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

NEW -> Contingent Buyer Assistance Program
irvinehomeowner said:
So how easy is it to refi with Provident?

I've been getting calls from my current lender (Wells) to refi (we just refi'ed last at the end of 2010) and I'm wondering if it's easier to go with my current lender or switching.
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There are (at least) two different Providents out there... which one are you talking about?
Neither has been good, but one has been downright evil, from my experience.

I'd recommend giving Spiderpig a call.

A plug from a recent assist that he helped with:
He performed very well to salvage a short sale buyer's deal, on an extremely short time window, and in spite of Snoopy's designs to pull the rug out from under him while we were in the middle of our transaction. 

The home was in very good condition and the buyer got the home at a $70K discount (relative to another identical floorplan that closed ~one month previously) due in large part to John's ability to get it done.

-IrvineRealtor
 
irvinehomeowner said:
So how easy is it to refi with Provident?

I've been getting calls from my current lender (Wells) to refi (we just refi'ed last at the end of 2010) and I'm wondering if it's easier to go with my current lender or switching.
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I had a positive experience with Provident.  I refi'd earlier last year and then Provident became my new lender.  Then in Dec, I took the opportunity to refi again (3.875% zero cost) and I did it all through Provident's website (www.provident.com).  The process wasn't too bad at all.  Their website told me exactly what the status of my loan application was and what documentation they were waiting for.  They are real sticklers with documentation (the notaries both times mentioned that to me).  It may have been easier when I refi'd this time since they were my current lender at the time.  Their rates have been some of the best I've seen.  I wouldn't hesitate to refi again with them. 

I'd also recommend contacting SGIP and at least one more lender.  It is always a good idea to get quotes from a few places before making any decisions.

Disclosure: I have no relationship with Provident other than that they debit my bank account each month for my mortgage payment.  I am in the process of working with SGIP and the company he works for, Intercap Lending,  to become sponsors of IHB/TI.


 
Anyone here successfully re-fi with 3.75% no fees for a 30 yr fixed? I am assuming that lenders are being more careful.
 
I used provident as well for my mortgage... they do service their own loans.. impounds are required but can be dissolved after 2 months of payment, this was what the broker told me and it was true.. just have to fax over to them in writing to cancel escrow account...

Their website is a bit clumsy, not as streamline as citi nor bofa (i.e. setting up auto debit is under the "Forms" tab, huh?)

 
I recently worked with Provident on my condo in Woodbury East and the experience was mixed.  Their offer is above average.  The process is streamlined and the agent is responsive (although less motivated but I have no problem with that considering they are low cost).

But finally it did not go through becasue of some odd fineprints.  Basically, they require the condo project to be 100% built out and the HOA passed control to home owners.  That says, if you are in those new IVC communities like Woodbury, Woodbury East, etc., you don't have to waste time with Provident.

I am looking for another loan agent.  Would be great if you have any recommendations.
 
TSW said:
I recently worked with Provident on my condo in Woodbury East and the experience was mixed.  Their offer is above average.  The process is streamlined and the agent is responsive (although less motivated but I have no problem with that considering they are lost cost).

But finally it did not go through becasue of some odd fineprints.  Basically, they require the condo project to be 100% built out and the HOA passed control to home owners.  That says, if you are in those new IVC communities like Woodbury, Woodbury East, etc., you don't have to waste time with Provident.

I am looking for another loan agent.  Would be great if you have any recommendations.
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One of my buyers ran into the same issue trying to refi his Woodbury condo built by The New Home Company going with Amerisave.  So it's not a lender specific thing.
 
wouldnt a smart builder already have this taken care of by partnering with a few lenders?
 
USCTrojanCPA said:
TSW said:
I recently worked with Provident on my condo in Woodbury East and the experience was mixed.  Their offer is above average.  The process is streamlined and the agent is responsive (although less motivated but I have no problem with that considering they are low cost).

But finally it did not go through becasue of some odd fineprints.  Basically, they require the condo project to be 100% built out and the HOA passed control to home owners.  That says, if you are in those new IVC communities like Woodbury, Woodbury East, etc., you don't have to waste time with Provident.

