The upper right corner of the loan estimate will confirm whether the rate is locked and until when. If lender have not provided loan estimate then consider any indication that you are locked with a grain of salt.
Thanks. I may need to move on then. I applied on 3/3 and got their automated acceptance but no further communication from them after I loaded my docs. Left message and no reply. Lenderfi appears to be overwhelmed with applications. May jump to NFCU at this point. NFCU has more fees with their 1% loan origination fee but lower rate than Lenderfi at this point.
Lenderfi is definitely overwhelmed. I started a process in early Feb between them and another lender. The other lender got back to me within 1 to 2 business days. LenderFi took 4-5 days and that’s only after I lucked out and got a person instead of VM when calling. I went with other lender as they have similar offers.
If you haven’t done so already check out mortgage professor. Get the lowest offer and see if better.com write loans in your state. If they do have better do a price match to lowest offer. They match and beat by $1k.
PJHawk wrote: ↑Thu Mar 05, 2020 5:12 pm
14 months into 15 Year Jumbo at 4%. Refi-ed at Navy Federal Credit Union at 2.75%, zero Origination costs, zero Points, 60 day downside re-lock up to .25%
Did you pay a higher rate to get origination fee waived? That's what their website usually says.
Origination was stated 0 by the loan officer. I think it was based on credit score. I could have paid points for lower rate.
Right now 15 year is quoted at 2.375 with 0.25 points and 1 percent origination fee (or 0.25 percent rate increase). So maybe your 2.75 included a rate increase for waiving origination fee, and again for no points?
Not seeing anything close to these rates in the Denver Market. We ended up going through with our refinance yesterday: 3.375% for 20 year, about $920 fees (lender credit, origination fee, title fees, appraisal, etc... I don't count pre-paid interest and escrow money into my fee equation). Assuming we went for the same exact terms remaining on our old loan (27.5 years), we would break even after 21 months with the interest change from 3.75% to 3.375%. Since we moved from a 27.5 years to a 20 year loan, we will benefit lot sooner than the break even point in interest savings.
I will continue to monitor rates and re-finance again if things look worthwhile I'm really eyeing 15 year loans now, but the slight interest drop hasn't been worthwhile for the flexibility - 20 year seemed to be a nice compromise for us.
On a side note, the one thing I did not do is contact my old lender to see what re-finance options were available. I will try this in the future to compare rates to other lenders on my next refinance - You get a little smarter every time.
I received this in an e-mail from LenderFi yesterday:
Thank you for applying with LenderFi!
Given the unprecedented number of homeowners trying to refinance right now due to the low rates, it is taking us longer than usual to call everyone right back.
Due to the slight delay, we will be giving everyone special pricing not shown on our website if you already had your credit pulled.
We don't think you should miss out on these great rates due to such a high volume of requests, so we are going to make it right.
We underwrite your loan upfront to give you peace of mind that your loan will actually close, which includes checking to see if you are eligible for an appraisal waiver.
We truly value you as a client and hope you can understand we are trying our best to provide excellent service and a transparent loan process for all our clients, keeping in mind that your home is one of your most valuable assets.
My credit hasn't been pulled yet, so I hope I'm not SOL on that 3%/30-year rate.
1130Super wrote: ↑Tue Feb 25, 2020 4:18 pm
How likely are we to see 30 year mortgage rates drop to under 3% without points? It just seems crazy to me where the US 10YR & 30YR are at now, I read an article saying the 10YR could go under 1%
Update: 10 year is at .96% so now what is the chance some Us bonds go to 0% and/or we see a 2.0% 30 year fixed mortgage?
A credit union in MA is offering 2.85% on a 30yr to members. Quoted $2,200 in closing costs....
mister_sparkle wrote: ↑Wed Feb 26, 2020 6:56 pm
I have made literally one payment on my 3.625% 30-year mortgage.
Am I insane for even considering a re-fi?
Someone else who knows more can chime in, but I'm told there is a "seasoning period" of time where you can't refinance. One broker told me 6 months. I'm not in the industry so don't know for a fact. I don't think you are insane if you can take it down 1/2 a point and the fees are reasonable. Calculate all the fees and divide that by the money per month you would save to figure out your break even point where you will actually start to save.
