Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
Very simple question this time around.. What are current REFI rates for someone like me who has over 800+ score.. The ratios fit just fine. The property is owner occupied. I am being quoted 4.3%. When I asked the lender websites like bank rate are advertising 4.17%, I am being told that the websites like bankrate don't update in real time and there is a time lag.. Is this truth or bunch of BS.
I don't have time to shop around 10 different places, so always go with established relationships, and trust them. Am I being taken advantage of for being trusting?
What are the other details of the term (conventional loan, amortization, origination fees, etc.)? If you can get around 4% on an "investment property" without paying a lot of fees and amortizing it 25-30 years, go for it! I take 6-7% all day long in my situation (portfolio-type loans)...and like you, I have stellar credit.
@Account Closed - My very first sentence in the 1st post says..owner occupied. It is not an investment property.. It's my own home. We are talking conventional loan - not FHA, VA, USDA.. None of that.
I'm sorry, I read the post quickly and missed that in my attempt to try and provide feedback. I guess I assumed the property would be an investment. Anyway, on my personal residence (with 20% down), I have a conventional loan at 4.125%, but that was a little over a year ago.
I'm sorry, I read the post quickly and missed that in my attempt to try and provide feedback. I guess I assumed the property would be an investment. Anyway, on my personal residence (with 20% down), I have a conventional loan at 4.125%, but that was a little over a year ago.
Hope that helps.
Actually, it doesn't help at all.. Rates change everyday... Thanks for taking the effort to respond, but I am really looking for proper lenders to respond.
@Chinmay J. Right now, I'm also seeing the 4.25% figure, so around ~4.30% APR like the quote. With your strong credit and above 20% down payment, I would try a few different firms as anyone can do your loan, and some banks will price below the "Prime" rate to stay competitive for you. If you'd like a referral to a lender licensed in VA, let me know!
The 4.25-4.3% range for a 30yr fixed is pretty solid. With your credit profile you could possibly find a broker with good connections that might be able to get you down another tenth +\- I have had a few lines offer as low as 4.15% in the last few months so I know it’s possible. Reach out to an established broker in your area and see what they can do for you! Best of luck.
The 4.25-4.3% range for a 30yr fixed is pretty solid. With your credit profile you could possibly find a broker with good connections that might be able to get you down another tenth +\- I have had a few lines offer as low as 4.15% in the last few months so I know it’s possible. Reach out to an established broker in your area and see what they can do for you! Best of luck.
LOL.. I hope you saw my post right above yours where I got 4.00% no points..
Update: I shopped around a lot, and was able to secure 4.00% when my regular lender was robbing me at 4.37%.
It's always interesting how Realtors go from not rate sensitive at all when it's time to refer a client, to hyper rate sensitive when it's their own personal house. :)
You said you felt that your regular lender was "robbing" you. What do you think your clients think when you refer them to him/her and see that exact same thing? You never know why a client ghosts you, but some percentage of the time it's that.
In any case, post back when/if it funds. Heavily shopped refinances typically have much lower pull through rates than purchase mortgages.
Update: I shopped around a lot, and was able to secure 4.00% when my regular lender was robbing me at 4.37%.
It's always interesting how Realtors go from not rate sensitive at all when it's time to refer a client, to hyper rate sensitive when it's their own personal house. :)
You said you felt that your regular lender was "robbing" you. What do you think your clients think when you refer them to him/her and see that exact same thing? You never know why a client ghosts you, but some percentage of the time it's that.
In any case, post back when/if it funds. Refinances have lower pull through rates than purchase mortgages.
As I realtor I give my clients several options. None of my clients are forced to take my recommendations if they know someone who is reliable and will close. Going forward, I will recommend him with a caveat. In some cases slightly higher interest rate is not a bad thing.. Some cases are borderline with the credit score and other ratios and all.. My case WASN'T borderline at all. It was pretty much slam dunk, hence the term robbing was used.
Mortgage Lending is a competitive business. All the info is out there for public consumption. There are thousands of other banks, brokers, direct lenders out there. There is nothing secretive or niche about this..
The loan has received conditional approval and will be sent back to underwriting once the lender gets couple of pieces from me, which will happen tomorrow.
Ahahaha no I didn’t actually, should probably get a bigger phone screen lol.
Regardless of my missing it, that is incredible man! Who did you end up going through?
Got a referral from my title company. Called the guy, who gave me another referral of a broker. He hooked me with a lender called Provident Funding..
That's potentially dangerous for that mortgage broker to have done! They have a LOT of overlays and extra BS, and the overlays aren't all published for the mortgage broker to see. So you can end up with lots of "whoopsies." You don't go there for a reasonable balance of reliability, speed, communication, and rate, you go there for ONLY rate, rate maxed out at the expense of all the rest, and ONLY for A+++++ paper clients who aren't in a rush. There's actually a minor cottage industry surrounding conspiracy theories around if they intentionally make up last minute BS conditions just to delay closings and collect on rate lock extension fees at the 11th hour to stay in the green, but if you are super A++++ and perfect then that will not be applicable to you since they won't have any "excuses."
And, hey, good for you if it closes with minimal brain damage suffered on your part. :)
Ahahaha no I didn’t actually, should probably get a bigger phone screen lol.
Regardless of my missing it, that is incredible man! Who did you end up going through?
Got a referral from my title company. Called the guy, who gave me another referral of a broker. He hooked me with a lender called Provident Funding..
That's potentially dangerous for that mortgage broker to have done! They have a LOT of overlays and extra BS, and the overlays aren't all published for the mortgage broker to see. So you can end up with lots of "whoopsies." You don't go there for a reasonable balance of reliability, speed, communication, and rate, you go there for ONLY rate, rate maxed out at the expense of all the rest, and ONLY for A+++++ paper clients who aren't in a rush. There's actually a minor cottage industry surrounding conspiracy theories around if they intentionally make up last minute BS conditions just to delay closings and collect on rate lock extension fees at the 11th hour to stay in the green, but if you are super A++++ and perfect then that will not be applicable to you since they won't have any "excuses."
And, hey, good for you if it closes with minimal brain damage suffered on your part. :)
Good points Chris..When I broke the news to my original lender about the rates I was getting elsewhere, he brought up the same points that you are bringing up. I wasn't sure if he was just BSing me or there was some truth to it.. Seems there is some truth to the blown locks and overlays Anyway, my response was if this lender blows the lock and comes with some last minute BS, I will go with the next best or wait.. I am in NO HURRY at all. I will not miss a single payment because this refi didn't get done.
@Chinmay J. did you review sample settlement statement from both lenders? I had a lender quote me a lower rate a while back and the fees were thousands more. I wasn't paying points either, they just jacked up everything else.
I just got quoted 5.5% no points for a 30YR conventional mortgage on an investment property. I know investment property is higher but I thought .5-1% at most higher. Looks like I need to check further.
@Chinmay J. did you review sample settlement statement from both lenders? I had a lender quote me a lower rate a while back and the fees were thousands more. I wasn't paying points either, they just jacked up everything else.
I just got quoted 5.5% no points for a 30YR conventional mortgage on an investment property. I know investment property is higher but I thought .5-1% at most higher. Looks like I need to check further.
Yep. I was fully aware that this could be the case, so I asked for sample CD to get the breakdown. I am getting better lender credit with the new guy. In fact the closing costs are only $2700, and with the old lender the were $3100-3200 with no credit.
Just received Clear to Close from the bank. Broker just sent email. Should be able to close after 3 days..15 more days left for lock rate expiration...