Irvinehomeseeker
Active member
I see. The website says 2.47% APR , so I thought this could include all cost including points.
How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
- Start date
Irvinehomeseeker
Active member
So if one was looking for a loan upto 510K, the APR would be 2.474%. Now, where does the $6950 get payed? May be I am not getting this - If I meet the qualifications, then it should still be a no closing cost loan at the 2.474% APR right?
Hugo Township
Active member
John said:
Just spoke to a LO from Owning who told me they aren't doing these anymore as of Aug 18 blaming new Freddie/Fannie Mac costs.
FHFA fee delayed til December.
https://www.fhfa.gov/mobile/Pages/p...inance-Fee-Implementation-Now-December-1.aspx
I guess Owning can change their website back to 'No Closing Costs.'
https://www.fhfa.gov/mobile/Pages/p...inance-Fee-Implementation-Now-December-1.aspx
I guess Owning can change their website back to 'No Closing Costs.'
aquabliss
Well-known member
Shoot, maybe I should have waited. Should be closing tomorrow with owning, did a 21yr fixed 2.625% no cost.
Process was smooth but they don't like talking on the phone except for the first time (loan officer). After that it's all email and text. I even left a couple VM for processor but she just emails me the answer after like 30minutes. They usually reply quickly though so no issue with communications unless you demand voice conversation.
I started the process on the 11th, and closing tomorrow so only about 2 weeks total. Had appraisal waiver.
Process was smooth but they don't like talking on the phone except for the first time (loan officer). After that it's all email and text. I even left a couple VM for processor but she just emails me the answer after like 30minutes. They usually reply quickly though so no issue with communications unless you demand voice conversation.
I started the process on the 11th, and closing tomorrow so only about 2 weeks total. Had appraisal waiver.
usctrojancpa
Well-known member
Cares said:
And there is a vanilla borrower...they don't like to put in a little work in. haha
aquabliss said:
I got 2.5 30yr fixed with owning...why's your 21yr higher? I was high balance conforming, I did have to send owning my loan estimate from Lenderfi for them to match the 2.5 though, they initially gave me 2.625.
Cares said:
Owning didn't waive my appraisal even though Lenderfi did, but Owning said we'll send you a $250 check to stay with us and we'll give you the 2.5 rate, but could not waive the appraisal.
When did they say they will do your loan without appraisal waiver? If they did say it, I don't think they would say it now. They want super clean and easy loans. W2 income only. Primary residence only. Appraisal waiver. I think if you need an HOA or condo cert too they probably will reject your loan.
irvinehomeowner
Well-known member
irvinian said:
Refi now and then refi again if it goes lower... ps9 style.
irvinehomeowner said:irvinian said:
Refi now and then refi again if it goes lower... ps9 style.
I would refi now. I had many clients hold off on refi but now are asking about it with 0.5 cost delayed to December. If you wait a couple of months it's going to be more expensive.
Irvinehomeseeker
Active member
Yup! People are refinancing within next day of closing if rates are lower by .25% if it's no fee. If you can save a few bucks doing so, then why not?irvinehomeowner said:irvinian said:
Refi now and then refi again if it goes lower... ps9 style.
Hugo Township
Active member
Owning quoted me 2.99 with 0.5 points, Lenderfi gave me 2.75 with no points and a nice lender credit. 30 year fixed.
When I told Owning I was going with Lenderfi, the Owning LO got really aggressive and told me they could match the rate (but not beat it), and throw in a few hundred bucks of credit. I told her no. She didn't like that answer at all and tried to guilt trip me by saying she had spent a lot of time on the phone with me. We were only to the point of an unlocked LE and she spent like an hour on the phone with me explaining why she had to charge points.
So yeah, that's my first re-fi on its way. In retrospect I should have waited until today since rates are probably lower, but oh well still better than my original mortgage.
When I told Owning I was going with Lenderfi, the Owning LO got really aggressive and told me they could match the rate (but not beat it), and throw in a few hundred bucks of credit. I told her no. She didn't like that answer at all and tried to guilt trip me by saying she had spent a lot of time on the phone with me. We were only to the point of an unlocked LE and she spent like an hour on the phone with me explaining why she had to charge points.
So yeah, that's my first re-fi on its way. In retrospect I should have waited until today since rates are probably lower, but oh well still better than my original mortgage.
aquabliss
Well-known member
akkord said:
21-30yr rate is the same APR. Didn?t really try to negotiate nor did I apply to other lenders, it was their posted rate and thought they might bait and switch which they didn?t. Probably should have read more posts and realize I had some bargaining power.
I?m ok with it though, my loan balance is relatively low so the 1/8 point difference is less than $20/mo. Can?t always catch the falling knife at the bottom.