Where would I look to determine if I can re-fi or not?
MBB_Boy wrote: ↑Sat Mar 07, 2020 10:48 am
I just did a 2.75 30yr with my current lender (Freedom Mortgage) - streamline refinance, so no cost or hassle. Signed some forms, not even a credit check
Was this a VA loan? If so, did you have to pay the .5% funding fee?
MBB_Boy wrote: ↑Sat Mar 07, 2020 10:48 am
I just did a 2.75 30yr with my current lender (Freedom Mortgage) - streamline refinance, so no cost or hassle. Signed some forms, not even a credit check
Hm, this sounds interesting. I have two houses financed by Freedom Mortgage. My mortgages are both 7 year old, 30 year fix at 3.25% and 3.5% respectively (the second one is for a rental).
What's the process for a "streamline refi"? Do I just call them?
This would start a new 30yr loan, right? Not sure if it makes sense after 7 years of payments....
MBB_Boy wrote: ↑Sat Mar 07, 2020 10:48 am
I just did a 2.75 30yr with my current lender (Freedom Mortgage) - streamline refinance, so no cost or hassle. Signed some forms, not even a credit check
Hm, this sounds interesting. I have two houses financed by Freedom Mortgage. My mortgages are both 7 year old, 30 year fix at 3.25% and 3.5% respectively (the second one is for a rental).
What's the process for a "streamline refi"? Do I just call them?
This would start a new 30yr loan, right? Not sure if it makes sense after 7 years of payments....
Worthy of looking into, could always just keep paying what your paying now on new loan, or a 20 year loan would have roughly the same payment
1130Super wrote: ↑Tue Feb 25, 2020 4:18 pm
How likely are we to see 30 year mortgage rates drop to under 3% without points? It just seems crazy to me where the US 10YR & 30YR are at now, I read an article saying the 10YR could go under 1%
Update: 10 year is at .96% so now what is the chance some Us bonds go to 0% and/or we see a 2.0% 30 year fixed mortgage?
I don’t know but we just locked a 3.25% and are now wondering if we did the right thing
1130Super wrote: ↑Tue Feb 25, 2020 4:18 pm
How likely are we to see 30 year mortgage rates drop to under 3% without points? It just seems crazy to me where the US 10YR & 30YR are at now, I read an article saying the 10YR could go under 1%
Update: 10 year is at .96% so now what is the chance some Us bonds go to 0% and/or we see a 2.0% 30 year fixed mortgage?
I don’t know but we just locked a 3.25% and are now wondering if we did the right thing
As long as you-----long-term-----saved money, you did the right thing. It is incredibly difficult to "pick the bottom."
I know you think you understand what you thought I said but I'm not sure you realize that what you heard is not what I meant. - Alan Greenspan
1130Super wrote: ↑Tue Feb 25, 2020 4:18 pm
How likely are we to see 30 year mortgage rates drop to under 3% without points? It just seems crazy to me where the US 10YR & 30YR are at now, I read an article saying the 10YR could go under 1%
Update: 10 year is at .96% so now what is the chance some Us bonds go to 0% and/or we see a 2.0% 30 year fixed mortgage?
A credit union in MA is offering 2.85% on a 30yr to members. Quoted $2,200 in closing costs....
Can you share which CU that is? I am a member of one, but not seeing anything close to that.
I called Freedom mortgage....they said someone will get back to me within 72 hours.
I am locked in at 3.37% for a 30 yr, but they are willing to beat any additional lower quote I was told. I am also getting around PMI with who I am locked in with, so have to weigh it all out.
thinking about refi but it will cost $$..hoping in 30 days that it resets to around 3%. I called Friday and was told that if it reset today it would be 3.25%
Mr.Chlorine wrote: ↑Tue Feb 25, 2020 5:05 pm
We're getting there, but still 25 bps where I live.
Just got quoted a 3.25%, 30 year fixed. It will be my first house, but I told them 20% down so my quote should be for a conventional loan.
