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HLS
ParticipantCapt
It’s not true that with 25% down credit score doesn’t matter, and it wasn’t true 6 months ago for Fannie/Freddie.Rayb,, I respect your opinions, but you don’t know what you’re talking about.
A direct lender or bank does not have to disclose YSP.
They are able to say” we don’t charge fees/points”
That is only true because they have HIGHER RETAIL rates, and ignorant consumers fall for this, including many intelligent people.A broker offers WHOLESALE rates, and at the lowest rates, THERE IS NO YSP. It’s not a complicated secret. There are no backdoor deals, EVERYTHING is disclosed.
If a broker is fair, the end rate to the consumer is fair and often lower than any bank or credit union. If the broker is a pig, the consumer will pay more than they should.
The MOST important things today are proper disclosures and getting approved. Plenty of people might lock at the lowest rate they think can find, but they aren’t going to get approved.
Having a 2% rate that you can’t qualify for is meaningless.It’s also that people here with a little bit of information that THINK they know what they are talking about are dangerous to get advice from, even though they mean well.
There’s a HUGE difference between an opinion and facts.Different lenders have different wholesale rates as well, and some are VERY difficult to work with, even though they have the best pricing.
Today, some people can qualify for 30YR 4.875% 0 cost, 0 points OR 3.50% ARMS. It sounds real good, but most people don’t qualify, and people will lock the rate long before they find out that they cannot qualify…. HLS
ParticipantAmusing advice from “experts” above.
When comparing 15/30YR rate/costs there is no such thing as one rate that applies to every borrower.The factors for loan pricing on a purchase are credit score and % down payment and lock period.
The factors for a refi are the 3 above AND whether only an existing 1st mortgage is being refi’d OR a 2nd, HELOC or cash is being taken out.It’s not the rate that changes every day, it’s the cost to get the rate that does, and there are often intraday changes. Until you are locked, and then fully underwritten and approved, the rate means nothing.
Quoting yesterday’s mortgage quote today is as silly as talking about yesterday’s stock price on a stock that went up today. Yesterday’s price is no longer available.
Different lenders have different guidelines to qualify for the exact same loan. Just because you lock in at the lowest rate, doesn’t mean that you will get approved. You may get approved at one lender but not at another. Normally on a purchase, escrow will not work with multiple lenders, you need to pick one and pray.
An ignorant real estate agent may direct to the wrong lender/broker.
800 credit score with $200K income may not qualify to get a $300K loan.One way or another there are costs with every loan. If you don’t want to pay costs, you will just get a higher rate and higher monthly payment that will end up costing more after 3 to 5 years, and a small fortune if the loan is kept 15-20-30 years. You may screw yourself with a no cost/low cost loan.
The right rate today for a well qualified borrow for the OP was 4.875% with .50pt cost OR 5% 0pts
For a loan below $417K 4.75% with a .25pt cost OR
4.875% with 0pts. It’s going to be different in the morning.All you experts probably don’t know that a bank/direct lender can screw you without you ever knowing but once a mortgage broker discloses their charge to you, he cannot receive a penny more than what was disclosed.
If there is a benefit from a lower rate, it is credited to the borrower. There is no advantage to a broker after disclosing their fee. The new rules are specific.
Although well intentioned, info from some above posts is just plain ignorant.
ParticipantAmusing advice from “experts” above.
When comparing 15/30YR rate/costs there is no such thing as one rate that applies to every borrower.The factors for loan pricing on a purchase are credit score and % down payment and lock period.
The factors for a refi are the 3 above AND whether only an existing 1st mortgage is being refi’d OR a 2nd, HELOC or cash is being taken out.It’s not the rate that changes every day, it’s the cost to get the rate that does, and there are often intraday changes. Until you are locked, and then fully underwritten and approved, the rate means nothing.
Quoting yesterday’s mortgage quote today is as silly as talking about yesterday’s stock price on a stock that went up today. Yesterday’s price is no longer available.
Different lenders have different guidelines to qualify for the exact same loan. Just because you lock in at the lowest rate, doesn’t mean that you will get approved. You may get approved at one lender but not at another. Normally on a purchase, escrow will not work with multiple lenders, you need to pick one and pray.
An ignorant real estate agent may direct to the wrong lender/broker.
800 credit score with $200K income may not qualify to get a $300K loan.One way or another there are costs with every loan. If you don’t want to pay costs, you will just get a higher rate and higher monthly payment that will end up costing more after 3 to 5 years, and a small fortune if the loan is kept 15-20-30 years. You may screw yourself with a no cost/low cost loan.
