Author Topic: How low can we go? 30 yr fixed at 3.75% with no fees...  (Read 545465 times)

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Offline AW

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2520 on: August 07, 2020, 04:19:15 PM »
Lucky for those who are able to get the 2.5% rate from LenderFi.
I was locked at 2.75 and tried this entire week to see if they can offer me the 2.5 for my scenario but they wouldn't. I will be cancelling LenderFi application and wait for a better rate.

message me, i think i have another lender that can do the same thing like lenderfi at 2.5%

Offline Goriot

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2521 on: August 07, 2020, 06:16:43 PM »
I've been hearing lately that once a hard pull on a credit profile is done, the banks have been sending customers "impossible to match" rate reduction offers. Anyone experienced this "Trigger Lead" based marketing? I'm not talking about the letters and phone calls from smaller brokers trying to poach away your deal wherever it might be. This would be an offer from your current loan servicer only.

Also there have been a few whispers out there of a sub 2% 15 year fixed rate refi being offered, however I've not seen a LE/CD or legitimate ad yet for this possibly mythical creature. This isn't a zero fee deal, only very minor costs being charged. If you've seen one of these ads let me know.

My .02c

The above rate is probably 0 pt but with out of pocket costs like appraisal, escrow fee, etc.  With complete out of pocket it's probably higher.
Nonetheless, pretty good rates! Thanks for the link to this site.  Haven't heard of them before.

Offline MrIrvine

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2522 on: August 07, 2020, 06:25:27 PM »
I applied this morning @LenderFi and got a quote 15 yrs @ 2.5% LTV 29% no closing cost.  Got a call from loan officer and he said that’s the best they can offer.. 

Offline DrTravel

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2523 on: August 07, 2020, 07:40:04 PM »
I've been hearing lately that once a hard pull on a credit profile is done, the banks have been sending customers "impossible to match" rate reduction offers. Anyone experienced this "Trigger Lead" based marketing? I'm not talking about the letters and phone calls from smaller brokers trying to poach away your deal wherever it might be. This would be an offer from your current loan servicer only.

Also there have been a few whispers out there of a sub 2% 15 year fixed rate refi being offered, however I've not seen a LE/CD or legitimate ad yet for this possibly mythical creature. This isn't a zero fee deal, only very minor costs being charged. If you've seen one of these ads let me know.

My .02c

The “trigger event” is when your lender receives a loan payoff request - happened to me when I received a “mortgage rate reduction” letter from Chase. Not sure how your existing lender would even know about a credit pull not pulled by them. The reduction certainly didn’t qualify as “impossible to match”.

For all those who mention I got a “quote” for a particular rate - I’m more interested in hearing from people who actually applied, the application requirements, and what was the official rate on the loan estimate. Quotes are merely marketing rates you probably won’t get. Let’s present rates that most of us have a high probability of actually getting and the details for actual loans and not quotes.
Do ordinary things extraordinarily well.

Offline zovall

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2524 on: August 07, 2020, 09:12:28 PM »
For all those who mention I got a “quote” for a particular rate - I’m more interested in hearing from people who actually applied, the application requirements, and what was the official rate on the loan estimate. Quotes are merely marketing rates you probably won’t get. Let’s present rates that most of us have a high probability of actually getting and the details for actual loans and not quotes.

Those data points are the definitely the most useful. And they can change daily.

The lowest I've seen is 2.5% for 30 year, no cost, high conforming via LenderFi:
akkord received that quote yesterday: https://www.talkirvine.com/index.php/topic,2184.msg368152.html#msg368152
AW said today they can confirm the same at ~55% LTV: https://www.talkirvine.com/index.php/topic,2184.msg368204.html#msg368204

Owning.com posts yesterday showed 2.625% for 30 year, no cost, high confirming, under 50% LTV from Navigatn, AW, akkord:
Navigatn: If you want a 2.625% 30 yr fixed free loan with owning, LTV must be 50% or less.  51- 75% LTV, it's goes up to 2.875% no cost.
AW: when i called, it was 2.625 for ltv <= 50, 2.75 for 51-60, 2.875 for 61-70... etc...
akkord: My brother got 2.5 for just over 50% LTV for conforming, I got 2.625 for high conforming < 50% LTV with owning.

Online akkord

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2525 on: August 08, 2020, 06:54:22 AM »
My brother's 2.5 rate is probably gone with Owning unless you locked with them, their LP called him and said it's going up to 2.625, lock now and he ok'd it, I believe Owning upp'd their rate to 2.625 for conforming a couple days ago on their website, but I haven't been keeping up since I'm moving forward with Lenderfi at 2.5.  I'll see how it looks again towards the end of the year.