Update: Signed my purchase agreement and same lender that offered 3.25% just offered 3.00% with $700 in credits. 2.875% would have cost me $800 in points. Happily locked in the 3.00%
Just locked in mine with 2.875% with 0 point, and $2300 closing cost (Costco Finance) .... did the math and no closing option offered wasn't as good - i basically would break even in 4 years with this rate.
prozario01 wrote: ↑Mon Mar 09, 2020 11:09 am
Just locked in mine with 2.875% with 0 point, and $2300 closing cost (Costco Finance) .... did the math and no closing option offered wasn't as good - i basically would break even in 4 years with this rate.
Was this displayed on the Costco Finance web site or was the rate lower than displayed when you spoke to the bank? New loan or Refinance?
prozario01 wrote: ↑Mon Mar 09, 2020 11:09 am
Just locked in mine with 2.875% with 0 point, and $2300 closing cost (Costco Finance) .... did the math and no closing option offered wasn't as good - i basically would break even in 4 years with this rate.
Just keep in mind it's possible you will refinance before the 4 year mark.
Last edited by bryansmile on Mon Mar 09, 2020 12:19 pm, edited 1 time in total.
MBB_Boy wrote: ↑Sat Mar 07, 2020 10:48 am
I just did a 2.75 30yr with my current lender (Freedom Mortgage) - streamline refinance, so no cost or hassle. Signed some forms, not even a credit check
Hm, this sounds interesting. I have two houses financed by Freedom Mortgage. My mortgages are both 7 year old, 30 year fix at 3.25% and 3.5% respectively (the second one is for a rental).
What's the process for a "streamline refi"? Do I just call them?
This would start a new 30yr loan, right? Not sure if it makes sense after 7 years of payments....
Worthy of looking into, could always just keep paying what your paying now on new loan, or a 20 year loan would have roughly the same payment
DW has a mortgage on a property with Freedom Mortgage, it use to be her primary residence but it is now a rental. FHA loan, 22 years left @ 3.75%, no PMI. LTV is ~65% with $91k owed.
The Freedom Mortgage website says that a "streamline" refi has:
Cons of an FHA Streamline Refinance
While an FHA Streamline Refinance offers some nice benefits for homeowners, you should consider these restrictions before you decide if it’s the right move for you.
You have to pay an upfront fee for mortgage insurance at closing, which is currently set at 1.75% of the base loan amount.
If you finance the mortgage insurance fee into the loan amount, it will increase your loan balance.
Besides the upfront fee, you still have to pay a monthly mortgage insurance premium (MIP) throughout the life of the FHA loan.
prozario01 wrote: ↑Mon Mar 09, 2020 11:09 am
Just locked in mine with 2.875% with 0 point, and $2300 closing cost (Costco Finance) .... did the math and no closing option offered wasn't as good - i basically would break even in 4 years with this rate.
Was this displayed on the Costco Finance web site or was the rate lower than displayed when you spoke to the bank? New loan or Refinance?
I picked the lowest rate displayed by banks .. it was 3.125% (mutual of omaha bank) .. when i called week back they said 3.0% last week... and today it dropped. Looking at the market i figured it could drop today a bit ... so it dropped 1/8th of a point. It is Refinance
prozario01 wrote: ↑Mon Mar 09, 2020 11:09 am
Just locked in mine with 2.875% with 0 point, and $2300 closing cost (Costco Finance) .... did the math and no closing option offered wasn't as good - i basically would break even in 4 years with this rate.
Just keep in mind it's possible you will refinance before the 4 year mark.
Yes i know that .. i was going to do no cost but their option with no cost is not that great - lower rebate than other sites. On flip side, their closing cost was one of the lowest i was quoted.
Also the guy from mutual of omaha bank (thru Costco) said from now till around certain time before I close - if it drops at least 1/8th and some other pricing criteria (which i didn't understand) - i could get the lower rate. My impression was it will be hard to hit that - being that they said they can close roughly around in 2 weeks. Need to have the appraisal done - and few other docs to upload.
