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Thank you sir. Quoted:
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I saw several people saying Quicken (Rocket mortgage) was bad or not competitive I'm locked at 2.75% Is there something I'm not aware of(like excessive Lender fees?) You're giving some good advice in this thread, my friend. The T bill is below 1.1 now and I'm seeing par rates in the 2's all over the place for 15 yr fixed. Crazy days ahead. |
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For you guys not on the East coast working Chris or Semper, you can IM Mcnielsen, or give him a call. Mike at 6126185335, he's licensed for all states. IIRC he works for the same company as Chris. I know it seems like a few of us are pimping out some brokers, but if you're paying more than 3.5, then anybody mentioned is someone you should he talking to. I called Mike and he was quick to respond with some information. I will see where this goes, hopefully it works out for me. |
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Quoted: Wow, no wonder people didn't live beyond their means nearly as much in the past. With interest rates like that people would have been forced to live in much more modest homes relative to their income level compared to now. |
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You bet. Every LO I know is swamped like never before. Has today been busier than Friday for you? It sure has for me. Quoted:
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I saw several people saying Quicken (Rocket mortgage) was bad or not competitive I'm locked at 2.75% Is there something I'm not aware of(like excessive Lender fees?) You're giving some good advice in this thread, my friend. The T bill is below 1.1 now and I'm seeing par rates in the 2's all over the place for 15 yr fixed. Crazy days ahead. Oh and our A/C went out at the house today. Ugh! Always something. Any HVAC in DFW want a smokin deal on a refi for A/C work??!! Lol. |
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I am checking on MS. My wife is from Columbus and I was licensed there but have not renewed it yet. Making some calls and will let you know. Thanks, Chris Quoted:
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@carsandguns Do you have a broker in MS?!  Thanks, Chris 
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I'm currently at 3.75 conventional. We don't escrow. I pay insurance and taxes on my own. 25 years left. Is it worth it to refinance? Will any lender allow me to do it without escrow? 1. What is your mortgage balance? 2. What is the approximate value of your house? 3. What is your estimated credit score? If you have at least 20% equity based on the appraisal that will be performed then you will have the option to waive escrows. You probably do have enough equity since you don't escrow right now. Is it worth it? That's subjective. I think the higher your mortgage balance the more it is worth it to refinance. Saving 0.625% on a $100,000 loan is not too bad. Saving it on a half million dollar loan is significant. If you want to shorten the term to 15 years then you will save quite a bit of interest. I locked a customer in at 2.75% for one of those last night. |
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Navy Fed just offered us 2.75% at .5 of a point for a 30 year fixed.
2.625% at a full point, with no appraisal fee. We're at 3.6% right now, and the Fed just cut rates half a point. I know they're not linked...but damn it would be nice if that's the way the wind is blowing. If we can get 2.5% at one point, I'm jumping. |
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Wondering about this to. How long before rates reflect the drop? Quoted:
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Any thoughts on waiting to see how low the rates go, considering the Fed’s 1/2 point cut today and likely another 1/4 point in April? The Fed fund rate will have more of an effect on credit cards, signature loans and car loans. Once I get a little caught up I will explain this better but don't be that guy calling your L/O and asking if their rate dropped by the amount of the Fed cuts. lol |
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This a huge misconception fueled by the talking heads on TV. The fed fund rate and mortgage rates sometimes trade in the same direction, but are not directly tied together - in fact many times mortgage rates will go up after a fed cut or go down after the Fed raises rates. To put it in very simple terms because I am too slammed to write out a proper response. When the Fed cuts rates it is an attempt to boost the economy. Boosting the economy helps the stock market but usually hurts the bond market. Mortgages are based on Mortgage backed securities - which is a bond. When people take money out of the stock market many times they buy bonds which improves mortgage pricing. (bonds are safer than stocks) When the stock market recovers those bonds are usually sold which hurts mortgage pricing. The Fed fund rate will have more of an effect on credit cards, signature loans and car loans. Once I get a little caught up I will explain this better but don't be that guy calling your L/O and asking if their rate dropped by the amount of the Fed cuts. lol Quoted:
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Any thoughts on waiting to see how low the rates go, considering the Fed’s 1/2 point cut today and likely another 1/4 point in April? The Fed fund rate will have more of an effect on credit cards, signature loans and car loans. Once I get a little caught up I will explain this better but don't be that guy calling your L/O and asking if their rate dropped by the amount of the Fed cuts. lol So, if you have locked your loan already get your stuff to the L/O as soon as you can. Everything is getting backed up from processing, underwriting, appraisers, title company's, attorneys etc so turn times are going to get pushed further and further out. |
