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BHTiger
Clemson Fan
Charleston
Member since Dec 2017
1479 posts
 Online 

re: Current Mortgage Rates
I have a rental property that is at 5%, would love to find 3% without a ton of closing cost. Seems like rental properties are still high.

It is worth 185k
Owe 115k so 62% LTV
Credit rating at approx 755


OTIS2
LSU Fan
NoLA
Member since Jul 2008
45166 posts

re: Current Mortgage Rates
I’d gobble up closing cost like a prime steak toget out of a 5% loan.


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Aug1
Member since Nov 2013
50 posts

re: Current Mortgage Rates
Synovus


Aug1
Member since Nov 2013
50 posts

re: Current Mortgage Rates
Just roll the closing costs into the loan. Sacrificing a little equity for more cashflow. If it is a longterm hold then you should be gold. Take the closing costs divide it by how much you will save each year and that'll give you your breakeven timeframe.


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AA7
Auburn Fan
Birmingham, AL
Member since Nov 2009
17368 posts

re: Current Mortgage Rates
quote:

Synovus



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HubbaBubba
LSU Fan
In Quarantine, TX
Member since Oct 2010
32805 posts

re: Current Mortgage Rates
Must be your first house if you don't understand points and costs are involved whether buying or refinancing.


mortgagemanlc
LSU Fan
Member since Jul 2020
4 posts

re: Current Mortgage Rates
We were doing conquest but their turn times ticked up and you can only lock for 22 days which many times isn’t enough. Using other lenders now


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buffbraz
LSU Fan
Member since Nov 2005
5418 posts

re: Current Mortgage Rates
quote:

Must be your first house if you don't understand points and costs are involved whether buying or refinancing.



It’s not my first house but admittedly this is not my line of work......I have been working with my loan officer for years now including buying 3 houses with him and have never needed to use mortgage points so I’m assuming he would have told me if this were the case(maybe I’m wrong and I will ask him for sure). Also anytime we have closed on a property there have been closing costs which is pretty common. If anyone has advice on how to approach these issues let me know. Again we are very early in the process and I was just quoted the rate two days ago.
This post was edited on 8/12 at 7:19 am


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basiletiger
LSU Fan
lafayette, la.
Member since Aug 2007
1931 posts

re: Current Mortgage Rates
Can get 2.875 for 30 years here with my lender waiving origination fee of $2489.

Can get 2.4 for 15 years with lender waiving origination also.

Do you guys think this is more than likely best deal out there right now?

Traditional 5% down also.


buffbraz
LSU Fan
Member since Nov 2005
5418 posts

re: Current Mortgage Rates
quote:

quote:
We locked in 2.5% 30 year fixed in Louisiana yesterday.
Upfront points? Costs?


Update from lender:
“ No points. Our fees are $1026. + Appraisal $450. + title. The e sign disclosures will reflect all fees and estimated insurances / taxes.”

Seems consistent with previous closings I have been through. Again, this is buying a new property not refinancing.


GumboPoBoy
Member since Jun 2015
186 posts

re: Current Mortgage Rates
What lender?


hawkeye007
LSU Fan
Member since Feb 2010
4546 posts

re: Current Mortgage Rates
2.875% is what i call par rate right now on the 30yr product. that means they should waive that high fee!


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10
hawkeye007
LSU Fan
Member since Feb 2010
4546 posts

re: Current Mortgage Rates
that was last wednesday, rates started climbing late thursday. that low LTV helped big time with that rate


buffbraz
LSU Fan
Member since Nov 2005
5418 posts

re: Current Mortgage Rates
HancockWhitney


hawkeye007
LSU Fan
Member since Feb 2010
4546 posts

re: Current Mortgage Rates
LINK

so Fannie and Freddie annoucned an across the board rate increase of .5% on all refinances. If any of you are on the fence jump! This is why the 30yr went from 2.5-2.875% this week. Thankfully we priced the jump in late last week and my rates didnt jump up this morning.


AndyJ
Member since Jul 2008
1955 posts

re: Current Mortgage Rates
My banker was going to lock in My rate tomorrow. You think this will be too late for me?

My LTV is less than 60%
This post was edited on 8/13 at 11:11 am


CE Tiger
LSU Fan
Metairie
Member since Jan 2008
39199 posts

re: Current Mortgage Rates
Shit


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ellesssuuu
Baton Rouge
Member since Mar 2016
1275 posts

re: Current Mortgage Rates
Yes everyone refinance is hit with it regardless of LTV


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wutangfinancial
LSU Fan
Dallas, TX
Member since Sep 2015
4565 posts

re: Current Mortgage Rates
quote:

so Fannie and Freddie annoucned an across the board rate increase of .5% on all refinances. If any of you are on the fence jump! This is why the 30yr went from 2.5-2.875% this week. Thankfully we priced the jump in late last week and my rates didnt jump up this morning.



We got the alert this morning they didn't even give a heads up

We've got Morgage Action Alliance already sending out emails about lawsuits and lobbying against it


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hawkeye007
LSU Fan
Member since Feb 2010
4546 posts

re: Current Mortgage Rates
depends on when they priced the rate jump. if he quoted you last week and your trying to lock that rate in i wish you the best of luck.


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