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Thread: Shopping for a mortgage
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03-15-2020, 03:07 PM #226
Fed buying 500b in tsy and 200b mbs. Rates should drop again.
Decisions Decisions
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03-15-2020, 03:14 PM #227
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03-15-2020, 03:31 PM #228
200 billion over the next few months...say in the longer end 6 months (maybe less) is 35b/ month. That spread should come right in and more than offset any small bump in tsy over the last week
Decisions Decisions
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03-15-2020, 06:33 PM #229
New MBS origination has been running at $8bln a day on average.
Hundreds of billions are traded each day. $200bln (+$20bln a month in reinvestments that are coming back after having previously been diverted to Treasuries) is a tourniquet, but not a panacea.
Lenders can't drop rates too quick or all of this week's locks will bail. They'll also be more overwhelmed with biz than they already are.
IF YOU'RE CONSIDERING A REFI, do yourself and your loan officer a favor and don't call them asking if the Fed just cut your rate again. Read up:
http://www.mortgagenewsdaily.com/con...es/938844.aspx
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03-15-2020, 07:01 PM #230
Our gal will call us if there is a drop below a certain threshold, we don’t bother her with bullshit.
Forum Cross Pollinator, gratuitously strident
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03-17-2020, 09:18 AM #231Registered User
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My lender is offering 2.875 15 year fixed, I'm locking it in now and ready to cancel/regroup if rates drop while it's being processed. This will save us about $177,000 over the lifetime of the loan, partly because we are switching from 22 years left of a 30 fixed to a 15.
Feels like I'm jumping the gun but I don't want to miss out on saving a shitload like I did earlier this month. One day he quoted me 2.875 and the next day it was gone.
What are you guys seeing out there?
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03-17-2020, 09:22 AM #232
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03-17-2020, 09:27 AM #233
Just talked to my lender yesterday, said the best she could find was 3.3 (we are at 3.37) unless we went to a 15. Both with impeccable credit and perfect payment records. She said to hang tight, she will keep looking.
Forum Cross Pollinator, gratuitously strident
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03-17-2020, 09:28 AM #234Registered User
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03-17-2020, 09:32 AM #235
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03-17-2020, 10:19 AM #236
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03-17-2020, 01:20 PM #237
Nice price improvement today. Scenario below is a SFR, rate and term refi. $600k value and $350k loan amount. O/O with a 760+ credit score. Pricing in GREEN is a credit towards your costs.
30 year fixed 45 day lock
15 Year fixed with a 45 day lock
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03-17-2020, 01:26 PM #238
O poop, I have been waiting for this shoe to start to fall with my investors.
Effective immediately, we are not accepting new loan submissions for properties located in the following Bay Area Counties: Alameda, Contra Costa, Marin, Santa Clara, Santa Cruz, San Francisco, and San Mateo, with the following exception: Properties with a PIW and a notary service willing to sign the borrowers up.
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03-17-2020, 01:34 PM #239Registered User
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I hope our appraiser can get to our house before SLC has a non-essential travel ban.
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03-17-2020, 01:38 PM #240
Well, guess I won’t be calling you back any time soon. I can only assume this is due to the fact that we are early adopters to fighting the spread of the virus. Hope y’all join us, so this thing passes sooner rather than later.
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03-17-2020, 02:18 PM #241
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03-17-2020, 04:47 PM #242
If I recall correctly, my last appraisal was completely virtual. I took a lot of pictures in an ap. Not sure if that still floats.
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03-17-2020, 05:24 PM #243
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03-17-2020, 07:52 PM #244
I can me a notary in Alpine County. But my wife can’t. That would be the issue.
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04-03-2020, 10:16 AM #245
Rates are the best in about 3 weeks today, 2.625% on a 15 year and 3.125% on a 30 year with a closing cost credit on a SFR with 760+ credit. If you missed it, time to look again. Closed a few loans for maggots and I know they are stoked.
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04-03-2020, 10:21 AM #246Registered User
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04-03-2020, 04:27 PM #247
Sorry, not my forte. Look at the commercial edition of the Scottsman Guide for leads? http://www.sg-comdigital.com/comdigi...olio=Cover#pg1
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04-03-2020, 05:19 PM #248Registered User
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04-04-2020, 01:23 PM #249
Commercial is pretty fucked right now, apart from stuff backed by agencies (since the Fed is buying CMBS). That's mainly residential-only based on my limited understanding of the safe.
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04-21-2020, 01:28 PM #250
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