Just got a quote from my current mortgage lender. Wells Fargo... Currently have 2 mortgages with them. 1 @ 3.625 and 1 @ 4.25. the 3.625 is a rental property so I don't think I can do any better there. The 4.25 is my current residence. I'm approximately 75% LTV on a jumbo loan. They offered me a 30yr fixed @ 3.625 with 1450 lender credit on approximately 4k in closing costs. They also offered me a 15 yr @ 3.5 with 2900 credit again on 4k in closing costs. These rates seem terrible considering what everyone else is posting.
I'm debating applying with lenderfi, aimloan, etc. Anyone else o should check out? I'm also considering holding off for a week or so to see if things continue to settle towards the down side. Any suggestions here? I'm pretty annoyed with Wells at the moment.
FS51 wrote: ↑Mon Mar 09, 2020 12:29 pm
Just got a quote from my current mortgage lender. Wells Fargo... Currently have 2 mortgages with them. 1 @ 3.625 and 1 @ 4.25. the 3.625 is a rental property so I don't think I can do any better there. The 4.25 is my current residence. I'm approximately 75% LTV on a jumbo loan. They offered me a 30yr fixed @ 3.625 with 1450 lender credit on approximately 4k in closing costs. They also offered me a 15 yr @ 3.5 with 2900 credit again on 4k in closing costs. These rates seem terrible considering what everyone else is posting.
I'm debating applying with lenderfi, aimloan, etc. Anyone else o should check out? I'm also considering holding off for a week or so to see if things continue to settle towards the down side. Any suggestions here? I'm pretty annoyed with Wells at the moment.
Thanks,
Have you checked online at Mortgage Professor? I have had good luck with the lenders he recommends.
FS51 wrote: ↑Mon Mar 09, 2020 12:29 pm
Just got a quote from my current mortgage lender. Wells Fargo... Currently have 2 mortgages with them. 1 @ 3.625 and 1 @ 4.25. the 3.625 is a rental property so I don't think I can do any better there. The 4.25 is my current residence. I'm approximately 75% LTV on a jumbo loan. They offered me a 30yr fixed @ 3.625 with 1450 lender credit on approximately 4k in closing costs. They also offered me a 15 yr @ 3.5 with 2900 credit again on 4k in closing costs. These rates seem terrible considering what everyone else is posting.
I'm debating applying with lenderfi, aimloan, etc. Anyone else o should check out? I'm also considering holding off for a week or so to see if things continue to settle towards the down side. Any suggestions here? I'm pretty annoyed with Wells at the moment.
Thanks,
I would avoid Wells Fargo at all cost. You're right those rates are terrible if your credit is good. I would wait several more weeks as banks don't have any incentive to go down lower until refis settle down, and go with whoever has the best rates between lenderfi, aimloan, nfcu, penfed or other... Good luck
"Great parenting sets the foundation for a better world"
Also, not sure what's going on but I'm getting an error message from Mortgage Professor, no matter what refi option I input (no cash out or cash out, or 30/45/60 day lock)
Sorry, no loans were found for you.
"Great parenting sets the foundation for a better world"
FS51 wrote: ↑Mon Mar 09, 2020 12:29 pm
Just got a quote from my current mortgage lender. Wells Fargo... Currently have 2 mortgages with them. 1 @ 3.625 and 1 @ 4.25. the 3.625 is a rental property so I don't think I can do any better there. The 4.25 is my current residence. I'm approximately 75% LTV on a jumbo loan. They offered me a 30yr fixed @ 3.625 with 1450 lender credit on approximately 4k in closing costs. They also offered me a 15 yr @ 3.5 with 2900 credit again on 4k in closing costs. These rates seem terrible considering what everyone else is posting.
I'm debating applying with lenderfi, aimloan, etc. Anyone else o should check out? I'm also considering holding off for a week or so to see if things continue to settle towards the down side. Any suggestions here? I'm pretty annoyed with Wells at the moment.
Thanks,
Lenderfi and aimloan both shows online - so just do a quick check before applying. I found LoanDepot (from this forum) lower than both of those. Then I also read about COSTCO Fiance - that's where i got lowest rate - although costco thing - the rate quoted online was higher when i spoke with them.
