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

I am not worry about transparency. I am worried about my personal information getting out. Last time I refinanced. I went through the process and at the last day my bank sent me a 1 page document that my rate drop.

But a couple weeks after we told the small broker that we want to stop the process. We had credit fraud for thousands of dollars. (Fake check with our drivers license #) We were not responsible to pay, but it was hassle to deal with. We are thinking it was the sour brokers that did not do our refi. Lol
 
Could happen with any credit check / refi / loan origination.

I was a bit worried about my notary this time around.  She was older, a bit salty and harsh.  Just tried to stay on her good side throughout the signing haha.  She has DL numbers, SSN, address, all loan docs, etc., and she drives off with physical copies of all of them.  Probably leaves them on her passenger seat during the next signing.  At that point anything could happen.
 
@Cornflakes

When you mention "a reasonable profit" in a prior post, that's when this entire thoughtline has been for all intents and purposes "Godwinned". "Reasonable" to some is $1.00 more than what another person earns. Whose to say $2.0 or $20,000 isn't "reasonable"? Neither you nor I should.

If borrower A has a 3.0% rate at Bank 123 but could have gotten 2.750 at Micro Mortgage Banker 987, that's not being naive. There are sometimes compelling reasons for someone to take a higher than market rate. Some prefer to not have their loan sold endlessly and will close with a bank that sells very few of their loans. (Pro-tip - everyone sells loans. There isn't a lender who doesn't)  Some would prefer not to take an impound account to get a lower rate. I have seen plenty of examples of people taking a higher rate as a deliberate choice. Having pricing equal for all isn't a best way forward. Additional transparency isn't going to help either. There can be some level of transparency in how loans are manufactured, but there are many, many factors that go into a companies pricing. One size does not, nor could not fit all.

@Irvinecommuter - The use of FICO Scores to determine risk on a neutral, race blind, basis is great in theory, but terrible in practice. FICO scoring does not take into account some cultures aversion to credit thus in some cases pushing scores down considerably because there might be only one rarely used credit accounts in a borrowers profile. A single credit line item borrower isn't a credit risk, but their FICO says they are.

Other borrowers might be located in a "challenged area" without access to financial institutions of note. I met many borrowers when I worked off of Western and 87th (see google maps) with $200k in a 1% savings account and no one from a brokerage placed in the area to assist with diversification. Borrowers from that surrounding area would sooner open up a pay day loan than a bank credit account. Their FICO scores were consistently lower than those off of Culver and Irvine Blvd, but were they credit risks? Not really, but their FICO scores indicated they were.

As stated in posts from years gone by I am not a fan of letting a robot determine your financial portrait, especially when that robot is Bender.

As another example of a misleading article on the subject of redlining: The NYT ran a piece on the 25th (from what I recall...) about how appraiser lowballing homes is clear evidence of "systemic racism". The article was hot garbage on whole. Yes, there are individuals who have racial bias. What business doesn't? The key is that there are steps to correct injustices like those who suffered according to article. In both examples the value of the home was later adjusted to the fair market based on appraisal reviews by the Bank and the Appraisal Management Group (AMG). Banks are very sensitive to POC complaints about property values and will take second and third looks at the property. Individual race issues? Sure. Systemic? No.

This reply is off topic for this thread. If it needs to be replied to, best to start a new topic and carry it forward there.

My .02c

SGIP
 
@SGIP  Thank you for the response.  I do not intend to go much deeper than what you wrote but more about the system of humans vs AI. 

I agree that AI often miss the human element that make a potentially borrower excellent but also concerned that the humans that are supposed to correct for it are not actually doing the correction. 

Thanks again.
 
Diamond Jamboree said:
I am also looking to refinance..but Owning's rate does not seem to be competitive any more.

I found this onhttps://www.interactivemortgage.com/

It says 2.25% for 15-year and 2.50% for 30-year. Don't know if I should pull the trigger or not. The only disclaimer I see is that interactive requires 780 FICO score versus Owning's 740.
Click to expand...
I refinanced with Interactive last July. They closed in time and no fees. At that time, High Balance LTv 60% was 2.99%. Today, on the radio, I heard they are offering 2.375% for loans upto 765K...but somehow their website doesn't reflect that.
 
Irvinehomeseeker said:
Diamond Jamboree said:
I am also looking to refinance..but Owning's rate does not seem to be competitive any more.