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Who did you go through? I haven’t signed the paperwork but I’m locked at 2.75% with rocket/quicken. I’m paying a lot more than $2,800 in fees. @carsandguns Do you know anyone in Florida? Quoted:
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Just locked in 2.75% fixed 30yr with zero bank fees, zero points, and $2,800 in lender credits to do a VA IRRL on the 456k we still owe. Planning to put out the same amount of money each month to target even more principal as we can afford to do it now. I haven’t signed the paperwork but I’m locked at 2.75% with rocket/quicken. I’m paying a lot more than $2,800 in fees. @carsandguns Do you know anyone in Florida? |
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I just found out that because of my PH I don't have to pay a funding fee. Does anyone know if I paid a funding fee on my last mortgage about 9 years ago, can I get a refund? Thanks in advance |
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Navy Fed just offered us 2.75% at .5 of a point for a 30 year fixed. 2.625% at a full point, with no appraisal fee. We're at 3.6% right now, and the Fed just cut rates half a point. I know they're not linked...but damn it would be nice if that's the way the wind is blowing. If we can get 2.5% at one point, I'm jumping. 
They only clear thing I could get out of the customer service rep was that there was an origination fee of 1% of the loan and a .25 “point” to pay for the loan If they can keep the closing costs low, I’m going to pull the trigger. |
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I just called them about the 15 year (2.679%) APY conventional loan offer. They mentioned closing costs could be 2 to 5% of the property value (not loan amount). I’m not going to pay $12,500 for a $100k loan
They only clear thing I could get out of the customer service rep was that there was an origination fee of 1% of the loan and a .25 “point” to pay for the loan If they can keep the closing costs low, I’m going to pull the trigger. Quoted:
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Navy Fed just offered us 2.75% at .5 of a point for a 30 year fixed. 2.625% at a full point, with no appraisal fee. We're at 3.6% right now, and the Fed just cut rates half a point. I know they're not linked...but damn it would be nice if that's the way the wind is blowing. If we can get 2.5% at one point, I'm jumping.
They only clear thing I could get out of the customer service rep was that there was an origination fee of 1% of the loan and a .25 “point” to pay for the loan If they can keep the closing costs low, I’m going to pull the trigger. I love my credit union and still use them for my checking / savings accounts. Also paying $12K for $100K loan is insane. What's the breakeven point? |
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@carsandguns Know anyone in FL? I'm looking fo refi to a 15 yr on my old townhouse that's now a rental (non VA). Quoted:
Quoted: Try Paul Pratt 615 417-2449. Good luck! Know anyone in FL? I'm looking fo refi to a 15 yr on my old townhouse that's now a rental (non VA). |
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Hey Buddy, quick question; Ive the PH, but havent followed through with VA disability, is that your situation as well? I'm still active, so no disability rating. But if you get a VA loan, your purple heart will save you the funding fee, which can be 10k+ The PH waiver for funding fee was passed in January 2020 and is not backdated. |
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Quoted: I just called them about the 15 year (2.679%) APY conventional loan offer. They mentioned closing costs could be 2 to 5% of the property value (not loan amount). I’m not going to pay $12,500 for a $100k loan
They only clear thing I could get out of the customer service rep was that there was an origination fee of 1% of the loan and a .25 “point” to pay for the loan If they can keep the closing costs low, I’m going to pull the trigger. |
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Quoted: @HKPDW, my wife is a book keeper and has done five or six remortgages for us, two of them with NFCU. She thinks your numbers here may be off, or you could have misunderstood what NFCU told you. She's going to call tomorrow and talk to them (about our loan, not your situation, but she wants to clarify that point because it would hugely impact us)...she's almost sure the cost is against the loan, not the property value. We've carried a lot of equity in several of our properties, and re-fi'd the remaining balance...never paid fees against the larger value. I know there’s a 1% origination fee on the loan amount as well as having to pay .25% in “points”. I’m not a NFCU member so, maybe that had something to do with it. |
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This was a customer service rep but, gave me a MLS? number at the beginning of the call. I got the impression she was a front line rep and not an actual mortgage loan officer. When I inquired about a general range for closing costs, she mentioned the 2 to 5 percent of the property value figure. I challenged her on that and she confirmed it was not based on the loan amount. That statement seemed illogical and therefore suspect. She admitted she was not a loan officer and offered to have one contact me to clarify closing costs. I know there’s a 1% origination fee on the loan amount as well as having to pay .25% in “points”. I’m not a NFCU member so, maybe that had something to do with it. Quoted:
Quoted: @HKPDW, my wife is a book keeper and has done five or six remortgages for us, two of them with NFCU. She thinks your numbers here may be off, or you could have misunderstood what NFCU told you. She's going to call tomorrow and talk to them (about our loan, not your situation, but she wants to clarify that point because it would hugely impact us)...she's almost sure the cost is against the loan, not the property value. We've carried a lot of equity in several of our properties, and re-fi'd the remaining balance...never paid fees against the larger value. I know there’s a 1% origination fee on the loan amount as well as having to pay .25% in “points”. I’m not a NFCU member so, maybe that had something to do with it. I've been an NFCU member since 1995, I've tried to get a mortgage with them five times I think, I don't know why I even bother to call them anymore. |
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carsandguns
Do you have any broker contacts in WA? We are currently 2 years into a 30 year at 3.5 on our home. Wife and I are both veterans and she is 10% disabled. Home valued at 750k and owe 290k with a 2nd mortgage of 90k. Looking to consolidate and drop interest rate if possible. |
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carsandguns Do you have any broker contacts in WA? We are currently 2 years into a 30 year at 3.5 on our home. Wife and I are both veterans and she is 10% disabled. Home valued at 750k and owe 290k with a 2nd mortgage of 90k. Looking to consolidate and drop interest rate if possible. |
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Is this who I should contact for a Non-VA refi in TN? Quoted:
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Any lenders for construction to perm loans in TN? @carsandguns Good luck! Josh Hefty NMLS 142078 O. (205) 208-9100 C. (205) 394-1764 www.cahabamortgage.com |
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I am curious how many of you have been getting unsolicited calls after applying for a loan? The credit agencies sell the borrowers info to lead generation companies who then sell your info to the bottom feeder mortgage companies that can't generate their own business. It is about as unethical as you can get but I guess Trans Union, Experian and Equifax have greased enough politicians that everyone looks the other way. This is where the snakes go after the tote the note lot fires them for unethical behavior. lol I can't understand how it can be legal to sell our private info to companies without our permission. I always take the borrowers phone # and e-mail address out of the file before I pull credit, but they are still able to find a lot of peoples contact info... just makes it a little more difficult. It is another reason why all three agencies need to be scrapped and a new system created. On another note.. if you are in the process of getting a loan get your information and documents to your loan officer as soon as you can. The majority of lenders have set daily volume records in the last week and everything is about to be bogged down. The sooner you can get your loan into u/w the faster and less stress it will be. Good luck! Chris |
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I am curious how many of you have been getting unsolicited calls after applying for a loan? The credit agencies sell the borrowers info to lead generation companies who then sell your info to the bottom feeder mortgage companies that can't generate their own business. It is about as unethical as you can get but I guess Trans Union, Experian and Equifax have greased enough politicians that everyone looks the other way. This is where the snakes go after the tote the note lot fires them for unethical behavior. lol I can't understand how it can be legal to sell our private info to companies without our permission. I always take the borrowers phone # and e-mail address out of the file before I pull credit, but they are still able to find a lot of peoples contact info... just makes it a little more difficult. It is another reason why all three agencies need to be scrapped and a new system created. On another note.. if you are in the process of getting a loan get your information and documents to your loan officer as soon as you can. The majority of lenders have set daily volume records in the last week and everything is about to be bogged down. The sooner you can get your loan into u/w the faster and less stress it will be. Good luck! Chris It is really fucking irritating. I've set my phone to push everything not in my contact list straight to voice mail and I don't have voice mail even turned on. |
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I am curious how many of you have been getting unsolicited calls after applying for a loan? The credit agencies sell the borrowers info to lead generation companies who then sell your info to the bottom feeder mortgage companies that can't generate their own business. It is about as unethical as you can get but I guess Trans Union, Experian and Equifax have greased enough politicians that everyone looks the other way. This is where the snakes go after the tote the note lot fires them for unethical behavior. lol I can't understand how it can be legal to sell our private info to companies without our permission. I always take the borrowers phone # and e-mail address out of the file before I pull credit, but they are still able to find a lot of peoples contact info... just makes it a little more difficult. It is another reason why all three agencies need to be scrapped and a new system created. On another note.. if you are in the process of getting a loan get your information and documents to your loan officer as soon as you can. The majority of lenders have set daily volume records in the last week and everything is about to be bogged down. The sooner you can get your loan into u/w the faster and less stress it will be. Good luck! Chris |
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That's very low. Mine is 5.6% but I'm already 15 years into it on a 30 year loan. I don't know why I didn't go with a 15 year loan as I could easily afford it. It would have been paid by now but back then I thought I'd move again in 5 years. I paid half the purchasing price in cash and financed the rest (about 150k). Don't know if it's worth refinancing it.