1130Super wrote: ↑Tue Feb 25, 2020 4:18 pm
How likely are we to see 30 year mortgage rates drop to under 3% without points? It just seems crazy to me where the US 10YR & 30YR are at now, I read an article saying the 10YR could go under 1%
Update: 10 year is at .96% so now what is the chance some Us bonds go to 0% and/or we see a 2.0% 30 year fixed mortgage?
A credit union in MA is offering 2.85% on a 30yr to members. Quoted $2,200 in closing costs....
Can you share which CU that is? I am a member of one, but not seeing anything close to that.
Yeah, sorry. It's the Greater Springfield Credit Union. Google them.
1130Super wrote: ↑Tue Feb 25, 2020 4:18 pm
How likely are we to see 30 year mortgage rates drop to under 3% without points? It just seems crazy to me where the US 10YR & 30YR are at now, I read an article saying the 10YR could go under 1%
Update: 10 year is at .96% so now what is the chance some Us bonds go to 0% and/or we see a 2.0% 30 year fixed mortgage?
A credit union in MA is offering 2.85% on a 30yr to members. Quoted $2,200 in closing costs....
Can you share which CU that is? I am a member of one, but not seeing anything close to that.
Yeah, sorry. It's the Greater Springfield Credit Union. Google them.
2.75% today. GRSCU dot com.
Click Borrow, scroll down - LOAN RATES.
Good luck, they're super swamped!
Just called them. Unfortunately they do not do Jumbo mortgages at all. So that rate wouldn't be available with a jumbo.
MBB_Boy wrote: ↑Sat Mar 07, 2020 10:48 am
I just did a 2.75 30yr with my current lender (Freedom Mortgage) - streamline refinance, so no cost or hassle. Signed some forms, not even a credit check
Hm, this sounds interesting. I have two houses financed by Freedom Mortgage. My mortgages are both 7 year old, 30 year fix at 3.25% and 3.5% respectively (the second one is for a rental).
What's the process for a "streamline refi"? Do I just call them?
This would start a new 30yr loan, right? Not sure if it makes sense after 7 years of payments....
I called Freedom Mortgage. First I talked with a sales person and she said that, absolutely, I can do a "streamline refi" with just lowering my rate on my existing mortgage(s) rather than start a new 30 yr mortgage. Then she took my info and told me they's call me. They called me back literally in a few mins afterwards. The person told me that that can only happen if I had an HSA or VA loan. Otherwise I can do a normal refinance and he quoted 3.25% which is what I have already. Disappointing. Maybe I'll call again to see if I'll get luckier. Or maybe this is it.
1130Super wrote: ↑Tue Feb 25, 2020 4:18 pm
How likely are we to see 30 year mortgage rates drop to under 3% without points? It just seems crazy to me where the US 10YR & 30YR are at now, I read an article saying the 10YR could go under 1%
Update: 10 year is at .96% so now what is the chance some Us bonds go to 0% and/or we see a 2.0% 30 year fixed mortgage?
A credit union in MA is offering 2.85% on a 30yr to members. Quoted $2,200 in closing costs....
Can you share which CU that is? I am a member of one, but not seeing anything close to that.
Yeah, sorry. It's the Greater Springfield Credit Union. Google them.
2.75% today. GRSCU dot com.
Click Borrow, scroll down - LOAN RATES.
Good luck, they're super swamped!
Just called them. Unfortunately they do not do Jumbo mortgages at all. So that rate wouldn't be available with a jumbo.
closing costs would depend on the loan amount, so $2200 you got would likely be different for others? Their rate is unbeatable, so I plan to call thanks for the pointer.
MBB_Boy wrote: ↑Sat Mar 07, 2020 10:48 am
I just did a 2.75 30yr with my current lender (Freedom Mortgage) - streamline refinance, so no cost or hassle. Signed some forms, not even a credit check
Hm, this sounds interesting. I have two houses financed by Freedom Mortgage. My mortgages are both 7 year old, 30 year fix at 3.25% and 3.5% respectively (the second one is for a rental).
