This would be better

Was waiting on our appraisal to finally come back but we got it and finally locked in at 2.75% for 30 years which is .125% better than I was quoted 2 weeks ago.

For comparison sake,
Our Loan to Value is ~75% and the wife and I have credit scores ranging from 770-830.

Feel free to shoot my guy an email with your specifics if you want an estimate. He quoted another Aggie friend who is on here 2.375% for 15 but they haven't locked yet so it might actually improve.

Tsawyer@wbm.com

What did you pay in closing costs?

$3500 if you don't include prepaid's like taxes and homeowners insurance.

JH06 said:

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Was waiting on our appraisal to finally come back but we got it and finally locked in at 2.75% for 30 years which is .125% better than I was quoted 2 weeks ago.

For comparison sake,
Our Loan to Value is ~75% and the wife and I have credit scores ranging from 770-830.

Feel free to shoot my guy an email with your specifics if you want an estimate. He quoted another Aggie friend who is on here 2.375% for 15 but they haven't locked yet so it might actually improve.


Tsawyer@wbm.com

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I locked with Tom yesterday at 2.375 for a 15 year. Very happy with that deal. Down from a 3.625 on a 20 year.

Closing costs?

Did you know him already or did you shoot him a message after my post?

I dont have any business affiliation with him other than just using him several times, but its always nice to hear people had a good experience because he is a great guy and just gives you the best deal he can up front.

Congrats on 2.375! That's solid!

Mortgage Brokers: Refinance my house - no points or buydowns - Make me an offer by private message - looking for lowest interest rate and lowest closing costs possible. I'm not sure we're staying in the current house 2 years or 10 years, so I need a really quick payback to make it worthwhile:

Current loan: $620k loan, LTV about 50%. 4% 30 yr. Jumbo loan, bought as second home 6 years ago.

Proposed loan: $510k (max non-jumbo), now this is the primary home, 15 year loan is OK, but will consider 20 or 30 year if rates are slightly higher. No cash out needed. 800+ FICO score.

For those who know, is there any way the current mortgage company (Chase) would consider a super-low-transaction-fee restructure to a loan something like this to avoid me refinancing elsewhere? I doubt it, but open to ideas.

IB3, not sure how much you owe but if your principal is over $100K remaining it might be worth shooting Tom an email just to compare. Principal at $200K would put $4-6K in your pocket which isnt huge but well worth the hour or two it takes to do it.

Something I've never thought to ask:

Are mortgage brokers like insurance brokers in that most of them are shopping from the same companies and thus the rates with one guy are probably going to be in alignment with the other? Or does mortgage broker A use companies 1, 2, and 3 and mortgage company B use companies 4, 5, and 6, thus having different rates and offers?

I always pictured them pulling quotes from roughly the same pool but maybe I'm mistaken.

Shoot Tom an email at tsawyer@wbm.com, he will get you taken care of.

I dont know about Chase but my bank APLUSFCU said no and I have done 100% of my banking there for 15 years.

Stive said:

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Something I've never thought to ask:

Are mortgage brokers like insurance brokers in that most of them are shopping from the same companies and thus the rates with one guy are probably going to be in alignment with the other? Or does mortgage broker A use companies 1, 2, and 3 and mortgage company B use companies 4, 5, and 6, thus having different rates and offers?

I always pictured them pulling quotes from roughly the same pool but maybe I'm mistaken.

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The way it seems my broker did it was they actually provide the loan, then shopped it out to other financial institutions to be serviced and I think they just made money from me on the fees and closing costs. Not sure what they make on the transfer to the loan servicer or how that works.

Mine seemed to have a pretty broad net of loan servicers but I did call a other broker that did seem to have very slight differences in closing costs and rates so it doesn't hurt to contact a few.

With a broker though I don't think finding the lowest cost is the most important (assuming rates are pretty much the same everywhere). Their team will have to process all of your documents and get you closed in 30 days, you want people that are reliable and that are responsive. I mainly went with my broker because they were in the same office building as my company so I could go down a few floors and take care of things, work with them in person, and also another co-worker recommended them. I realized their fees weren't the cheapest but they are near average cost wise. But I've done two loans with them so far and I much prefer being able to meet them and the customer service I get as opposed to some online type of broker.

Another coworker had some broker that took almost 60 days to process everything and the seller almost walked away. So choose wisely.

Did you buy it down to get to that low?

The company we're working with is a lender as well, but they're very upfront about the fact that they will process your mortgage then be selling it off to someone else for servicing. We did our initial financing with them and are finishing up a refi and they've been great.

