Shopping for a mortgage

[liv2ski]

If you don't want to use Zillow, send me a pm with the details: Value, new loan amt, if cash out or no, estimated credit score, occupancy, type of loan, etc and I will send you what I would do it for for you to use when you shop around.

[Danno]

Well, I have contacted lenders through zillow and it was no different than contacting lenders through other channels. I got quotes, and followed up with the quotes that seemed good. The particular lenders I contacted had my info for marketing purposes, but it wasn't like my email address blew up from random lenders. :shrug:

I can't recall who it was that suggested zillow a long time ago, but I am very glad they did. It's worked well for me.

[liv2ski]

I can't recall who it was that suggested zillow a long time ago, but I am very glad they did. It's worked well for me.

You're welcome

[jm2e]

If you don't want to use Zillow, send me a pm with the details: Value, new loan amt, if cash out or no, estimated credit score, occupancy, type of loan, etc and I will send you what I would do it for for you to use when you shop around.

Thanks for the offer, and thanks for advice previously given. Hugely appreciated!


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[Garbowski]

I wish I could just place an order for a refinance rate and terms and have someone call me when it hits. I'd happily put money down and wait for my numbers. Seems inefficient having to call someone up and get a manual quote every couple days and hope you get lucky. I'm sure I just don't understand what is happening on the quote side but it seems like it could be automated.

[sirbumpsalot]

I wish I could just place an order for a refinance rate and terms and have someone call me when it hits. I'd happily put money down and wait for my numbers. Seems inefficient having to call someone up and get a manual quote every couple days and hope you get lucky. I'm sure I just don't understand what is happening on the quote side but it seems like it could be automated.

Don't call...just email. I get almost immediate responses. You can check zillow quotes daily and figure out how far off they are from quotes you are getting and estimate about what rate and cost you will get from that days rates and just email when you think its close. My 3 sources don't ignore or complain to me for my weekly or bi-weekly checks. I refied back in June and am looking to do it again if I can get yet another 0.5% drop.

[Danno]

You're welcome

I thought it was you, but then I doubted myself because I know you're in the biz. Yes, thank you, seriously! I've had some excellent experiences finding lenders through there.

[RootSkier]

This is a dumb question, but when I am looking at Zillow's "lender fees," this does not represent what actual closing costs will be, does it? Can someone give me a rough estimate of the total amount I need to show up with to refi into a new 30 year fixed on a loan for about $275k? I haven't done this in over a decade.

[Danno]

This is a dumb question, but when I am looking at Zillow's "lender fees," this does not represent what actual closing costs will be, does it? Can someone give me a rough estimate of the total amount I need to show up with to refi into a new 30 year fixed on a loan for about $275k? I haven't done this in over a decade.

What zillow lists as lender fees does represent closing costs, but without the prepaids. So it won't include your escrowed amounts for insurance and taxes, and the interest based on what day of teh month it is, but all the fees within the lender's control are theoretically in there, they are including whatever lender credit comes with that rate (but obviously it's not a formal quote, so until you see that take it with a grain of salt).

[liv2ski]

This is a dumb question, but when I am looking at Zillow's "lender fees," this does not represent what actual closing costs will be, does it? Can someone give me a rough estimate of the total amount I need to show up with to refi into a new 30 year fixed on a loan for about $275k? I haven't done this in over a decade.

No, it only reflects the lender fees for processing and points paid. Other actual fees are/could be:
Underwriting: $895-$1050
Appraisal If required: $500-$750
Credit Report: $30-$120
Escrow fees: $400-$700
Notary fee: $125-$250
Title Insurance: $400- ?
Misc Title fees; 0-$300
Recording fees: $140-$350
Misc? 0-$200
Prepaid interest for days remaining in month at closing
1st half taxes now due in CA
Impounds/Escrow acct deposit can be a lot if so desired.

That should be close to what you see.

[RootSkier]

Thank you. I just remembered the title insurance thing which I shouldn't have forgotten since I do a lot of work with/against title companies. Biggest fucking scam in the world that you/the lender needs a new policy when you refi.

[liv2ski]

Thank you. I just remembered the title insurance thing which I shouldn't have forgotten since I do a lot of work with/against title companies. Biggest fucking scam in the world that you/the lender needs a new policy when you refi.

Heh, that is on you for not buying a binder when you got the policy originally. Nobody is making a loan for $100's of thousand without every insurance known to our litigiousness society. But ya, total BS the title companies charge as much as they do.

