Shopping for a mortgage

[natty dread]

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.

Who’d you use in OR?

[Flyoverland Captive]

Who’d you use in OR?

Pm incoming.

[wendigo]

Locked at 3.095
Stoked.

[Danno]

Am I delusional in thinking that credit unions aren't motivated by the same thing and assuming you can find one that isn't swamped you'll get the best rate?

When I have checked rates at my local credit union, they've been consistently good, but never the best. IME, a *good* broker is likely to beat them.

[Garbowski]

I just got quoted lower for the 30 year (2.875 with 0.25% discount point) than the 15 year. We are planing to stay long term so I think the point and rate is fine. WA state and I'm at 3.75 now. We were looking to shorten our term, but figure we could just pay extra cash on the 30.

[Kevo]

Currently at 3.625%

Got offered 3.25% with no closing costs from my broker. Total out of pocket is -$200. I emailed back and asked if they'd do 3.125 no closing cost. Either way I think I'm going to lock tomorrow. It's a no brainer.

[Yonder_River]

I just got quoted lower for the 30 year (2.875 with 0.25% discount point) than the 15 year. We are planing to stay long term so I think the point and rate is fine. WA state and I'm at 3.75 now. We were looking to shorten our term, but figure we could just pay extra cash on the 30.

If Seattle area, who gave you the quote?

[Garbowski]

If Seattle area, who gave you the quote?

Homestreet. Closing costs are high but UW employees get a credit.

[F#*k you cat]

Looking for recommendations for a mag approved lender here in SLC

Cheers

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[liv2ski]

Odd, I have never heard of a 30 year quote as good as a 15 year quote. I have locked a few 15 year loans at 2.50% as they were larger loan balances. Spoke to a mag yesterday with a small balance $199k and 2.75% made the most sense to cover like $3,000 of his costs.

I had a source with great Jumbo pricing who is now in the toilet. I asked my rep WTF? She commented they were getting 500 locks a day for the last few weeks and their lines of credit to fund are maxed out, so until there pipeline clears out they are priced out of the market. I think there is a bit of that going on with many lenders. Give it 3 weeks and all things being the same, rates should improve a bit.

[mattig]

more and more banks are locking their doors so they can process the folks who already got in today. Never heard of so much business being turned away due to low rates and high demand. 90-120 day loan completion time will not be uncommon if you're not already in process. Plenty of exceptions, but plenty of instances of those turn times being quoted.

[Danno]

more and more banks are locking their doors so they can process the folks who already got in today. Never heard of so much business being turned away due to low rates and high demand. 90-120 day loan completion time will not be uncommon if you're not already in process. Plenty of exceptions, but plenty of instances of those turn times being quoted.

yeah, zillow and bankrate are showing rates in the high 4s or higher, which is essentially the equivalent of locking their doors.

[liv2ski]

more and more banks are locking their doors so they can process the folks who already got in today. Never heard of so much business being turned away due to low rates and high demand. 90-120 day loan completion time will not be uncommon if you're not already in process. Plenty of exceptions, but plenty of instances of those turn times being quoted.

Many of my investors are now pricing themselves out of the game. Just locked a guy in at 2.875% on a 30 Yr fixed. $500k loan amount & $1M value with a $3,300 credit towards his fees.

Another guy priced with the same company was quoted 3.125% due to less equity in his property. Only had 30% equity

[mattig]

Many of my investors are now pricing themselves out of the game. Just locked a guy in at 2.875% on a 30 Yr fixed. $500k loan amount & $1M value with a $3,300 credit towards his fees.

Another guy priced with the same company was quoted 3.125% due to less equity in his property. Only had 30% equity

Yep, that 60 vs 70 LTV LLPA hit is stupid for some credit scores. Golden rule though, I guess.

[mock1]

2.875 30 year refi Quicken Loans.

[wendigo]

yeah we just lowered and locked 2.875 30 yr - coming down from 4.1

[Garbowski]

Is there a way to say 'I'll lock if the 30 year hits 2.xx' or anything, or is that just having a good broker who will call you back? Seems like an inefficient market when I'm just getting the luck of the hour when I call in for a quote.

[Danno]

I would lock at 2.875 if I could get it. Asked for a quote from zillow when they had that rate, 2 days later and they haven't gotten back to me (but send me automated marketing emails).

[jerlane]

The Wing’s rate I quoted earlier dropped to 2.625 for 15 and 2.5 for 10. I started the process on Monday. They contacted me and said it would be a while for a loan officer to contact me but the rate would be secure. Still haven’t heard from a loan officer yet.


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[snowaddict91]

Is there a way to say 'I'll lock if the 30 year hits 2.xx' or anything, or is that just having a good broker who will call you back? Seems like an inefficient market when I'm just getting the luck of the hour when I call in for a quote.

I think any good broker right now is so flooded with business that they are just going for the low hanging fruit. I put in many calls that were never returned.

[alpinevibes]

Anybody seeing decent numbers on low dollar loans? I tried Zillow and Quicken and got junk in the mid-4s. Currently at 4.375% on $150k value and $112k balance


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[Danno]

Anybody seeing decent numbers on low dollar loans? I tried Zillow and Quicken and got junk in the mid-4s. Currently at 4.375% on $150k value and $112k balance


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It's not the low dollar, it's that they're all swamped and have increased that public rate (see discussion above). Sit tight is my advice.

[liv2ski]

It's not the low dollar, it's that they're all swamped and have increased that public rate (see discussion above). Sit tight is my advice.

It is the low dollar loan as I have a minimum comp which means a small loan will not price out as well as a large loan. I am at max capacity now, so I will only help past clients and large loan amounts at this time. I hope my Jumbo pricing comes back soon.

[mattig]

Yep, several aspects of the laws enacted to protect consumers ended up fucking people over.

[rideit]

It is the low dollar loan as I have a minimum comp which means a small loan will not price out as well as a large loan. I am at max capacity now, so I will only help past clients and large loan amounts at this time. I hope my Jumbo pricing comes back soon.

What do you consider Jumbo?