How low can we go? 30 yr fixed at 3.75% with no fees...

[woodburyowner]

United Wholesale Mortgage now offering conventional 30-year fixed rates in the 2.5 to 2.99% range. Available on purchases and refinances
https://www.housingwire.com/articles/uwm-now-offering-interest-rates-as-low-as-2-5/

2.5% is with some fees and for purchase loan.  2.875% is today's refi rate with negative points to cover all fees.  This is comparable to normal online lender rates so the deal isn't as amazing as it sounds.

 

[sgip]

The UMW stuff is real. A broker friend of mine has access to this and are slaying it right now.

I'm wondering who is buying this paper? The margin for error in servicing expenses, inflation impacts, and other financial unknowns is incredibly risky. Great as a borrower if you can get the deal. Not so great if you are the servicer/investor in this pool.

My .02c

 

[Maserson]

Any news on jumbo refi rates?  Just read this:https://www.housingwire.com/article...o-mortgage-program-for-loans-up-to-3-million/

But no rate information.

 

[marmott]

-

 

[sgip]

Non - QM stuff is always higher than bank pricing. This stuff is for the self-employed who can't get a traditional loan or other unique income circumstances.

My .02c

 

[icey]

Got a letter in the mail today (always makes me suspicious) but it was from PrimeChoice lending (out of Tustin) and claiming a 2.875% rate on a 30 year.

Assuming this involves paying down for points as lowest on raterabbit shows 3.25% with no payment.

The 2.5% rate requires a substantial payment.

There's even a 2.25% rate available.

 

[Cares]

Got a letter in the mail today (always makes me suspicious) but it was from PrimeChoice lending (out of Tustin) and claiming a 2.875% rate on a 30 year.

Assuming this involves paying down for points as lowest on raterabbit shows 3.25% with no payment.

The 2.5% rate requires a substantial payment.

There's even a 2.25% rate available.

2.875% no point no fee is doable with some aggressive lenders. You can probably easily find 3.0 without fees so their advertised rate isn't that amazing.

 

[test]

Any lenders doing cash out refinances?

 

[irvinehomeowner]

Any lenders doing cash out refinances?

Holy back from the dead.

Where have you been?

 

[test]

Any lenders doing cash out refinances?

Holy back from the dead.

Where have you been?

in lockdown lol

 

[sgip]

Some Banks are limiting cash out standard and jumbo conforming to "on-us" only refinances. If your payment statement says OCWEN or Mr Cooper, cash out isn't likely when refinancing through some Banks.

Bank portfolio is another story. Low Loan To Values (less than 70 as a starter) and limits of $100-$250k exist.

I was told today that another well known bank with a 1880's era mode of transportation in their logo is not allowing any rental income to be considered - even if your tenant goes to the bank and hands a rent check over to the teller, it's not going to be considered stable income. This needs to be confirmed by anyone in the process chain at present.

What this will boil down to is if you want cash out, you'll need to cross check everyone's guidelines before applying and not just about loan to values or amount of cash requested, but also income and reserve questions to be answered in advance.

My .02c

 

[daedalus]

in lockdown lol

That could mean a couple things.  Were you being extra careful to not drop the soap while showering?

 

[Cares]

Any lenders doing cash out refinances?

Lenders are slowly loosening on cash out refinances. Previously there was 3-5 point adds on refinances (read: we aren't doing it). Now they are less than 1 point adds on your loan.

 

[Cares]

I was told today that another well known bank with a 1880's era mode of transportation in their logo is not allowing any rental income to be considered - even if your tenant goes to the bank and hands a rent check over to the teller, it's not going to be considered stable income. This needs to be confirmed by anyone in the process chain at present.

One lender UW is only counting 50% of rental income due to uncertainty. I can see why they could potentially argue to count 0% of it due to rent deferral rules.

 

[eyephone]

I was told today that another well known bank with a 1880's era mode of transportation in their logo is not allowing any rental income to be considered - even if your tenant goes to the bank and hands a rent check over to the teller, it's not going to be considered stable income. This needs to be confirmed by anyone in the process chain at present.

One lender UW is only counting 50% of rental income due to uncertainty. I can see why they could potentially argue to count 0% of it due to rent deferral rules.

The cancel rent movement is no joke. Some members did not believe me.

 

[daedalus]

I have a rate lock for a 15 yr fixed @ 2.625%, with enough credit to cover all lender/title/escrow/appraisal fees with ~$1k left over. 

 

[woodburyowner]

I have a rate lock for a 15 yr fixed @ 2.625%, with enough credit to cover all lender/title/escrow/appraisal fees with ~$1k left over. 

Owning shows 2.50% for 15 year no fee right now.  Also check with better.com as they offer a PM guarantee.

 

[Innosint]

I have a rate lock for a 15 yr fixed @ 2.625%, with enough credit to cover all lender/title/escrow/appraisal fees with ~$1k left over. 

Owning shows 2.50% for 15 year no fee right now.  Also check with better.com as they offer a PM guarantee.

Is owning refinance only? I'm seeing some places suggest it takes new loan, but the quoting section only shows refinance only

 

[sgip]

The problem we see in not counting rent is that for any kind of income there can be disruptions. This is why self employment AND rental income is averaged out over a 2 year window. Just because Tenant A is "rent striking" today, doesn't mean Tenant A will never pay rent again. LA County is talking about paying landlords $1,000 per month for as an example of income that isn't exactly rent, but is paid to a landlord in lieu of rent.

Some rental income should be realistically counted, not zeroed out. This short term policy issue by some lenders will more than likely scrapped sooner than expected.

My .02c

 

[eyephone]

That is LA county not Orange County. Also, states and cities do not have money. (Due to covid) I will be surprised if the OC supervisors will approve rent rebate or something.