Some notes:

Owning will do floatdowns if their rates go down prior to close even if you locked, and you can't refi with Owning again for 1 year unless you get approval (you can refi with others)
Lenderfi you can't refi for 6 months with anyone or they'll try and clawback closing costs, I don't know if they will or won't...haven't heard either way directly
Lenderfi will refi you for free in 6months if rates are down .25% in perpetuity, believe they'll check in every 6 months, not 6/7/8 etc.
From what I heard from another member that has used both, Owning was a better experience than Lenderfi, but YMMV.

That's all I got and if anyone wants a local lender in Irvine, PM me, she has good rates if you are <50% LTV, she matched my Owning offer, but she hasn't been able to give a couple referrals the same rates probably due to their circumstances being different. 

« Last Edit: August 08, 2020, 07:27:55 AM by akkord »

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 #2526 on: August 08, 2020, 08:06:10 AM »
Servicing lenders will know you are refinancing in one of three ways:

1) Servicers buy credit "trigger" leads. If you have a loan with Wells Fargo and BofA runs your credit, that inquiry data is sold, and sold, and sold again to anyone willing to buy it. That's why you get calls and mailers when you refi from other companies.

2) Your loan servicer is going to get a payoff demand from your future loan provider. By then your refi is almost a "done deal" but there will still be time for your current lender to "Make you an offer you can't refuse".

3) Paying company A for an appraisal of your home? That banking account or credit card run is another signal your refinancing.

Post closing of course since the recording of your deed is a public event, you'll still get offers to re-re-refi.

Bear in mind - privacy is an illusion - which is why you can count on offers coming at you from all directions when you refi.

My .02c
My .02c

SGIP

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Offline AW

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2527 on: August 08, 2020, 08:08:44 AM »
In my situation, I have applied and got 2 separate LE’s, so it’s better than a “quote” from a website...
But.... also contemplating going the other way and borrowing a larger jumbo instead, haha

Offline Irvinehomeseeker

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2528 on: August 08, 2020, 08:28:43 AM »
I am going with the referral that AW mentioned yesterday for 2.5% on high balance loan. Local lender and he instantly gave me 2.5%. Appreciate the negotiation AW had already done.
Given that's it's a small local lender, I have to see how it goes thru.  Looking to see the official E on monday.

Cashcall offered 2.625 no fees for my scenario after some back and forth, but simply couldn't match 2.5% as it was a big pricing difference per the agent.

I have dealt with Owning, Cashcall and interactive in the past  - All of them gave me a smooth transaction and closed in 2-3 weeks. Owning even gave me a small credit at closing when rates dropped last year at closing. The processor at  owning immediately responded to my queries.  Now keeping my fingers crossed on the new lender to hope it goes well.

Appreciate the info and help from members on this thread!!

Will update on Monday when I get the LE.



Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2529 on: August 08, 2020, 08:34:32 AM »
I am going with the referral that AW mentioned yesterday for 2.5% on high balance loan. Local lender and he instantly gave me 2.5%. Appreciate the negotiation AW had already done.
Given that's it's a small local lender, I have to see how it goes thru.  Looking to see the official E on monday.

Cashcall offered 2.625 no fees for my scenario after some back and forth, but simply couldn't match 2.5% as it was a big pricing difference per the agent.

I have dealt with Owning, Cashcall and interactive in the past  - All of them gave me a smooth transaction and closed in 2-3 weeks. Owning even gave me a small credit at closing when rates dropped last year at closing. The processor at  owning immediately responded to my queries.  Now keeping my fingers crossed on the new lender to hope it goes well.

Appreciate the info and help from members on this thread!!

Will update on Monday when I get the LE.

I would love to take a look at the LE when you get it (if you don't mind).

Offline Irvinehomeseeker

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2530 on: August 08, 2020, 09:12:31 AM »
Will do @cares

Also, wanted to mention about LoanDepot - they provide good lender credits (like 2500-2800$) at 2.75 rate if you impound taxes/insurance. This can be used to offset some property taxes due in december. That's how I learnt ppl made some money in their pockets without an actual cash out refi 😀.  If you are someone who wants to see instant gains versus reduction in monthly payment and okay to impound, it may be a good deal.

Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2531 on: August 08, 2020, 11:50:30 AM »
Will do @cares

I'll try to beat the rate if you can show me  ;)

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2532 on: August 08, 2020, 02:50:51 PM »
How do you apply with LenderFi because there website has nothing?  Do you have to call?
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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 #2533 on: August 08, 2020, 03:34:01 PM »
How do you apply with LenderFi because there website has nothing?  Do you have to call?

Website. But I would give a secondary email. (From my experience they email frequently to follow up)

Offline eyephone

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2534 on: August 08, 2020, 03:34:40 PM »
.

 

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