How low can we go? 30 yr fixed at 3.75% with no fees...

NEW -> Contingent Buyer Assistance Program
I met the notary at a table outside of the HOA clubhouse. So all outdoors. Was done in 15 minutes. Both of us wore masks.
 
Anyone get lower than 2.5 no cost high balance conforming 30yr fixed?  We're scheduled to sign with the notary on Thursday and fund early next week.  Owning paid us $250 to go with them.  Just wondering if there were better deals out there.
 
akkord said:
Anyone get lower than 2.5 no cost high balance conforming 30yr fixed?  We're scheduled to sign with the notary on Thursday and fund early next week.  Owning paid us $250 to go with them.  Just wondering if there were better deals out there.
Click to expand...
With Rates gone up since the Freddie Mac added the new fees, 2.5% that you have gotten for HB loan is a steal! I don't think there has been lower than this rate. It's great that Owning is able to move so quickly to schedule the signing and you are getting 250$ on top of it - I think you are a winner man :)
 
akkord said:
Anyone get lower than 2.5 no cost high balance conforming 30yr fixed?  We're scheduled to sign with the notary on Thursday and fund early next week.  Owning paid us $250 to go with them.  Just wondering if there were better deals out there.
Click to expand...

That's probably the best rate out there but come a few days (or maybe a week) the rate even at Owning will go up. Because new loans will have closing dates falling on Sept 1 or later.
 
Irvinehomeseeker said:
akkord said:
Anyone get lower than 2.5 no cost high balance conforming 30yr fixed?  We're scheduled to sign with the notary on Thursday and fund early next week.  Owning paid us $250 to go with them.  Just wondering if there were better deals out there.
Click to expand...
With Rates gone up since the Freddie Mac added the new fees, 2.5% that you have gotten for HB loan is a steal! I don't think there has been lower than this rate. It's great that Owning is able to move so quickly to schedule the signing and you are getting 250$ on top of it - I think you are a winner man :)
Click to expand...

Yup, winner for sure! I signed last week for a 2.625% high conforming with Loan Depot (zero cost and getting ~$400 on top).
 
I think you guys might just be financing this "cash back".  What I found on my docs is that the new lender is including the full amount of interest until the expiration of the current lenders payoff. 

So for example lets say (just using round numbers), you owe $100,000 (principal) with your current lender.  When the payoff is requested (say Aug 15) it's valid for 30 days, so the payoff isn't just for $100,000 even, it's for $100,000 + 30 days of interest at your current rate (maybe $100,242.45).  That is what your docs end up saying.  If in the end you fund only 15 days after the payoff request, then your new lender only had to pay $100,140.25), so your new lender refunds you the difference after close of $102.20). 

This is what I found anyhow.  There are some programs with cash back from lender but when the amount is small like up to $500, I think it's the situation I mentioned above. 
 
aquabliss said:
I think you guys might just be financing this "cash back".  What I found on my docs is that the new lender is including the full amount of interest until the expiration of the current lenders payoff. 

So for example lets say (just using round numbers), you owe $100,000 (principal) with your current lender.  When the payoff is requested (say Aug 15) it's valid for 30 days, so the payoff isn't just for $100,000 even, it's for $100,000 + 30 days of interest at your current rate (maybe $100,242.45).  That is what your docs end up saying.  If in the end you fund only 15 days after the payoff request, then your new lender only had to pay $100,140.25), so your new lender refunds you the difference after close of $102.20). 

This is what I found anyhow.  There are some programs with cash back from lender but when the amount is small like up to $500, I think it's the situation I mentioned above.
Click to expand...

On your Loan Estimate, add up A, B, C, E and then see if the Lender Credit covers that. If the Lender Credit is more than ABCE, then you will pocket some money. Of course, the exact numbers will be on your Closing Statement.
 
Irvinehomeseeker said:
akkord said:
Anyone get lower than 2.5 no cost high balance conforming 30yr fixed?  We're scheduled to sign with the notary on Thursday and fund early next week.  Owning paid us $250 to go with them.  Just wondering if there were better deals out there.
Click to expand...
With Rates gone up since the Freddie Mac added the new fees, 2.5% that you have gotten for HB loan is a steal! I don't think there has been lower than this rate. It's great that Owning is able to move so quickly to schedule the signing and you are getting 250$ on top of it - I think you are a winner man :)
Click to expand...

Owning seems to be still offer great rates if you have 50% or less LTV. As of today, lowest I have seen on their site - 2.47% APR for loans upto 510K. And the rate for HB seems to have shifter lower from 2.99% to 2.6%. overall , i think Owning currently offers the lowest rate in CA if you qualify.

 
zovall said:
aquabliss said:
I think you guys might just be financing this "cash back".  What I found on my docs is that the new lender is including the full amount of interest until the expiration of the current lenders payoff. 

