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

eyephone said:
Mety said:
CogNeuroSci said:
Mety said:
eyephone said:
Mety said:
eyephone said:
So now your into 30 year fixed?
I thought arm is the way to go.
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Rental properties are different. I believe 30yr fixed is the right choice for rentals unless you%u2019re paying full cash. I don%u2019t have one, but I probably will do that if I own rentals.
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My question was meant for Trojan.
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Yeah, I was nice enough to answer you meanwhile. You don%u2019t like that?
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To answer your question, YF, no he doesn't like that.
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Oh hey! Remember the last time eyephone sent PM to both of us?
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Now you making things up. That I previously PM CogNeuroSci with you Mety.
(Even other TI members share the same thoughts as myself and believe it is true.) :) :D

Here are the facts:
1. For some reason you know exactly when YF logged on TI. That means you went to his profile and checked the last time he logged on. Who does that? Unless that is you or you have an obsession with him. Idk
2. You liked my post tight after I questioned how did YF knew I messaged you? (Btw: everybody it was nothing exciting. It was only about the zip line at the park.)
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I?m not sure what your point is on those facts list.
1. When did I know or make you feel that I know YF logged on TI? I mean, everyone can see the green dot next to your name when you?re online. What are you talking about?
2. I liked your post. That makes you think I?m YF? What are you talking about?

Here is my fact list
1. eyephone assumes too many wrong stuff.
2. eyephone wants to pick an argument with whoever seems not supporting him enough.

BTW, I?m ok with those lists. That?s who you are. There is nothing wrong with having misunderstanding and wanting to start a debate/discussion with people you disagree. What?s not cool is when you start enforcing things you made up with your own imagination as if that?s the truth. You need to learn to admit when you?re wrong. That?s called a grown-up.

Anyways, who cares about all these when Kanye might be the next President?
 
@Maserson - "serial refinance"? You can keep the grandfathering of interest deductions if no cash out is taken. Confirm this with a tax professional (not an interweb message board) but I've yet to hear the stripping away of the tax benefits when refinancing an aged loan.

Pricing... on the other hand, may be an issue depending on what you've got right now.

My .02c
 
Kenkoko said:
Owning is showing lowered rate this week.

2.75% for 30 yr fixed, no closing cost. Loan up to 510k

2.99% for 30 yr fixed, no closing cost. Loan up to 765k
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Just looked at Owning and they dropped their 15yr fixed rates to 2.375% and 2.625%. They were at 2.5% and 2.75% yesterday.

The 30yr fixed rates stayed the same.

 
some of my friends are going with loandepot at 2.75% 30 yr fixed no cost.
Not sure if Jumbo loans will come towards the 3-3.25 range.
 
yes2 said:
some of my friends are going with loandepot at 2.75% 30 yr fixed no cost.
Not sure if Jumbo loans will come towards the 3-3.25 range.
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2.75% is probably for <$512k. 
High conforming between $512k and $765k is probably around 2.875% no cost at Loan Depot.

I think if you shop hard enough, you can get lowest at 2.8% for no cost for high conforming =<$765k.
Jumbo is another story.
 
Mortgage Rates fell notably today again.  Pretty easy to get 2.75% no cost loan for high conforming now (<$765k).
 
The WF article has it's plusses and minuses that need to be understood clearly before moving forward. Some important items to consider from the article.

1) Yes, new to the bank refinances need $1m with WF. This means current borrowers no longer have to keep $250k with the bank, but new to the bank borrowers must have $1m brought to WF. Whenever this is done, pricing improves considerably so it's not a bad thing relatively speaking.

2) Purchase LTV's no matter if you are a current customer or "new" to the Bank were reduced by 5%. Want an 80% LTV 2nd home refi? Perhaps 75% LTV is the best available.

3) Post closing cash reserves were increased from 12 months to 18 months. I've had plenty of people unable reach that cash level even with 401k funds.

Tighter and tighter.....

