How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
- Start date
NEW -> Contingent Buyer Assistance Program
Depends on the lender i think. I recently refinanced with Loan Depot - Started in December and got done only last week. Loan depot extended the rate lock at no cost to me
It took 3 months to get my 3 refi loans to close and the lender extended the lock twice.
The initial lock was for 45 days and then they extended it for free twice for 30 days each because they kept asking me for stuff including for proof that my HELOC was paid in full and closed which took 4-5 weeks to get.
irvinebullhousing
Well-known member
UscCPA posted numerous occassions how conservatives Irvine buyers that he represents have been under-buy basse on their assets and income.
But there are many others that resort to creative financing to chase goods and ramped up prices on all goods and services.
Today I received the follow in my junk mail, first stop on the chase:
Tic, tic, tic
. Not in Irvine. Why, because sellers will choose the safest buyers from the vast pool.
Finance of America Mortgage LLC
Two-X Flex Bank ignites an unconventional borrower?s qualification with no tax returns required. This new proprietary loan offering gives borrowers even more purchasing power by allowing them to qualify based on bank statement deposits.
Product Highlights
Up to 90% LTV
Loan amounts up to $2,500,000
FICO as low as 680
1-4 units, PUD and warrantable condos
50% max DTI
Primary, second home, investment properties
Purchase, rate/term refinance and cash out refinance
$500,000 max cash back
Fully amortizing 30 year fixed and SOFR ARMs
Interest only 30 and 40 year fixed and SOFR ARMs
Income Highlights
Income calculated based on 12 or 24 months deposits from personal or business account
Loan amounts up to $2,500,000
Up to 100% of deposits
Multiple businesses permitted
One borrower must be self employed
Primary, second home, investment properties
Purchase, rate/term refinance and cash out refinance
1099 employment accepted
W2 co-borrowers income allowed
For more information about Two-X Flex Bank, or to learn if you qualify, contact Finance of America Mortgage today.
But there are many others that resort to creative financing to chase goods and ramped up prices on all goods and services.
Today I received the follow in my junk mail, first stop on the chase:
Tic, tic, tic
. Not in Irvine. Why, because sellers will choose the safest buyers from the vast pool.Finance of America Mortgage LLC
Two-X Flex Bank ignites an unconventional borrower?s qualification with no tax returns required. This new proprietary loan offering gives borrowers even more purchasing power by allowing them to qualify based on bank statement deposits.
Product Highlights
Up to 90% LTV
Loan amounts up to $2,500,000
FICO as low as 680
1-4 units, PUD and warrantable condos
50% max DTI
Primary, second home, investment properties
Purchase, rate/term refinance and cash out refinance
$500,000 max cash back
Fully amortizing 30 year fixed and SOFR ARMs
Interest only 30 and 40 year fixed and SOFR ARMs
Income Highlights
Income calculated based on 12 or 24 months deposits from personal or business account
Loan amounts up to $2,500,000
Up to 100% of deposits
Multiple businesses permitted
One borrower must be self employed
Primary, second home, investment properties
Purchase, rate/term refinance and cash out refinance
1099 employment accepted
W2 co-borrowers income allowed
For more information about Two-X Flex Bank, or to learn if you qualify, contact Finance of America Mortgage today.
sgip
Well-known member
The market is saturated with Non-QM lending products. It's nice to offer customers a multi option solution to their unique employment and income needs. When it comes to the Rate/Loan To Value/Fees though, I find many "Non-QM borrowers" are convinced they are due A++ rates which is not the realm of Non-QM lending. With Non-QM rates at least 1-1.5 percent higher than A++ rate loans It's a huge learning curve for borrowers who have no other option but Non-QM paper.
I'm closing a purchase loan Wednesday next week that took 12 days - application to funding. No matter the company - Wells, Chase, BofA, Quicken, or loanDepot, it's the loan officer who makes or breaks the deal. Efficient and detailed packaging by the LO plus quick borrower responses to all lender requests will get the job done. Delayed closings can be a company wide systemic issue, but an experienced LO will weave their way around issues well in advance of problems.
