Refinance Mega Thread

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PavlovsCat
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Re: Refinance Mega Thread

Post by PavlovsCat »

kski74 wrote: Thu Apr 09, 2020 1:28 pm After missing a 2.875% several weeks ago on a 20-year, I'm looking at a 3.125% with no points on a 30-year refinance and a $2,565 lender credit.

Origination Fee $1,195
Appraisal Fee $400
Credit Report $60
Flood Cert $8.75
Closing Fee $595
Lender's Title Insurance $1,045
Recording Fee $205
Lender Credit $2,565.5

Does this seem fair?
I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.
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ray.james
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Re: Refinance Mega Thread

Post by ray.james »

Anyone has good deals deals on 7/1 or 10/1 arm with Jumbo mortgages?
When in doubt, http://www.bogleheads.org/forum/viewtopic.php?f=1&t=79939
kski74
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Re: Refinance Mega Thread

Post by kski74 »

PavlovsCat wrote: Thu Apr 09, 2020 2:00 pm
kski74 wrote: Thu Apr 09, 2020 1:28 pm After missing a 2.875% several weeks ago on a 20-year, I'm looking at a 3.125% with no points on a 30-year refinance and a $2,565 lender credit.

Origination Fee $1,195
Appraisal Fee $400
Credit Report $60
Flood Cert $8.75
Closing Fee $595
Lender's Title Insurance $1,045
Recording Fee $205
Lender Credit $2,565.5

Does this seem fair?
I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.
Yes, I looked at Better, but they don't operate in MA.
livelifealittle
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Re: Refinance Mega Thread

Post by livelifealittle »

PavlovsCat wrote: Thu Apr 09, 2020 2:00 pm
I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

My understanding is this is a targeted offer only. I have both personal and business Amex card but didn't get the email. Would jump on it if I can get the $2500 rebate but I don't think I qualify.

Scratched that... not available in NV anyway.

Anyway, locked yesterday at 3.25% 30yr with 1.125% credit and 3.625% with 0 pt for investment property. Then I keep second guessing myself if I should've taken the credit instead with higher % :|
Last edited by livelifealittle on Thu Apr 09, 2020 2:40 pm, edited 1 time in total.
PavlovsCat
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Re: Refinance Mega Thread

Post by PavlovsCat »

livelifealittle wrote: Thu Apr 09, 2020 2:26 pm
PavlovsCat wrote: Thu Apr 09, 2020 2:00 pm
I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

My understanding is this is a targeted offer only. I have both personal and business Amex card but didn't get the email. Would jump on it if I can get the $2500 rebate but I don't think I qualify.
Numerous reports on other forums of non-targeted people getting the $2500 back. I myself was not targeted, but used the link and confirmed with my officer that my account was flagged for the Amex deal... I would look into it if I were you.
Bandit390
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Re: Refinance Mega Thread

Post by Bandit390 »

Closed yesterday with a no-cost refinance at loandepot. 30 year - 3.5%
Dr. Gaius Baltar
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Re: Refinance Mega Thread

Post by Dr. Gaius Baltar »

I was just told by Crosscountry Mortgage (Costco mortgage program) that I can't refinance to 3.125% because there's a "net tangible benefit" rule that prevents it? Is this a real thing?

I'm currently on a 30 year fixed conventional mortgage, 3.375%, not FHA or VA or anything like that. Last time I did a refi was in November.
I was trying to do a refi to 3.125% with 0.19 points, and taking $1,700 cash out, to pay for most of the closing costs. Again, 30 year fixed, not FHA or VA.

The person at Crosscountry said that due to the Net Tangible Benefit Rule, the only way I could refinance to a new 30 year fixed is if the interest rate was dropping down by half a point, so from 3.375% to 2.875%. I can't go from 3.375% to 3.125%.

