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Started By
Message
Refinance Now or After Fed Statement This Week
Posted on 6/16/15 at 9:47 am
Posted on 6/16/15 at 9:47 am
Due to circumstances out of my control I need to refinance my house.
My question to the Money Board is do I go ahead and lock in a rate today or wait until first of next week and hope they trend down a little after the Fed announces they won't raise rates until later in the year.
My question to the Money Board is do I go ahead and lock in a rate today or wait until first of next week and hope they trend down a little after the Fed announces they won't raise rates until later in the year.
4
Posted on 6/16/15 at 9:51 am to ArchieWho22
Interest rates are going to climb and starting in August most loans will take about 3 months. I would lock it in now buts that's me
Posted on 6/16/15 at 10:43 am to ArchieWho22
lock and load
Posted on 6/16/15 at 10:56 am to ArchieWho22
I just refi'd 15 yr 2.95%
Posted on 6/16/15 at 11:24 am to tigerbacon
Why will loans start taking 3 months?
Posted on 6/16/15 at 3:59 pm to anc
I was 3 months into a STREAMLINE refi 2 years ago with BofA. Pulled the plug and went with a local lender that had to start completely over and closed within 22 days of initial call. Its amazing what you can get done when you find someone who is motivated.
Also-Just refi now. Folks have been predicting rates to rise for 2 years now. They have some, but not near as much as expected. There is no worst case to locking in now...all of my previous lenders have allowed me to float down once if rates drop enough to matter.
Also-Just refi now. Folks have been predicting rates to rise for 2 years now. They have some, but not near as much as expected. There is no worst case to locking in now...all of my previous lenders have allowed me to float down once if rates drop enough to matter.
This post was edited on 6/16/15 at 4:00 pm
Posted on 6/16/15 at 4:34 pm to AUjim
So its just refis that are taking 3 months?
Probably going to buy in the November to February timeframe. Had not heard this and it alerted me.
Probably going to buy in the November to February timeframe. Had not heard this and it alerted me.
Posted on 6/17/15 at 2:19 am to anc
I would be shocked if it takes three months to close on purchase or refi. It will definitely take longer though. I think initially an extra couple weeks.
Posted on 6/17/15 at 10:03 am to anc
Our brilliant government decided all home mortgage lenders are crooked and starting August 1 there will be tons more paperwork, disclosures, etc. Most of it is going to fall on the lenders who are being threatened with $1,000,000 fines. Maybe it won't be as bad as advertised, but yes many are saying what was a 30 day process will now be 90 days.
Posted on 6/17/15 at 4:02 pm to ArchieWho22
Most of my lender quotes are down today FWIW
Posted on 6/17/15 at 10:19 pm to ConfusedHawgInMO
I closed on a house 3.5 months ago, and if come Aug they will require "tons" more paperwork, good gracious. The difference between what they asked this year compared to 10 yrs ago was insane. I felt like u would end up visiting a proctologist before all was done!
Posted on 6/17/15 at 10:38 pm to LSUFanHouston
When I recently closed on my house my real estate agent was complaining about how the government was 45 days behind on the 0 down loans which I have no clue the name of since I make way to much to qualify for the zero down loans. But then she was saying she can't be to upset because starting in August the government are requiring a lot more paperwork and proof to approve the loans than a 30 day escrow is now going to be 90-120 day escrow. She was just a little nervous because I see her having to go about two months without a paycheck.
Posted on 6/18/15 at 2:08 pm to ConfusedHawgInMO
quote:
Our brilliant government decided all home mortgage lenders are crooked and starting August 1 there will be tons more paperwork, disclosures, etc. Most of it is going to fall on the lenders who are being threatened with $1,000,000 fines. Maybe it won't be as bad as advertised, but yes many are saying what was a 30 day process will now be 90 days
This was pushed back to Oct. 1st now.
Posted on 6/18/15 at 2:57 pm to tigerbacon
quote:
When I recently closed on my house my real estate agent was complaining about how the government was 45 days behind on the 0 down loans which I have no clue the name of since I make way to much to qualify for the zero down loans. But then she was saying she can't be to upset because starting in August the government are requiring a lot more paperwork and proof to approve the loans than a 30 day escrow is now going to be 90-120 day escrow. She was just a little nervous because I see her having to go about two months without a paycheck.
Its probably a rural development loan. The person buying my house is using it. Got the contract May 13th and not supposed to close until July 10th. I am building so it's not a big deal to me. Just keeps me out of the apartment for another month.
Posted on 6/18/15 at 3:07 pm to LSUFanHouston
quote:
I closed on a house 3.5 months ago, and if come Aug they will require "tons" more paperwork, good gracious. The difference between what they asked this year compared to 10 yrs ago was insane. I felt like u would end up visiting a proctologist before all was done!
Bought my first house last year and it is quite the pain. Luckily all the documentation can be downloaded from the various websites of financial institutions you deal with.
Unfortunately, for my wife and I, that can be quite a few.
I'm curious what the "old" requirements were. Closer to a credit card with the credit check but actually having to prove income but no asset proof requirements like 401k, etc?
This post was edited on 6/18/15 at 3:09 pm
Posted on 6/18/15 at 3:48 pm to tigerbacon
the change is that now the lender is required to have the closing package to the title company 3 days before closing and the HUD has to be to the buyer 3 days before closing. this all has to be verified also. its going to slow down a lot of lenders. we have been implementing a lot of new procedures to streamline our process to 29 days. it doesn't sound like a lot but that new rule is going to slow the process down.
Posted on 6/18/15 at 4:47 pm to hawkeye007
Local lenders should love the change. It will make companies like USAA and Quicken impossible to deal with.
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