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

NEW -> Contingent Buyer Assistance Program
This could be interesting:

Starting Jan. 26, Fannie Mae plans to offer mortgage lenders access to proprietary home valuation databases that they can use to assess the accuracy of and risks posed by the reports submitted by appraisers. The Fannie data will flag possible errors in the appraiser's work before the lender commits to fund the loan, score the appraisal for overall risk of inaccuracy and may provide as many as 20 alternative "comps" ? properties in the area that have sold recently and are roughly comparable to the house the lender is considering approving for financing but were not used by the appraiser.

Lenders can then forward Fannie's alternative comps and risk scores to the appraiser or the management company that hired the appraiser requesting explanations and changes to the appraisal.
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http://www.latimes.com/business/realestate/la-fi-harney-20150111-story.html

I had my issues with appraisers and with Frank-Dodd...their estimate is basically unchallengable.  I like the concept but I feel like the new system is going to cause appraisal value to be lower...and increased fees.
 
eyephone said:
Just curious - they asked questions regarding 1099 income and letter of explanations were not sufficient?
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I can't speak to the experience that anyone else had but I'm not a vanilla borrower.  I have income coming from a handful of sources (1099, rental, trading, CPA work, etc) so underwriter wanted to get a firm understanding of every source of income along with fully documenting the home that I bought in Vegas for my dad the middle of last year.  I think it's basically a CYA for the underwriter and make the file as clean as possible. 
 
Irvinecommuter said:
USCTrojanCPA said:
So got a request for another 2 letters of explanations from the underwriter before they approve the loan.  That's 7 letters of explanations.  haha  Looking to close on the refi at the end of this week and if rates fall a bit more Alyson said I'd get half of the additional savings.
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I went through heck and back for a refinancing attempt and finally dropped it because it dragged on too long.  I can see being careful with a purchase loan but it makes little sense with a refinancing loan where there is a history of payment and the payments are lower.
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Easy for us to say since we are the ones taking their money. How much due diligence would you do on someone who you were going to lend $500,000 to?
 
qwerty said:
Irvinecommuter said:
USCTrojanCPA said:
So got a request for another 2 letters of explanations from the underwriter before they approve the loan.  That's 7 letters of explanations.  haha  Looking to close on the refi at the end of this week and if rates fall a bit more Alyson said I'd get half of the additional savings.
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I went through heck and back for a refinancing attempt and finally dropped it because it dragged on too long.  I can see being careful with a purchase loan but it makes little sense with a refinancing loan where there is a history of payment and the payments are lower.
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Easy for us to say since we are the ones taking their money. How much due diligence would you do on someone who you were going to lend $500,000 to?
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Not as much as they did with me for them to lend me less than 50% of the value of the home.  haha
 
qwerty said:
Irvinecommuter said:
USCTrojanCPA said:
So got a request for another 2 letters of explanations from the underwriter before they approve the loan.  That's 7 letters of explanations.  haha  Looking to close on the refi at the end of this week and if rates fall a bit more Alyson said I'd get half of the additional savings.
Click to expand...

I went through heck and back for a refinancing attempt and finally dropped it because it dragged on too long.  I can see being careful with a purchase loan but it makes little sense with a refinancing loan where there is a history of payment and the payments are lower.
Click to expand...

Easy for us to say since we are the ones taking their money. How much due diligence would you do on someone who you were going to lend $500,000 to?
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Sure...but they're not lending based upon my word...the debt is secured.  It's the same reason why business/commercial lending has be reduced. 
 
I know the debt is secured but they still take the risk, your property value can plummet and they get stuck holding the bag.
 
Refi loan approved and in the queue for loan docs.  They should get to escrow by EOD Wednesday and we should fund/close by Friday. 

Where we having the 5-year ARM refi party?  ;D
 
rkp said:
locked a jumbo 30 year fixed for 3.625 with 1 free relock if rate drops at watermark.  this is what they offered me today:

3.5% 30 day - $946 credit
3.5% 45 day - $2275 cost
3.625 30 day - $5077 credit
3.625 45 day - $2802 credit <-- took this one
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Appraiser came out next day and completed appraisal today.  Also they use docmagic so signing all the documents took about 15 minutes vs hours previously spent.  So far nothing but good things to say about them.  I referred over two friends who are experiencing similar.

With rates dropping, my loan officer thinks I might be able to re-lock in at 3.5%! Fingers crossed.
 
Cardinal/Sebonic financial that we are working with for refi is dropping the ball; they denied my loan due to a very correctable mistake from a 3rd party, but failed to notify me until I called to check the status and found out the mistake. I am working feverishly to get the mistake corrected and get my loan back on track but the rate lock window is fast approaching. Hopefully I can get this resolved in time; what happens if the rate lock expires and we cannot close? if the new rate is lower than our locked rate (current rate is), get the new rate, otherwise, ask for an extension?
 
The California Court Company said:
Cardinal/Sebonic financial that we are working with for refi is dropping the ball; they denied my loan due to a very correctable mistake from a 3rd party, but failed to notify me until I called to check the status and found out the mistake. I am working feverishly to get the mistake corrected and get my loan back on track but the rate lock window is fast approaching. Hopefully I can get this resolved in time; what happens if the rate lock expires and we cannot close? if the new rate is lower than our locked rate (current rate is), get the new rate, otherwise, ask for an extension?
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You can ask for an extension but it costs money.  You can go to another broker as long as you are not trying to get a loan from the same lender.
 
the lender should cover the extension for free; they did not notify me that the loan is being denied when there was ample time to fix the mistake. Perhaps I should start thinking about small claim lawsuit to get my appraisal fee back?
 
What does the loan officer say?  If new rate is lower than old rate, why not just open a new lock or will they not do that?
 
The California Court Company said:
the lender should cover the extension for free; they did not notify me that the loan is being denied when there was ample time to fix the mistake. Perhaps I should start thinking about small claim lawsuit to get my appraisal fee back?
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Usually the lender may indicate a higher rate or ask for an extension fee but when you refuse they will close per original terms
 
got the 3rd party to correct their error in writing however the explanation is not very detailed. now let's see how Sebonic/Cardinal is responding. I am ready to raise hell and file small claim suits.
 
Most companies will extend for no cost in cases like this. The good news is that if they don't there are many other companies willing and able to get this done for you - perhaps even by covering your cost of the appraisal fee at the other lender.

Raise hell, but then lie down for a bit and let the fever pass. One ball gets dropped, and another will gladly pick it up from that point.

My .02c

Soylent Green Is People.
 
I like how SGIP doesn't say "Drop your current guy and USE ME!"...but subtly pushes the reader toward himself.  So nuanced.
 
2.5%? and for how many years is that? 5/1 or 7/1? That's great. I locked last month 3.875 and I am hoping to float down to a lower rate.
 
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