How can this be? According to the Bankrate mortgage refinance break-even calculator, this refi would reduce my interest costs by $15,150 over the life of the loan. This seems like a tangible benefit to me. Was he mistaken, or is this an actual rule?
Last edited by Dr. Gaius Baltar on Thu Apr 09, 2020 2:46 pm, edited 1 time in total.
livelifealittle
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Re: Refinance Mega Thread

Post by livelifealittle »

PavlovsCat wrote: Thu Apr 09, 2020 2:32 pm
Numerous reports on other forums of non-targeted people getting the $2500 back. I myself was not targeted, but used the link and confirmed with my officer that my account was flagged for the Amex deal... I would look into it if I were you.
I was feeling disappointed already since we locked yesterday but Better.com is not available in my state anyway (NV). That made it easier to swallow what could've been $2,500 lost opportunity cost. Thanks for the tip though and I'm glad you were able to get the $2,500. That is an awesome deal.
psychoslowmatic
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Re: Refinance Mega Thread

Post by psychoslowmatic »

livelifealittle wrote: Thu Apr 09, 2020 2:26 pm
PavlovsCat wrote: Thu Apr 09, 2020 2:00 pm
I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

My understanding is this is a targeted offer only. I have both personal and business Amex card but didn't get the email. Would jump on it if I can get the $2500 rebate but I don't think I qualify.

Scratched that... not available in NV anyway.

Anyway, locked yesterday at 3.25% 30yr with 1.125% credit and 3.625% with 0 pt for investment property. Then I keep second guessing myself if I should've taken the credit instead with higher % :|
Who were the investment loans with?
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tarnation
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Re: Refinance Mega Thread

Post by tarnation »

tarnation wrote: Sun Apr 05, 2020 12:55 pm Our 60 day rate lock at 3.5% for 30yr expires tomorrow. Now that we are at the final review then closing, they say we may have to wait until we are payed again (in two weeks) so that they can verify we are still employed; they said that is something they just implemented. What happens if we go past rate lock. Do we ask to reprice or will that delay closing?
I called and emailed asking to re-lock since their current quote was a 0.25 point lower and our loan officer said, we'll have to wait until you get final approval before we do anything and see if pricing changes. I'm guessing he's just stalling hoping they go back up.
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kski74
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Re: Refinance Mega Thread

Post by kski74 »

kski74 wrote: Thu Apr 09, 2020 2:12 pm
PavlovsCat wrote: Thu Apr 09, 2020 2:00 pm
kski74 wrote: Thu Apr 09, 2020 1:28 pm After missing a 2.875% several weeks ago on a 20-year, I'm looking at a 3.125% with no points on a 30-year refinance and a $2,565 lender credit.

Origination Fee $1,195
Appraisal Fee $400
Credit Report $60
Flood Cert $8.75
Closing Fee $595
Lender's Title Insurance $1,045
Recording Fee $205
Lender Credit $2,565.5

Does this seem fair?
I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.
Yes, I looked at Better, but they don't operate in MA.
This morning, I received an email from Quicken Loans (Rocket Mortgages) as an AmEx customer. Their loan offer (3.25% with close to $4,000 in closing costs) was not nearly as good as the one I got yesterday from the other lender (3.125% with a $237 credit), but Quicken offered me the $2,500 AmEx credit. I wrote back with the Loan Estimate I had in hand and they agreed to match the rate including $3,248 in Lender Credits (their closing costs were higher so their credit is higher to zero them out.)

At this point, I'm thinking this is a better route because of the $2,500 AmEx incentive.

Anyone have experience with Quicken Loans? Anything I should be aware of with this lender?
kski74
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Re: Refinance Mega Thread

Post by kski74 »

kski74 wrote: Fri Apr 10, 2020 2:11 pm
This morning, I received an email from Quicken Loans (Rocket Mortgages) as an AmEx customer. Their loan offer (3.25% with close to $4,000 in closing costs) was not nearly as good as the one I got yesterday from the other lender (3.125% with a $237 credit), but Quicken offered me the $2,500 AmEx credit. I wrote back with the Loan Estimate I had in hand and they agreed to match the rate including $3,248 in Lender Credits (their closing costs were higher so their credit is higher to zero them out.)

At this point, I'm thinking this is a better route because of the $2,500 AmEx incentive.

