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Started By
Message
re: Current Mortgage Rates
Posted on 6/3/20 at 7:40 am to HYDRebs
Posted on 6/3/20 at 7:40 am to HYDRebs
quote:
4-6% is probably worth it at that rate, but you over payed for the sales price of the house. Did it ever occur to you why they would pay those 4-6% in closing costs?
246k for a 2700 sq ft home is overpaying?
nothing spectacular about the home but to me its a good price. we put up our earnest money in December when the builder had incentives like closing cost, upgrades, & etc.
This post was edited on 6/3/20 at 8:41 am
0
Posted on 6/3/20 at 8:07 am to HYDRebs
Is there a reliable and easy to use mortgage refinance calculator that essentially tells me when the 30 year or 15 year rate reaches X.XX% then it is better to refinance rather than stick with my current mortgage terms? I have looked at a few that I don't find very straight forward or may not be using correctly.
I am not looking to refinance currently but want to keep an eye on the rates in the future. I am 1 yr into a 30 yr/288k/fixed at 3.875%. Put 20% down so no PMI or any of that business.
I am not looking to refinance currently but want to keep an eye on the rates in the future. I am 1 yr into a 30 yr/288k/fixed at 3.875%. Put 20% down so no PMI or any of that business.
Posted on 6/3/20 at 10:42 am to LSUDbrous90
there isnt one that i konw of. For most people owing 200k plus you need to move your rate down 1% if you are staying in the same term. when going from 30 to 15ry it makes sense when your budget lets you. I find that alot of people over think a refinance. every situation is different.
Posted on 6/3/20 at 12:00 pm to hawkeye007
quote:
I find that alot of people over think a refinance. every situation is different
That seems like a contradictory statement. If every situation is different wouldn't it take people really looking into their personal situation to determine if refinancing is "worth it" based on their goals. If every situation was the same you could apply an easy rule of thumb i.e. refinance for a 1% drop.
There are plenty of factors that determine if refinancing is "worth it." I personally think most people simplify their evaluation too much and sometimes don't fully understand the overall impact of their decision to refinance or their goals are very simple.
Posted on 6/3/20 at 12:07 pm to bod312
90% people who arent on this money board refinance for what i call the feel good. They want the monthly savings. It's been my experience that trying to explain the overall savings on the lifetime of a loan to the average customer falls on deaf ears. they want to save 100's a month and brag to there friends about there rate.
my experience with people from this board is the exact opposite.
my experience with people from this board is the exact opposite.
Posted on 6/3/20 at 3:57 pm to Lickitty Split
quote:
But probably getting crushed on closing costs.
About $3500 which is in line with everyone else’s costs that have been mentioned here.
Posted on 6/3/20 at 7:05 pm to 632627
Just got a quote for a 30 year jumbo at 2.8% on a house we are planning to buy. The contract fell through on a different property a couple of months ago and our quote then was 3.25%
Posted on 6/3/20 at 8:38 pm to MSTiger33
quote:
Just got a quote for a 30 year jumbo at 2.8%
This seems implausible...No points? What’s LTV?
If so, congrats and share the bank please.
Posted on 6/3/20 at 8:49 pm to LSUtigerME
Morgan Stanley but I get a few perks with them so I get a lower rate than most.
Posted on 6/3/20 at 8:49 pm to MSTiger33
Yes please let me know lender
Posted on 6/4/20 at 10:35 am to AndyJ
Today I was offered 2.875% on a traditional 30 year fixed.
Posted on 6/4/20 at 10:38 am to MSTiger33
chase private clients servies...OT baller alet
Posted on 6/4/20 at 8:05 pm to hawkeye007
Help me understand if my bank is trying to give me the shaft. I mentioned before that I had a 30-year 2.875% loan, and it expires today. We're about 7-10 days away from closing, so it expires.
Here's the options I was given.
1 - A discounted 60-day rate extension at $1,050 (builder agrees to pay half). I wasn't quoted or offered a 15-day or 30-day, so I said I need that info.
