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

NEW -> Contingent Buyer Assistance Program
Just spoke with Annie Mac, looks like Chase requires 30-45 days to approve jumbos.  So 30 day lock today at 2.5% with $2400 credit won't work.  Back to the drawing board.
 
ps9 said:
Just spoke with Annie Mac, looks like Chase requires 30-45 days to approve jumbos.  So 30 day lock today at 2.5% with $2400 credit won't work.  Back to the drawing board.
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Why won't it work? I must be slow because I don't get it.
 
@ paperboy, I would just punch your info thru zillow, my guy was Don Latka from Annie Mac, he speaks well, a faint jersey accent (I had worse).  Seems to be on top of things.  I believe rates should be better past the 55% LTV mark.  Cash out would also bump up rates as well, though I never refi w/cash out before, so not 100%.
 
ps9 said:
@ paperboy, I would just punch your info thru zillow, my guy was Don Latka from Annie Mac, he speaks well, a faint jersey accent (I had worse).  Seems to be on top of things.  I believe rates should be better past the 55% LTV mark.  Cash out would also bump up rates as well, though I never refi w/cash out before, so not 100%.
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Zillow didn't list Annie Mac anywhere in the first page for me. They showed 2.5% for a 5/1 with no cash-out and 2.625% with cash-out through Home Loans.
 
I would check tomorrow, lenders sometimes pull their listing, not sure why, I check rates almost religiously twice weekly, the three lenders I mentioned has been consistently lowest, especially Annie Mac.  Check or call tomorrow around 6am PST, I would at least put in applications with 2-3 lenders, then towards the end of day have them contact you if the rates hit your target, so you can lock right away.  If you wait and put in your app, they'll get flooded when rates drop and would be hard to lock.  My experience with 2.5% rates is that they don't last that long.  Jump in now.
 
Citi has good rates. You can get as low as 3.625% on a 30 year fixed jumbo with a bit of credit back if you move a lot of your savings/investment accounts over to them. Base rate is competitive and then a sliding scale to lower rate up to 3/8% depending on what you move over. But NO requirement to keep accounts there as soon as day loan closes. Assumes 80% ltv and good credit.
Service ok, but prob not as good as SGIP or WF.
 
Does any lender offering better discount rates compare to internet display market rates  for 30 years fixed or 15/15 year ARM on new purchase jumbo loan?

 
The 15/15 ARM is really a rare breed so whatever you see from PenFed or Wescom is about as good as it's going to get.  The caps on those ARM loans really make it interesting, however given the half life of most loans today means most borrowers are not going to experience a rate change and or cap.

I saw PenFed (6/30/2014) has a sweet 3.875% for .25 points.....er wait a second.... what's that 1.0% origination fee??  So the rate is actually 3.875% for 1.25 points - a "meh" rate compared to most. It's pretty tough to get a really outstanding 30 fixed without going directly to one of the biggies. As noted earlier, Citi's got a nice program if you're willing to push some cash over to their bank. I'd ask around as to who's closed through Citi before proceeding. Don't know anyone who has, so that's not a slur against them - just be sure you speak to a borrower, not the loan officer, on what the process was like.

What I do know is that their origination software is still Win 95 level tech which is likely to cause some friction in the process along the way towards closing.

My .02c

 
Soylent Green Is People said:
The 15/15 ARM is really a rare breed so whatever you see from PenFed or Wescom is about as good as it's going to get.  The caps on those ARM loans really make it interesting, however given the half life of most loans today means most borrowers are not going to experience a rate change and or cap.

I saw PenFed (6/30/2014) has a sweet 3.875% for .25 points.....er wait a second.... what's that 1.0% origination fee??  So the rate is actually 3.875% for 1.25 points - a "meh" rate compared to most. It's pretty tough to get a really outstanding 30 fixed without going directly to one of the biggies. As noted earlier, Citi's got a nice program if you're willing to push some cash over to their bank. I'd ask around as to who's closed through Citi before proceeding. Don't know anyone who has, so that's not a slur against them - just be sure you speak to a borrower, not the loan officer, on what the process was like.

What I do know is that their origination software is still Win 95 level tech which is likely to cause some friction in the process along the way towards closing.

My .02c
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Yeah, the only loan program where PenFed doesn't hit you with the 1% origination fee is on the 5/5 ARM loan. 
 
Seems like I got a zillow broker to play ball:  2.5% 5/1 ARM Jumbo, no impounds, 55%LTV and most important enough credit to cover all third party costs.  This is with RWMI lender.  They're based in San Diego, so that's a plus we're in the same time zone.  My lender was emailing up until 9:30pm tonight!  That's service!  Usually these zillow brokers don't hold your hand much and I have to press to get things done, hopefully this one will be a slam dunk.
 
Looks like i have to pay $71 at closing to cover all costs, so not a no cost refi, but Ill take it.  Time to kick the can again.  No other zillow lender is close to RWMI. 
 
ps9 said:
Looks like i have to pay $71 at closing to cover all costs, so not a no cost refi, but Ill take it.  Time to kick the can again.  No other zillow lender is close to RWMI. 
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I'll give them a jingle since I'm at 2.75% and about 2.5 years into my PenFed 5/5 ARM loan. 
 
Now i wonder if all this is worth it, refi from 2.5% to 2.5%, paying some principal down at closing, so I'm saving about $600/year in interest, my monthly payment goes down by $150, and I have 5 more years to live in the house.  Probably refi a few more times and pay more principal down the road.

If I refi into a 30yr instead, I will pay about $50k more in interest alone versus a 5/1 ARM at the end of the 5th year.  Not to mention less principal will be paid down as well.  I just don't see myself getting a 30yr ever again.
 
If this is not your last home (which I don't think it is)... kicking the can isn't a bad thing as you are basically helping your cash flow and increasing equity (by lowering principal quicker).

We've wondered if our last home really would be our "last" home considering that once the kids move out, the home will be too large for us and that's when you downsize as the equity built even over 15 years should be enough to cover a smaller home. My wife says that we should keep it so we have something to give our kids but who knows what the kids will want at that time. For all I know, they will sell it, split the proceeds among themselves and put us in an old folks home.
 
irvinehomeowner said:
If this is not your last home (which I don't think it is)... kicking the can isn't a bad thing as you are basically helping your cash flow and increasing equity (by lowering principal quicker).

We've wondered if our last home really would be our "last" home considering that once the kids move out, the home will be too large for us and that's when you downsize as the equity built even over 15 years should be enough to cover a smaller home. My wife says that we should keep it so we have something to give our kids but who knows what the kids will want at that time. For all I know, they will sell it, split the proceeds among themselves and put us in an old folks home.
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No home is too big for you IHO!
 
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