Anyone have experience with Quicken Loans? Anything I should be aware of with this lender?
Wrinkle. :( Quicken Loans will NOT lock on the 3.125%. They are saying this is company policy and are not doing any locks at the moment. They will only lock the rate once it goes through the underwriting process, which they estimate could take up to 4 weeks, perhaps less since we received an appraisal waiver. There is 1/8 padding in the rate so if it goes to 3.25% in a few weeks, they will eat the difference. If the rate drops, they'll give us the lower rate, but if it goes up, we lose.

So, we have the option of lender A at 3.125% with a $237 credit (that rate is locked) or Quicken Loans at 3.125% + $2,500 AmEx incentive, but with no lock.

What do you think?
mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 »

kski74 wrote: Fri Apr 10, 2020 4:15 pm
kski74 wrote: Fri Apr 10, 2020 2:11 pm
This morning, I received an email from Quicken Loans (Rocket Mortgages) as an AmEx customer. Their loan offer (3.25% with close to $4,000 in closing costs) was not nearly as good as the one I got yesterday from the other lender (3.125% with a $237 credit), but Quicken offered me the $2,500 AmEx credit. I wrote back with the Loan Estimate I had in hand and they agreed to match the rate including $3,248 in Lender Credits (their closing costs were higher so their credit is higher to zero them out.)

At this point, I'm thinking this is a better route because of the $2,500 AmEx incentive.

Anyone have experience with Quicken Loans? Anything I should be aware of with this lender?
Wrinkle. :( Quicken Loans will NOT lock on the 3.125%. They are saying this is company policy and are not doing any locks at the moment. They will only lock the rate once it goes through the underwriting process, which they estimate could take up to 4 weeks, perhaps less since we received an appraisal waiver. There is 1/8 padding in the rate so if it goes to 3.25% in a few weeks, they will eat the difference. If the rate drops, they'll give us the lower rate, but if it goes up, we lose.

So, we have the option of lender A at 3.125% with a $237 credit (that rate is locked) or Quicken Loans at 3.125% + $2,500 AmEx incentive, but with no lock.

What do you think?
Why not pursue both? Last month, I locked with PNC, LoanDepot, and BofA. I ended up dropping my PNC application, LoanDepot dropped me (along with other Jumbos this month), and I'm still proceeding with BofA. Just watch for any costs that are not refundable (e.g. appraisal fees).
bandoba
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Re: Refinance Mega Thread

Post by bandoba »

mervinj7 wrote: Fri Apr 10, 2020 4:31 pm
Why not pursue both? Last month, I locked with PNC, LoanDepot, and BofA. I ended up dropping my PNC application, LoanDepot dropped me (along with other Jumbos this month), and I'm still proceeding with BofA. Just watch for any costs that are not refundable (e.g. appraisal fees).
So there is no cost for locking other than running credit pull in most of these places? Is that standard practice or does it depend on lender?
kski74
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Re: Refinance Mega Thread

Post by kski74 »

mervinj7 wrote: Fri Apr 10, 2020 4:31 pm
Why not pursue both? Last month, I locked with PNC, LoanDepot, and BofA. I ended up dropping my PNC application, LoanDepot dropped me (along with other Jumbos this month), and I'm still proceeding with BofA. Just watch for any costs that are not refundable (e.g. appraisal fees).
Interesting. Unfortunately, Lender A has a non-refundable $400 deposit. It is only refundable if the loan doesn't close and it's an issue on their end.
Inframan4712
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Re: Refinance Mega Thread

Post by Inframan4712 »

2 days ago I applied for and locked $350k 2.5 percent 15 year 80 percent LTV refinance. Appraisal waived, plus other lender credits mean I only pay escrow at closing plus get $500 deducted from that. So better than no-cost refinance.

