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HLS.
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December 18, 2008 at 2:18 PM #318000December 19, 2008 at 6:40 AM #317812
HLS
ParticipantCA Dream…
I am totally amused by your post, but it wakes me up to the reality of the lack of understanding about mortgage rates..
Rates move like the wind. While PS may have gotten that rate on Weds, he caught a window of opportunity that disappeared within an hour.
That rate isn’t currently available, and if you plan on keeping the loan for 2-3 years or longer, I still think it is completely foolish to get no cost loans.
Poway_seller, what are your closing costs for this loan ? Would you please email me a copy of the Good Faith Estimate for the loan that you mentioned, I’d like to see it with my own eyes.
I’d truly appreciate it.PS: No points and no origination fee is not the same as no points no fees.
December 19, 2008 at 6:40 AM #318162ParticipantCA Dream…
I am totally amused by your post, but it wakes me up to the reality of the lack of understanding about mortgage rates..
Rates move like the wind. While PS may have gotten that rate on Weds, he caught a window of opportunity that disappeared within an hour.
That rate isn’t currently available, and if you plan on keeping the loan for 2-3 years or longer, I still think it is completely foolish to get no cost loans.
Poway_seller, what are your closing costs for this loan ? Would you please email me a copy of the Good Faith Estimate for the loan that you mentioned, I’d like to see it with my own eyes.
I’d truly appreciate it.PS: No points and no origination fee is not the same as no points no fees.
December 19, 2008 at 6:40 AM #318203ParticipantCA Dream…
I am totally amused by your post, but it wakes me up to the reality of the lack of understanding about mortgage rates..
Rates move like the wind. While PS may have gotten that rate on Weds, he caught a window of opportunity that disappeared within an hour.
That rate isn’t currently available, and if you plan on keeping the loan for 2-3 years or longer, I still think it is completely foolish to get no cost loans.
Poway_seller, what are your closing costs for this loan ? Would you please email me a copy of the Good Faith Estimate for the loan that you mentioned, I’d like to see it with my own eyes.
I’d truly appreciate it.PS: No points and no origination fee is not the same as no points no fees.
December 19, 2008 at 6:40 AM #318224ParticipantCA Dream…
I am totally amused by your post, but it wakes me up to the reality of the lack of understanding about mortgage rates..
Rates move like the wind. While PS may have gotten that rate on Weds, he caught a window of opportunity that disappeared within an hour.
That rate isn’t currently available, and if you plan on keeping the loan for 2-3 years or longer, I still think it is completely foolish to get no cost loans.
Poway_seller, what are your closing costs for this loan ? Would you please email me a copy of the Good Faith Estimate for the loan that you mentioned, I’d like to see it with my own eyes.
I’d truly appreciate it.PS: No points and no origination fee is not the same as no points no fees.
December 19, 2008 at 6:40 AM #318302ParticipantCA Dream…
I am totally amused by your post, but it wakes me up to the reality of the lack of understanding about mortgage rates..
Rates move like the wind. While PS may have gotten that rate on Weds, he caught a window of opportunity that disappeared within an hour.
That rate isn’t currently available, and if you plan on keeping the loan for 2-3 years or longer, I still think it is completely foolish to get no cost loans.
Poway_seller, what are your closing costs for this loan ? Would you please email me a copy of the Good Faith Estimate for the loan that you mentioned, I’d like to see it with my own eyes.
I’d truly appreciate it.PS: No points and no origination fee is not the same as no points no fees.
December 19, 2008 at 11:11 AM #317977Blissful Ignoramus
ParticipantI just talked to my current mortgage holder (I’m 3+ years into a 30 year fixed) and was offered 4.75% on a 15 year fixed, 4.5% for half a point, about $3K in costs, with 74% LTV ratio (based on the 2005 appraisal, which in my area would probably be about the same — NO, I do not live in California!). Non-jumbo.
I’m inclined to wait a bit and see if it goes to 4.5% with no points. Yes, I know I can make extra payments on the 30 year and accomplish the same pay-down, but the fact is that I’m not being aggressive enough about it. I also wonder if another lender will do better by me (this one is Wells Fargo).
December 19, 2008 at 11:11 AM #318325ParticipantI just talked to my current mortgage holder (I’m 3+ years into a 30 year fixed) and was offered 4.75% on a 15 year fixed, 4.5% for half a point, about $3K in costs, with 74% LTV ratio (based on the 2005 appraisal, which in my area would probably be about the same — NO, I do not live in California!). Non-jumbo.
I’m inclined to wait a bit and see if it goes to 4.5% with no points. Yes, I know I can make extra payments on the 30 year and accomplish the same pay-down, but the fact is that I’m not being aggressive enough about it. I also wonder if another lender will do better by me (this one is Wells Fargo).
December 19, 2008 at 11:11 AM #318369ParticipantI just talked to my current mortgage holder (I’m 3+ years into a 30 year fixed) and was offered 4.75% on a 15 year fixed, 4.5% for half a point, about $3K in costs, with 74% LTV ratio (based on the 2005 appraisal, which in my area would probably be about the same — NO, I do not live in California!). Non-jumbo.
