Mortgage Rates

[teamogf]

Just a small piece of professional advise to everyone on here and everyone you may know. If you haven’t heard by now, mortgage rates are at their lowest ever. With decent credit, you may be able to get 2.5% on a 30yr term with no points. These rate will not last forever.

Do yourself and everyone you know a favor, and talk with a mortgage banker about your loan. It never hurts to see if it makes sense.

anyway, good luck with your sports wagers.

 

[TheFalls]

Just signed yesterday for 2.75 and +2500 in closing “costs”

 

[teamogf]

Nice job!

 

[TheFalls]

I still never understand our FICO scores...I’ve got access to all 3 of them somehow monthly through my various credit cards...and my wife and I are both near 830/840 across the board on our credit scores there.
Then the hard credit checks come back closer to 790/800. Same rate regardless I guess.

The key to refinancing is extensively shopping rates...especially once your credit is pulled.
You have at least two weeks where your score is affected because of multiple pulls and you can shop them against each other.
A lender is obligated to give you a loan estimate within 3 days or so from the time they pull your credit.

The consensus lowest rates plus ample lender credits the past few mths were:
loan cabin, lenderfi, loan depot, and watermark.
I used all those to get better.com to match and beat multiple estimates. And then they are giving me a $2500 American Express credit (a special that ended at the end of July)

 

[Michelangelo]

Great job, Falls.

 

[seldomseen]

I still never understand our FICO scores...I’ve got access to all 3 of them somehow monthly through my various credit cards...and my wife and I are both near 830/840 across the board on our credit scores there.
Then the hard credit checks come back closer to 790/800. Same rate regardless I guess.

Different credit reports. All lenders, as far as i know, pull a tri-merge report with scores from the 3 major credit bureaus. Most credit monitoring services provide a consumer credit score which doesn't do anything more than provide you an idea of where your score may be at. Most of them have higher scores than your actual credit and have a higher range than a lender credit report. No mortgage lenders use a consumer credit report. They pay for an RMCR which has different scoring.

 

[Knightrofins]

It’s funny. I did a refi the first week in March and received a 3.5% rate and was happy.

when I closed on my house a few years ago, we were 32 days out and didn’t lock in our rate and it went up another 1/8

i read today u can get a fixed at 2.99 with no points.

I joked to my wife this morning that I keep missing out

 

[Ricboff]

lol

A SHIT SHOW. Dalio called it awhile back in his essay on the expansion of the wealth gap, the erosion of the middle class. He was, of course, right. but no way in hell did he know leaders would turn into frieghtened turtles cause of a little bug- his call is in acceleration mode.

 

[Dr.Love]

Historic low rates. But..

Some FHA lenders (I think Fanny Mae and Freddy Mac) are about to tack on a half point fee to all their loans. They are adding the half % and calling it insurance against another possible real estate crash. Not a good sign really..

 

[quantumleap]

I'll be calling my lender this week. I had heard that sometimes they don't lower rates much right away right after the Fed lowers theirs because they know they will be getting a lot of re-fi's and people will be willing to pay that rate.

So now I hear the rates are at their all-time low. I have a pretty good credit rating so I'm hoping to save a bit on my monthly payment.

 

[Bruins4Life]

For the last 10 years of my mortgage (paid off last month) I never signed more than a 2 year term.
If I was still paying, I would do the same. With the mess of the global economy, do you really think rates can go up significantly in the next few years?

Also, if you have the option, pay weekly. Knocked my 25 year mortgage down to 17 years to pay it off.

 

[LEYKIS101]

I'll be calling my lender this week. I had heard that sometimes they don't lower rates much right away right after the Fed lowers theirs because they know they will be getting a lot of re-fi's and people will be willing to pay that rate.

So now I hear the rates are at their all-time low. I have a pretty good credit rating so I'm hoping to save a bit on my monthly payment.

Hi Quantumleap,

Hope you're doing well.