[Danno]

My last quote from zillow, which is the only one I can recall and have the details handy, what zillow included as "fees" included (more or less) processing fee, underwriting fee, settlement fee, recording fee, and title insurance. As in zillow told me that fees were ~$1450 and the quote I got at that rate the fees added up to $2400 with a lender credit of $850 (all numbers approximate).

But obviously the quote on zillow is such a snapshot and not detailed that as always the proof is in the actual real quote direct from the lender and not what zillow tells you. Zillow is just the start point.

[RootSkier]

Aren't binders usually only good for two years?

[sirbumpsalot]

This is a dumb question, but when I am looking at Zillow's "lender fees," this does not represent what actual closing costs will be, does it? Can someone give me a rough estimate of the total amount I need to show up with to refi into a new 30 year fixed on a loan for about $275k? I haven't done this in over a decade.

I found my costs in the $4000 range without prepaids....So I look for Lender Credit of ~$4000 which is usually .25% above the lender's advertised "no lender fee" rate on Zillow. I am sure your costs vary by state and loan amount and whether the appraisal is waived or not.

[mattig]

If anyone needs to know where rates are at, I post an objective top tier average 30yr fixed rate on mortgagenewsdaily.com every day. It is used by hedge funds and mortgage traders who don't want to wait for stale, distorted weekly survey data from Freddie Mac.

Generally speaking, there will always be a few lenders offering rates at least an eighth and sometimes a quarter below what I post (adjusting for no lender costs, and rounding to eighths of a point). E.g. I had 3.01 on Tuesday. That means most lenders are at 3.00% for a vanilla no cash out refinance. Aggressive lenders at 2.875 and the ones who compete solely on price at 2.75.

http://www.mortgagenewsdaily.com/dat...age-rates.aspx

Purchases are another .25 lower depending on the lender.

[fool]

Is there a best way to shop rates? I was told 3.15 for a cash out two weeks ago. Seems like I can do better and my LO is kind of pissing me off.

I did my refi a year ago and found rates on NerdWallet. I ended up going with Better.com. Funny enough, on NerdWallet, I probably checked it every ~12 hours over the course of a day or two and every time it was a better deal (generally lower costs, not necessarily better rates, iirc). I screenshotted it and used that when working with Better to get the lowest cost.

[bluespark]

I just closed my refi with a %2.25 30yr. It took just over 60 days to get it done. ( Cruiser gave me a recco who I called but I never heard back from them, NBD. I appreciate it anyhow.)

When signing I noticed this clause saying that this needs to be my primary residence for at least the next 60 days. I was planning on taking a new job 3 hours away that's starting in mid December. So the plan was to move and rent this place out. What could go wrong?

[neufox47]

2.25?!? Or 2.75?

So you’re saying you knew before you signed there was a provision that you were going to willfully violate, and you signed anyways then documented it on a public message board? I didn’t quote you for a reason.

Low low risk this would ever be discovered but...

[bluespark]

2.25
I glossed over it when the notary was rushing through and went back after she left. If I'm employed seems like there would be a work around

[Danno]

Cruiser's guy (who is also one of my guys based on cruiser giving me his name a long time ago) is always super busy. When I give his name out, I always tell folks that until they are in the pipeline, they may need to hound him a little. He's so busy that an email or voicemail from some random dude sometimes falls through the cracks.

[bluespark]

I think my VA status helped with getting the 2.25. Notary said she wouldn't be surprised if rates go lower still

[tgapp]

jong question for you smart people - i'm at 2.8% on a 15 year note, 80% LTV - we refinanced last in march, but i'm tempted to refinance again - is there any reason we should NOT do that? looks like rates are ~.6-.7 lower than what we currently have, with little/no fees.

[zion zig zag]

I was just quoted 2.69 with $2000 in lender credits for a 30 year 2nd home. Good enough to quit shopping? Wait?


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[oftpiste]

They don't give a shit unless you default. Just keep it as your only mailing address for a couple months.

I just closed my refi with a %2.25 30yr. It took just over 60 days to get it done. ( Cruiser gave me a recco who I called but I never heard back from them, NBD. I appreciate it anyhow.)

When signing I noticed this clause saying that this needs to be my primary residence for at least the next 60 days. I was planning on taking a new job 3 hours away that's starting in mid December. So the plan was to move and rent this place out. What could go wrong?