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re: mortgage interest rates
Posted on 3/31/20 at 7:36 pm to RedHawk
Posted on 3/31/20 at 7:36 pm to RedHawk
Neighbor got an offer on his house. He has it listed at $459K, got a first week offer of $420K plus 5K toward closing costs. He is going to reject it, but he asked me why the buyer would ask for $5K toward closing instead of just lowering their offer by $5K?
2
Posted on 3/31/20 at 7:38 pm to RedHawk
Wow, 2.75 is excellent. How many points? How much in fees?
Posted on 3/31/20 at 7:51 pm to kywildcatfanone
quote:
Neighbor got an offer on his house. He has it listed at $459K, got a first week offer of $420K plus 5K toward closing costs. He is going to reject it, but he asked me why the buyer would ask for $5K toward closing instead of just lowering their offer by $5K?
Less cash out of their pocket.
Posted on 3/31/20 at 9:05 pm to kywildcatfanone
Closing costs matters more to the buyer. The seller only cares about the overall price including closing costs. Whether it’s 5k less in purchase price or closing costs doesn’t matter to a seller as they net the same amount, but the buyer comes out less for a down payment with no closing costs and bites the extra 20 dollars a month on the 30 year note to keep 5k extra in his pocket up front.
Posted on 4/1/20 at 8:25 am to L.A.
quote:
Wow, 2.75 is excellent. How many points? How much in fees?
Zero points and $4,300 in closing costs. But going from a 4.125% to 2.75% made it for than worth it.
Posted on 4/1/20 at 10:23 am to RedHawk
That’s a great deal
Posted on 4/1/20 at 1:35 pm to L.A.
I just got an offer on a 15 year from Quicken for 2.75 with no points. Fees are $2300.
I'm an existing customer who has a closing scheduled with another company on Monday (2.99 with no points and ~ $3000 in fees).
I'm debating if it's worth it to stay with Quicken. They kinda pissed me off getting to this point.
edit: Escrow and prepaids aren't included in the above numbers
I'm an existing customer who has a closing scheduled with another company on Monday (2.99 with no points and ~ $3000 in fees).
I'm debating if it's worth it to stay with Quicken. They kinda pissed me off getting to this point.
edit: Escrow and prepaids aren't included in the above numbers
This post was edited on 4/1/20 at 1:38 pm
Posted on 4/1/20 at 1:40 pm to auisssa
Yeah, I thought those numbers were low. I am seriously considering a refinance on my primary. I have it at 15 for 4.125% and the refinance I'm looking at is 30 for 3.875%. Doesn't save me on this house longterm, but to save another $500/month would really help my leverage to buy another home much more quickly with the soon to come recession. I think a lot of homes will be foreclosed on this Fall and I want to be cash ready.
Posted on 4/1/20 at 5:41 pm to rpg37
Does almost 7k in closing costs on a 30 yr refinance sound right? It includes the title company fees And origination charges.
Gmfs in Baton Rouge just sent me the disclosure for my refinance to 3.1%. I already have my original loan with them.
Gmfs in Baton Rouge just sent me the disclosure for my refinance to 3.1%. I already have my original loan with them.
Posted on 4/1/20 at 5:42 pm to burgeman
quote:
Does almost 7k in closing costs on a 30 yr refinance sound right? It includes the title company fees And origination charges.
Possibly. Are they consolidating taxes for the remainder of the year and other escrow items as well? That could be a couple grand alone.
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