irvinehomeowner
Well-known member
Keeps going lower. When will it stop?
As soon as I refi.
As soon as I refi.
How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
- Start date
NEW -> Contingent Buyer Assistance Program
Awful application process and awful rates when we were once HSBC Premier. Significantly worse than BofA/Chase/Wells.
If the current lender is smart, they will just include that 6months of interest in their payoff quote to the new lender, then you won't be able to close your current loan without meeting the payoff (which already includes the interest in the amendment).
I wonder if owning.com has this minimum 6mo interest payment. Anyone know?
Thanks for the insights. Just opened premier acct with them and the rates they quoted on Jumbo seemed decent, but it will be crappy situation if they don't have a good process behind it to close. Will definitely check out wells and chase.
I believe Owning is now at 2.875% on a fixed 30 jumbo up to $2m and 2.50% up $822k.
I think there are points on that 2.5% up to $822k, whereas Interactive Mortgage is advertising no points on 2.375% up to 756k on their website.
Yeah, rate goes up with LTV. Plus you need to impound according to my buddy.
plain sight optics that it.
This whole covid-19 is a big wealth shift from have nots to haves. A vast group of of people are losing jobs, businesses, can't make rent and so on...while the other side, smaller group is prospering...white collar job market is hot, real estate booming, stocks booming, borrowing costs historically low...
They say in adversity, character shows.
I think it can be extended to say that in adversity, nation's flaws (or philosophy as some would rather call it) or systemic cracks accentuates
Welcome to TalkIrvine. You should focus on getting a 0pt purchase loan. Don't pay points to lower your rate or get a lender credit to cover closing costs for a purchase is the general recommendation. In terms of buyer closing costs, they'll generally range from around 0.75% to 1.00% and will depend upon property tax and HOA proratations and prepaid interest and homeowners insurance (this assumes you are not setting up a lender impound account for property taxes and insurance). Find yourself a good agent who will provide you a commission rebate to cover the majority to all of your closing costs. Assuming you have A+ credit and are putting 20%, you can expect to get an interest rate of between 2.50% to 2.625% for a 30 year fixed conforming/high balance conforming loan today.
The best way to generate with a lender is to ask them for a price match by providing them a written offer of the best loan obtained loan terms from another lender Other than that, the lender won't negotiable fees or rates with you. Keep in mind that refi rates where you don't come out of pocket for closings costs will be slightly higher than a purchase loan rate because you'll need at least a 1/2pt lender credit to cover the 3rd party refi closing costs.
Let us know if you have any other questions.
Cornflakes
Active member
Anyone has any experience with HSBC mortgage here? Their rates, fees, efficiency etc. better/worse than others?
Hugo Township
Active member
Cornflakes said:
Awful application process and awful rates when we were once HSBC Premier. Significantly worse than BofA/Chase/Wells.
aquabliss
Well-known member
I heard on the radio this morning Interactive Mortgage advertising 15yr 1.75% Rate & APR no fee loan, 60% LTV non-Jumbo. Then later I checked their website and it says 1.99%. May give them a call anyhow and see what they can do.
Anyone have any experience with them before?
Anyone have any experience with them before?
I just went through them (but at 1.99%) and they delivered as advertised. In fact- when I called them they told me ignore the rate on the website (which at the time was 2.25) because they had a special that just came up for 1.99% (no cost / no fees). I was skeptical - but they delivered. Expect some silence in the middle (and I think there online reviews would indicate it) but ultimately it was a pretty hassle free process (whole thing took somewhere around 30 days).aquabliss said:
Irvinehomeseeker
Active member
I am being contacted by owning now with a 2.25% rate/APR, but when i refinanced a couple of months ago the lender added an amendment to note that has language to prevent me from paying off early within 6 months (stating I need to pay 6 months interest). There is no prepayement penalty mentioned in the Mortgage Note or the Mortgage statement. Could the current lender come after me based on the note amendment ?
aquabliss
Well-known member
Irvinehomeseeker said:
If the current lender is smart, they will just include that 6months of interest in their payoff quote to the new lender, then you won't be able to close your current loan without meeting the payoff (which already includes the interest in the amendment).
I wonder if owning.com has this minimum 6mo interest payment. Anyone know?
Irvinehomeseeker
Active member
Sounds good. So the payoff statement should indicate that 6 months interest following the amendment to note. I will find out more.
Doesnt look like owning adds the 6 month thing. They found this rather very uncommon when i mentioned the 6 month prepayment fee.
Doesnt look like owning adds the 6 month thing. They found this rather very uncommon when i mentioned the 6 month prepayment fee.
Cornflakes
Active member
HMart said:
Thanks for the insights. Just opened premier acct with them and the rates they quoted on Jumbo seemed decent, but it will be crappy situation if they don't have a good process behind it to close. Will definitely check out wells and chase.
Cornflakes
Active member
Spoke to Wells today and not that great rates on Jumbo at the moment. Quoted me 2.875% 7/1ARM with $4k closing costs. Relationship discounts .125% for each $250k with them, capped at half percent max.
irvinehomeowner
Well-known member
Cornflakes said:
I believe Owning is now at 2.875% on a fixed 30 jumbo up to $2m and 2.50% up $822k.
Hugo Township
Active member
irvinehomeowner said:
I think there are points on that 2.5% up to $822k, whereas Interactive Mortgage is advertising no points on 2.375% up to 756k on their website.
irvinehomeowner
Well-known member
Cares said:
Yeah, rate goes up with LTV. Plus you need to impound according to my buddy.
sgip
Well-known member
According to my contacts at BofA, if you have $500k with them right now, you will get some price relief. How much? Depends on the deal. If you bring $500k over to WF, Chase, Citi, or BofA there will be some price reductions as well.
