Shopping for a mortgage

[Falcon3]

Got an offer for 2.62 new purchase no points from US Bank, ballparked another broker and best they could get was 2.75. I’ve heard less than super stuff about US Bank mortgage but the mortgage guy I’m working with is the tits. He’s always on the ball quickly with updates and paperwork.

Any reason not to go with US Bank? Should I shop for better rates?


Sent from my iPhone using TGR Forums

[Danno]

Got a question about negotiating. I'm not a huge fan of our lender, but we're too far along to change. He's sticking to 2.875 with points, which seems high based on some quotes I've gotten and every online quick quote I'm seeing, which are 2.875 without points a the most. Do I have any leverage at this point to get it down to 2.875 without points, or even lower? I know if I tell him I have better quotes, he'll ask to see them. Unfortunately, everything I have is an unofficial email or text, no formal estimates.

I'm no expert, but I think it somewhat depends on that broker. I have had brokers drop the rate when rates when lower, and have had one who said he couldn't, and I walked.

Why are you too far along to change? If someone else can save you many thousands, why not walk?

[Bronco]

Got a question about negotiating. I'm not a huge fan of our lender, but we're too far along to change. He's sticking to 2.875 with points, which seems high based on some quotes I've gotten and every online quick quote I'm seeing, which are 2.875 without points a the most. Do I have any leverage at this point to get it down to 2.875 without points, or even lower? I know if I tell him I have better quotes, he'll ask to see them. Unfortunately, everything I have is an unofficial email or text, no formal estimates.

I originally applied through the current mortgagor in an attempt to keep the application process simple. Unfortunately, they've dragged it out so long that I filled out a short form application at better.com and they were able to provide actual loan quotes without too much trouble. I sent this over to my current lender and they said they could match the offer but would have to let it sit for 30 days after my existing loan lock expires next week. I told them I was going with Better.com's offer as I'm concerned rates may increase in the next 30 days. You should be ready to move on if they don't match the offer. It's a little more pain but worth it in my opinion.

[sirbumpsalot]

Got a question about negotiating. I'm not a huge fan of our lender, but we're too far along to change. He's sticking to 2.875 with points, which seems high based on some quotes I've gotten and every online quick quote I'm seeing, which are 2.875 without points a the most. Do I have any leverage at this point to get it down to 2.875 without points, or even lower? I know if I tell him I have better quotes, he'll ask to see them. Unfortunately, everything I have is an unofficial email or text, no formal estimates.

Until you lock those quotes are just snapshots. I found in these times things can move in minutes and you can shift $1000-2000 as you are talking to the broker. Depends on how much is involved and whether its worth the relationship with that broker. For a few hundred $$ its noise....for a couple thousand I'd lock with the other lender and then call the first guy back and say CANCEL and just never call him again...because he won't talk to you. However, its a commodity business....so don't worry about relationships unless its a family member.

[bagtagley]

This is for a purchase, BTW. Underwriter has approved the loan and we’re set to close the 18th, with a tentative early closing of the 11th. He’s been saying 2.875 most likely without points, but is now saying he can’t lock that but will watch it for us. Points would cost .38% if we locked now. Seems too late but I don’t know shit.

I’ll get some official quotes.

[sirbumpsalot]

Got an offer for 2.62 new purchase no points from US Bank, ballparked another broker and best they could get was 2.75. I’ve heard less than super stuff about US Bank mortgage but the mortgage guy I’m working with is the tits. He’s always on the ball quickly with updates and paperwork.

Any reason not to go with US Bank? Should I shop for better rates?


Sent from my iPhone using TGR Forums

Business is business and mortgage servicing is hands off. This isn't a luxury resort you are paying for...go with the lowest cost. I get the same treatment with NO NAME Bank vs BIG NAME bank.

[Danno]

Business is business and mortgage servicing is hands off. This isn't a luxury resort you are paying for...go with the lowest cost. I get the same treatment with NO NAME Bank vs BIG NAME bank.

I agree.

[bagtagley]

Business is business and mortgage servicing is hands off. This isn't a luxury resort you are paying for...go with the lowest cost. I get the same treatment with NO NAME Bank vs BIG NAME bank.

That’s exactly my feeling.

We went with this guy because he could get us a prequal on a Saturday evening and he was the only lender I spoke to willing to submit this as a primary under new Freddie rules for purchasing a house for a parent, which saved us a ton over an investment property loan. Probably getting into greedy territory, but this house is gonna sink us for a while so I’m stressing every penny.

[sirbumpsalot]

That’s exactly my feeling.

We went with this guy because he could get us a prequal on a Saturday evening and he was the only lender I spoke to willing to submit this as a primary under new Freddie rules for purchasing a house for a parent, which saved us a ton over an investment property loan. Probably getting into greedy territory, but this house is gonna sink us for a while so I’m stressing every penny.

Is the 1/2pt refi fee being passed on yet? I know its only 3 days into it...just wondering....I mean thats $2500 extra on a $500K loan....its gonna sting for some.

[skaredshtles]

Got an offer for 2.62 new purchase no points from US Bank, ballparked another broker and best they could get was 2.75. I’ve heard less than super stuff about US Bank mortgage but the mortgage guy I’m working with is the tits. He’s always on the ball quickly with updates and paperwork.

Any reason not to go with US Bank? Should I shop for better rates?

US Bank serviced one of my previous mortgages for a number of years. Never any issues.