2 - Let it expire and lock in at 3%
3 - Go with another bank
Here's my dilemma. I asked why I can't get the current rate they would offer, which is 2.875% (current rate today there). I was told because the rate lock expired, they owe money to Freddy Mae or Mac or whomever. So they would only offer me a new calculated rate that takes that in account. Is this true? I'm no expert but it sounds fishy to me. I would love to go with another bank, but I would have to pay for another appraisal so it would be a wash. Since my current bank has all my info, it would be easier. Thoughts?
Here's the options I was given.
1 - A discounted 60-day rate extension at $1,050 (builder agrees to pay half). I wasn't quoted or offered a 15-day or 30-day, so I said I need that info.
2 - Let it expire and lock in at 3%
3 - Go with another bank
Here's my dilemma. I asked why I can't get the current rate they would offer, which is 2.875% (current rate today there). I was told because the rate lock expired, they owe money to Freddy Mae or Mac or whomever. So they would only offer me a new calculated rate that takes that in account. Is this true? I'm no expert but it sounds fishy to me. I would love to go with another bank, but I would have to pay for another appraisal so it would be a wash. Since my current bank has all my info, it would be easier. Thoughts?
This post was edited on 6/4/20 at 8:06 pm
Posted on 6/4/20 at 9:07 pm to hawkeye007
What’s the 20 year rate for an investment property?
Posted on 6/4/20 at 9:23 pm to AFtigerFan
quote:
Is this true? I'm no expert but it sounds fishy to me. I would love to go with another bank, but I would have to pay for another appraisal so it would be a wash. Since my current bank has all my info, it would be easier. Thoughts?
They missed the lock and it's a cost to the borrower. It's not fishy
Just pay the 1050 and keep your rate.
It will make sense and you can brag about having a 2.875
Ask them to remove a processing fee or whatever admin fee they might have to offset their failure to hit the lock
Unless you were the cause of that
Posted on 6/4/20 at 9:57 pm to SDVTiger
quote:
It will make sense and you can brag about having a 2.875 Ask them to remove a processing fee or whatever admin fee they might have to offset their failure to hit the lock Unless you were the cause of that
It doesn’t hurt to ask. The cause was due to the bank telling the builder they would accept a temporary occupancy certificate (final grading and sod won’t be done until next week and that’s a requirement for occupancy in the county). We don’t move there until the end of the month. Last week, the bank let the builder know they would no longer accept the temporary occupancy certificate. They moved the goal posts.
The builder tried to get the bank to split the costs with them, but they wouldn’t. It makes financial sense to just pay the extension fee, especially since my builder will pay half. I just wanted a sanity check on whether or not I should be able to get the prevailing rate if the lock expired or if the bank typically passes their costs on to the buyer.
Thanks for the inputs.
Posted on 6/4/20 at 10:08 pm to AFtigerFan
Yes I would ask
That's not your fault
But if the lock expires the cost is on the borrower to keep that rate
You are getting a great deal be stoked at the rate
Best of luck
That's not your fault
But if the lock expires the cost is on the borrower to keep that rate
You are getting a great deal be stoked at the rate
Best of luck
Posted on 6/4/20 at 10:15 pm to SDVTiger
quote:that was my main question. Their current rate if I applied for a loan today is 2.875%. From my uneducated perspective, why can’t I just let my rate expire without extending and start a new loan with them at their normal rate. It just so happens to be 2.875%. She said she wouldn’t offer that though due to costs incurred by them that have to be paid to Famny.
But if the lock expires the cost is on the borrower to keep that rate
Posted on 6/4/20 at 10:44 pm to AFtigerFan
You are under no obligation whatsoever until you sign those closing docs.
Even then you can still retract signed pwork for another 2-3 days after I believe.
They have put in some work on your loan so I’d call their bluff. If they dont meet your demands just use another lender.
Even then you can still retract signed pwork for another 2-3 days after I believe.
They have put in some work on your loan so I’d call their bluff. If they dont meet your demands just use another lender.
Posted on 6/4/20 at 10:47 pm to AFtigerFan
Because most banks require a certain amount of waiting time on a borrower who has a rate locked in the market to relock. They will base it on worse case pricing if it expires between then and the available relock period. It’s to deter the availability to lock in a position over and over again if rates got better. If no one executed their positions locked in with the institution buying the security there would be no market. Or really it would just drive up the cost of lending which in turn would be passed onto the borrower.
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