Who is your lender that you'll be calling, if you don't mind me asking? I'm seeing quite a few new lenders and from what I read most seem to be pretty good and competitive.

 

[teamogf]

I’ve been in the business for 17 years. If you have above a 700 credit score, you should be able to get 2.625-2.75% on a conventional loan with no points.

anything above 660 on a govie loan(fha, va, usda) you should be able to get the same range of rates without any points.

The .5 point hit now applies to all conventional refinances. So bisically unless you want to pay that one time fee in the closing costs, you basically get a rate of .125% higher than a week ago.

also, be sure to ask what the lender fees are. Industry average is around $1200. Finally, most conventional mortgages do not need a new appraisal. Times have never been this good for mortgage financing. Get on it. Good luck gents.

 

[FairWarning]

Different credit reports. All lenders, as far as i know, pull a tri-merge report with scores from the 3 major credit bureaus. Most credit monitoring services provide a consumer credit score which doesn't do anything more than provide you an idea of where your score may be at. Most of them have higher scores than your actual credit and have a higher range than a lender credit report. No mortgage lenders use a consumer credit report. They pay for an RMCR which has different scoring.

The consumer should have the right to their own info.

 

[greatpav]

The consumer should have the right to their own info.

seriously!

 

[seldomseen]

I’ve been in the business for 17 years. If you have above a 700 credit score, you should be able to get 2.625-2.75% on a conventional loan with no points.

anything above 660 on a govie loan(fha, va, usda) you should be able to get the same range of rates without any points.

The .5 point hit now applies to all conventional refinances. So bisically unless you want to pay that one time fee in the closing costs, you basically get a rate of .125% higher than a week ago.

also, be sure to ask what the lender fees are. Industry average is around $1200. Finally, most conventional mortgages do not need a new appraisal. Times have never been this good for mortgage financing. Get on it. Good luck gents.

Looks like the surcharge is being pushed back.

 

[seldomseen]

The consumer should have the right to their own info.

They do but no one is going to provide a consumer a copy of the credit report that they pay for. Maybe a smaller bank or credit union but no national lender will. Each applicant is provided a credit disclosure on how to request the same information directly from the credit bureaus. Not saying they shouldn't but it's the way it is. You also have the ability to request you credit report for free once a year. The lender is going to be looking at all 3 of the main bureaus. You may have a 740 with Equifax and the lender will tell you your score is actually 720. That's your median score. Where you see people get messed up is because they subscribe to credit monitoring services and are provided a consumer credit score which no reputable lenders use.

 

[Player]

get them before they are gone

 

[teamogf]

Yes the surcharge is being pushed back and also removed all together from loan amounts under $125k. I locked a client in today at 2.375% on a 10yr fixed. Crazy how these rates have been. Mortgage volume is currently 4x what it normally is. Just insane workload wise but not complaining.

Also, with home value appreciating just about everywhere, if you have PMI, you may be able to get it removed with current home values. I have many clients that closed in 2018 that didn’t have 20% equity and now we are refinancing at the lower rates and also eliminating the PMI in many cases. Great time for anyone of with equity in your home to refinance to lower your rate and also pay off any other debt that is at a higher rate than the new mortgage rate. Saves a ton in monthly cash flow for the clients while also saving a ton in interest on the debt.

 

[3peet]

I still never understand our FICO scores...I’ve got access to all 3 of them somehow monthly through my various credit cards...and my wife and I are both near 830/840 across the board on our credit scores there.
Then the hard credit checks come back closer to 790/800. Same rate regardless I guess. )

Credit scores are always difficult to judge. The consumer can get his own report from his/her bank and it shows TU790/EXP740/XP762. Mortgage company pulls credit (from their credit reporting agency which they have to use to decide the loan) and they pull a TU765/EXP731/XP759. Its never consistent. However if you have a FICO score above 740 or in some caeses 760 you will always get the best rates/pricing