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

[usctrojancpa]

How do you apply with LenderFi because there website has nothing?  Do you have to call?

Martin, I posted a back door link to their website that avoids going through the home page and gets you straight to an application. If you apply with your information, they'll contact you within 1-3 days...at least that was my experience. Here is a link you can use....and no I'm not getting paid a fee for this
https://app.lenderfi.com/

Sounds good, I submitted my application online through that link.  Let's see if they finance self employed folks like me.

We can do self employed as long as you can show 2 years tax returns.

Those refi shops are should lazy asses, they don't want to touch me because I'm self employed and have rentals.  haha

PM me your refi rate for a Tustin Ranch Home for a $765,600 loan under 60% LTV and a Aliso Viejo detached condo rental for a loan of $286k under 50% LTV with no closing costs.

 

[irvinebullhousing]

How do you apply with LenderFi because there website has nothing?  Do you have to call?

Martin, I posted a back door link to their website that avoids going through the home page and gets you straight to an application. If you apply with your information, they'll contact you within 1-3 days...at least that was my experience. Here is a link you can use....and no I'm not getting paid a fee for this
https://app.lenderfi.com/

Sounds good, I submitted my application online through that link.  Let's see if they finance self employed folks like me.

We can do self employed as long as you can show 2 years tax returns.

Those refi shops are should lazy asses, they don't want to touch me because I'm self employed and have rentals.  haha

PM me your refi rate for a Tustin Ranch Home for a $765,600 loan under 60% LTV and a Aliso Viejo detached condo rental for a loan of $286k under 50% LTV with no closing costs.

I don?t get it, the self employed individuals, in my opinion are the least risky individuals when they able to show profits and loss on their financials matters and able to do well. In other words, self employed are in business for themselves and able to reaps most of the deductions rewards allowed.

Employees are losers when it comes to deductions and write off, because it is very limited. And corporate right size mean that employees are going to get boots. While the self employed can get a nice PPP, even without employees.

So these lenders are also behind the curves.

 

[usctrojancpa]

How do you apply with LenderFi because there website has nothing?  Do you have to call?

Martin, I posted a back door link to their website that avoids going through the home page and gets you straight to an application. If you apply with your information, they'll contact you within 1-3 days...at least that was my experience. Here is a link you can use....and no I'm not getting paid a fee for this
https://app.lenderfi.com/

Sounds good, I submitted my application online through that link.  Let's see if they finance self employed folks like me.

We can do self employed as long as you can show 2 years tax returns.

Those refi shops are should lazy asses, they don't want to touch me because I'm self employed and have rentals.  haha

PM me your refi rate for a Tustin Ranch Home for a $765,600 loan under 60% LTV and a Aliso Viejo detached condo rental for a loan of $286k under 50% LTV with no closing costs.

I don?t get it, the self employed individuals, in my opinion are the least risky individuals when they able to show profits and loss on their financials matters and able to do well. In other words, self employed are in business for themselves and able to reaps most of the deductions rewards allowed.

Employees are losers when it comes to deductions and write off, because it is very limited. And corporate right size mean that employees are going to get boots. While the self employed can get a nice PPP, even without employees.

So these lenders are also behind the curves.

Owning and LenferFi told me that I should reach out to a direct lender/big bank because my situation is too "complex" for them.  Because it's so hard to look at my net income on my Schedule C and net rental income on my Schedule E. haha

 

[qwerty]

Once the website for lenderfi comes back up take a screenshot of the details section of the quote, which looks like a quoted estimate, then you can email it bofa and bofa will match it.

 

[sgip]

As of March of this year BofA no longer price matches. Not sure about the other Biggie's (Wells Chase Citi) but I'd assume that's the case for them as well. The origination, manufacturing, and servicing of a sub 3% Agency Conforming loan is for the most part a loser.

Right now if you're self employed or have multiple rental properties, a smaller "concierge" lender can do the job. The rate won't be rock bottom, but will be less than the big Banks Agency rates.

My .02c

 

[akkord]

Chase was able to match Owning's rate at 2.625, but with $600 closing costs, never checked with them on the 2.5 rate.
Owning is willing to match my Lenderfi rate of 2.5, and pay me $250 to go with them, but won't waive the appraisal which is a dealbreaker for us right now.

 

[sgip]

To clarify: Without a full application and a credit report NO LENDER can commit to an appraisal waiver. The Waiver is based only on an AUS run that fires an underwriting exception for an appraisal requirement.

If a loan officer says "Imma gonna waive your appraisal because I like you."  and they haven't yet run credit and completed the application, they are not telling you the truth.

My .02c

 

[Cares]

To clarify: Without a full application and a credit report NO LENDER can commit to an appraisal waiver. The Waiver is based only on an AUS run that fires an underwriting exception for an appraisal requirement.

If a loan officer says "Imma gonna waive your appraisal because I like you."  and they haven't yet run credit and completed the application, they are not telling you the truth.