Northpointe Mortgage. The deals are out there.
kski74
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Re: Refinance Mega Thread

Post by kski74 »

Interesting article that takes note of the new trend I encountered today (lender will simply not lock a rate). Not sure which lenders besides Quicken Loans by Rocket Mortgage are refusing to do any locks, but it seems to be a new development: https://themortgagereports.com/64357/co ... rate-locks
anonima
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Re: Refinance Mega Thread

Post by anonima »

I've been following this thread closely over the past few months, and just want to thank those of you who recommended Northpointe Bank. We were about to go forward with a 2.625% 15 year fixed with our local credit union with no lender credits and no appraisal waiver, but instead got a much better offer from Northpointe: 2.325% 15 year fixed, appraisal waived, $888 in lender credits. They also offered us a 2.5% 15 year fixed with $2641 in lender credits, which would have meant walking away from the refinance with cash in our pockets. We just locked yesterday. We've been shopping around a lot and thought the process (through disclosures at least) was much smoother at Northpointe than other lenders we've been in touch with (e.g. Better).
jolmscheid
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Re: Refinance Mega Thread

Post by jolmscheid »

anonima wrote: Sat Apr 11, 2020 11:25 am I've been following this thread closely over the past few months, and just want to thank those of you who recommended Northpointe Bank. We were about to go forward with a 2.625% 15 year fixed with our local credit union with no lender credits and no appraisal waiver, but instead got a much better offer from Northpointe: 2.325% 15 year fixed, appraisal waived, $888 in lender credits. They also offered us a 2.5% 15 year fixed with $2641 in lender credits, which would have meant walking away from the refinance with cash in our pockets. We just locked yesterday. We've been shopping around a lot and thought the process (through disclosures at least) was much smoother at Northpointe than other lenders we've been in touch with (e.g. Better).
Thanks for this...how long ago were you able to get the 2.325% with Northpointe?
anonima
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Re: Refinance Mega Thread

Post by anonima »

[/quote]

Thanks for this...how long ago were you able to get the 2.325% with Northpointe?
[/quote]

Yesterday. Not sure if it's acceptable to post the contact info of the loan officer we are working with here? He said these particular rates are good through tomorrow and he's working through the weekend. We just submitted a general inquiry through the website on Thursday night to begin.
gotham1007
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Re: Refinance Mega Thread

Post by gotham1007 »

Can anyone recommend a lender or mortgage broker for non occupied investment property? Ive just been getting ridiculous quotes with excessive points and fees. Im 740+ with 65%LTV
4th and Inches
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Re: Refinance Mega Thread

Post by 4th and Inches »

gotham1007 wrote: Sat Apr 11, 2020 3:25 pm Can anyone recommend a lender or mortgage broker for non occupied investment property? Ive just been getting ridiculous quotes with excessive points and fees. Im 740+ with 65%LTV
Try lenderfi.com. No personal info needed if you scroll down to the loan options towards the bottom. Pretty much what you see is what you’d get. They have been swamped and when they get close to capacity they raise rates big time to shoo people off.
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AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 »

anonima wrote:Yesterday. Not sure if it's acceptable to post the contact info of the loan officer we are working with here? He said these particular rates are good through tomorrow and he's working through the weekend. We just submitted a general inquiry through the website on Thursday night to begin.
I’d love to reach out to the loan officer myself. Northpointe looks quite interesting at the moment! If you’re uncomfortable posting his / her contact information, could you please send me a private message with the details? I’d like to send them an email this weekend and get some quotes. Thanks!
anonima
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Re: Refinance Mega Thread

Post by anonima »

AZAttorney11 wrote: Sat Apr 11, 2020 6:53 pm
anonima wrote:Yesterday. Not sure if it's acceptable to post the contact info of the loan officer we are working with here? He said these particular rates are good through tomorrow and he's working through the weekend. We just submitted a general inquiry through the website on Thursday night to begin.
I’d love to reach out to the loan officer myself. Northpointe looks quite interesting at the moment! If you’re uncomfortable posting his / her contact information, could you please send me a private message with the details? I’d like to send them an email this weekend and get some quotes. Thanks!
Sure, just sent you a message. Good luck!
Berean
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Re: Refinance Mega Thread

Post by Berean »

RobLyons wrote: Wed Apr 08, 2020 1:49 pm
BruDude wrote: Wed Apr 08, 2020 10:08 am
RobLyons wrote: Tue Apr 07, 2020 4:12 pm Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.
Their website shows 2.75%. How did you get the 2.375% offer? I'm going to guess they don't offer mortgages in my state unfortunately...

