impressive. this made me send an email this morning. i am at 3.875 on a 30...

Carol Baskin said:

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Were four years into our mortgage and locked on a 26 year fixed at 2.875 with United. No points and should close next week.

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How did you get access directly to united? I thought they were wholesalers?

We went through a broker who actually posts on here occasionally. Send me an email I can I can make the intro.

Docs are being FedEx'd as I'm typing this with the expectation to close tomorrow using a mobile notary.

Carol Baskin said:

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We went through a broker who actually posts on here occasionally. Send me an email I can I can make the intro.

Docs are being FedEx'd as I'm typing this with the expectation to close tomorrow using a mobile notary.

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Interested in United as well. I'm at 4.625% and only 2 yrs into my 30 mortgage. I was hearing that refi was still in the mid 3s but would definitely be interested at sub 3. Do you think the broker can help?

I'd look into it. It was worth it for us and we were four years in at 3.75%.

We'll end up saving five figures in interest after 10 years and can double the extra principal payment that we are currently making. The extra principal should shave another ~3 years off the loan.

Thanks! Do you mind if I email to get your broker's contact?

Sure. Email is in my profile.

FYI I spoke to my corporate about signing up with these guys and got completely firm no way. We used to contact with them and they had terrible service. Good pricing but guys said no way again.

Now that was several years ago so they certainly could have improved their product. But buyer beware. I would be very hesitant to place a purchase loans with them since they have hard deadlines that are painful for me to miss. Refis at least you are already in the house so a day late, like I am today, is no big deal.

We essentially had 3 weeks from lock to close or else the rates increase pretty quickly. It was no issue for us.

Again my info is dated. Several years. My guys said no when I asked to sign up.

Some very good rates here. Just locked in a 15 year at 2.65% with no points. Was quite happy.

Big Bucks said:

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Some very good rates here. Just locked in a 15 year at 2.65% with no points. Was quite happy.

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from

Quicken/Rocket Mortgage.

We are doing a refi with Ally to a 15year at 2.875 with a $3600 lender credit to cover almost all of the closing costs. Locked that rate in a few weeks ago. They had 2.5 but I wanted the lender credit towards fees. Currently at a 30year at 3.75%.

I locked a 2.625% 15 yr. on my home with some cash out today. 2k in points. They'll go up to 80% LTV if I want it. 1.50% better than the 30 I had.

RSP715 said:

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I locked a 2.625% 15 yr. on my home with some cash out today. 2k in points. They'll go up to 80% LTV if I want it. 1.50% better than the 30 I had.

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With cash out?!? Wow!

I was surprised too. I'm at about 60% today. I'm doing it with cardinal financial. I can do better on my money than 2.62% with that 20%. I thought the PMI threshold was 75%? He said he can do 80%.

PMI gets dropped as a requirement at 80% on new loans. On existing loans that already have PMI the rule is that it generally gets removed in one of three ways.
1) Required for two years regardless of LTV, after 2 years and through 5 years it can be removed with a new appraisal and 75% LTV.
2) After 5 years it can be removed with a new appraisal and 80% LTV.
3) Automatically removed at the original amortization to 78% LTV.

I think you're confusing removal of PMI and PMI being required. No one is giving you any kind of special deal on a loan without paying a higher interest rate, because everyone is bound by the same guidelines. You're looking at cost of loan vs cost of loan when comparing, not what they'll give you from an underwriting perspective.

Texas will let you get cash-out up to 80% LTV on primary residences.

I wish I could borrow more money right at these rates. What are commercial rates at these days? I've got 12 units with a low LTV (40%) that I could refi. I believe it's at 5% on a 20yr am today. Adjusting in 18 months, but I believe 5% is the floor. Any advice?

Appreciate it.. I didn't follow most of that, but I've owned my home for 2 years and change and put 25% down originally. I never had to pay PMI.

RSP715 said:

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I wish I could borrow more money right at these rates. What are commercial rates at these days? I've got 12 units with a low LTV (40%) that I could refi. I believe it's at 5% on a 20yr am today. Adjusting in 18 months, but I believe 5% is the floor. Any advice?

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Where are you located? Property in the same place? Lots of factors to consider (cash flow coverage, guarantee, market data, etc). But a 5/20 should be in the high 3's or low 4's. Happy to discuss or provide a referral if out of my market (Houston).

Pm me for my contact info.

Its 12 together. a cover land play in a booming part of Tobin Hill in SA next to the pearl. The land price is catching up the the income producing units. The units are B/B-, but the location is an A+. The problem is I'm being taxed to death and the income just doesn't support it, so I'd probably only max out at 65% LTV and be comfortable. It's either sell it and try to 1031 or refi it long term and protest taxes every year. I'm going back and forth. Need corona, riots, and everything else to settle i think before making a decision. I don't think rates are going anywhere in the next 18 mos.

Rule of thumb years ago was not to refi unless you could drop the rate at least a point. I always followed this, but I also always refinanced the loan balance and paid all the closing costs up front. Now I don't really care about anything but the monthly payment, so when you roll the closing costs into the loan and re-extend the terms to 30, even a half point makes a nice bump in the monthly cash flow. My point is that the rates are so low, there's no reason to even try to lower the balance.

Other thoughts?

We got exactly 2.5% on a 15 year, I believe we closed beginning of May so it was locked in right before the Great Pandemic of '20. The loan officer said it was the lowest rate she's ever seen.

Got a 30 year today at 3.00, no points, no cash due at closing, no appraisal, get back about $4K from current escrow and skipping a payment.

Good deal. You always skip one payment in a refi. Sometimes two

SteveBott said:

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Good deal. You always skip one payment in a refi. Sometimes two

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Yeah, I'm actually skipping 2. I just never noticed because I'd always paid the closing cost up front.

They also had a 2.875 for .875 points. IDK...6 in one, half dozen the other...

Skipping one or two is dictated by timing of the close and funding. You must close by the tenth for a no penalty To miss two without paying a late fee.

I am trying to get down from a 3.75 to 3.00. I was told similar with 3.0 for no points. I feel like she is moving like molasses. I need more info but not getting it. A little frustrated.

I feel like rates have a little more to drop. Spreads/margins are pretty fat for the originators and capacity is constrained. Once there is some more capacity I think you'll start to see some better pricing trickle down to the borrowers.

I'm holding off on chasing a refi until later this summer based on that theory.

Interesting.

I missed a drop on my previous home because a different originator was slow to pull everything together. Missed the bottom. I was always annoyed. Feels like this is really low right now. Hard to imagine 30 years much under 3.

Buddy just used my guy and got 2.375 on a 15 year with no points. I rolled mine back to a 30 at 2.875 with no points. Rates are getting low enough buying points doesnt really seem worth it.