My .o2c

SGIP
 
Irvinehomeseeker said:
Maserson said:
Goriot said:
Jumbo is another story.
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Ouch. https://www.cnbc.com/2020/07/09/wel...need-1-million-to-qualify-for-jumbo-refi.html
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Will be helpful if once can share names of lenders who can refi at 2.75 rate at no cost for High Conf (upto 765K).
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LenderFi had it this morning, but they closed their site now due to overwhelming applications.  They had 2.75% with no cost/no fee.  Maybe Loan Depot.  I sent you a PM with another lender - His at 2.78% with no cost/no fee at the moment.  You can also check with Soylent Green Is People and get an estimate.

Please note that rates are fluctuating by hour right now.
 
I remember reading that WF article on CNBC. It said somewhere that WF did not want to take on someone else's books on their balance sheet.

1M condition indicates that they really really want to mitigate transferring someone else's that risk but are open to well heeled, risk free customers.

Likely that banks are seeing leading indicators in their metrics and reacting preemptively to those.

Time for chicken run from stock market? I am contemplating it.
 
I always cry when I see these low rates. I got my current home loan (under $765K @ 3.5%) using my second house as rental property with it's associated rental income. This year I let my newly married kid and spouse move in and they pay all the expenses (which is much below fair rental market values) but then again I don't ever have to worry about tenant issues or any unforeseen expenses. So much better off emotionally and probably financially. I didn't have to worry about the tenant not being able to pay the rent when the Covid hit the fan.

Would love to refi but now all the banks would see is two home costs (mortgage, taxes, HOA, insurance) but not enough income due to losing the fair market paying tenants. To me the second home costs are covered by someone else for life -  a zero sum game, but lenders have a different view.  :mad: Who would have thought that rates would be low enough to refi early this year?
 
I ended up closing at 2.375 for 15 years with owning. It was pretty easy. 26 days from start to finish. The only negative was some radio silence when i would reach out to get an update on funding. But eventually I heard back. They waived the appraisal as well (the actual appraisal, not the fee). I think my level of involvement was about one hour all in. Pretty impressive.

So I would recommend them.

Hopefully it?s my last refi. But if rates get lower I?ll pull the trigger with lenderfi or one of those. I thought about taking my money and going to a big bank to match the initial 2.375 and reduce it with bringing new money but the lower rate didn?t really move the needle on the payment due to the already low rate and 15 year term vs 30 so didn?t want to go through the hassle of new paperwork, accounts.
 
qwerty said:
I ended up closing at 2.375 for 15 years with owning. It was pretty easy. 26 days from start to finish. The only negative was some radio silence when i would reach out to get an update on funding. But eventually I heard back. They waived the appraisal as well (the actual appraisal, not the fee). I think my level of involvement was about one hour all in. Pretty impressive.

So I would recommend them.

Hopefully it?s my last refi. But if rates get lower I?ll pull the trigger with lenderfi or one of those. I thought about taking my money and going to a big bank to match the initial 2.375 and reduce it with bringing new money but the lower rate didn?t really move the needle on the payment due to the already low rate and 15 year term vs 30 so didn?t want to go through the hassle of new paperwork, accounts.
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That's great to know.

I decided to go with Owning as well, started the process a few days ago. So far so good.

For those who are still considering, Owning was willing to go below their published rate for us after I showed them a couple competitive offers.

Will update this post again when refi closes.
 
qwerty said:
I ended up closing at 2.375 for 15 years with owning. It was pretty easy. 26 days from start to finish. The only negative was some radio silence when i would reach out to get an update on funding. But eventually I heard back. They waived the appraisal as well (the actual appraisal, not the fee). I think my level of involvement was about one hour all in. Pretty impressive.

So I would recommend them.

Hopefully it?s my last refi. But if rates get lower I?ll pull the trigger with lenderfi or one of those. I thought about taking my money and going to a big bank to match the initial 2.375 and reduce it with bringing new money but the lower rate didn?t really move the needle on the payment due to the already low rate and 15 year term vs 30 so didn?t want to go through the hassle of new paperwork, accounts.
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The only downfall with owning is they recently extended that you can't do another refi with them for 12 months (it used to be 6). I thought I was going to be able to refi again when rates dropped from what I did earlier in the year, but wasn't able to. 

I still think we will see 15 hit a floor of 2% by end of the year. 
 
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