So for example lets say (just using round numbers), you owe $100,000 (principal) with your current lender.  When the payoff is requested (say Aug 15) it's valid for 30 days, so the payoff isn't just for $100,000 even, it's for $100,000 + 30 days of interest at your current rate (maybe $100,242.45).  That is what your docs end up saying.  If in the end you fund only 15 days after the payoff request, then your new lender only had to pay $100,140.25), so your new lender refunds you the difference after close of $102.20). 

This is what I found anyhow.  There are some programs with cash back from lender but when the amount is small like up to $500, I think it's the situation I mentioned above.
Click to expand...

On your Loan Estimate, add up A, B, C, E and then see if the Lender Credit covers that. If the Lender Credit is more than ABCE, then you will pocket some money. Of course, the exact numbers will be on your Closing Statement.
Click to expand...

Are these forms standard?  I don't have anything in the "Lender Credits" section but I have a "Paid By Others" column and all the fees and closing costs are listed in that column. 
 
Irvinehomeseeker said:
Irvinehomeseeker said:
akkord said:
Anyone get lower than 2.5 no cost high balance conforming 30yr fixed?  We're scheduled to sign with the notary on Thursday and fund early next week.  Owning paid us $250 to go with them.  Just wondering if there were better deals out there.
Click to expand...
With Rates gone up since the Freddie Mac added the new fees, 2.5% that you have gotten for HB loan is a steal! I don't think there has been lower than this rate. It's great that Owning is able to move so quickly to schedule the signing and you are getting 250$ on top of it - I think you are a winner man :)
Click to expand...

Owning seems to be still offer great rates if you have 50% or less LTV. As of today, lowest I have seen on their site - 2.47% APR for loans upto 510K. And the rate for HB seems to have shifter lower from 2.99% to 2.6%. overall , i think Owning currently offers the lowest rate in CA if you qualify.
Click to expand...

Did you notice on the website they changed the banner that used to say "No Closing Costs" to now say "No Muss, No Fuss".  I wonder if that means they're charging points on those published rates now?
 
aquabliss said:
Are these forms standard?  I don't have anything in the "Lender Credits" section but I have a "Paid By Others" column and all the fees and closing costs are listed in that column.
Click to expand...

I think there is a standard for the Loan Estimate (see pages 1, 2, 3 here:https://www.consumerfinance.gov/owning-a-home/loan-estimate/).Here's my breakdown:
A. Origination Costs $1,595
B. Credit Report $20, Flood Cert $10, MERS $12, Tax Fee $70 => $112
C. Title Insurance $460, Settlement Fee $500 => $960
E. Recording Fees $189

Total of ABCE: $2856

Lender Credit $3300

Lender Credit is $444 more than ABCE, so I figure it as a bonus for me. That extra amount gets applied to the Prepaids that are required but it is still a bonus to me.
 
Owning's rates were updated. Their 30yr fixed rates have dropped to 2.474% and 2.592%.

Under their rates on their website didn't it used to say "No Closing Costs?"

Now it says "No Muss, No Fuss," whatever that means.
 
zovall said:
I think there is a standard for the Loan Estimate (see pages 1, 2, 3 here:https://www.consumerfinance.gov/owning-a-home/loan-estimate/).Here's my breakdown:
A. Origination Costs $1,595
B. Credit Report $20, Flood Cert $10, MERS $12, Tax Fee $70 => $112
C. Title Insurance $460, Settlement Fee $500 => $960
E. Recording Fees $189

Total of ABCE: $2856

Lender Credit $3300

Lender Credit is $444 more than ABCE, so I figure it as a bonus for me. That extra amount gets applied to the Prepaids that are required but it is still a bonus to me.
Click to expand...
 

For me, the $444 would just about cover what I paid for the appraisal in line B.
 
John said:
Owning's rates were updated. Their 30yr fixed rates have dropped to 2.474% and 2.592%.

Under their rates on their website didn't it used to say "No Closing Costs?"

Now it says "No Muss, No Fuss," whatever that means.
Click to expand...

I guarantee you it's more expensive than 2.5% no closing costs which was advertised yesterday.
 
This is what is indicated regarding closing costs on owning.com. Which category does the $6950 get into?

Closing Costs

Owning will pay the following third party closing costs on behalf of the Borrower: appraisal fees, credit report fees, flood certification fees, escrow/closing fees, signing fees, title insurance fees (lenders policy and endorsements). The Borrower is responsible for paying: prepaid interest, property taxes, state mortgage/transfer taxes, all types of insurance, existing lender payoff fees, survey fees, inspection fees and discount points. Minimum loan amount is $350,000
 
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