I’m inclined to wait a bit and see if it goes to 4.5% with no points. Yes, I know I can make extra payments on the 30 year and accomplish the same pay-down, but the fact is that I’m not being aggressive enough about it. I also wonder if another lender will do better by me (this one is Wells Fargo).
December 19, 2008 at 11:11 AM #318389ParticipantI just talked to my current mortgage holder (I’m 3+ years into a 30 year fixed) and was offered 4.75% on a 15 year fixed, 4.5% for half a point, about $3K in costs, with 74% LTV ratio (based on the 2005 appraisal, which in my area would probably be about the same — NO, I do not live in California!). Non-jumbo.
I’m inclined to wait a bit and see if it goes to 4.5% with no points. Yes, I know I can make extra payments on the 30 year and accomplish the same pay-down, but the fact is that I’m not being aggressive enough about it. I also wonder if another lender will do better by me (this one is Wells Fargo).
December 19, 2008 at 11:11 AM #318467ParticipantI just talked to my current mortgage holder (I’m 3+ years into a 30 year fixed) and was offered 4.75% on a 15 year fixed, 4.5% for half a point, about $3K in costs, with 74% LTV ratio (based on the 2005 appraisal, which in my area would probably be about the same — NO, I do not live in California!). Non-jumbo.
I’m inclined to wait a bit and see if it goes to 4.5% with no points. Yes, I know I can make extra payments on the 30 year and accomplish the same pay-down, but the fact is that I’m not being aggressive enough about it. I also wonder if another lender will do better by me (this one is Wells Fargo).
December 19, 2008 at 12:53 PM #318057poway_seller
ParticipantBlissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.
HLS, the 4.625% I got Wednesday @ 10:30am was done by the bank I work for. I’m not in the mortgage business per se, but since our company’s mortgage officers are salaried, there are no commissions when they do loans for employees or clients, so that saves the mortgage broker fee (which is what, around 0.50%)?
The no-employee “client” rate would have likely been 4.75% or 4.875%.
On that note, I can do a loan for nearly anyone qualified to get a loan approved (good credit, assets, etc) for no broker fee, and typically closing costs are around 1% of the loan size (this is not a discount point, just escrow, title, appraisal, doc fees, etc). You could compare HUD to any other mortgage broker and it will 95% of the time be the best rate AND lowest fees. I’ve only done about half a dozen loans this year (by design, loans are incidental business to my main business), but since Wednesday I’ve locked in 6 additional clients. That’s how low rates got on Wednesday….
December 19, 2008 at 12:53 PM #318405ParticipantBlissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.
HLS, the 4.625% I got Wednesday @ 10:30am was done by the bank I work for. I’m not in the mortgage business per se, but since our company’s mortgage officers are salaried, there are no commissions when they do loans for employees or clients, so that saves the mortgage broker fee (which is what, around 0.50%)?
The no-employee “client” rate would have likely been 4.75% or 4.875%.
On that note, I can do a loan for nearly anyone qualified to get a loan approved (good credit, assets, etc) for no broker fee, and typically closing costs are around 1% of the loan size (this is not a discount point, just escrow, title, appraisal, doc fees, etc). You could compare HUD to any other mortgage broker and it will 95% of the time be the best rate AND lowest fees. I’ve only done about half a dozen loans this year (by design, loans are incidental business to my main business), but since Wednesday I’ve locked in 6 additional clients. That’s how low rates got on Wednesday….
December 19, 2008 at 12:53 PM #318449ParticipantBlissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.
HLS, the 4.625% I got Wednesday @ 10:30am was done by the bank I work for. I’m not in the mortgage business per se, but since our company’s mortgage officers are salaried, there are no commissions when they do loans for employees or clients, so that saves the mortgage broker fee (which is what, around 0.50%)?
The no-employee “client” rate would have likely been 4.75% or 4.875%.
On that note, I can do a loan for nearly anyone qualified to get a loan approved (good credit, assets, etc) for no broker fee, and typically closing costs are around 1% of the loan size (this is not a discount point, just escrow, title, appraisal, doc fees, etc). You could compare HUD to any other mortgage broker and it will 95% of the time be the best rate AND lowest fees. I’ve only done about half a dozen loans this year (by design, loans are incidental business to my main business), but since Wednesday I’ve locked in 6 additional clients. That’s how low rates got on Wednesday….
December 19, 2008 at 12:53 PM #318468ParticipantBlissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.
HLS, the 4.625% I got Wednesday @ 10:30am was done by the bank I work for. I’m not in the mortgage business per se, but since our company’s mortgage officers are salaried, there are no commissions when they do loans for employees or clients, so that saves the mortgage broker fee (which is what, around 0.50%)?
The no-employee “client” rate would have likely been 4.75% or 4.875%.
On that note, I can do a loan for nearly anyone qualified to get a loan approved (good credit, assets, etc) for no broker fee, and typically closing costs are around 1% of the loan size (this is not a discount point, just escrow, title, appraisal, doc fees, etc). You could compare HUD to any other mortgage broker and it will 95% of the time be the best rate AND lowest fees. I’ve only done about half a dozen loans this year (by design, loans are incidental business to my main business), but since Wednesday I’ve locked in 6 additional clients. That’s how low rates got on Wednesday….
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