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Started By
Message
re: Current Mortgage Rates
Posted on 7/16/20 at 3:17 pm to hawkeye007
Posted on 7/16/20 at 3:17 pm to hawkeye007
quote:
that's out of pocket expense how much did you add to your loan amount each time you refinanced?
What do you mean? Bought the house in 2018 at 4.25. Refinanced with a bunch of lenders credits so the total closing costs were like $400 to get it to 3.75 a year later. Then 6 months after that, got it to 3.25 again with a few hundred dollars out of pocket.
So I instead of being 28 years in, I'm back at 30 for a 1 percent rate drop.
1
Posted on 7/16/20 at 3:19 pm to ulsaint
so during these 2 refinances you didn't add to the balance of the loan?
Posted on 7/16/20 at 5:13 pm to hawkeye007
quote:
so during these 2 refinances you didn't add to the balance of the loan?
No. Balance remained the same.
Posted on 7/16/20 at 5:24 pm to ulsaint
quote:
No. Balance remained the same.
I just don’t see how this is possible, which is what Hawkeye is implying.
Any refinance is going to have processing fees, recording fees, lender title insurance, appraisal fee, etc. Then you have to include prepaids, such as daily interest, property taxes, and homeowners insurance. You may have some lender credits, but it likely won’t zero out these costs. These are typically rolled into the loan to minimize cost at time of refinance, which increases your loan value. You can also pay them “out of pocket” (and even credit yourself back in some roundabout way based on escrow refund, interest accrued normally, etc.) but it’s disingenuous to imply the costs are near zero.
Posted on 7/16/20 at 5:56 pm to LSUtigerME
My lender gave me $1700 in lender provided credits to close with them.
Posted on 7/16/20 at 7:03 pm to LSUtigerME
Appraisal was waved since I had just gotten one. Lender credits were like $3500. Like I said, I paid like $400 each time
Posted on 7/16/20 at 10:24 pm to ulsaint
Can anyone shed some light on appraisal waivers?
I refi'd last October and told them the value of my house was 50k more than I paid for the house last June. They waived the appraisal.
I'm refi'ing right now and told them the value was 70k higher than what I paid for it last june. They waived the appraisal.
I honestly think my 70k above number is pretty close to accurate, and based off some recent sales in the area might even be a bit low. I based that October valuation off of the original appraisal we got when we bought the house. It appraised for 50k above asking so I felt I had a pretty good basis for saying that the house was worth that amount. My area is hot as shite and there is practically no inventory that's near my valuation. Everything is either significantly cheaper, but they are tear downs, or they are WAY higher.
We bought really well, but it's hard to fathom that the value has risen that much in 13 months.
I refi'd last October and told them the value of my house was 50k more than I paid for the house last June. They waived the appraisal.
I'm refi'ing right now and told them the value was 70k higher than what I paid for it last june. They waived the appraisal.
I honestly think my 70k above number is pretty close to accurate, and based off some recent sales in the area might even be a bit low. I based that October valuation off of the original appraisal we got when we bought the house. It appraised for 50k above asking so I felt I had a pretty good basis for saying that the house was worth that amount. My area is hot as shite and there is practically no inventory that's near my valuation. Everything is either significantly cheaper, but they are tear downs, or they are WAY higher.
We bought really well, but it's hard to fathom that the value has risen that much in 13 months.
Posted on 7/17/20 at 12:35 am to JohnnyKilroy
quote:
Can anyone shed some light on appraisal waivers?
If you are doing rate and term right now and your loan to value is low its basically an avm they are doing
It wouldnt be waived if you were cashing out
Good that you got the value but doesn't mean that's what it would come in at with a full appraisal
Posted on 7/17/20 at 8:14 am to C
What banks are you all using for the no cost refinance? I did one about 3 years ago through Wyndham Capital.
Posted on 7/17/20 at 8:23 am to SDVTiger
LTV for this refi is 75% based on my valuation. It was 80% for the October refi.
Just didn't know if there's some valuation tools the lenders use and if the valuation you tell them on your application is within their own expected range or something they just waive the appraisal.
Just didn't know if there's some valuation tools the lenders use and if the valuation you tell them on your application is within their own expected range or something they just waive the appraisal.
Posted on 7/17/20 at 10:08 am to JohnnyKilroy
quote:
Just didn't know if there's some valuation tools
Its basically what it is.
Posted on 7/17/20 at 10:23 am to ulsaint
that's impressive
Posted on 7/17/20 at 10:24 am to Lee4heisman
I used First Internet Bank Indiana both times. No issues. They immediately sell the mortgage to Amerihome about a month after close.
Posted on 7/17/20 at 10:25 am to JohnnyKilroy
when the lender runs the loan thru DU(desktop underwriter) it may give us an appraisal waiver. i am getting them on about 60% of my refinances right now.
Posted on 7/17/20 at 12:53 pm to Lee4heisman
quote:
What banks are you all using for the no cost refinance?
Banks don't work for free. You're either paying fees on the front end of the loan or your lender is making money by selling you an interest rate that is higher than the par rate. In other words, the bank is absorbing your closing costs because they make money selling you a higher rate than what is actually available to them.
Posted on 7/17/20 at 1:22 pm to AUHighPlainsDrifter
I wonder if this is a push by lenders to manage default risks.
Posted on 7/17/20 at 11:30 pm to AUHighPlainsDrifter
I understand that, but if I can cut a few years off my loan and have a lower monthly payment, it’s better than NOT refinancing right?
Posted on 7/22/20 at 12:59 pm to Lickitty Split
just locked an FHA rate for a customer at 2.25% on a 30yr. That is crazy low even for FHA rates.
Posted on 7/22/20 at 1:47 pm to hawkeye007
I have a potentially dumb question but I figure you are in Louisiana but it looks like your rates are a little better than what I’m being quoted. Are you able to finance people in other states?
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