What's the process for a "streamline refi"? Do I just call them?
This would start a new 30yr loan, right? Not sure if it makes sense after 7 years of payments....
I had the option to do a new 30, or stay on my current timeline at the same rate. I was only 2.5 years in, I extended for 30
MBB_Boy wrote: ↑Sat Mar 07, 2020 10:48 am
I just did a 2.75 30yr with my current lender (Freedom Mortgage) - streamline refinance, so no cost or hassle. Signed some forms, not even a credit check
Was this a VA loan? If so, did you have to pay the .5% funding fee?
FS51 wrote: ↑Mon Mar 09, 2020 12:29 pm
Just got a quote from my current mortgage lender. Wells Fargo... Currently have 2 mortgages with them. 1 @ 3.625 and 1 @ 4.25. the 3.625 is a rental property so I don't think I can do any better there. The 4.25 is my current residence. I'm approximately 75% LTV on a jumbo loan. They offered me a 30yr fixed @ 3.625 with 1450 lender credit on approximately 4k in closing costs. They also offered me a 15 yr @ 3.5 with 2900 credit again on 4k in closing costs. These rates seem terrible considering what everyone else is posting.
I'm debating applying with lenderfi, aimloan, etc. Anyone else o should check out? I'm also considering holding off for a week or so to see if things continue to settle towards the down side. Any suggestions here? I'm pretty annoyed with Wells at the moment.
Thanks,
Just to update. I was planning on holding off for a few weeks to refinance when I just got a voicemail from my lender at Wells Fargo. She said "They just announced today that they were expanding their loan amendment program for jumbo loans that they hold in their portfolio. I apply and the loan is reviewed. If I qualify it takes 2-3 weeks but on my next monthly payment after that, my new interest rate is applied. No refinance, just some minor paperwork".
It seems to me as if they're trying not to lose my business after I told them I saw better offers elsewhere. I'm sure the devil is in the details and I haven't returned their call yet for the paperwork. Is anyone familiar with this? I'm thinking there will likely be a clause prohibiting me from refinancing for "x" number of months? Any harm besides a credit pull?
Just seeing if anyone had any insight into this type of offer.
1130Super wrote: ↑Mon Mar 09, 2020 12:11 am
I’m going to wait on the refi, with the 10YR at .5% 30 mortgages should be in a range of 2%-2.25%
Are you sure you want to try "market timing" mortgage rates? Rates are not directly tied to the 10-year, they merely tend to follow it. The investors that provide the money that actually fund mortgages are under no obligation to continue decreasing rates they are willing to accept. In fact, some lenders have raised rates the past couple days, simply because they can -- supply and demand.
willthrill81 wrote: ↑Tue Feb 25, 2020 4:52 pm
I don't know how likely a 30 year mortgage under 3% is, but we got a 2.5% 15 year mortgage back in 2013. We kept it only a year before we sold the property though.
The broker who sold us our mortgage called last week. We have a 15yr at 3.125% and he said he could probably get us 2.65% right now. Would be great if we weren't a few months from having it paid off.
Same. We're actually paying off our 3.375% mortgage tomorrow morning.
Congratulations Willthrill81!
"Your mind has a mind of its own. At the very moment when you are most convinced of your own rationality, you may be feeling rather than thinking your way toward a decision.” |
Jason Zweig
willthrill81 wrote: ↑Tue Feb 25, 2020 4:52 pm
I don't know how likely a 30 year mortgage under 3% is, but we got a 2.5% 15 year mortgage back in 2013. We kept it only a year before we sold the property though.
The broker who sold us our mortgage called last week. We have a 15yr at 3.125% and he said he could probably get us 2.65% right now. Would be great if we weren't a few months from having it paid off.
Same. We're actually paying off our 3.375% mortgage tomorrow morning.
Congratulations Willthrill81!
Thanks! It still feels great.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
I'm really eyeing 15 year loans now, but the slight interest drop hasn't been worthwhile for the flexibility - 20 year seemed to be a nice compromise for us.
