I know someone who can help.SteveBott said:
Most People do not monitor their credit near as much as they should. Low to moderate credit will cost you on all your debt not just mortgage. You should at least get the free report every year and check for errors or mistakes. It matters
30 yr mortgages in the 2s!
78,460 Views |
444 Replies |
Last: 3 yr ago by chris1515
I am in the same boat of being unable to find these awesome refinance rates. In C.S. credit-790+. Approx 50% equity. No debt other than house note. Current rate is 4.5 @30 years (6 years in) Best refi rate I can find is 3.5% with no points. That is a great rate typically but no where close to sub-3's. What am I missing?
There are a few people on here that maybe can help or if not I can refer to who i am using.
Maybe rates have changed drastically recently? I did most of the paperwork last week. I am locked in at 3%, 30 year. If by chance it goes down before close I would get that decrease.
We are working on one last part but I am hoping to get everything finalized in the next week or so...
Maybe rates have changed drastically recently? I did most of the paperwork last week. I am locked in at 3%, 30 year. If by chance it goes down before close I would get that decrease.
We are working on one last part but I am hoping to get everything finalized in the next week or so...
Some lenders will have fees that they charge that they are in effect using to buy down the rate, they just aren't showing it like you are buying points. That is part of it.AEP Ag said:
I am in the same boat of being unable to find these awesome refinance rates. In C.S. credit-790+. Approx 50% equity. No debt other than house note. Current rate is 4.5 @30 years (6 years in) Best refi rate I can find is 3.5% with no points. That is a great rate typically but no where close to sub-3's. What am I missing?
Lower loan amounts and lower LTVs result in higher rates as well.
Just refi'd
Jumbo refi
was 5 years into a 3.875% 30 year note
now at 2.875% for a 20-year note
no points, payment went up roughly $100/month
feeling good about it, seemed like a good deal
Jumbo refi
was 5 years into a 3.875% 30 year note
now at 2.875% for a 20-year note
no points, payment went up roughly $100/month
feeling good about it, seemed like a good deal
very good deal. you locked before the jumbo meltdown
I've got a credit score of 843. I've got about 6 years left on 15-yr note with $110k remaining and about $235k of equity. Right now I have 3.125. Is there anything out there worth the while? The few quotes I've gotten showed me it wasn't worth it to bother, but admittedly, I don't follow the rates that closely.
First you do not have that score in a mortgage system. It's probably high in my scoring system but in17 years I've never seen a single score at 843. Not once. Top is 850. There are at least 8 scoring algorithms in just the big three bureau's. E1-E8 and we use the second oldest E-2. Same as what I used in 2002. Never changed. And 15s don't use scores for the most part. It is pass or fail
Second you should absolutely not refi. Pay that off and move on.
Second you should absolutely not refi. Pay that off and move on.
The 10 yr treasury rate is increasing which is not helping my prediction of 30 yr loans in the 2's!
But, that could easily reverse course any day now.
As for the reference to jumbos, I know there is more capacity coming into the market for those loans.
But, that could easily reverse course any day now.
As for the reference to jumbos, I know there is more capacity coming into the market for those loans.
Rates are not tethered to bonds right now. You need to look at MBS market for clearer guidance. Very unusual and I expect them to get back in line soon. But not today.
Oh and my lenders dropped a huge amount today. Best ever
I'm not in the twos but locked three loans at 3.0. Standard refis
Oh and my lenders dropped a huge amount today. Best ever
I'm not in the twos but locked three loans at 3.0. Standard refis
hph6203 said:
Lower loan amounts and lower LTVs result in higher rates as well.
Not following this. In my case current mortgage payoff is $350k. Home appraised at $600k. Best rate I could could find was no where close to what is shown here.
In at 3.0. Maybe we should discuss. Contact in my profile
In the process of closing on a new home loan. Conventional 30 yr at 2.999%. Loan is for $375k. Most exciting part is we are moving out of the big city of Fort Worth back to College Station! Found a house close to town on 5 acres.
LOL that is what i am trying to get. A 2.999% loan. I think it may stay at 3.0% even.
I told my loan originator there is something about it starting with a 2 that feels better!
I told my loan originator there is something about it starting with a 2 that feels better!
No doubt. I didn't have to haggle at all, that was what he first gave me. Absolute minimal difference between 2.999 and 3.0 obviously, but the mental win of having a 2 in front of the number creates a better morale.planoaggie123 said:
LOL that is what i am trying to get. A 2.999% loan. I think it may stay at 3.0% even.
I told my loan originator there is something about it starting with a 2 that feels better!
Right! You can tell friends "yea, my rate is in the 2's..." lol
Just sent email with all the info you would need.
Agla06
Agla06
Not sure what a mortgage system is, but i'm just pulling my credit score from the BofA app which gives me my FICO score.SteveBott said:
First you do not have that score in a mortgage system. It's probably high in my scoring system but in17 years I've never seen a single score at 843. Not once. Top is 850. There are at least 8 scoring algorithms in just the big three bureau's. E1-E8 and we use the second oldest E-2. Same as what I used in 2002. Never changed. And 15s don't use scores for the most part. It is pass or fail
Second you should absolutely not refi. Pay that off and move on.
Thanks for the response. I figured as much (that it behooves me to just stick with what I have), but like I wrote, I don't follow the rates that closely so wasn't sure if a window had opened up where it made sense for a person like me. Thanks, again.
Highest i've seen is 820s. Never anything above 830 though.
Have to laugh. I was driving to lunch today and at an intersection a white Ferrari turns before me...license plate...850FICO
Who knows...843 is what it shows for me "as reported by Transunion."
Admittedly, don't know much about the credit score, but I know mine is good.
Admittedly, don't know much about the credit score, but I know mine is good.
planoaggie123 said:
Have to laugh. I was driving to lunch today and at an intersection a white Ferrari turns before me...license plate...850FICO
That's the most Plano thing I've read all week!
We refi'd into a 2.5 a month ago for a 15 year. Paid some up front money to get it down there though.
Many major credit cards now provide your FICO score on their site. It's generally a bit different from your score from an individual bureau.
I think the credit cards provide a score that is on a 900 point scale, or at least that was the scale from Citicards. That 843 score of mine is from TransUnion. I could have different scores - and probably do - from the other two credit bureaus.
Just locked in at 2.66 on a 15 year. No points
Probably 2.65 but yea I offered that today with no points and no escrow account
Anyone consistently seeing 30 year under 3 yet? I am prob going to close in the next week. Think she has me at 3.00 but want to push a bit and make sure I am getting the best possible (not just the easiest).
Not me. My lenders are offering 2.99 but that is more marketing gimmick then anything else. No points
I like 2.99 much better than 3.00!!! Haha.
Yea my client and I today had a good laugh about him bragging that he refide "in the twos!".
About how much are your typical closing costs without points on a refi? I'm at 4.1 from a few years ago on a new build so it would make since to get to 3.
4500-4900 is about right. Some fees are are dependent on loan size and how recent you placed the last mortgage on the home.
Oh and closing costs are not the most important factor. It's payback. Closing cost divided by savings per month equals break even. 12-24 months is preferred.
Not sure how I got that emoticon but oh well
Not sure how I got that emoticon but oh well
Featured Stories
See All
An offseason overload of Maroon momentum
by Olin Buchanan
8:18
2h ago
3.3k
8:59
2h ago
1.6k
Catching up with former Texas A&M OF Jace LaViolette
by Richard Zane
6:10
1h ago
649
Urgency and consistency: Dezz Ricks explains A&M's offseason motto
by Ryan Brauninger
SEC signal-callers: Where does Marcel Reed rank?
by Connor O'Gara