I made an inquiry on the site and was contacted by phone by a loan officer. After some questions, he emailed me the quote.
I'll take that deal right now. Can you give me his telephone number?
dabrian
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Re: Refinance Mega Thread

Post by dabrian »

Doing a 7 year adjustable at 2.5 with 1% origination with my local CU. My options are pretty limited with low balance.
Value 120k
Balance 71k
isubrama
Posts: 52
Joined: Sun Apr 12, 2020 12:27 pm

Re: Refinance Mega Thread

Post by isubrama »

anonima wrote: Sat Apr 11, 2020 11:25 am I've been following this thread closely over the past few months, and just want to thank those of you who recommended Northpointe Bank. We were about to go forward with a 2.625% 15 year fixed with our local credit union with no lender credits and no appraisal waiver, but instead got a much better offer from Northpointe: 2.325% 15 year fixed, appraisal waived, $888 in lender credits. They also offered us a 2.5% 15 year fixed with $2641 in lender credits, which would have meant walking away from the refinance with cash in our pockets. We just locked yesterday. We've been shopping around a lot and thought the process (through disclosures at least) was much smoother at Northpointe than other lenders we've been in touch with (e.g. Better).
I'm looking to refinance. Could you please private message me his/her contact information ? Thanks.
lepa71
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Re: Refinance Mega Thread

Post by lepa71 »

psychoslowmatic wrote: Fri Apr 10, 2020 9:32 am
livelifealittle wrote: Thu Apr 09, 2020 2:26 pm
PavlovsCat wrote: Thu Apr 09, 2020 2:00 pm
I hate sounding like a shill, but I recommend everyone at least check out Better Mortgage using the better.com/with/Amex link. Better has a price match guarantee and promises to beat your estimate by at least $1000, and, if you have a personal (non-business) Amex card you get $2500 after closing. Appraisal is free too. Make sure you go through the link though.

My understanding is this is a targeted offer only. I have both personal and business Amex card but didn't get the email. Would jump on it if I can get the $2500 rebate but I don't think I qualify.

Scratched that... not available in NV anyway.

Anyway, locked yesterday at 3.25% 30yr with 1.125% credit and 3.625% with 0 pt for investment property. Then I keep second guessing myself if I should've taken the credit instead with higher % :|
Who were the investment loans with?
I would love to know it as well. Who does it for investment property?
lepa71
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Re: Refinance Mega Thread

Post by lepa71 »

Does Lenderfi operate in MN? I can't make their site to give me any rates. Thanks
RobLyons
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Re: Refinance Mega Thread

Post by RobLyons »

Berean wrote: Sun Apr 12, 2020 7:16 am
RobLyons wrote: Wed Apr 08, 2020 1:49 pm
BruDude wrote: Wed Apr 08, 2020 10:08 am
RobLyons wrote: Tue Apr 07, 2020 4:12 pm Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.
Their website shows 2.75%. How did you get the 2.375% offer? I'm going to guess they don't offer mortgages in my state unfortunately...

I made an inquiry on the site and was contacted by phone by a loan officer. After some questions, he emailed me the quote.
I'll take that deal right now. Can you give me his telephone number?

Sure! I can't say how smooth the full process is yet, as I was just approved, but it's not terrible so far.
Let me know how it goes!