The right rate today for a well qualified borrow for the OP was 4.875% with .50pt cost OR 5% 0pts
For a loan below $417K 4.75% with a .25pt cost OR
4.875% with 0pts. It’s going to be different in the morning.All you experts probably don’t know that a bank/direct lender can screw you without you ever knowing but once a mortgage broker discloses their charge to you, he cannot receive a penny more than what was disclosed.
If there is a benefit from a lower rate, it is credited to the borrower. There is no advantage to a broker after disclosing their fee. The new rules are specific.
Although well intentioned, info from some above posts is just plain ignorant.
ParticipantAmusing advice from “experts” above.
When comparing 15/30YR rate/costs there is no such thing as one rate that applies to every borrower.The factors for loan pricing on a purchase are credit score and % down payment and lock period.
The factors for a refi are the 3 above AND whether only an existing 1st mortgage is being refi’d OR a 2nd, HELOC or cash is being taken out.It’s not the rate that changes every day, it’s the cost to get the rate that does, and there are often intraday changes. Until you are locked, and then fully underwritten and approved, the rate means nothing.
Quoting yesterday’s mortgage quote today is as silly as talking about yesterday’s stock price on a stock that went up today. Yesterday’s price is no longer available.
Different lenders have different guidelines to qualify for the exact same loan. Just because you lock in at the lowest rate, doesn’t mean that you will get approved. You may get approved at one lender but not at another. Normally on a purchase, escrow will not work with multiple lenders, you need to pick one and pray.
An ignorant real estate agent may direct to the wrong lender/broker.
800 credit score with $200K income may not qualify to get a $300K loan.One way or another there are costs with every loan. If you don’t want to pay costs, you will just get a higher rate and higher monthly payment that will end up costing more after 3 to 5 years, and a small fortune if the loan is kept 15-20-30 years. You may screw yourself with a no cost/low cost loan.
The right rate today for a well qualified borrow for the OP was 4.875% with .50pt cost OR 5% 0pts
For a loan below $417K 4.75% with a .25pt cost OR
4.875% with 0pts. It’s going to be different in the morning.All you experts probably don’t know that a bank/direct lender can screw you without you ever knowing but once a mortgage broker discloses their charge to you, he cannot receive a penny more than what was disclosed.
If there is a benefit from a lower rate, it is credited to the borrower. There is no advantage to a broker after disclosing their fee. The new rules are specific.
Although well intentioned, info from some above posts is just plain ignorant.
ParticipantAmusing advice from “experts” above.
When comparing 15/30YR rate/costs there is no such thing as one rate that applies to every borrower.The factors for loan pricing on a purchase are credit score and % down payment and lock period.
The factors for a refi are the 3 above AND whether only an existing 1st mortgage is being refi’d OR a 2nd, HELOC or cash is being taken out.It’s not the rate that changes every day, it’s the cost to get the rate that does, and there are often intraday changes. Until you are locked, and then fully underwritten and approved, the rate means nothing.
Quoting yesterday’s mortgage quote today is as silly as talking about yesterday’s stock price on a stock that went up today. Yesterday’s price is no longer available.
Different lenders have different guidelines to qualify for the exact same loan. Just because you lock in at the lowest rate, doesn’t mean that you will get approved. You may get approved at one lender but not at another. Normally on a purchase, escrow will not work with multiple lenders, you need to pick one and pray.
An ignorant real estate agent may direct to the wrong lender/broker.
800 credit score with $200K income may not qualify to get a $300K loan.One way or another there are costs with every loan. If you don’t want to pay costs, you will just get a higher rate and higher monthly payment that will end up costing more after 3 to 5 years, and a small fortune if the loan is kept 15-20-30 years. You may screw yourself with a no cost/low cost loan.
The right rate today for a well qualified borrow for the OP was 4.875% with .50pt cost OR 5% 0pts
For a loan below $417K 4.75% with a .25pt cost OR
4.875% with 0pts. It’s going to be different in the morning.All you experts probably don’t know that a bank/direct lender can screw you without you ever knowing but once a mortgage broker discloses their charge to you, he cannot receive a penny more than what was disclosed.
If there is a benefit from a lower rate, it is credited to the borrower. There is no advantage to a broker after disclosing their fee. The new rules are specific.
Although well intentioned, info from some above posts is just plain ignorant.
ParticipantAmusing advice from “experts” above.
When comparing 15/30YR rate/costs there is no such thing as one rate that applies to every borrower.The factors for loan pricing on a purchase are credit score and % down payment and lock period.