You can look up NMLS numbers and employment history here - https://nmlsconsumeraccess.org/ If you have an important, complex deal, and the person on the other end of the phone line has been in the business since 2018 (for example), you may want to find someone else a bit more seasoned. Homebuyers would be wise to do the same with their Real Estate Agent selection. Any "Market Expert" whose license history starts in 2016 (for example) may not be as experienced as their advertising says they are.
My .02c
I'm closing a purchase loan Wednesday next week that took 12 days - application to funding. No matter the company - Wells, Chase, BofA, Quicken, or loanDepot, it's the loan officer who makes or breaks the deal. Efficient and detailed packaging by the LO plus quick borrower responses to all lender requests will get the job done. Delayed closings can be a company wide systemic issue, but an experienced LO will weave their way around issues well in advance of problems.
You can look up NMLS numbers and employment history here - https://nmlsconsumeraccess.org/ If you have an important, complex deal, and the person on the other end of the phone line has been in the business since 2018 (for example), you may want to find someone else a bit more seasoned. Homebuyers would be wise to do the same with their Real Estate Agent selection. Any "Market Expert" whose license history starts in 2016 (for example) may not be as experienced as their advertising says they are.
My .02c
irvineshadow
New member
Haven't posted in a while but I'm in what might be called a predicament:
I applied to refinance my investment property before end of March and locked in a rate for 60 days. Seemed like a good idea cause rates were trending up. I don't know if the lender is so busy but they haven't finished my loan, and it's way past 60 days. Any suggestions on my options? Are they going to complete the loan on the previous terms?
I applied to refinance my investment property before end of March and locked in a rate for 60 days. Seemed like a good idea cause rates were trending up. I don't know if the lender is so busy but they haven't finished my loan, and it's way past 60 days. Any suggestions on my options? Are they going to complete the loan on the previous terms?
Irvinehomeseeker
Active member
irvineshadow said:
Depends on the lender i think. I recently refinanced with Loan Depot - Started in December and got done only last week. Loan depot extended the rate lock at no cost to me
sgip
Well-known member
@irvineshadow
You've got to pick up the phone and speak to a manager, not the LO, not the processor, and get a commitment. After that you send an email confirming the substance and nature of the conversation. Be sure to have your written lock agreement in hand at the time for reference purposes.
Most large lenders will extend the rate without question. You still have to confirm by phone and in writing that a no cost to you extension will be the case.
My .02c
You've got to pick up the phone and speak to a manager, not the LO, not the processor, and get a commitment. After that you send an email confirming the substance and nature of the conversation. Be sure to have your written lock agreement in hand at the time for reference purposes.
Most large lenders will extend the rate without question. You still have to confirm by phone and in writing that a no cost to you extension will be the case.
My .02c
irvineshadow
New member
Thanks for the input!
usctrojancpa
Well-known member
irvineshadow said:
It took 3 months to get my 3 refi loans to close and the lender extended the lock twice.
sgip
Well-known member
If your going to overrun your lock date on a refinance, I'd ask the manager, not the LO, who is at fault here.
If your insurance provider didn't send in data, if your HOA was slow, if your W-2s were delayed, then yes... a rate lock extension will cost you hundred or so dollars per day. If however the lenders processing staff did not order the insurance, HOA, or send you a needs list for your W-2's, then the rate lock extension fees should be absorbed by the lender who did not process the loan in a timely manner.
My .02c
If your insurance provider didn't send in data, if your HOA was slow, if your W-2s were delayed, then yes... a rate lock extension will cost you hundred or so dollars per day. If however the lenders processing staff did not order the insurance, HOA, or send you a needs list for your W-2's, then the rate lock extension fees should be absorbed by the lender who did not process the loan in a timely manner.
My .02c
Solvent, this is on a new purchase. Builder is giving a suggested Close of escrow date but can?t project if there will be unexpected delays. Usually the builder is exempt from being on the hook for these types of things. Lender says they can lock for 60 days plus 3 days for free. Which puts it right around close of escrow. Any slippage may mess things up. I guess to be safe, wait a few days but I?m wondering what the trend is. LO is saying 2.75% no point jumbo loan for a new purchase is lowest they have seen. But obviously anything can change in a few days.
sgip
Well-known member
If it's the builders lender, they will usually (not "always"....) pay for the extension should there be a construction delay.
