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

[Cares]

5th day in a row of interest rates rising. In the combined 5 days, mortgage securities lost over 100 basis points. This probably translates to 0.25% to 0.375% rate increase for most loans.

Owning ads last week started at 2.5% with fees and then adjusted to 2.625% with fees and now is showing 2.75% with fees.

 

[Angels_Baseball_2015]

Thanks for the Ally tip. Surprisingly, I just checked, and Ally is about $10K more than Better.

 

[usctrojancpa]

Looks like conforming loan rates a lot more volatile than jumbo loan rates.  Today, my buyer locked in 2.625% on a 30-year fixed purchase loan of a hair over $1m at no points (the rate was same a few weeks ago but we'll some credits). 

 

[Irvinehomeseeker]

Thanks for the Ally tip. Surprisingly, I just checked, and Ally is about $10K more than Better.

Did you check on the Ally website to get a quote? Sometimes if you work with a loan officer with your credit report pulled, you may get a much better rate/price. Just my thought.

 

[eyephone]

someone told me that the website is the best rate. (after they do a soft credit check)

 

[potsticker]

someone told me that the website is the best rate. (after they do a soft credit check)

Correct. The platform is Better.com, but branded as Ally Bank. My understanding is Ally is pushing jumbo's and have one of the best rates out there currently. The hard credit check comes when you move to lock a rate and finalize an application (which requires upfront appraisal payment).

Also, the entire process is handled on the website portal. You only have brief conversations, if any, with the loan officer, processor, and closer. You upload all the documents yourself and can link to bank accounts via Plaid to import statements rather than downloading/uploading PDF's.

REF: I'm closing a 2.75% 30-yr fixed jumbo refi with $6k closing credit next week with Ally. Signing today.

 

[Angels_Baseball_2015]

The hard credit check didn't really change my Better.com rate much. 

Since Ally uses the same Better.com platform, the Ally loan officer didn't think the soft versus hard credit check will really make much of a difference.  Perhaps yesterday was a fluke but Ally has not come back to match Better.com's offer (even though both companies are in the same floor and building in North Carolina ironically).

 

[potsticker]

The hard credit check didn't really change my Better.com rate much. 

Since Ally uses the same Better.com platform, the Ally loan officer didn't think the soft versus hard credit check will really make much of a difference.  Perhaps yesterday was a fluke but Ally has not come back to match Better.com's offer (even though both companies are in the same floor and building in North Carolina ironically).

What is your loan amount?

 

[sgip]

FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

My .02c

 

[Cares]

Absolutely getting hammer. Another down day for mortgage securities. All my lenders keep repricing rates higher.

 

[Cornflakes]

FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

My .02c

I can second that. Personally, I have not seen any impact on my scores based on inquiries. However, run up  credit card(s) usage to 90% of credit limit, you will feel the impact on your score. Run it down to zero percent usage and you will get a nice bump.

 

[Cares]

Credit checks are sort of a catch 22. If you have bad credit already and you run a credit check it impacts your credit more adversely than it does someone who has high credit.

 

[Irvinehomeseeker]

FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

My .02c

I can second that. Personally, I have not seen any impact on my scores based on inquiries. However, run up  credit card(s) usage to 90% of credit limit, you will feel the impact on your score. Run it down to zero percent usage and you will get a nice bump.

Can't agree much. I recently did a mistake in maxing out one of my credit cards  Allthough overal credit usage was less than 30%, but card maxed out leading to 50 pt drop in my score!! Now that I am paying it down, score is improving.

 

[usctrojancpa]

FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

My .02c

I can second that. Personally, I have not seen any impact on my scores based on inquiries. However, run up  credit card(s) usage to 90% of credit limit, you will feel the impact on your score. Run it down to zero percent usage and you will get a nice bump.

Can't agree much. I recently did a mistake in maxing out one of my credit cards  Allthough overal credit usage was less than 30%, but card maxed out leading to 50 pt drop in my score!! Now that I am paying it down, score is improving.

If you run up a bigger balance on credit card/s, just pay them off/down before the statement date because the credit agencies pick up the balance on the monthly statement.

 

[Cares]

If you have 1 credit card with say $1000 credit limit but maxed out it actually has a pretty strong negative credit impact as compared to using say a $10k limit card with $1000 balance. So I would not advise maxing out any credit card regardless of the credit limit and balance amount. Spread it out across cards.

 

[OCtoSV]

my loan broker up here has confirmed 1.99%, 15 yr fixed, conforming, $500 cost. The 1.875% comes with a $4500 total cost.

Didn't realize conforming has gone up to $822K!

Update: Closing this Saturday 8/14 on the 1.99% 15 yr conforming with the lender credit generating a $352 check to me at the closing table.

12 days from start to finish - pretty impressive.

 

[Cornflakes]

FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

My .02c

I can second that. Personally, I have not seen any impact on my scores based on inquiries. However, run up  credit card(s) usage to 90% of credit limit, you will feel the impact on your score. Run it down to zero percent usage and you will get a nice bump.

Can't agree much. I recently did a mistake in maxing out one of my credit cards  Allthough overal credit usage was less than 30%, but card maxed out leading to 50 pt drop in my score!! Now that I am paying it down, score is improving.

I think we are saying the same thing. Even one card high usage can set you back. Keep each card and overall usage under 30% for good scores.

 

[hurijo]

Closing Saturday as well on an SFH investment property for 2.875% 20yr conforming. No cost ($2800 lender credit). 2 weeks start to finish. Locked in before rates went up last week.

 

[Angels_Baseball_2015]

Hi all, quick question, for the Services you can shop for in a Loan estimate, it's usually the title, notary fee and settlement fee, for Better.com, it's listed as:

Title - Lenders Title Insurance - $850;
Title - Notary Fee - $90;
Title - Settlement Fee - $450.
Total is $1390.

Does anyone have good contacts for LA area because I suspect there's probably folks who can do all this for less much than $1390.  Many thanks in advance!

 

[usctrojancpa]

Hi all, quick question, for the Services you can shop for in a Loan estimate, it's usually the title, notary fee and settlement fee, for Better.com, it's listed as:

Title - Lenders Title Insurance - $850;
Title - Notary Fee - $90;
Title - Settlement Fee - $450.
Total is $1390.

Does anyone have good contacts for LA area because I suspect there's probably folks who can do all this for less much than $1390.  Many thanks in advance!

Those 3rd party fees actually seem very reasonable, you'll have a hard time find a provider with lower rates. The lender title fee is based upon your loan amount.