The factors for a refi are the 3 above AND whether only an existing 1st mortgage is being refi’d OR a 2nd, HELOC or cash is being taken out.It’s not the rate that changes every day, it’s the cost to get the rate that does, and there are often intraday changes. Until you are locked, and then fully underwritten and approved, the rate means nothing.
Quoting yesterday’s mortgage quote today is as silly as talking about yesterday’s stock price on a stock that went up today. Yesterday’s price is no longer available.
Different lenders have different guidelines to qualify for the exact same loan. Just because you lock in at the lowest rate, doesn’t mean that you will get approved. You may get approved at one lender but not at another. Normally on a purchase, escrow will not work with multiple lenders, you need to pick one and pray.
An ignorant real estate agent may direct to the wrong lender/broker.
800 credit score with $200K income may not qualify to get a $300K loan.One way or another there are costs with every loan. If you don’t want to pay costs, you will just get a higher rate and higher monthly payment that will end up costing more after 3 to 5 years, and a small fortune if the loan is kept 15-20-30 years. You may screw yourself with a no cost/low cost loan.
The right rate today for a well qualified borrow for the OP was 4.875% with .50pt cost OR 5% 0pts
For a loan below $417K 4.75% with a .25pt cost OR
4.875% with 0pts. It’s going to be different in the morning.All you experts probably don’t know that a bank/direct lender can screw you without you ever knowing but once a mortgage broker discloses their charge to you, he cannot receive a penny more than what was disclosed.
If there is a benefit from a lower rate, it is credited to the borrower. There is no advantage to a broker after disclosing their fee. The new rules are specific.
Although well intentioned, info from some above posts is just plain ignorant.
ParticipantIs that a 1 point buy down cost in addition to being charged other broker fees to get 4.875%
OR is your only cost to get 4.875% 1pt ??ParticipantIs that a 1 point buy down cost in addition to being charged other broker fees to get 4.875%
OR is your only cost to get 4.875% 1pt ??ParticipantIs that a 1 point buy down cost in addition to being charged other broker fees to get 4.875%
OR is your only cost to get 4.875% 1pt ??ParticipantIs that a 1 point buy down cost in addition to being charged other broker fees to get 4.875%
OR is your only cost to get 4.875% 1pt ??ParticipantIs that a 1 point buy down cost in addition to being charged other broker fees to get 4.875%
OR is your only cost to get 4.875% 1pt ??ParticipantWithout knowing what you qualify for, it is impossible for anybody to quote you a rate that is accurate.
IF you qualify, AT THE MOMENT, 30 YR fixed rates on a single family house are around 4.875% with no points, on loans below $417,000. (Condos are higher)
If you aren’t putting at least 20% down, you will have mortgage insurance added.Rates can (and do) change at any time. Contact me privately if you would like to know what you qualify for. My office is in Carlsbad and I do loans anywhere in CA for 1 to 4 unit properties.
5YR and 7YR ARMS start at 3.50% these days.There is no such thing as one rate that fits everybody. It’s never been more difficult to qualify for a loan and as many people are finding out, banks have higher rates today. Until you are locked in, approved and underwritten, quotes mean nothing. HLS
ParticipantWithout knowing what you qualify for, it is impossible for anybody to quote you a rate that is accurate.
IF you qualify, AT THE MOMENT, 30 YR fixed rates on a single family house are around 4.875% with no points, on loans below $417,000. (Condos are higher)
If you aren’t putting at least 20% down, you will have mortgage insurance added.Rates can (and do) change at any time. Contact me privately if you would like to know what you qualify for. My office is in Carlsbad and I do loans anywhere in CA for 1 to 4 unit properties.
5YR and 7YR ARMS start at 3.50% these days.There is no such thing as one rate that fits everybody. It’s never been more difficult to qualify for a loan and as many people are finding out, banks have higher rates today. Until you are locked in, approved and underwritten, quotes mean nothing. HLS
ParticipantWithout knowing what you qualify for, it is impossible for anybody to quote you a rate that is accurate.
IF you qualify, AT THE MOMENT, 30 YR fixed rates on a single family house are around 4.875% with no points, on loans below $417,000. (Condos are higher)
If you aren’t putting at least 20% down, you will have mortgage insurance added.Rates can (and do) change at any time. Contact me privately if you would like to know what you qualify for. My office is in Carlsbad and I do loans anywhere in CA for 1 to 4 unit properties.
5YR and 7YR ARMS start at 3.50% these days.There is no such thing as one rate that fits everybody. It’s never been more difficult to qualify for a loan and as many people are finding out, banks have higher rates today. Until you are locked in, approved and underwritten, quotes mean nothing. HLS
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