My .02c

Yep this is correct. There is no way to know if you got a PIW unless your application was received and ran through the automated underwriting system.

 

[ChiKid24]

Any lenders on here working with the new UWM program? 30-year at 1.99%. Just WOW!
https://www.housingwire.com/article...nnounced Tuesday,company said in a statement.

 

[Cares]

Any lenders on here working with the new UWM program? 30-year at 1.99%. Just WOW!
https://www.housingwire.com/article...nnounced Tuesday,company said in a statement.

It is available to my company but it is not at no cost. It's about 2.5-3 points to buy down. You have to had never done a loan with UWM for 18 months and the max rate lock is 22 days.

It isn't really for everyone. It is an option for people who feel like rates will never reach sub 2 again and won't look to refinance again ever during their homeownership.

Edit:https://www.housingwire.com/articles/uwm-1-99-30-year-mortgage-rate-comes-with-a-catch/

 

[Irvinecommuter]

Any lenders on here working with the new UWM program? 30-year at 1.99%. Just WOW!
https://www.housingwire.com/article...nnounced Tuesday,company said in a statement.

It is available to my company but it is not at no cost. It's about 2.5-3 points to buy down. You have to had never done a loan with UWM for 18 months and the max rate lock is 22 days.

It isn't really for everyone. It is an option for people who feel like rates will never reach sub 2 again and won't look to refinance again ever during their homeownership.

Edit:https://www.housingwire.com/articles/uwm-1-99-30-year-mortgage-rate-comes-with-a-catch/

It doesn't even make economic sense...the breakeven point for something like that is like 7 years.

 

[Cares]

Any lenders on here working with the new UWM program? 30-year at 1.99%. Just WOW!
https://www.housingwire.com/article...nnounced Tuesday,company said in a statement.

It is available to my company but it is not at no cost. It's about 2.5-3 points to buy down. You have to had never done a loan with UWM for 18 months and the max rate lock is 22 days.

It isn't really for everyone. It is an option for people who feel like rates will never reach sub 2 again and won't look to refinance again ever during their homeownership.

Edit:https://www.housingwire.com/articles/uwm-1-99-30-year-mortgage-rate-comes-with-a-catch/

It doesn't even make economic sense...the breakeven point for something like that is like 7 years.

Probably 8+ years assuming you're comparing 2.5% no cost vs 1.99% with cost. Like I said, it makes sense if you do not foresee yourself ever refinancing the property again in the lifetime of your ownership AND you will keep the property.

I personally strongly discourage paying points to all my clients.

 

[Cares]

I'm in this nationwide mortgage group and of course the talk of the town is the 1.999% with UWM. Other lenders in other states are likely charging 4-5 points to do this loan. This advertisement is just a huge marketing ploy. 22 day rate lock to get from approval to funding? Pretty tight timing with how backed up funding is for many lenders. The fees are astronomical too if you can't close in 22 days. Who will pay late fees of $400-500 per day late? Pass onto the borrowers?

 

[sgip]

It makes the phone ring. That's all.

 

[Irvinecommuter]

Any lenders on here working with the new UWM program? 30-year at 1.99%. Just WOW!
https://www.housingwire.com/article...nnounced Tuesday,company said in a statement.

It is available to my company but it is not at no cost. It's about 2.5-3 points to buy down. You have to had never done a loan with UWM for 18 months and the max rate lock is 22 days.

It isn't really for everyone. It is an option for people who feel like rates will never reach sub 2 again and won't look to refinance again ever during their homeownership.

Edit:https://www.housingwire.com/articles/uwm-1-99-30-year-mortgage-rate-comes-with-a-catch/

It doesn't even make economic sense...the breakeven point for something like that is like 7 years.

Probably 8+ years assuming you're comparing 2.5% no cost vs 1.99% with cost. Like I said, it makes sense if you do not foresee yourself ever refinancing the property again in the lifetime of your ownership AND you will keep the property.

I personally strongly discourage paying points to all my clients.

What is the tax benefit of paying points?  How into that points payment does it get one?

 

[Cares]

It depends. Generally speaking, 1 point gets you between 1/8 to 1/4% rate drop but every scenario is different so use that as a guideline loosely.

Points are considered prepaid interest and are tax deductible but I think should be negligible in your consideration of whether or not you should pay points.

 

[Kenkoko]

Fannie Mae and Freddie Mac will add a 0.5 percentage point fee on most refinance loans to compensate for Covid related economic and market uncertainty effective Sept. 1.

The Mortgage Bankers Association says the move will cost the average consumer $1,400.

The Sept. 1 effective date means that thousands of borrowers who did not lock in their rates could face unanticipated cost increases just days from closing.

 

[Cares]

Unfortunately for those waiting on lower rates, they are probably not going back down for a couple of months.

 

[Irvinehomeseeker]

What a bummer... hopefully folks who locked  rate yesterday will be saved from this new fee.?

 

[Irvinehomeseeker]

More info/commentary in here - http://www.mortgagenewsdaily.com/consumer_rates/951943.aspx#951946