Mortgage Rates

[Raybyrnes]

Any sales person can come in after the fact and say they would have done it for less. I’m not saying this is the case but it sort of is.

The client asked the broker to call if rates fell below 5. The broker has a relationship with the client and he called.

HLS
You say you would have been way less on the loans with respect to fees. But the question here is whether it was a fair loan or not. Have you seen worse loans and on a scale of 1 to 5, 1 being the best deal 5 being the worst where would you say this loan ranks.

[HLS]

Ray,
Rates dropped intraday on Weds. That is a fact. It’s no different than a stock dropping and bouncing back intraday, it happens every day.

If you are lucky enough to catch the low of the day, the broker doesn’t charge you more because you bought at the bottom.

Knowing exactly when on Weds the lock was done would determine where this would fall on a 1-5. My guess is that it was a 5. CRAPPY in costs & fees.

My guess is that in addition to charging the borrower a point up front, the broker is getting a rebate back from the lender, which means he overcharged him at that moment. My personal belief is that is wrong.

Exactly the same thing as a stockbroker charging a higher commission because buyer got a deal.

If a stock dropped from $10 to $5 intraday and closed at $8, and the buyer paid $5 but was charged a larger commission than usual because they got a low price, would most people be happy with the deal? It would be illegal.

Most people in the business are mortgage whores. They overcharge people based on what they can get away with, especially to someone coming back for a fourth time. They charge a fee upfront and are also getting a kickback from the lender.

I tell people how much a loan will cost them and if there is a rebate/kickback from the lender I credit it towards the cost that I quoted them. PERIOD.

$260K refi loan with me 2 was $5095 with me last month, yesterday, and will be next week as well.
That doesn’t change. Total closing costs GUARANTEED.

The rates change which will add or subtract from the fee charged to get that rate. I can still do 4.50% rates, but the cost is more. It isn’t a penny more in my pocket, it’s a buydown fee to the lender.

The illusion of the consumer that they are getting a half point discount for being a previous customer, and getting a better rate because they have an 800 score and 70% equity (in that situation a 700 score and 40% equity would be the same rate) is what amuses me.

Another joker quotes a rate that he received which when called on it, then admits he is a bank employee and gets special treatment.

Saying that I “just got” X% rate implies that other people can get the same thing at that moment, which just wasn’t true.

When misleading information is thrown around like it’s accurate, I have a problem with that.

I know that the mortgage whores do more business than me, I just don’t know how they sleep at night.

The borrower caught a low rate. His broker probably overcharged him to deliver it.
Both sides are happy….. HLS

[HLS]

Ray,
Rates dropped intraday on Weds. That is a fact. It’s no different than a stock dropping and bouncing back intraday, it happens every day.

If you are lucky enough to catch the low of the day, the broker doesn’t charge you more because you bought at the bottom.

Knowing exactly when on Weds the lock was done would determine where this would fall on a 1-5. My guess is that it was a 5. CRAPPY in costs & fees.

My guess is that in addition to charging the borrower a point up front, the broker is getting a rebate back from the lender, which means he overcharged him at that moment. My personal belief is that is wrong.

Exactly the same thing as a stockbroker charging a higher commission because buyer got a deal.

If a stock dropped from $10 to $5 intraday and closed at $8, and the buyer paid $5 but was charged a larger commission than usual because they got a low price, would most people be happy with the deal? It would be illegal.

Most people in the business are mortgage whores. They overcharge people based on what they can get away with, especially to someone coming back for a fourth time. They charge a fee upfront and are also getting a kickback from the lender.

I tell people how much a loan will cost them and if there is a rebate/kickback from the lender I credit it towards the cost that I quoted them. PERIOD.

$260K refi loan with me 2 was $5095 with me last month, yesterday, and will be next week as well.
That doesn’t change. Total closing costs GUARANTEED.

The rates change which will add or subtract from the fee charged to get that rate. I can still do 4.50% rates, but the cost is more. It isn’t a penny more in my pocket, it’s a buydown fee to the lender.

The illusion of the consumer that they are getting a half point discount for being a previous customer, and getting a better rate because they have an 800 score and 70% equity (in that situation a 700 score and 40% equity would be the same rate) is what amuses me.

Another joker quotes a rate that he received which when called on it, then admits he is a bank employee and gets special treatment.