I bought the house myself, when I was single. I'm married now but the house is still on my name. I'm afraid I'll loose it in a divorce if it happens. Perhaps I'm wrong but I'm afraid to refinance...
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I am curious how many of you have been getting unsolicited calls after applying for a loan? The credit agencies sell the borrowers info to lead generation companies who then sell your info to the bottom feeder mortgage companies that can't generate their own business. It is about as unethical as you can get but I guess Trans Union, Experian and Equifax have greased enough politicians that everyone looks the other way. This is where the snakes go after the tote the note lot fires them for unethical behavior. lol I can't understand how it can be legal to sell our private info to companies without our permission. I always take the borrowers phone # and e-mail address out of the file before I pull credit, but they are still able to find a lot of peoples contact info... just makes it a little more difficult. It is another reason why all three agencies need to be scrapped and a new system created. On another note.. if you are in the process of getting a loan get your information and documents to your loan officer as soon as you can. The majority of lenders have set daily volume records in the last week and everything is about to be bogged down. The sooner you can get your loan into u/w the faster and less stress it will be. Good luck! Chris |
| Damn I don't know how everyone is getting 2.75%. Everyone I've called so far can get it to 3% but if I want 2.75% I need to pay .5-1.5 points. I should be getting the offer from the person @carsandguns recommended today so I guess I'll see what that rate is. I have over 800 credit score, almost no debt, and a high paying job, I guess I don't understand how they calculate their percentages. |
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Damn I don't know how everyone is getting 2.75%. Everyone I've called so far can get it to 3% but if I want 2.75% I need to pay .5-1.5 points. I should be getting the offer from the person @carsandguns recommended today so I guess I'll see what that rate is. I have over 800 credit score, almost no debt, and a high paying job, I guess I don't understand how they calculate their percentages. That is another reason why it is good to work with a broker. If an investor tightens up we can move the loan to someone else. I had to do that with a few files this week. My favorite investor pulled back on rates big time so I moved $2.5m in loans to someone else. We HATE doing that but our job is to make sure we secure the client the best deal possible. |
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Damn I don't know how everyone is getting 2.75%. Everyone I've called so far can get it to 3% but if I want 2.75% I need to pay .5-1.5 points. I should be getting the offer from the person @carsandguns recommended today so I guess I'll see what that rate is. I have over 800 credit score, almost no debt, and a high paying job, I guess I don't understand how they calculate their percentages. My guy's name is Albrecht |
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@carsandguns @MisterPX
I called Corrina, she wasn't able to deal with me in OK but put me in touch with a nice lady from Debt To Deals who has been very responsive. I assume I can trust that Corrina put me in touch with a reputable person? I have never heard of Debt To Deals, don't know anything about them but the lady thinks she can get me refi'd at 2.85 for around 3K in costs. |
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@carsandguns @MisterPX I called Corrina, she wasn't able to deal with me in OK but put me in touch with a nice lady from Debt To Deals who has been very responsive. I assume I can trust that Corrina put me in touch with a reputable person? I have never heard of Debt To Deals, don't know anything about them but the lady thinks she can get me refi'd at 2.85 for around 3K in costs. |
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Quoted: Monica from Debt to deals? That is a weird name for a mortgage company. |