Mortgage Refinance: April 16th

T

the.irvine

Active member
Is anyone going through refinance?
Would like to explore where are rates now for 30 Years Fixed in irvine for SFH.
 
Closing on a 30yr fixed at 3% probably early next week, but I started the process near end of Feb before rates went up and shit hit the fan in the market, not sure if they've come all the way back down yet, but credit crunch has started.
 
I locked 3.0% 2 days ago with no point no fees and appraisal refund on primary SFR. Also closed on 3.25% on investment SFR about 1 month ago. I have a long term relationship with this lender so I think my rates are special case.
 
Just signed closing docs yesterday.  Everything (funding and recording) should be done next week.  Was able to get 3.25% with MCC.  I also was able to lock in 3% with a different lender but the MCC makes the 3.25% the better deal.  Thanks to SGIP for his opinion/advice.
 
Cares said:
I locked 3.0% 2 days ago with no point no fees and appraisal refund on primary SFR. Also closed on 3.25% on investment SFR about 1 month ago. I have a long term relationship with this lender so I think my rates are special case.
Click to expand...

This was a better deal than mine, probably due to the lender relationship, I had to pay ~$900 in fees/closing costs and the appraisal, but no points.  Wish I could get that 3.25 on an investment property, can't find anything that low and I've been shopping on and off for the past year for the rental.
 
It's always possible to get the rate you're looking for.... It just might cost a few dollars to do so.

If 3x "fee free" is a $1,000 monthly payment, but for $1,200 in costs you can get 2x at $900 per month, your break even point is 12 months - a great deal IMHO. Sometimes a "fee free" loan isn't the best deal you can get at these current levels. Ask your lender to quote a range of options. "But what if rates are lower later?" Anything can happen, bit will you be ready? Will lending guidelines remain the same? What about property values? What if your HOA is insolvent? There are 10,000 what if's that may stand in your way of capturing that elusive ever so rock bottom deal. Perhaps closing on the deal available now will turn out better than the deal that may never arrive.

My .02c
 
Crazy times as most investors are not buying up jumbo loans due to COVID and other uncertainties. I was lucky to help a client secure a 2.75% 10/1 jumbo with 60% LTV with no point no fees.

I'm amazed being able to find a jumbo lender and even more amazed to find this rate.
 
One of my buyers who is closing next week got a 30-year jumbo loan at 2.625% at 0pts through Wells Fargo with only 20% down (got a 3/8% discount depositing $750k into Wells off a 3% rate).
 
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