I am looking for another loan agent.  Would be great if you have any recommendations.
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One of my buyers ran into the same issue trying to refi his Woodbury condo built by The New Home Company going with Amerisave.  So it's not a lender specific thing.
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Is there anybody in WB/WBE got approved for refinancing recently?  If so, who is the lender?
 
I have a rate quote from Provident for 15 years @ 3.25 with credit of $1900 toward closing cost, so out of pocket only 500 dollars. I thought that this is was a pretty good deal. When I locked in my rate my paper work then get forward to a loan officer. The usual paper requested. W2 for two years, 1 month worth of pay stubs and banking and investment portfolios are requested. I have been refi before and this is my 6 times. This time Provident requested form Signed Tax Form 4506-T, Request for Copy of Transcript of Tax Form. This will essentially allow the lender to pull your tax return for the last 3 years or more. Every deduction and lines items on your tax can be view by an unknown and uncontrollable numbers of people.

I felt really uncomfortable with this. None of my previous refi in the past has ever ask for this type of document before. And my last refi was 15 months ago.

Does anyone here when refi have to sign and agree to form 4506-T with Provident or other lenders.

Please respond if you refi recently.

Thanks
 
irvinebullhousing said:
Does anyone here when refi have to sign and agree to form 4506-T with Provident or other lenders.
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I just finished a refi with Provident a couple weeks ago and we also had to sign form 4506-T. 
 
Irvinebullhousing,

I am going through a re-finance now and i had to sign it too.

irvinebullhousing said:
I have a rate quote from Provident for 15 years @ 3.25 with credit of $1900 toward closing cost, so out of pocket only 500 dollars. I thought that this is was a pretty good deal. When I locked in my rate my paper work then get forward to a loan officer. The usual paper requested. W2 for two years, 1 month worth of pay stubs and banking and investment portfolios are requested. I have been refi before and this is my 6 times. This time Provident requested form Signed Tax Form 4506-T, Request for Copy of Transcript of Tax Form. This will essentially allow the lender to pull your tax return for the last 3 years or more. Every deduction and lines items on your tax can be view by an unknown and uncontrollable numbers of people.

I felt really uncomfortable with this. None of my previous refi in the past has ever ask for this type of document before. And my last refi was 15 months ago.

Does anyone here when refi have to sign and agree to form 4506-T with Provident or other lenders.

Please respond if you refi recently.

Thanks
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What can they do with your old tax returns?  They already have all your info... what would you try to protect?  They are protecting their money and being conservative... better this route then the previous stated income.. you know what happened with that
 
My cousin refi'd last Friday 2.875% 15 Years, forgot to ask if he paid any points but I'm really thinking he didn't. 
 
What are the current rates right now? Can you refi a 30 year at 3.75% with no fees if you were to lock today?
 
Panda said:
What are the current rates right now? Can you refi a 30 year at 3.75% with no fees if you were to lock today?
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Closer to 3.875% with 0pts today...you missed the window on 3.75% at 0pts.
 
Trojan, how small was that window where you can lock 3.75% with no fees?

USCTrojanCPA said:
Panda said:
What are the current rates right now? Can you refi a 30 year at 3.75% with no fees if you were to lock today?
Click to expand...
Closer to 3.875% with 0pts today...you missed the window on 3.75% at 0pts.
Click to expand...
 
There's not enough information in your post to answer with any certainty. Rates are influenced by type of transaction, loan to value, FICO score, property type, etc.

I usually ping Amerisave to see what most InterWeb lenders are offering. Their interface is the fastest. Under this scenario:

"200k loan, $500k price, California property, no cash out refinance, 800 FICO, impounds" - Yes.

Under this scenario:

"$200k loan, $500k price, California property, no cash out refinance, 740 FICO, no impounds" - No.

Or even this scenario

$400k loan, $500k price, Georgia property, no cash out refinnace, 761 FICO, no impounds, - No.

So it all depends on the complete circumstance and structure. I'm working with someone who called Amerisave and got a 3.75% quote.... which was great, until the property was disclosed as a log cabin (Trabuco canyon), on a septic system with a dirt road driveway. The rate because of the unusual property is really going to be in the low 4's, not the lowest rate, but a deliverable one.

My .02c
 
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