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Message
re: Current Mortgage Rates
Posted on 7/26/20 at 9:51 pm to Epic Cajun
Posted on 7/26/20 at 9:51 pm to Epic Cajun
quote:
Locked in 2.75 for 30 last week. Can’t close until September due to the number of refinances going on right now though.
Why? You have shite credit?
3
Posted on 7/26/20 at 10:13 pm to SDVTiger
Should be closing @3.0 later this week. Total cost should be about 1200 or so.
Posted on 7/27/20 at 6:50 am to JohnnyKilroy
Closing today on a 15 yr @ 2.5%.
Posted on 7/27/20 at 7:32 am to SDVTiger
quote:
Why? You have shite credit?
Yes I have awful credit, which is why I was offered their best rate
This post was edited on 7/27/20 at 8:05 am
Posted on 7/27/20 at 10:34 am to SDVTiger
most lenders are running 45+ days on closings on refinances because we are processing triple the volume we are used to.
Posted on 7/27/20 at 10:44 am to Epic Cajun
quote:
Yes I have awful credit, which is why I was offered their best rate
Ppl with 580s are getting rates of low 3s with FHA
Was just a question. Lenders are closing in under 21 days so not sure why someone with your qualifications would let that happen
Posted on 7/27/20 at 11:02 am to hawkeye007
Hawk:
Bottom line, what do I need for a Jumbo VA construction loan, that will also fold the land loan in?
Looking at a final of under $1m. Is that doable with about $150k cash at closing (or do I need closer to $200K)? Should I expect to pay at least 3% if we break ground in 7 months?
Bottom line, what do I need for a Jumbo VA construction loan, that will also fold the land loan in?
Looking at a final of under $1m. Is that doable with about $150k cash at closing (or do I need closer to $200K)? Should I expect to pay at least 3% if we break ground in 7 months?
Posted on 7/27/20 at 11:24 am to SDVTiger
quote:
Ppl with 580s are getting rates of low 3s with FHA
Was just a question. Lenders are closing in under 21 days so not sure why someone with your qualifications would let that happen
Before there was even a credit check ran on me the mortgage officer mentioned that they wouldn’t be able to process my refinance until September due to their volume of refinances. I’m not in a hurry, so I was fine with that.
Posted on 7/27/20 at 11:36 am to Ace Midnight
With a VA nothing down. If you’re putting something down, don’t do a VA and waste the VA funding fee.
Posted on 7/27/20 at 11:50 am to C
quote:
If you’re putting something down, don’t do a VA and waste the VA funding fee.
I got that, but if I don't have 20% for a conventional, then I'm paying PMI - and I have no idea how expensive that's going to be for a Jumbo. If I can bring at least 5% down, then the VA fee is under 2 points. If I could do a full 20%, I might comparison shop for rates/total cost, but if under 20% (I'm likely going to be closer to 11 or 12 percent unless we push it off a year), I'm leaning VA if it is doable.
I'm doing things the hard, hard way - land loan, Construction, Jumbo, VA - but at $200/sq foot to build, what else is there to do?
Posted on 7/27/20 at 11:59 am to Epic Cajun
quote:
I’m not in a hurry, so I was fine with that.
Posted on 7/27/20 at 1:45 pm to Ace Midnight
VA jumbo constuction loan is a unicorn, i don't know of any lender that does them. With that said i don't have any advice on them as i have never closed a VA jumbo construction. I know today my non jumbo VA 30yr rate is 2.375%
Posted on 7/27/20 at 1:47 pm to SDVTiger
21 day closes on a refinance what lender is promising that?
Posted on 7/27/20 at 2:26 pm to hawkeye007
quote:
jumbo VA 30yr rate is 2.375%
Posted on 7/27/20 at 2:53 pm to C
NON jumbo rate i don't do VA jumbo!!
Posted on 7/27/20 at 3:06 pm to hawkeye007
I know...
Posted on 7/27/20 at 3:14 pm to hawkeye007
Are you saying your 30 yr VA is 2.375%? That is damn strong if so...
Posted on 7/27/20 at 10:19 pm to hawkeye007
quote:
21 day closes on a refinance what lender is promising that?
Not a promise from our lender, but I'm closing on Thursday and it will be 22 days from when I locked.
Posted on 7/28/20 at 12:04 am to hawkeye007
quote:
21 day closes on a refinance what lender is promising that?
No one is promising but the majors are just delivering especially when they are giving appraisal waivers left and right
Posted on 7/28/20 at 11:12 am to SDVTiger
We closed in 19 days with an appraisal waiver. Never thought it would happen that fast
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