How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
- Start date
NEW -> Contingent Buyer Assistance Program
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If you tell them to lock, they should lock or provide a reason they can't. They should be able to lock once they get the desktop underwriter approval. I wouldn't move forward (or pay) for an appraisal unless you've locked or have agreed to let it ride.
woodburyowner
Well-known member
Lenderfi showed 2.75% no fee for 30yr conforming refi earlier today. Checking now there is now about $1k of closing cost.
Irvinehomeseeker
Active member
Cares said:
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irvinehomeowner
Well-known member
Forgot to post rates for owning.com for over $510k to $765k:
30 year fixed 3.125% APR no fees
15 year fixed 2.75% APR no fees
30 year fixed 3.125% APR no fees
15 year fixed 2.75% APR no fees
potsticker
Active member
That seems really good. Last time I checked, investment refi's were hard to come by. And if anyone did do it - they couldn't beat my 3.875% on my rental condo.
Cares - can you do investment refi's?
Cares - can you do investment refi's?
Cornflakes
Active member
Question for the pros here:
I got a good rate quote on Wednesday for a refi. I applied, sent the docs and asked repeatedly if the rate is locked. The loan originator kept dodging the equation and I got the disclosures today indicating that rate is not locked. The Loan estimate shows the quoted rate but I am doubting if it will be honored in the end.
The LO wants to move forward with an appraisal and so on.
I am at unease and worried that I am getting sucked into unknown.
Is this a common scenario? Or shall I insist on rate lock before moving an inch forward from this point?
I got a good rate quote on Wednesday for a refi. I applied, sent the docs and asked repeatedly if the rate is locked. The loan originator kept dodging the equation and I got the disclosures today indicating that rate is not locked. The Loan estimate shows the quoted rate but I am doubting if it will be honored in the end.
The LO wants to move forward with an appraisal and so on.
I am at unease and worried that I am getting sucked into unknown.
Is this a common scenario? Or shall I insist on rate lock before moving an inch forward from this point?
potsticker
Active member
Cornflakes said:
If you tell them to lock, they should lock or provide a reason they can't. They should be able to lock once they get the desktop underwriter approval. I wouldn't move forward (or pay) for an appraisal unless you've locked or have agreed to let it ride.
sgip
Well-known member
1) It's not if they say it's locked. It's if you can show that you asked for it to be locked. If you asked for the lock in an email (not a phone call) go to step 2
2) Because you asked for it to be locked, do not continue to engage the loan officer. This is now an issue for management to cure. For what it's worth this isn't pulling a "Karen" move. The LO is not someone who can fix this and you need someone who can. It may be that the disclosures aren't done showing the lock, or some other rational reason exists, but you'll only get a straight answer from the manager now.
There are still plenty of ways to weasel out of this - "We don't lock without payment of fees" or "We can't lock until you are clear to close" and the evergreen "Oh, this loan officer should have explained things better. I'll have a very stern discussion about this with them today.... But no, your not locked and the pricing doesn't exist KTHX and GFY." You have no recourse at this point unless it's a major Bank who will fix this issue for an account holder.
Plan B should be deployed and that is to lock right now with the 2nd best provider. You may pay an appraisal or lock fee but that is the price for peace of mind. If there is a way to regain that best pricing you believed was locked, it won't cost much in relative terms to quit Lender B and return to Lender A.
My .02c
2) Because you asked for it to be locked, do not continue to engage the loan officer. This is now an issue for management to cure. For what it's worth this isn't pulling a "Karen" move. The LO is not someone who can fix this and you need someone who can. It may be that the disclosures aren't done showing the lock, or some other rational reason exists, but you'll only get a straight answer from the manager now.
There are still plenty of ways to weasel out of this - "We don't lock without payment of fees" or "We can't lock until you are clear to close" and the evergreen "Oh, this loan officer should have explained things better. I'll have a very stern discussion about this with them today.... But no, your not locked and the pricing doesn't exist KTHX and GFY." You have no recourse at this point unless it's a major Bank who will fix this issue for an account holder.
Plan B should be deployed and that is to lock right now with the 2nd best provider. You may pay an appraisal or lock fee but that is the price for peace of mind. If there is a way to regain that best pricing you believed was locked, it won't cost much in relative terms to quit Lender B and return to Lender A.
My .02c
Cornflakes
Active member
So this could very well be what I suspect. A bait and switch?
Have not provided cc for appraisal and emailed LO that I am not moving forward until the quoted rate is locked. Will know the truth by Monday.
Have not provided cc for appraisal and emailed LO that I am not moving forward until the quoted rate is locked. Will know the truth by Monday.
sgip
Well-known member
There are some Bait and Switch occurrences still to this day. It could also be something like a misquote because all of the data factors are not in when the original rate and fee scenario was provided. One example would be when a customer says "I have a single family home" when it's really a property with a garage attached / linked to a series of garages essentially making the property an attached condo. (I have zero idea what type of property you have. This is an example only....)
It's often the case that a rate discussion will go like this:
Borrower: Hi, I want to refinance. What's your rate?
Me: Um... how big is your loan?
Borrower: No, I just want to know the rate. What is it?
Me: I kinda need to know the loan size, property type, and a few other things to give you a deliverable rate.
Borrower: But BANK F+S just said I could get a 2.9378221 percent rate for zero fees. What's your rate?
Me: :
There is so much data that goes into a deliverable quote that it's very, very easy to miss something and end up with a loan rate that cannot be provided. This is why I'm recommending that anyone in a similar situation bypass the Loan Officer and go straight to Management to resolve this.
If it's bait and switch, there's Yelp and Google reviews as a countermeasure. If it's an innocent mistake, management should make you whole.
My .02c
It's often the case that a rate discussion will go like this:
Borrower: Hi, I want to refinance. What's your rate?
Me: Um... how big is your loan?
Borrower: No, I just want to know the rate. What is it?
Me: I kinda need to know the loan size, property type, and a few other things to give you a deliverable rate.
Borrower: But BANK F+S just said I could get a 2.9378221 percent rate for zero fees. What's your rate?
Me: :
There is so much data that goes into a deliverable quote that it's very, very easy to miss something and end up with a loan rate that cannot be provided. This is why I'm recommending that anyone in a similar situation bypass the Loan Officer and go straight to Management to resolve this.
If it's bait and switch, there's Yelp and Google reviews as a countermeasure. If it's an innocent mistake, management should make you whole.
My .02c
It's not common practice to lock someone unless they are approved with conditions by an underwriter or close to 'clear to close'. You can ask for an early lock but it'll be more expensive for you as the borrower because 60+ day locks provide less rebate and thus the MLO cannot cover as many costs for you.
For what it's worth I've refi'd 3x with 2 different online lending mills, and both always wanted to charge my CC for the appraisal as the last condition before locking the rate.
Lender 1) I got exactly what I was quoted both times, no bait and switch
Lender 2) I did not get what I was quoted, not terribly different, but nothing I fed them was incorrect regarding income, credit score, ltv, etc, so it felt kind of shady
For the online mills there's not really anyone to talk to until after you have a lock and skin in the game.
Lender 1) I got exactly what I was quoted both times, no bait and switch
Lender 2) I did not get what I was quoted, not terribly different, but nothing I fed them was incorrect regarding income, credit score, ltv, etc, so it felt kind of shady
For the online mills there's not really anyone to talk to until after you have a lock and skin in the game.