Saying that I “just got” X% rate implies that other people can get the same thing at that moment, which just wasn’t true.

When misleading information is thrown around like it’s accurate, I have a problem with that.

I know that the mortgage whores do more business than me, I just don’t know how they sleep at night.

The borrower caught a low rate. His broker probably overcharged him to deliver it.
Both sides are happy….. HLS

[HLS]

Ray,
Rates dropped intraday on Weds. That is a fact. It’s no different than a stock dropping and bouncing back intraday, it happens every day.

If you are lucky enough to catch the low of the day, the broker doesn’t charge you more because you bought at the bottom.

Knowing exactly when on Weds the lock was done would determine where this would fall on a 1-5. My guess is that it was a 5. CRAPPY in costs & fees.

My guess is that in addition to charging the borrower a point up front, the broker is getting a rebate back from the lender, which means he overcharged him at that moment. My personal belief is that is wrong.

Exactly the same thing as a stockbroker charging a higher commission because buyer got a deal.

If a stock dropped from $10 to $5 intraday and closed at $8, and the buyer paid $5 but was charged a larger commission than usual because they got a low price, would most people be happy with the deal? It would be illegal.

Most people in the business are mortgage whores. They overcharge people based on what they can get away with, especially to someone coming back for a fourth time. They charge a fee upfront and are also getting a kickback from the lender.

I tell people how much a loan will cost them and if there is a rebate/kickback from the lender I credit it towards the cost that I quoted them. PERIOD.

$260K refi loan with me 2 was $5095 with me last month, yesterday, and will be next week as well.
That doesn’t change. Total closing costs GUARANTEED.

The rates change which will add or subtract from the fee charged to get that rate. I can still do 4.50% rates, but the cost is more. It isn’t a penny more in my pocket, it’s a buydown fee to the lender.

The illusion of the consumer that they are getting a half point discount for being a previous customer, and getting a better rate because they have an 800 score and 70% equity (in that situation a 700 score and 40% equity would be the same rate) is what amuses me.

Another joker quotes a rate that he received which when called on it, then admits he is a bank employee and gets special treatment.

Saying that I “just got” X% rate implies that other people can get the same thing at that moment, which just wasn’t true.

When misleading information is thrown around like it’s accurate, I have a problem with that.

I know that the mortgage whores do more business than me, I just don’t know how they sleep at night.

The borrower caught a low rate. His broker probably overcharged him to deliver it.
Both sides are happy….. HLS

[HLS]

Ray,
Rates dropped intraday on Weds. That is a fact. It’s no different than a stock dropping and bouncing back intraday, it happens every day.

If you are lucky enough to catch the low of the day, the broker doesn’t charge you more because you bought at the bottom.

Knowing exactly when on Weds the lock was done would determine where this would fall on a 1-5. My guess is that it was a 5. CRAPPY in costs & fees.

My guess is that in addition to charging the borrower a point up front, the broker is getting a rebate back from the lender, which means he overcharged him at that moment. My personal belief is that is wrong.

Exactly the same thing as a stockbroker charging a higher commission because buyer got a deal.

If a stock dropped from $10 to $5 intraday and closed at $8, and the buyer paid $5 but was charged a larger commission than usual because they got a low price, would most people be happy with the deal? It would be illegal.

Most people in the business are mortgage whores. They overcharge people based on what they can get away with, especially to someone coming back for a fourth time. They charge a fee upfront and are also getting a kickback from the lender.

I tell people how much a loan will cost them and if there is a rebate/kickback from the lender I credit it towards the cost that I quoted them. PERIOD.

$260K refi loan with me 2 was $5095 with me last month, yesterday, and will be next week as well.
That doesn’t change. Total closing costs GUARANTEED.

The rates change which will add or subtract from the fee charged to get that rate. I can still do 4.50% rates, but the cost is more. It isn’t a penny more in my pocket, it’s a buydown fee to the lender.

The illusion of the consumer that they are getting a half point discount for being a previous customer, and getting a better rate because they have an 800 score and 70% equity (in that situation a 700 score and 40% equity would be the same rate) is what amuses me.

Another joker quotes a rate that he received which when called on it, then admits he is a bank employee and gets special treatment.

Saying that I “just got” X% rate implies that other people can get the same thing at that moment, which just wasn’t true.

