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Posted on 5/13/20 at 11:57 am to 632627
quote:
2.5% on a 30 or 15 year?
30yr. 15yr is probably lower
Rate and Term only on Conventional loans
Ellesssuuuu should be signed up with them
Posted on 5/13/20 at 12:02 pm to SDVTiger
Tim Garrett is a broker with Homeowner's Mortgage. He got me 3.25%, the best rate available through United Wholesale Mortgage (UWM) last year.
He was able to beat USAA, NFCU and Assurance.
If you are interested in the UWM deal, he might be worth a call. 225-907-3524
He was able to beat USAA, NFCU and Assurance.
If you are interested in the UWM deal, he might be worth a call. 225-907-3524
Posted on 5/13/20 at 12:07 pm to TigeRoots
quote:
15 year/2.625%
$191,639 Payoff
$3,360 Closing costs financed
$195,000 Total loan amount
$2,315.55 cash to close
Can you break this down more? $5k+ closing costs on a <$200k loan seems high to me. However, this number will include your prepaids/escrow, so it’s hard to factor in. If your Insurance and Property Tax accounts for $3k or more of this, then you’re in the ball park.
Posted on 5/13/20 at 12:20 pm to SDVTiger
Damn 2.5% on a 30 year? Would be really curious to hear what the 15 year is.
Also would be sad since I closed with uwm on a 15 yr at 2.75 a month ago.
Also would be sad since I closed with uwm on a 15 yr at 2.75 a month ago.
Posted on 5/13/20 at 12:31 pm to LSUtigerME
quote:
Can you break this down more? $5k+ closing costs on a <$200k loan seems high to me. However, this number will include your prepaids/escrow, so it’s hard to factor in. If your Insurance and Property Tax accounts for $3k or more of this, then you’re in the ball park.
No points to the question further up the page. Local lender, buddy of mine who I went from 30-20 with in 2016.
Initial escrow is $1,952
I should add that I didn't shop around at all and have nothing to compare these fees to, other than popping in this thread here and there. Hence my initial question. I'll be going from 16 yrs @ 3.75 to 15 yrs @ 2.625 FWIW. According to my crude calcs it will save me around 20K over the life of the loan. We don't plan on going anywhere.
This post was edited on 5/13/20 at 12:44 pm
Posted on 5/13/20 at 1:35 pm to TigeRoots
where I can find a list of independent mortgage brokers that go through UWM?
Posted on 5/13/20 at 1:53 pm to Mudminnow
quote:
I just figured out how to find one
findamortgagebroker.com is run by UWM
Posted on 5/13/20 at 2:24 pm to LSUtigerME
I close on 5/27 with Assurance and my rate lock was at 2.625% as well.
My closing costs with escrow are a little lower than yours..around $4,700-$4,800. My new loan amount is 158k. No appraisal was needed, and I'm getting $200 off lender fees and $200 off the title work.
My closing costs with escrow are a little lower than yours..around $4,700-$4,800. My new loan amount is 158k. No appraisal was needed, and I'm getting $200 off lender fees and $200 off the title work.
This post was edited on 5/13/20 at 2:28 pm
Posted on 5/13/20 at 3:25 pm to Lickitty Split
Can I get a cash out refinance if I have two mortgages? I have 9 years left on 1 and 17 left on a second. I’d like to make the 9 year a 15 and take out extra money to buy a rental. But I’m not sure about cash out refinance when I have two different mortgage lenders.
Posted on 5/13/20 at 5:20 pm to Tiguar
Can anyone tell me straight up what are the catches with UWM and why so much lower?
Posted on 5/13/20 at 5:23 pm to Tiguar
Can anyone tell me straight up what are the catches with UWM and why so much lower?
Posted on 5/13/20 at 6:47 pm to Mudminnow
quote:
Can anyone tell me straight up what are the catches with UWM and why so much lower?
Volume.
Posted on 5/13/20 at 6:55 pm to AndyJ
Yes you can borrow up to 80% of the appraised value
Posted on 5/13/20 at 6:56 pm to Mudminnow
quote:
Can anyone tell me straight up what are the catches with UWM and why so much lower?
Buying the market after stalling for 30days. Attacking Quicken also
The loan cannot have been with UWM within last 18mnths and its Purchase or Rate/Term Conv only
That's the catch
Posted on 5/13/20 at 7:08 pm to SDVTiger
Are assurance financial’s rates competitive?
Posted on 5/13/20 at 7:35 pm to SDVTiger
quote:
Buying the market after stalling for 30days. Attacking Quicken also
The loan cannot have been with UWM within last 18mnths and its Purchase or Rate/Term Conv only
That's the catch
More catches than just that.. they are charging 10 basis points for every single day pass the initial lock period which is insanely high considering how short of terms they are locking people in for.
Posted on 5/13/20 at 8:10 pm to Janky
It was for me in the Baton Rouge area. Beat GMFS and Union Home anyway.
Posted on 5/14/20 at 7:57 am to SDVTiger
I had no problems closing with uwm through my broker.
No points, $2900 all in closing costs (excluding property taxes and HO insurance). Appraisal waiver.
2.75 on 15 year.
No points, $2900 all in closing costs (excluding property taxes and HO insurance). Appraisal waiver.
2.75 on 15 year.
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