Author Topic: How low can we go? 30 yr fixed at 3.75% with no fees...  (Read 762293 times)

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Offline Cornflakes

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3090 on: August 10, 2021, 02:43:55 PM »
FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

My .02c

I can second that. Personally, I have not seen any impact on my scores based on inquiries. However, run up  credit card(s) usage to 90% of credit limit, you will feel the impact on your score. Run it down to zero percent usage and you will get a nice bump.

Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3091 on: August 10, 2021, 02:54:53 PM »
Credit checks are sort of a catch 22. If you have bad credit already and you run a credit check it impacts your credit more adversely than it does someone who has high credit.

Offline Irvinehomeseeker

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3092 on: August 11, 2021, 11:01:25 PM »
FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

My .02c

I can second that. Personally, I have not seen any impact on my scores based on inquiries. However, run up  credit card(s) usage to 90% of credit limit, you will feel the impact on your score. Run it down to zero percent usage and you will get a nice bump.

Can't agree much. I recently did a mistake in maxing out one of my credit cards  Allthough overal credit usage was less than 30%, but card maxed out leading to 50 pt drop in my score!! Now that I am paying it down, score is improving.

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3093 on: August 11, 2021, 11:16:36 PM »
FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

My .02c

I can second that. Personally, I have not seen any impact on my scores based on inquiries. However, run up  credit card(s) usage to 90% of credit limit, you will feel the impact on your score. Run it down to zero percent usage and you will get a nice bump.

Can't agree much. I recently did a mistake in maxing out one of my credit cards  Allthough overal credit usage was less than 30%, but card maxed out leading to 50 pt drop in my score!! Now that I am paying it down, score is improving.

If you run up a bigger balance on credit card/s, just pay them off/down before the statement date because the credit agencies pick up the balance on the monthly statement.
Martin Mania, CPA
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mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3094 on: August 11, 2021, 11:54:01 PM »
If you have 1 credit card with say $1000 credit limit but maxed out it actually has a pretty strong negative credit impact as compared to using say a $10k limit card with $1000 balance. So I would not advise maxing out any credit card regardless of the credit limit and balance amount. Spread it out across cards.

Offline OCtoSV

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3095 on: August 12, 2021, 10:02:17 AM »
my loan broker up here has confirmed 1.99%, 15 yr fixed, conforming, $500 cost. The 1.875% comes with a $4500 total cost.

Didn't realize conforming has gone up to $822K!

Update: Closing this Saturday 8/14 on the 1.99% 15 yr conforming with the lender credit generating a $352 check to me at the closing table.

12 days from start to finish - pretty impressive.

Offline Cornflakes

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3096 on: August 12, 2021, 10:28:50 AM »
FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

My .02c

I can second that. Personally, I have not seen any impact on my scores based on inquiries. However, run up  credit card(s) usage to 90% of credit limit, you will feel the impact on your score. Run it down to zero percent usage and you will get a nice bump.

Can't agree much. I recently did a mistake in maxing out one of my credit cards  Allthough overal credit usage was less than 30%, but card maxed out leading to 50 pt drop in my score!! Now that I am paying it down, score is improving.

I think we are saying the same thing. Even one card high usage can set you back. Keep each card and overall usage under 30% for good scores.

Offline hurijo

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3097 on: August 12, 2021, 10:29:46 AM »
Closing Saturday as well on an SFH investment property for 2.875% 20yr conforming. No cost ($2800 lender credit). 2 weeks start to finish. Locked in before rates went up last week.

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Offline Angels_Baseball_2015

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3098 on: August 20, 2021, 02:06:22 PM »
Hi all, quick question, for the Services you can shop for in a Loan estimate, it's usually the title, notary fee and settlement fee, for Better.com, it's listed as:

Title - Lenders Title Insurance - $850;
Title - Notary Fee - $90;
Title - Settlement Fee - $450.
Total is $1390.

Does anyone have good contacts for LA area because I suspect there's probably folks who can do all this for less much than $1390.  Many thanks in advance!

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3099 on: August 20, 2021, 02:12:23 PM »
Hi all, quick question, for the Services you can shop for in a Loan estimate, it's usually the title, notary fee and settlement fee, for Better.com, it's listed as:

Title - Lenders Title Insurance - $850;
Title - Notary Fee - $90;
Title - Settlement Fee - $450.
Total is $1390.

Does anyone have good contacts for LA area because I suspect there's probably folks who can do all this for less much than $1390.  Many thanks in advance!

Those 3rd party fees actually seem very reasonable, you'll have a hard time find a provider with lower rates. The lender title fee is based upon your loan amount.
Martin Mania, CPA
AgencyOne
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CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3100 on: August 20, 2021, 03:15:29 PM »
Hi all, quick question, for the Services you can shop for in a Loan estimate, it's usually the title, notary fee and settlement fee, for Better.com, it's listed as:

Title - Lenders Title Insurance - $850;
Title - Notary Fee - $90;
Title - Settlement Fee - $450.
Total is $1390.

Does anyone have good contacts for LA area because I suspect there's probably folks who can do all this for less much than $1390.  Many thanks in advance!

Is this a no point no fee refinance? If so, it doesn't matter what the fees are for you. The lender is covering it all. If you think that you will pocket more money by finding cheaper services, you won't. The lender will just credit you less.

Offline woodburyowner

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3101 on: August 20, 2021, 05:59:31 PM »
Hi all, quick question, for the Services you can shop for in a Loan estimate, it's usually the title, notary fee and settlement fee, for Better.com, it's listed as:

Title - Lenders Title Insurance - $850;
Title - Notary Fee - $90;
Title - Settlement Fee - $450.
Total is $1390.

Does anyone have good contacts for LA area because I suspect there's probably folks who can do all this for less much than $1390.  Many thanks in advance!

Is this a no point no fee refinance? If so, it doesn't matter what the fees are for you. The lender is covering it all. If you think that you will pocket more money by finding cheaper services, you won't. The lender will just credit you less.

Many online lenders just provide a % fixed credit and you can shop for services to net more lender credit.  Better.com is one of them.  Use Radian for title.  Your total will be $900 for all those services.  Maybe more if you have a big loan amount. 

Offline Angels_Baseball_2015

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3102 on: August 20, 2021, 07:33:07 PM »
Thanks for all the tips.  I will ask Radian. 

Offline Angels_Baseball_2015

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3103 on: August 26, 2021, 09:17:56 AM »
Just to give others some perspective about Better.com.  I've been very frustrated with Better.com.   Their refi process is much more complicated than it needs to be.  They appear to ask for a lot of information that is akin to getting a new home loan from the ground up.  And now they are changing the Loan Estimate in the middle of the game.  I would avoid them at all costs.

Offline qwerty

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3104 on: August 26, 2021, 09:29:28 AM »
Locked with owning on 7/26 for 1.99%/15 years, signed on 8/5 and the they paid off my old loan on 8/12. So what is that, 17 days?

This was the fastest refi I’ve done.

 

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