If it's an outside lender, then you pay for the delay, unless the builder IS ready, but your lender is not. In that case, the lender pays for any per-diems/extensions.
If it comes down to you and you alone to pay for any extensions, I'd over lock by 15-30 days. You never know with new construction and if you can preserve that 2.75 through closing date, all the better. It might mean .125 - .25 in fee higher, but if things go wrong it's the cheapest buy you'll ever get. If things go well, eh... yes, it's cash, but at least you had peace of mind through escrow - a state of mind well worth the price paid.
If it's an outside lender, then you pay for the delay, unless the builder IS ready, but your lender is not. In that case, the lender pays for any per-diems/extensions.
If it comes down to you and you alone to pay for any extensions, I'd over lock by 15-30 days. You never know with new construction and if you can preserve that 2.75 through closing date, all the better. It might mean .125 - .25 in fee higher, but if things go wrong it's the cheapest buy you'll ever get. If things go well, eh... yes, it's cash, but at least you had peace of mind through escrow - a state of mind well worth the price paid.
irvineshadow
New member
I didn't agree to any extensions on my rate lock, and I haven't payedd for any nor will I agree to. I turned in all my documents on time because I had them handy.
I'm wondering if rate are any lower if it's with it to sticky my way out of my deal. I already payed an appraisal fee though. I also recall that there was a rule change in March about plans for investment properties, but I don't know how that plays into the equation now.
I'm wondering if rate are any lower if it's with it to sticky my way out of my deal. I already payed an appraisal fee though. I also recall that there was a rule change in March about plans for investment properties, but I don't know how that plays into the equation now.
usctrojancpa
Well-known member
lovingit said:
The initial lock was for 45 days and then they extended it for free twice for 30 days each because they kept asking me for stuff including for proof that my HELOC was paid in full and closed which took 4-5 weeks to get.
sgip
Well-known member
Some news on No-Cash Out Agency (Freddie Mac - for now....) news:
For all no cash-out refinance mortgages:
A 30-day seasoning requirement is implemented when a new refinance loan proceeds are used to pay off the existing loan.
No cash-out refinance transactions that do not have a 30-day seasoning must be closed no later than 6/18/21
https://guide.freddiemac.com/app/guide/bulletin/2021-16
If you close Conforming Mortgage A with Company A and Company B wants to refinance you right away, That's a No-Can-Do deal through Freddie Mac. That said, I'd expect Fannie Mae will likely roll out something similar soon. Note that if you're currently refinancing and fit the listed terms above, you may need to rush the deal through or switch to a FNMA investor product.
This will impact only a very few borrowers relatively speaking, but expect this "seasoning" rule to expand to all lenders soon. The refinance flipping has impacted MBS investors and lenders along the production process.
My .02c
For all no cash-out refinance mortgages:
A 30-day seasoning requirement is implemented when a new refinance loan proceeds are used to pay off the existing loan.
No cash-out refinance transactions that do not have a 30-day seasoning must be closed no later than 6/18/21
https://guide.freddiemac.com/app/guide/bulletin/2021-16
If you close Conforming Mortgage A with Company A and Company B wants to refinance you right away, That's a No-Can-Do deal through Freddie Mac. That said, I'd expect Fannie Mae will likely roll out something similar soon. Note that if you're currently refinancing and fit the listed terms above, you may need to rush the deal through or switch to a FNMA investor product.
This will impact only a very few borrowers relatively speaking, but expect this "seasoning" rule to expand to all lenders soon. The refinance flipping has impacted MBS investors and lenders along the production process.
My .02c
sgip
Well-known member
We can thank Owning, Rocket, and UWM for this new rule, and those to follow. Same thing happened during the 2008-2010 financial crisis flipping bonanza. Things got so confusing and poorly handled that the 90 day Flip Rule was introduced. With the velocity of flipping mortgages being compressed through technology, I guess a 30 day rule is contextually appropriate today.