I found this onhttps://www.interactivemortgage.com/

It says 2.25% for 15-year and 2.50% for 30-year. Don't know if I should pull the trigger or not. The only disclaimer I see is that interactive requires 780 FICO score versus Owning's 740.
Click to expand...
I refinanced with Interactive last July. They closed in time and no fees. At that time, High Balance LTv 60% was 2.99%. Today, on the radio, I heard they are offering 2.375% for loans upto 765K...but somehow their website doesn't reflect that.
Click to expand...

good lord. So just closed Owning on the 25th this week. If this is true @2.375%, I might do it another refinance for the 3rd time this year! this will save me grocery money.
 
Besides Owning, who else has the lowest advertised no closing cost refi loans? I just started the process with Owning but figure I shop around another option in case they try to throw in additional costs/fees.
 
irvinian said:
Besides Owning, who else has the lowest advertised no closing cost refi loans? I just started the process with Owning but figure I shop around another option in case they try to throw in additional costs/fees.
Click to expand...

Lenderfi
 
akkord said:
irvinian said:
Besides Owning, who else has the lowest advertised no closing cost refi loans? I just started the process with Owning but figure I shop around another option in case they try to throw in additional costs/fees.
Click to expand...

Lenderfi
Click to expand...

I don't see rates posted on their website. Would you happen to know what they're offering?
 
Hi everybody

I am new to this refinance process and appreciate it if somebody can take the time to answer my questions.

- Can I apply to multiple online lenders ?
- Can I sign the documents (loan estimates, various disclosures, ...) with multiple lenders ?
- Can I lock the rate with multiple lenders ?
- How/when should I negotiate the rates/fees ? Before locking or just before the end of the process ?

I have recently applied for a refinance, and all the agents do, they push me to lock the rate, I have held off for now, but not sure how long I can do that.

Reading the documents, it seems that just locking the rates is not binding on both parties, but I don't want to become responsible for any fees if I don't want to move forward with a particular lender.

Thanks a lot !
 
akkord said:
irvinian said:
Besides Owning, who else has the lowest advertised no closing cost refi loans? I just started the process with Owning but figure I shop around another option in case they try to throw in additional costs/fees.
Click to expand...

Lenderfi
Click to expand...

they just called me and I passed
 
new2refi said:
Hi everybody

I am new to this refinance process and appreciate it if somebody can take the time to answer my questions.

- Can I apply to multiple online lenders ?
- Can I sign the documents (loan estimates, various disclosures, ...) with multiple lenders ?
- Can I lock the rate with multiple lenders ?
- How/when should I negotiate the rates/fees ? Before locking or just before the end of the process ?

I have recently applied for a refinance, and all the agents do, they push me to lock the rate, I have held off for now, but not sure how long I can do that.

Reading the documents, it seems that just locking the rates is not binding on both parties, but I don't want to become responsible for any fees if I don't want to move forward with a particular lender.

Thanks a lot !
Click to expand...

You're free to apply with multiple lenders - that said you will need a credit check per lender and some may or may not collect fees up front.

You can sign loan estimates and disclosures with multiple lenders however you should not lock with multiple lenders. You should only lock if you were intending to commit with a lender.
 
Generally speaking if the base rate is 3.125 at zero points (purchase, not refi) and you move X cash to a bank, the discounts can in some cases push 3.125 to 2.750.

Anyone needing a $5m loan has to have significant post closing cash reserves. Move $3m of those reserves to a bank, and 3.125 could become 2.625.

My .02c
 
$20k+ monthly payment on a $5M loan. Imagine that. More monthly payment than some part-time hourly workers annual salary.
 
$20kpm P+I, but assuming a 50% Loan To Value, taxes could be another $8-10k on top. Still, it's probably costing less than what the ex-wife is getting every month..... 8)

In all seriousness, a $5m loan might be a short term thing. Some heavy bonused borrowers will knock these deals out in 5-7 years. It's not tax effective to have a loan like that, but more of an overall cash management tool. Why sell AAPL today for $5m and buy free and clear when you can finance the purchase at 2.75%?
 
Soylent Green Is People said:
Generally speaking if the base rate is 3.125 at zero points (purchase, not refi) and you move X cash to a bank, the discounts can in some cases push 3.125 to 2.750.

Anyone needing a $5m loan has to have significant post closing cash reserves. Move $3m of those reserves to a bank, and 3.125 could become 2.625.

My .02c
Click to expand...

My experience is every $250K for a .125% reduction maxing out at .5%.  So to go from 3.125 to 2.625 borrower would need to move $1MM.
 
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