Are rates under 3 still attainable without points and good credit on a 30 year? Just curious so I can assess when my lender gives me final sheet / numbers. I want to drill and make sure she isn't doing the easiest but the best.

coolerguy12 said:

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JH06 said:

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Was waiting on our appraisal to finally come back but we got it and finally locked in at 2.75% for 30 years which is .125% better than I was quoted 2 weeks ago.

For comparison sake,
Our Loan to Value is ~75% and the wife and I have credit scores ranging from 770-830.

Feel free to shoot my guy an email with your specifics if you want an estimate. He quoted another Aggie friend who is on here 2.375% for 15 but they haven't locked yet so it might actually improve.


Tsawyer@wbm.com

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I locked with Tom yesterday at 2.375 for a 15 year. Very happy with that deal. Down from a 3.625 on a 20 year.

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I will soon contact that lender for our 15-year -- that rate is incredible!
It's also cool his name is Tom Sawyer, being a Rush fan.

Aggie09Derek said:

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Did you buy it down to get to that low?

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I did not buy it down. Paying about $4000 in closing costs. Didn't know Tom beforehand but I'm giving his info to anyone who will listen.

Awesome! Yeah I am always hesitant to recommend people but Tom has never let me down. He also pays for mobile notaries so you can close at your home or office and not have to go somewhere.

Yes Plano, easily still in the sub 3's.

Do y'all foresee rates going even lower in the second half of 2020 or is now the time to strike? I'm currently at 4% (only 2.5 years into my 30 yr. loan)

No professional but I personally think we are at or very near the bottom. I think it is more likely they jump back up 1-1.5% than drop another .5%.

lb3 said:

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I've got 8 years on a 15 yr at 3.25%. Doesn't pay to refinance and can't talk the wife into doing a cash out refi and feeding it into other investments.

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I'm in the same boat, but at a more palatable 2.875% and 10 years in a 15 year. Refinancing down to 2.375% on a 10 year saves me roughly... $1000. It also eats up $50 of cash flow per month. It's just not worth it. I can pay the extra $50/mth and see that kind of savings.

Wouldn't complain about that....great rate to be paying the last 10 years.

Yeah. Overall it's a great deal and we're paying a lot less over the life of the loan than the vast majority. It would just be nice if we could take advantage of the low rates right now. It'll probably be a long time before we see them again.

ETA Gotta thank the in-laws for starting my wife out right and giving me some good lessons on building credit midway through college. We had amazing credit in our mid-twenties (790's, only thing holding us back was history), and it's saving us a **** ton of money.

You also got lucky on timing more than anything haha

But wouldn't worry too much...you are "overpaying" by basically nothing for at most 5 more years?

We just refied at 3% for 20. No points.

Last week I locked 3.125% for 30. No points. Could have gotten 2.99 a few weeks ago.

Where are y'all moving if you don't mind me asking? Leaving town or just changing things up...saw your house for sale.

Ok. Dumb question.

What about refinancing school loans? I looked into it about 5 years ago, but no dice. I've paid off my undergrad, but still have a school loan from my master's.

The companies that advertise these seem, lets say less professional than mortgage companies. Any suggestions?

I got 2.96 on a 20 year!

AgLA06 said:

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Ok. Dumb question.

What about refinancing school loans? I looked into it about 5 years ago, but no dice. I've paid off my undergrad, but still have a school loan from my master's.

The companies that advertise these seem, lets say less professional than mortgage companies. Any suggestions?

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Had a friend get a really good rate with SoFi a few years back. He also was an aerospace undergrad with a good gpa and a good job. Rates will depend on your risk profile/degree/amount outstanding.

I think this week I will he finalizing 3.0, 30 year. But I have a small 15 year second note which impacts my primary rate a bit. Good job on the 2.875!

neutics said:

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chris1515 said:

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Coming soon, 30 year mortgages for 2.5%
Get ready.

Actually, some brokers can do that now although I'm not sure of the fees/points.

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I'm still skeptical we'll see 2.5% anything other than 15-year conventional loans, and even that's a stretch.

Some clients have had success using better.com and lenderfi, though both push purchasing points.

My preference is still to go through a local mortgage broker who will usually beat or match.

For the record, my rate is 2.49% on a 30-year originated in 2013 and no points.

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I closed in May of 2013 and thought I scored at 3.25%. i don't ever remember seeing sub 3%.. what gives?