Ryan Bird
Loan Officer
NMLS 150099
p 616-726-5552 | f 616-588-6328
ryan.bird@northpointe.com
"Great parenting sets the foundation for a better world"
Inframan4712
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Re: Refinance Mega Thread

Post by Inframan4712 »

I used Northpointe a few years ago for a refinance and it was very smooth.
frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans »

I reached out to Northpointe today about a refinance of an investment property. They quoted 2.875/15 or 3.5/30, with pretty average closing costs (about $2500, excluding prepaids/escrows). These are the best rates I've seen anywhere lately for refinancing a non-owner occupied property. I'm applying for the 2.875 (currently about 8 years into a 3.75/30).
jibantik
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Re: Refinance Mega Thread

Post by jibantik »

Can't find a good rate to save my life. Is it too much to ask for a sub-3 30 year fixed rate mortgage??
ipabrewer
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Location: OR

Re: Refinance Mega Thread

Post by ipabrewer »

jibantik wrote: Sun Apr 12, 2020 7:41 pm Can't find a good rate to save my life. Is it too much to ask for a sub-3 30 year fixed rate mortgage??
I think it's too much to ask, based on my experience. Not for a 20 years, or 15 years though.

Maybe in a few weeks... I am still waiting.
kski74
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Re: Refinance Mega Thread

Post by kski74 »

jibantik wrote: Sun Apr 12, 2020 7:41 pm Can't find a good rate to save my life. Is it too much to ask for a sub-3 30 year fixed rate mortgage??
20-year mortgage were around 2.875% a month ago for a short period. But below 3% on a 30-year is unlikely imo. I've been shopping aggressively and haven't seen anything that low unless you are paying several points. I locked on a 30-year at 3.125% with no costs on Friday. That was the lowest rate I've seen with no out-of-pocket expenses in the past 4-5 weeks.
jibantik
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Re: Refinance Mega Thread

Post by jibantik »

Best I can find is 3.25 fixed 30 year with no points. Not sure how people are finding such good rates.
kski74
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Re: Refinance Mega Thread

Post by kski74 »

jibantik wrote: Sun Apr 12, 2020 8:39 pm Best I can find is 3.25 fixed 30 year with no points. Not sure how people are finding such good rates.
Northpointe Bank and BNC National Bank had 3.125% with no points on Friday. Quicken Loans was willing to match (if you are an AmEx cardholder that could mean $2,500 credit at closing), but caveat, Quicklen Loans are no longer locking rates at all. So a bit of a gamble.
jibantik
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Re: Refinance Mega Thread

Post by jibantik »

kski74 wrote: Sun Apr 12, 2020 8:44 pm
jibantik wrote: Sun Apr 12, 2020 8:39 pm Best I can find is 3.25 fixed 30 year with no points. Not sure how people are finding such good rates.
Northpointe Bank and BNC National Bank had 3.125% with no points on Friday. Quicken Loans was willing to match (if you are an AmEx cardholder that could mean $2,500 credit at closing), but caveat, Quicklen Loans are no longer locking rates at all. So a bit of a gamble.
Got an app at northpointe I will see how it goes, thanks.
yogesh
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Re: Refinance Mega Thread

Post by yogesh »

I would love to refinance at <2.50%/15-yr-fixed/zero-closing or <3.00%/30-yr-fixed/zero-closing if available at northpointe or elsewhere.
Currently at 3.25%/30-yr-fixed/3-years-into so not bad to begin with.

May I request quoting APRs for clear comparisons?
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040
kski74
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Re: Refinance Mega Thread

Post by kski74 »

yogesh wrote: Mon Apr 13, 2020 12:00 am I would love to refinance at <2.50%/15-yr-fixed/zero-closing or <3.00%/30-yr-fixed/zero-closing if available at northpointe or elsewhere.
Currently at 3.25%/30-yr-fixed/3-years-into so not bad to begin with.

May I request quoting APRs for clear comparisons?
Got 3 quotes for 3.125% 30-year APR on Friday.
ig77
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Re: Refinance Mega Thread

Post by ig77 »

Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently.

https://fred.stlouisfed.org/series/MORTGAGE30US

I'd like to reach out to the lenders for a quote only on the days that they are going down so as to not annoy them everyday.
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tarnation
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Re: Refinance Mega Thread

Post by tarnation »

ig77 wrote: Mon Apr 13, 2020 11:34 am Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently.