[liv2ski]

This is for a purchase, BTW. Underwriter has approved the loan and we’re set to close the 18th, with a tentative early closing of the 11th. He’s been saying 2.875 most likely without points, but is now saying he can’t lock that but will watch it for us. Points would cost .38% if we locked now. Seems too late but I don’t know shit.

I’ll get some official quotes.

So let me get this straight, you have a purchase escrow that has loan approval and a COE date of Dec 18th and you think you are starting over???
Good luck closing on time. If that isn't an issue, then go ahead and change lenders.

Edit to add: what rate and fees were you initially disclosed on the Loan Estimate? Was it locked in or not? If it wasn't locked then the guy is correct in quoting you whatever the market id today, so why didn't you lock in when the rate and fees were better?

[MiddleOfNight]

Business is business and mortgage servicing is hands off. This isn't a luxury resort you are paying for...go with the lowest cost. I get the same treatment with NO NAME Bank vs BIG NAME bank.

Been pricing a 15y fixed refi this week:
BIG NAME quoted me 2.625 with ~4k in closing.
NO NAME quoted me 2.375 with ~3k in closing.

Maybe they have less overhead or something? That's prob enough difference to get me away from BIG NAME with whom I've had mortgages for many years now. Once it's set up its just on autopilot anyway, so why not?

[Skidog]

Closed today. Fuck ny and their fees, lawyers and all their paper bullshit. Utah was so easy. Nowhere near as great as some I've seen here. Went from 4.375 to 3.125 walked from table with like 1700 cash and there will be an escrow cash out from prior lender. Kids will have a good Xmas anyway.

No payment until Feb so time to stash some cash and get my tax return in as fast as possible. Maybe finally a family vacation or the next remodel project which is a wood burning stove and built ins on the wall seen in pic closet removed of course. Wanted to do this during original reno but was downvoted, now it's the idea du jour

Sent from my Pixel 4a (5G) using TGR Forums mobile app

[bagtagley]

So let me get this straight, you have a purchase escrow that has loan approval and a COE date of Dec 18th and you think you are starting over???
Good luck closing on time. If that isn't an issue, then go ahead and change lenders.

Edit to add: what rate and fees were you initially disclosed on the Loan Estimate? Was it locked in or not? If it wasn't locked then the guy is correct in quoting you whatever the market id today, so why didn't you lock in when the rate and fees were better?

Asking what leverage I have, if any, that’s all. Rate has been 2.875 with points since the jump, but he was certain he could get it without points. Now he’s not so certain which I don’t get because I’m seeing the same or lower rates, no points, with other lenders.

[liv2ski]

You have 0 leverage. You need to close in 15 days, so I think think the broker is clearly in the drivers seat unless you can extend the closing date.

[skifishbum]

Wife refined for 20 at 2.6
Paid off the home eq loan the solar was on and most of the cc debt
Will take a tax hit on the new appraisal
Had to sign my name 50 times
Other than that it seemed like a no brainer not to

[liv2ski]

^^^Why a tax hit? You're not re-accessed from refinancing

[mattig]

Just got another refi offer for 2.25% 30yr fixed, no cash out, conventional conforming. Don't use that rate as evidence of normal/average. Just letting you know what's possible. Average rate for above scenario is 2.75, apples to apples.

Is the 1/2pt refi fee being passed on yet? I know its only 3 days into it...just wondering....I mean thats $2500 extra on a $500K loan....its gonna sting for some.

Yes, since mid September for most lenders. I explained why several times previously and would again but am running around on phone.

Wife refined for 20 at 2.6
Paid off the home eq loan the solar was on and most of the cc debt
Will take a tax hit on the new appraisal
Had to sign my name 50 times
Other than that it seemed like a no brainer not to

I don't know if there's some funky local law that allows your county or state to pilfer mortgage process appraisals, but generally speaking tax assessment is done by county tax assessor. Appraisal has no bearing.

[MiddleOfNight]

Just got another refi offer for 2.25% 30yr fixed, no cash out, conventional conforming. Don't use that rate as evidence of normal/average. Just letting you know what's possible.

Wow, nice.

I don't know if there's some funky local law that allows your county or state to pilfer mortgage process appraisals, but generally speaking tax assessment is done by county tax assessor. Appraisal has no bearing.

Can you imagine the nightmare ... if counties somehow did figure out a way to tax based on appraised value ?!
holy. crap.

[Cruiser]

Would help me cuz I guarantee you that our tax value is higher than an appraisal would come in

[Name Redacted]

Would help me cuz I guarantee you that our tax value is higher than an appraisal would come in

You know you can dispute it right?

[Danno]

Annoying, during my last refi I had to close my no balance HELOC as part of the process. Paid $40 to do so. As I wanted a HELOC as a sort of slush fund, I opened another one after the refi closed. Now, suddenly, I am refinancing again. So I need to close it again. Except this time it's $177, because I have to reimburse them credit union for closing costs from the last time, since I only had it open a few months.

Doesn't make me not want to do the refi, but annoying.

[Danno]

My tax value is actually pretty accurate for that moment in time.

[AdironRider]

Wow, nice.




Can you imagine the nightmare ... if counties somehow did figure out a way to tax based on appraised value ?!
holy. crap.

That would require a whole lot more work, and if you are a county employee, you didn't take the job because you were a go getter.

[OldMil]

I'm sure the answer to this is no but is there any way to refinance your home if you have recently lost your job?