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Thread: Shopping for a mortgage
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03-05-2020, 06:04 AM #126
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03-05-2020, 07:12 AM #127
Right track, but I don't see them coming back into full-fledged MBS reinvestment for reasons that took so many words to explain that I just turned them into a commentary piece here: https://housingbrief.com/r/AQ9IYL
Mags don't let mags use charts that bad. Set up a free trial to my site. Use the discount code 4WEEKS to avoid having to put in a credit card, and I will hook you up with free time so you can actually follow the market the way an originator should.
I think he's talking about my buddy Jason. If so, yeah, that'd do, I'm guessing.
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03-05-2020, 07:30 AM #128Registered User
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03-05-2020, 07:44 AM #129
Sorry for the bum steer. I'll have to give him some shit as he typically has the best rates among my inner circle of buds/clients.
Pricing is pretty crazy right now in terms of volatility from day to day and lender to lender. It's a good time to be a broker or wholesale lender with multiple correspondent options.
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03-05-2020, 07:44 AM #130
Probably get a fresh low in the 10y today.
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03-05-2020, 07:56 AM #131Registered User
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Very smart line of thinking considering this guy probably didn't have change for a nickel, but I digress.
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03-05-2020, 08:00 AM #132
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03-05-2020, 08:03 AM #133Registered User
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03-05-2020, 08:10 AM #134
Short rates making fresh lows. 2yr @.57%
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03-05-2020, 08:17 AM #135Registered User
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Got offered a 3.25% refi 30yr for a portfolio loan from my bank yesterday. Holding out for lower but that’s still much better than what I’m at now and it is a 30. Currently in a 7/1.
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03-05-2020, 08:54 AM #136
Help an uninformed consumer out.
My current mortgage provider , WF, is giving me 3.375 for a 20 year, with 3200 in closing costs.
Should I be able to do better than that?
Sent from my iPhone using Tapatalk
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03-05-2020, 09:00 AM #137
Signs point to yes. You always have to shop it. Try Quicken. I was happy with their process and people when I was shopping. Didn’t use them but it was useful.
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03-05-2020, 09:38 AM #138
Cool write up! Agree with fed explicitly stating they want MBS off their balance sheets...but they’re running out of effective tools. And it’s not like they need to nix the idea of drawing down the mortgage portfolio, just put the brakes on for 6 months or whatever and get money into consumers hands. It’s taken what 8 years? Whats another year. Typical government shit taking longer than planned.
Decisions Decisions
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03-05-2020, 09:44 AM #139
Shorts rate are really dropping.
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03-05-2020, 10:32 AM #140
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03-05-2020, 11:58 AM #141
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03-05-2020, 04:32 PM #142Registered User
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Guy pulled a switcheroo on me, offered 2.875% on a 10/1arm. Not a 30 year fixed. Will keep house for 20 years min. I assume I should lock lowest 30yr fixed.
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03-05-2020, 04:37 PM #143
You'll see a lower mortgage rate at some point in the next 10 years most likely, but I understand not wanting to make assumptions about things that aren't guaranteed.
In other news, I talked to the dude I sent you to today. They're not even taking refi apps today (which is unheard of) and are being forced to lock 90 days out due to turn times. So that would be why his rate was a bit higher than I expected.
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03-05-2020, 04:48 PM #144
I have been checking zillow a few times a day the last few days. Yesterday and today there was a smoking rate first thing in the morning, then crazy high rates the rest of the day, like in the 4s. I interpreted it as the mortgage version of a quote from a super busy contractor, where the quote is so high that it means they really can't handle any more business unless you REALLY make it worth their while.
"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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03-05-2020, 05:56 PM #145
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03-05-2020, 06:12 PM #146
What's the best rate at any given time? Impossible to know without a pricing engine and even then, I don't know what direct lenders (like a credit union) are offering. So do your shopping, check in here and if in CA reach out to me. New business is now being locked in for 45 days, as I am busy and leaving for France 3/30.
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03-05-2020, 07:06 PM #147
Just got 3.25 on a 30 refi in OR. Had to pay points, but it pencils out pretty sweet compared to my current 4.375. In happy.
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03-05-2020, 07:33 PM #148
30Y bond at 1.49% tonight
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03-05-2020, 07:55 PM #149
Shopping for a mortgage
I had the same prior and got 3.5% no points no cost closing.
Edit to add that I agree it’s very difficult to determine the “best rate” you can get. I obviously did not get a 3.25 or lower and there apparentlyare folks who did, but I pressed my guy hard after seeing this thread and he and his varied cohorts in Az Ca and Utah could not see how to get 3.375 or 3.125 a couple weeks back without paying points or excessive closing costs.
So, yay to saving 210/mo
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03-05-2020, 08:04 PM #150
I post the best rate at any given time at least once a day. It's the gold standard in terms of being timely and averaging the rate a top tier borrower would see in the second most aggressive quintile of lenders (top group is generally more hit and miss in terms of getting it closed).
http://www.mortgagenewsdaily.com/mor...tes/daily.aspx
3.15 means you're looking at a mix of 3.125 and 3.25 quotes.
(I appreciate that the "gold standard" claim sounds cocky, but I'm not trying to sell you a mortgage and I don't care if you read my website. In fact, I work really hard to get the truth out when the rest of the news media is quoting bad or stale info).
To clarify, I agree with Liv. Do your shopping. I do however have the mother of all pricing engines and a system of distilling the output into a single number that has been proven time and again (although it doesn't really need to be proven because it's directly derived from raw correspondent pricing at the biggest lenders. Blah blah blah... Sorry this is boring and esoteric.)
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