If your OO property and loan are between 50 and 55% LTV and did not want to impound to get Owning's deal, PM me. I may be able to help providing your loan is over $822k.
(WARNING political editorial comment ahead)
Wonder how it's going to look to the incoming Biden Administration that Banks are doling out lower rates to people of means rather than 10-30 year loyal customers living in hard pressed parts of the nation. The optics are terrible IMHO.
(end of injecting politics to thread)
If your OO property and loan are between 50 and 55% LTV and did not want to impound to get Owning's deal, PM me. I may be able to help providing your loan is over $822k.
(WARNING political editorial comment ahead)
Wonder how it's going to look to the incoming Biden Administration that Banks are doling out lower rates to people of means rather than 10-30 year loyal customers living in hard pressed parts of the nation. The optics are terrible IMHO.
(end of injecting politics to thread)
Cornflakes
Active member
Soylent Green Is People said:
plain sight optics that it.
This whole covid-19 is a big wealth shift from have nots to haves. A vast group of of people are losing jobs, businesses, can't make rent and so on...while the other side, smaller group is prospering...white collar job market is hot, real estate booming, stocks booming, borrowing costs historically low...
They say in adversity, character shows.
I think it can be extended to say that in adversity, nation's flaws (or philosophy as some would rather call it) or systemic cracks accentuates
Irvinehomeseeker
Active member
Agree. People buying million dollar homes, Tesla and tech stocks on fire amid this pandemic.
Hi - New member to the boards but have been renting in Irvine for a few years and finally planning to make an Irvine home purchase. We are currently exploring financing options and are still getting quotes from different lenders but would appreciate any community input & sanity checks.
So far, we have a few options for Jumbo 30-year fixed mortgage:
1. 2.75% with lender credit that covers most of Closing Cost ($2-3K remaining closing costs)
2. 2.625% with no lender credit, and full closing costs estimated to be ~$12-13K
3. 2.5% with point purchase cost plus full closing cost
I don't have high confidence that we will live in the home for more than 5-6 years, so #3 point purchase is less attractive to us. We are leaning towards #2 option that includes closing costs, but we are intrigued with the idea of taking option 1, and then look to refinance in the near future if rates remain low.
Main questions:
1. Is it easier to negotiate ReFi closing costs to near-zero or low rates compared to original purchase mortgage? If yes, I would be more included to go with loan option 1 if we can get a lower rate later on for no/low ReFi fees.
2. Is there general board consensus on taking lender credit vs. paying closing costs in this current financial situation or is it just based on fundamental short-term vs. long-term holding outlooks?
3. For Irvine homes, is there an overall "reasonable" closing cost % of mortgage value (pure closing costs, not including any prepayments)? General online guidance indicates 2-5% is expected, while some local OC agents have suggested that they would not expect anything over 1%. Does it depend on the size of the loan?
Thanks in advance for any input. Appreciate all of the info on these boards from over the years.
So far, we have a few options for Jumbo 30-year fixed mortgage:
1. 2.75% with lender credit that covers most of Closing Cost ($2-3K remaining closing costs)
2. 2.625% with no lender credit, and full closing costs estimated to be ~$12-13K
3. 2.5% with point purchase cost plus full closing cost
I don't have high confidence that we will live in the home for more than 5-6 years, so #3 point purchase is less attractive to us. We are leaning towards #2 option that includes closing costs, but we are intrigued with the idea of taking option 1, and then look to refinance in the near future if rates remain low.
Main questions:
1. Is it easier to negotiate ReFi closing costs to near-zero or low rates compared to original purchase mortgage? If yes, I would be more included to go with loan option 1 if we can get a lower rate later on for no/low ReFi fees.
2. Is there general board consensus on taking lender credit vs. paying closing costs in this current financial situation or is it just based on fundamental short-term vs. long-term holding outlooks?
3. For Irvine homes, is there an overall "reasonable" closing cost % of mortgage value (pure closing costs, not including any prepayments)? General online guidance indicates 2-5% is expected, while some local OC agents have suggested that they would not expect anything over 1%. Does it depend on the size of the loan?
Thanks in advance for any input. Appreciate all of the info on these boards from over the years.
usctrojancpa
Well-known member
ndmaynard said:
Welcome to TalkIrvine. You should focus on getting a 0pt purchase loan. Don't pay points to lower your rate or get a lender credit to cover closing costs for a purchase is the general recommendation. In terms of buyer closing costs, they'll generally range from around 0.75% to 1.00% and will depend upon property tax and HOA proratations and prepaid interest and homeowners insurance (this assumes you are not setting up a lender impound account for property taxes and insurance). Find yourself a good agent who will provide you a commission rebate to cover the majority to all of your closing costs. Assuming you have A+ credit and are putting 20%, you can expect to get an interest rate of between 2.50% to 2.625% for a 30 year fixed conforming/high balance conforming loan today.
The best way to generate with a lender is to ask them for a price match by providing them a written offer of the best loan obtained loan terms from another lender Other than that, the lender won't negotiable fees or rates with you. Keep in mind that refi rates where you don't come out of pocket for closings costs will be slightly higher than a purchase loan rate because you'll need at least a 1/2pt lender credit to cover the 3rd party refi closing costs.
Let us know if you have any other questions.