Author Topic: How low can we go? 30 yr fixed at 3.75% with no fees...  (Read 495702 times)

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Offline eyephone

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2250 on: April 01, 2020, 01:51:40 PM »
I previously said tightening in credit market when rates were rising. But many people said it is due to mortgage applications. I think I was right.

Tightening up

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2251 on: April 01, 2020, 03:24:28 PM »
I previously said tightening in credit market when rates were rising. But many people said it is due to mortgage applications. I think I was right.

Tightening up

Not for buyers with good credit.  One of my buyers locked in a rate of 3.25% on a jumbo loan for a 30-year fixed purchase this week.
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Offline Innosint

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2252 on: April 01, 2020, 03:34:06 PM »
I previously said tightening in credit market when rates were rising. But many people said it is due to mortgage applications. I think I was right.

Tightening up

Not for buyers with good credit.  One of my buyers locked in a rate of 3.25% on a jumbo loan for a 30-year fixed purchase this week.

okkkkk, that ease my mind a bit... was seriosuly worried about possiblty getting screw in a couple months or so. XD

Offline Soylent Green Is People

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2253 on: April 01, 2020, 03:36:05 PM »
Yes, the purchase door is wide open. That 3.25 becomes 3.0 if money is moved. In some cases even lower! Some of the refi-only shops are in dire straights right now as are a few mortgage bankers who can't get closed loans off of their warehouse lines. They've taken to either moving rates into the 4's or shutting down completely as it appears CC has done.

My .02c

Offline mads

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2254 on: April 01, 2020, 05:17:51 PM »
our refi with Lenderfi seems to be in a dormant state too :| and once closed, they have a 180-day requirement before one can refi again.

Offline Liar Loan

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2255 on: April 01, 2020, 05:20:56 PM »
Per outgoing voice message at CashCall, they are no longer originating new loans for the next two weeks. They say due to "Covid-19 concerns", but most mortgage bankers are being pummeled with margin calls right now - so it's my guess that it's something other than a health related issue. If you have a loan in process they say in their voice message that the loan is still in process - a hopeful sign.

FYI - anyone who was watching lender info in 2008-2009 may remember this jewel - still an active site:

https://ml-implode.com/

My .02c

Yes, this was in the mortgage news.  Impac (and subsidiary Cashcall) are suspending new loans for two weeks.  They gave the reason that one of their whole loan buyers has stopped returning their calls, which implies they may have trouble clearing some of their funded pipeline.  This has their warehouse lenders nervous.  Still, Impac survived the Great Recession when few other lenders did, so they have a shot at making it out of this based on that prior experience. 

Their stock is down 70% since early March.  I know somebody that bought their stock at 10 cents in early 2009 and made an absolute killing!  So here's your chance to get rich quick gamblers!!

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2256 on: April 01, 2020, 11:05:27 PM »
If you are looking to buy, I would stick to the banks and credit unions to not risk things. Those lenders have increased refi rates to slow the volume down because they got overwhelmed with refi apps, not because credit is tightening up.
Martin Mania, CPA
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Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2257 on: April 01, 2020, 11:06:04 PM »
I previously said tightening in credit market when rates were rising. But many people said it is due to mortgage applications. I think I was right.

Tightening up

Not for buyers with good credit.  One of my buyers locked in a rate of 3.25% on a jumbo loan for a
30-year fixed purchase this week.

okkkkk, that ease my mind a bit... was seriosuly worried about possiblty getting screw in a couple months or so. XD

Stick with a bank or a credit union and you'll be fine as long as you have good credit and meet the DTI parameters.
Martin Mania, CPA
AgencyOne
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CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!

Offline Soylent Green Is People

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2258 on: April 02, 2020, 05:48:51 AM »
@Mads

Unless you agreed to accept a prepayment penalty, you can refinance anytime you want. Given the rate you may have locked (or closed at) it's unlikely the rate numbers will bend in a direction. A sub 2x 30 fixed at no cost while theoretically possible isn't that likely to come anytime soon.

Let's say they do. Rates fall far enough. You are able to refinance at any time. This isn't just a LenderFi discussion as many other companies will ask that you not refi for a 3-6 month time period due to Yield Spread clawbacks and early payoff penalties to the lender - not to you the borrower.

A prepayment penalty would need to be hard coded into your Note. Any other document would be unenforceable.

My .02c

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Offline mads

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2259 on: April 02, 2020, 01:40:11 PM »
Thanks, SGIP. That's helpful :) we opted for the no cost rate, 3.375 for an attached condo.

Offline aquabliss

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2260 on: May 08, 2020, 01:40:51 PM »
Anyone know if owning.com does 20 year fixed and what the rate might be?

Offline Soylent Green Is People

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2261 on: May 08, 2020, 02:44:43 PM »
Last written quote I was given (2 weeks ago) showed the same rate 30/25/20. The amortization was changed, but not the Agency Coupon behind the loan.

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Offline Irvinehomeseeker

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2262 on: May 08, 2020, 03:00:36 PM »
Got to know that Lenderfi  is currently only doing loans up to 510K.

Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2263 on: May 08, 2020, 06:44:00 PM »
Got to know that Lenderfi  is currently only doing loans up to 510K.

Not even doing high balance? Basically they don't want to lend to anything in LA?

Online daedalus

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2264 on: May 09, 2020, 03:23:27 PM »
Refis for conservative folks with strong debt aversion.  8)

 

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