next 12 months. It's complicated.

[liv2ski]

So, without reading back through the last 350 posts, what's the pro intell for picking the right guy to broker my next mortgage?

Starting to look at houses and hoping to find something in the next 12 months. It's complicated.

If I hadn't been in the business for 36 years I would look around for quotes (in writing) and reviews on the company via Yelp or where ever.

Make sure the reviews are solid and the pricing is the best you can find. If you're in CA, pm me. Even if your not, I am happy to answer a fellow mags questions.

[Danno]

So, without reading back through the last 350 posts, what's the pro intell for picking the right guy to broker my next mortgage?
Closed on our current place a year ago and went with the Plan B guy recommended by our realtor because my Plan A bank was being super difficult and inflexible around a delayed closing. Plan B guy was able to get us a lower rate, lower closing costs and a quick closing. At the end of the day though, I just felt lucky and didn't really understand how I could have navigated it differently.
Starting to look at houses and hoping to find something in the next 12 months. It's complicated.

what state?

obv, Plan B guy is worth starting with if he's still out there.

[sirbumpsalot]

Number of months got pushed back to 360 from 320. While shopping there were better rates available at 30 years than trying to get a mortgage with exactly the same number of months remaining on the term. It sounds like 15 and 30 year fixed are easy to come by. 25 year a little less so and custom term lengths are less competitive.

I'm an outlier in that I place value on the APR and liquidity and have no intention to make extra payments against my mortgage until I can pay it off all at once. 3.5 years after buying my house I'm about 1/3 of the way towards being able to pay off the mortgage. I'd rather have the cash until I can pay it off entirely in case I have an imminent need.

You sound like you are the same as me.....was 2.5yr in on a 3.625 and locked in last week at 3.125% with credit to cover closing costs 100%. Will save $250 a month but plan to just pay the same and apply that $250 towards principal.

[Mustonen]

You sound like you are the same as me.....was 2.5yr in on a 3.625 and locked in last week at 3.125% with credit to cover closing costs 100%. Will save $250 a month but plan to just pay the same and apply that $250 towards principal.

But that’s not the same at all?

[sirbumpsalot]

But that’s not the same at all?

Thanks for the help!

[Danno]

just locked on a refi, 30 year at 2.875% with a lender credit of ~$2400 (so the "cost" outside of the unavoidable things is ~$800).

Should lower my monthly payment by $225-250. Which will come in handy with all of the current uncertainty in the world.

Found this guy off of zillow. My normal guy thinks it is some bait and switch rate and wouldn't match it, but doesn't seem like it, since I am locked. We'll see.

He has excellent reviews on zillow, but not a ton of them. I successfully/smoothly refied once before through a zillow lender.