https://fred.stlouisfed.org/series/MORTGAGE30US

I'd like to reach out to the lenders for a quote only on the days that they are going down so as to not annoy them everyday.
Not sure if it helps you but, this is where my CU fetches quotes for their pricing online.
https://www2.optimalblue.com/obmmi/
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ig77
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Re: Refinance Mega Thread

Post by ig77 »

tarnation wrote: Mon Apr 13, 2020 11:37 am
ig77 wrote: Mon Apr 13, 2020 11:34 am Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently.

https://fred.stlouisfed.org/series/MORTGAGE30US

I'd like to reach out to the lenders for a quote only on the days that they are going down so as to not annoy them everyday.
Not sure if it helps you but, this is where my CU fetches quotes for their pricing online.
https://www2.optimalblue.com/obmmi/
Thanks. Looks like it was last updated last week. I was looking for something that showed the current day's rates.
BruDude
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Location: Las Vegas

Re: Refinance Mega Thread

Post by BruDude »

Just spoke with Northpointe and the best they could do in my area was 2.875% on a 15-year with 0.5 points even though the website shows 2.625 right now. Told the loan officer to call me if the rate drops, he said he will see what he can do to get it lower.
mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 »

ig77 wrote: Mon Apr 13, 2020 2:16 pm
tarnation wrote: Mon Apr 13, 2020 11:37 am
ig77 wrote: Mon Apr 13, 2020 11:34 am Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently.

https://fred.stlouisfed.org/series/MORTGAGE30US

I'd like to reach out to the lenders for a quote only on the days that they are going down so as to not annoy them everyday.
Not sure if it helps you but, this is where my CU fetches quotes for their pricing online.
https://www2.optimalblue.com/obmmi/
Thanks. Looks like it was last updated last week. I was looking for something that showed the current day's rates.
Survey is updated every business day.

http://www.mortgagenewsdaily.com/mortga ... daily.aspx
ig77
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Re: Refinance Mega Thread

Post by ig77 »

Awesome! Thanks
2babogle
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Re: Refinance Mega Thread

Post by 2babogle »

BruDude wrote: Mon Apr 13, 2020 2:40 pm Just spoke with Northpointe and the best they could do in my area was 2.875% on a 15-year with 0.5 points even though the website shows 2.625 right now. Told the loan officer to call me if the rate drops, he said he will see what he can do to get it lower.
Weird. I just did the same thing and got 2.375 on a 15 w/~2k out of pocket on a 500k loan.
My guess is the particulars of the loan make a difference.
viveks
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Re: Refinance Mega Thread

Post by viveks »

Just wondering if loan officer at Northpointe working with mentioned anything about $400.00 deposit for loan process? The amount is non refundable if the loan doesn't close other amount would be credited back at the time of closing.

Thanks!
huskerfan1414
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Re: Refinance Mega Thread

Post by huskerfan1414 »

kski74 wrote: Sun Apr 12, 2020 8:44 pm
jibantik wrote: Sun Apr 12, 2020 8:39 pm Best I can find is 3.25 fixed 30 year with no points. Not sure how people are finding such good rates.
Northpointe Bank and BNC National Bank had 3.125% with no points on Friday. Quicken Loans was willing to match (if you are an AmEx cardholder that could mean $2,500 credit at closing), but caveat, Quicklen Loans are no longer locking rates at all. So a bit of a gamble.
Can you please expand on that quicken loans/american express detail?
Is that for any type of AmEx card?

Also, does northpointe deal with anyone or just michigan? TIA
“I’m confident, but not really sure.” -Tom Petty
frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans »

viveks wrote: Mon Apr 13, 2020 3:47 pm Just wondering if loan officer at Northpointe working with mentioned anything about $400.00 deposit for loan process? The amount is non refundable if the loan doesn't close other amount would be credited back at the time of closing.

Thanks!
Yeah, same. I'm not crazy about this policy and haven't decided if I'm going to pay it and move forward. It's one thing if I withdraw or if my situation changes (e.g. loss of income), but if they can't get the loan funded and closed due to a third party I will be pretty annoyed (and will make a stink) if they don't give me the money back.
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