When misleading information is thrown around like it’s accurate, I have a problem with that.

I know that the mortgage whores do more business than me, I just don’t know how they sleep at night.

The borrower caught a low rate. His broker probably overcharged him to deliver it.
Both sides are happy….. HLS

[HLS]

Ray,
Rates dropped intraday on Weds. That is a fact. It’s no different than a stock dropping and bouncing back intraday, it happens every day.

If you are lucky enough to catch the low of the day, the broker doesn’t charge you more because you bought at the bottom.

Knowing exactly when on Weds the lock was done would determine where this would fall on a 1-5. My guess is that it was a 5. CRAPPY in costs & fees.

My guess is that in addition to charging the borrower a point up front, the broker is getting a rebate back from the lender, which means he overcharged him at that moment. My personal belief is that is wrong.

Exactly the same thing as a stockbroker charging a higher commission because buyer got a deal.

If a stock dropped from $10 to $5 intraday and closed at $8, and the buyer paid $5 but was charged a larger commission than usual because they got a low price, would most people be happy with the deal? It would be illegal.

Most people in the business are mortgage whores. They overcharge people based on what they can get away with, especially to someone coming back for a fourth time. They charge a fee upfront and are also getting a kickback from the lender.

I tell people how much a loan will cost them and if there is a rebate/kickback from the lender I credit it towards the cost that I quoted them. PERIOD.

$260K refi loan with me 2 was $5095 with me last month, yesterday, and will be next week as well.
That doesn’t change. Total closing costs GUARANTEED.

The rates change which will add or subtract from the fee charged to get that rate. I can still do 4.50% rates, but the cost is more. It isn’t a penny more in my pocket, it’s a buydown fee to the lender.

The illusion of the consumer that they are getting a half point discount for being a previous customer, and getting a better rate because they have an 800 score and 70% equity (in that situation a 700 score and 40% equity would be the same rate) is what amuses me.

Another joker quotes a rate that he received which when called on it, then admits he is a bank employee and gets special treatment.

Saying that I “just got” X% rate implies that other people can get the same thing at that moment, which just wasn’t true.

When misleading information is thrown around like it’s accurate, I have a problem with that.

I know that the mortgage whores do more business than me, I just don’t know how they sleep at night.

The borrower caught a low rate. His broker probably overcharged him to deliver it.
Both sides are happy….. HLS

[Raybyrnes]

fair enough. you are rating it a 5.

[Raybyrnes]

fair enough. you are rating it a 5.

[Raybyrnes]

fair enough. you are rating it a 5.

[Raybyrnes]

fair enough. you are rating it a 5.

[Raybyrnes]

fair enough. you are rating it a 5.

[Chris Scoreboard Johnston]

Thanks for your thoughts on that HLS.

It does seem to me though that if you could get a rate that was the same as elsewhere where costs and points applied, and get that rate without the same costs and points by somebody doing this, that you would in fact be getting a better deal. In the future if I run into this on my loans I will look very carefully, and will also give you a shot at doing my business also. I am probably a year out from doing either a refi or buying an additional home.

Thanks

[Chris Scoreboard Johnston]

Thanks for your thoughts on that HLS.

It does seem to me though that if you could get a rate that was the same as elsewhere where costs and points applied, and get that rate without the same costs and points by somebody doing this, that you would in fact be getting a better deal. In the future if I run into this on my loans I will look very carefully, and will also give you a shot at doing my business also. I am probably a year out from doing either a refi or buying an additional home.

Thanks

[Chris Scoreboard Johnston]

Thanks for your thoughts on that HLS.

It does seem to me though that if you could get a rate that was the same as elsewhere where costs and points applied, and get that rate without the same costs and points by somebody doing this, that you would in fact be getting a better deal. In the future if I run into this on my loans I will look very carefully, and will also give you a shot at doing my business also. I am probably a year out from doing either a refi or buying an additional home.

Thanks

[Chris Scoreboard Johnston]

Thanks for your thoughts on that HLS.

It does seem to me though that if you could get a rate that was the same as elsewhere where costs and points applied, and get that rate without the same costs and points by somebody doing this, that you would in fact be getting a better deal. In the future if I run into this on my loans I will look very carefully, and will also give you a shot at doing my business also. I am probably a year out from doing either a refi or buying an additional home.

Thanks

[Author]

Posts