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

[qwerty]

Just got a 45 day lock for 30 yr fixed @ 3.75 with net estimated closing credit of $1800 that can be used for prop tax and HOI. I'd have to pay net $700 for 3.675. For the puny diff in monthly bill I sure like taking the money now.

I agree. Curious - what LTV is that rate for?  I'm not getting as low. Not sure if its a broker issue or an LTV issue.

Are u looking at a 30 year? Weren't you in the 5/1 arm club?

 

[eyephone]

Just got a 45 day lock for 30 yr fixed @ 3.75 with net estimated closing credit of $1800 that can be used for prop tax and HOI. I'd have to pay net $700 for 3.675. For the puny diff in monthly bill I sure like taking the money now.

I'm greedy, I'm waiting for 30 year fixed @ 3.5 no fees. Give it a couple weeks or so.

 

[rkp]

When you guys say no fees, are you including the lenders title insurance and all closing costs?  Zillow only shows me loans where the credit covers origination fee and appraisal fee but not title insurance and the other closing costs. 

 

[irvinehomeowner]

I'm greedy, I'm waiting for 30 year fixed @ 3.5 no fees. Give it a couple weeks or so.

If you're really greedy, serial refi 5/1s.

 

[ps99472]

When you guys say no fees, are you including the lenders title insurance and all closing costs?  Zillow only shows me loans where the credit covers origination fee and appraisal fee but not title insurance and the other closing costs. 

My experience:  lender credit of ~$2500 will cover all closing costs for a jumbo 5/1 arm refi

 

[The Motor Court Company]

I think it is better to actually talk to the agent to get that clarified. Zillow does say 3rd party fees such as title insurance, escrow and other costs may not be covered. When I called, some lenders did tell me 3rd party fees are excluded, but some worked out the credit to have everything covered.
Also the total closing costs (including origination fees and title insurance) vary quite a bit. It is between $1400 to $2600. 1400 seems quite low to be realistic.

For my case though, there is $4000 credit difference between 3.675 and 3.75. Who in the right mind will take 3.675 that will take 12+ years to break even?

 

[qwerty]

When you guys say no fees, are you including the lenders title insurance and all closing costs?  Zillow only shows me loans where the credit covers origination fee and appraisal fee but not title insurance and the other closing costs. 

Correct. no fees means zero out of pocket. My refi with Residential wholesale cost me $26. I did have to pay for the appraisal initially but it got credited back at closing. That was the only out of pocket cost.

 

[usctrojancpa]

When you guys say no fees, are you including the lenders title insurance and all closing costs?  Zillow only shows me loans where the credit covers origination fee and appraisal fee but not title insurance and the other closing costs. 

My experience:  lender credit of ~$2500 will cover all closing costs for a jumbo 5/1 arm refi

Yup, that's about what the fees that Alyson is showing.  Looking at a 2.625% 5/1 ARM at no cost with her (down from my 2.75% 5/5 ARM). 

 

[The Motor Court Company]

for the experts here, is the impound escrow account (used to pay property tax and insurance) interest bearing in California?

 

[ps99472]

for the experts here, is the impound escrow account (used to pay property tax and insurance) interest bearing in California?

Yes, well for me it did, quite a few years back, recall the rate is pretty good as well

 

[woodburyowner]

for the experts here, is the impound escrow account (used to pay property tax and insurance) interest bearing in California?

Yes it is.  Since there is a minimum floor amount, the interest is much higher than what you would get at a bank right now.  I can't remember mine, but it was definitely more than 1%. 

 

[usctrojancpa]

Gonna lock with Alyson this afternoon on a 2.50% 5-year ARM with a few hundred back.  Looked at the 7-year ARM but I'd have to go 2.875% to get money back. 

 

[ps99472]

Still waiting to bite on 2.375%, she said we're close, and can lock immediately when available, already got my docs in to her.

 

[usctrojancpa]

Still waiting to bite on 2.375%, she said we're close, and can lock immediately when available, already got my docs in to her.

If they get that low, I'll just refi again.  If I recall correctly, the bottom for the 5-year ARM was 2.25%.

 

[The Motor Court Company]

how soon you can start refi again? technically as soon as the day after the current refi closes?

 

[irvinehomeowner]

Guessing game: How many refis has ps9 done?

 

[rkp]

how soon you can start refi again? technically as soon as the day after the current refi closes?

is there really no downside or risk to serial refinancing?  you reset the 30y clock every single time so i imagine you are paying more interest than someone not refinancing right?

 

[eyephone]

how soon you can start refi again? technically as soon as the day after the current refi closes?

is there really no downside or risk to serial refinancing?  you reset the 30y clock every single time so i imagine you are paying more interest than someone not refinancing right?

The key is to get a no cost or credit back when you do a refi. The traditional storefront bank will typically charge you fees and the processing time might be a while.

 

[usctrojancpa]

how soon you can start refi again? technically as soon as the day after the current refi closes?

is there really no downside or risk to serial refinancing?  you reset the 30y clock every single time so i imagine you are paying more interest than someone not refinancing right?

The key is to get a no cost or credit back when you do a refi. The traditional storefront bank will typically charge you fees and the processing time might be a while.

Yeah, smaller mortgage shops tend to have more competitive rates than most storefront banks.  If rates go lower then I'll refi again (as long as I get net credits back).  Refi costs seem to be around $2,500 +/- and the best part is that you can pick your own escrow company/escrow officer. 

 

[ps99472]

how soon you can start refi again? technically as soon as the day after the current refi closes?

is there really no downside or risk to serial refinancing?  you reset the 30y clock every single time so i imagine you are paying more interest than someone not refinancing right?

The key is to get a no cost or credit back when you do a refi. The traditional storefront bank will typically charge you fees and the processing time might be a while.

Yeah, smaller mortgage shops tend to have more competitive rates than most storefront banks.  If rates go lower then I'll refi again (as long as I get net credits back).  Refi costs seem to be around $2,500 +/- and the best part is that you can pick your own escrow company/escrow officer. 

I didn't know you can pick your own escrow... if you don't mind me asking.. who do you recommend?