How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
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NEW -> Contingent Buyer Assistance Program
All things being equal, a 5/5 ARM is only better than a 5/1 ARM, if on every fifth year your rate adjusts lower than the average four adjustments that occur on the 5/1 ARM.
e.g. Rates could be jumping around every year, but if they happen to spike right into your fifth year reset, you're stuck with that rate spike for five years in a 5/5; whereas the 5/1 can drop that unfortunate spike next year.
ARMs are for short-term holders of real estate and/or gamblers. Good luck! I'm too risk averse to be worrying about rates every year.
Did Qwerty close his loan too or is this a special for you?
For speedy close like that, what is the laundry list of docs that should be ready on hand? I understand everything related to credit, assets and Income is must. I am wondering about any other docs. What kind of proof is acceptable for proving primary residence?
qwertranslation: Just like HOA backyard documents, I'll send them when I send them.
All the usual stuff. Also helps if you reply back to doc requests / explanations quickly. In the end, you can only control and push what you can. Bank really drives the process. Like I've said, helps to keep working with one or two mortgage guys. Makes everything easier & faster.
Thanks Bones. I found my unicorn single story home now just need to close on it and then it's renovation time. Doing the renovation on my kitchen and master bath in my Irvine home was a good experience that I learned a lot from...one being I will NEVER will in a home undergoing renovations. haha
Not yet, I'm working on that. I might even put a lift in one of the garage spots to make it a 4-car garage. Btw, thanks for the referral.
Perspective
Well-known member
Logik said:
All things being equal, a 5/5 ARM is only better than a 5/1 ARM, if on every fifth year your rate adjusts lower than the average four adjustments that occur on the 5/1 ARM.
e.g. Rates could be jumping around every year, but if they happen to spike right into your fifth year reset, you're stuck with that rate spike for five years in a 5/5; whereas the 5/1 can drop that unfortunate spike next year.
ARMs are for short-term holders of real estate and/or gamblers. Good luck! I'm too risk averse to be worrying about rates every year.
Irvine Dream
New member
Oh my my, 21 days from start to finish, awesome. What are you going to do with the suddenly available March payment?ps9 said:
Did Qwerty close his loan too or is this a special for you?
sgip
Well-known member
I know that it feels like you skip a payment when you refinance, but it's just not the case. Payoff Bank A has interest costs from 2/1/16 to 2/25 and New Lender Bank B will charge interest from 2/26 to 2/29. That's your March payment and are expensed either in the loan balance, by a lender credit, or as part of the closing costs. The next "write a check" payment in this scenario is April 1.
Hate to be a wet blanket on the subject, but so many lenders are shouting "oh, you'll skip a payment if you refi with us!!!" . I've heard "two payments skipped" as well! My answer: get it in writing. Someone has to be covering it and it's most likely you, often paid via a higher rate.
My .02c
Hate to be a wet blanket on the subject, but so many lenders are shouting "oh, you'll skip a payment if you refi with us!!!" . I've heard "two payments skipped" as well! My answer: get it in writing. Someone has to be covering it and it's most likely you, often paid via a higher rate.
My .02c
Cornflakes
Active member
bones said:
For speedy close like that, what is the laundry list of docs that should be ready on hand? I understand everything related to credit, assets and Income is must. I am wondering about any other docs. What kind of proof is acceptable for proving primary residence?
irvinehomeowner
Well-known member
qwerty said:
qwertranslation: Just like HOA backyard documents, I'll send them when I send them.
Cornflakes said:
All the usual stuff. Also helps if you reply back to doc requests / explanations quickly. In the end, you can only control and push what you can. Bank really drives the process. Like I've said, helps to keep working with one or two mortgage guys. Makes everything easier & faster.
Closed mine too couple weeks back. Everything went pretty well like my first one. In terms of being close on time, I think it's a team work between you and the bank. As long as you provide documents on timely fashion, typically your broker will try his/her best to wrap things up. With that being said, there is still differences among the level of services you will be getting and it WILL make a difference for your refi experience if you choose the right one. In my case I felt that my loan officer contributed majority part of reason why my refi went smoothly.
usctrojancpa
Well-known member
Looking at locking in my rate on Monday with SGIP for a 7/1 ARM @ 2.75% with no cost on my home purchase.
usctrojancpa
Well-known member
bones said:
Thanks Bones. I found my unicorn single story home now just need to close on it and then it's renovation time. Doing the renovation on my kitchen and master bath in my Irvine home was a good experience that I learned a lot from...one being I will NEVER will in a home undergoing renovations. haha
qwerty
Well-known member
I finally signed the loan docs on Wednesday (locked on 2/5). Loan funds on Monday. My rate expires on Tuesday so I'm guessing I had a 45 day rate lock. Not sure what took them so long this time. I gave them the final documents they requested and then they went silent for a couple of weeks. It was a smooth process just took longer for whatever reason. Another 5 years locked at 2.75%.
Irvine Dream
New member
MMn! I thought you were getting a 2.5% rate like PS9. What happened? Looks like USCTrojan is getting a 2.75% 7/1, granted it is a purchase and not a refi. But 2.5 or 2.75 they both like awesome rates specially when you compare to the rates listed on the internet.qwerty said:
Irvine Dream
New member
Blasphemy!! Your Unicorn house is not in Irvine? Are you going to be a neighbor of Qwerty?USCTrojanCPA said:
usctrojancpa
Well-known member
lnc said:USCTrojanCPA said:
Hey Congrats man, I miss that subtle announcement.
Now is this also the home for an incoming RS?
Not yet, I'm working on that. I might even put a lift in one of the garage spots to make it a 4-car garage. Btw, thanks for the referral.