MILFMAN Posted March 18, 2020 Share Posted March 18, 2020 Seeing that we have so many financial geniuses here: Where is the best place to watch current refinance rates? What I see online is all over the place. Just looking to save a few bucks if I can! Thanks Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 18, 2020 Share Posted March 18, 2020 2 minutes ago, MILFMAN said: Seeing that we have so many financial geniuses here: Where is the best place to watch current refinance rates? What I see online is all over the place. Just looking to save a few bucks if I can! Thanks there is no good place to be honest. Any of the tracking services are a week behind. What i will tell you is most of the experts I follow in the industry are saying we should see rates drop but we may not see them back at the same levels as 10-14 days ago. All investors are overwhelmed and having to spend a ton of money in hedging and other costs given the volume so we are seeing higher rates than then. Don't be greedy, rates are never going to zero an investor in mortgage bonds is always going to want a return so that 3% mark never really gets broken for more than a brief period in my 28 years of writing mortgages. we literally have some customers who believe that rates should be zero 1 Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 18, 2020 Share Posted March 18, 2020 I have a neighbor here in the park that was suppose to close on his home refi on Monday. He got a call Monday morning saying the refi was delayed due to uncertainty in the markets. He rattled off a couple other excuses that I didn't catch. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 18, 2020 Share Posted March 18, 2020 find someone you trust, usually a mortgage company or broker over a bank is going to give you a better deal as that is all we do Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 18, 2020 Share Posted March 18, 2020 Just now, AKIQPilot said: I have a neighbor here in the park that was suppose to close on his home refi on Monday. He got a call Monday morning saying the refi was delayed due to uncertainty in the markets. He rattled off a couple other excuses that I didn't catch. thats odd, wonder if there is an issue with registry or title companies in that market. We are still cranking up the closing machine. Our concern right now is appraisers not being able to get into houses and the possibility that those on furlough will pop up when we do final income verifications. Hoping Fannie/freddie loosens the guideline on that. Quote Link to comment Share on other sites More sharing options...
racer254 Posted March 18, 2020 Share Posted March 18, 2020 57 minutes ago, Angry ginger said: there is no good place to be honest. Any of the tracking services are a week behind. What i will tell you is most of the experts I follow in the industry are saying we should see rates drop but we may not see them back at the same levels as 10-14 days ago. All investors are overwhelmed and having to spend a ton of money in hedging and other costs given the volume so we are seeing higher rates than then. Don't be greedy, rates are never going to zero an investor in mortgage bonds is always going to want a return so that 3% mark never really gets broken for more than a brief period in my 28 years of writing mortgages. we literally have some customers who believe that rates should be zero Nailed it. I got in at 3.125 and the day I signed the papers, the mortgage broker said they were back up over 4% due to being so overwhelmed. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 18, 2020 Share Posted March 18, 2020 10 minutes ago, racer254 said: Nailed it. I got in at 3.125 and the day I signed the papers, the mortgage broker said they were back up over 4% due to being so overwhelmed. i know what our hedge costs are right now and it's crazy how much cash has to go out just to keep yourself from being screwed when the markets this unprecedented. Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted March 19, 2020 Share Posted March 19, 2020 Zillow and Bankrate both have sites that you can search for mortgages and get instant quotes. That's what I used a few years ago and got a 2.75% rate on a 30 year, no points, minor closing costs. It has since been sold a few times but no big deal. Everything was done online and someone came to our house to sign closing docs. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 19, 2020 Share Posted March 19, 2020 (edited) 19 hours ago, Angry ginger said: thats odd, wonder if there is an issue with registry or title companies in that market. We are still cranking up the closing machine. Our concern right now is appraisers not being able to get into houses and the possibility that those on furlough will pop up when we do final income verifications. Hoping Fannie/freddie loosens the guideline on that. lol yeah that woukd be the icing on the cake loosen employment and or income verifications again worked swell in the past . my bud manages a mortgage broker office he says they are having a epic last few mo Edited March 19, 2020 by Ez ryder Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 19, 2020 Share Posted March 19, 2020 rates up .75% yesterday. Market is beyond fucked up. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 19, 2020 Share Posted March 19, 2020 1 hour ago, Ez ryder said: lol yeah that woukd be the icing on the cake loosen employment and or income verifications again worked swell in the past . my bud manages a mortgage broker office he says they are having a epic last few mo these are people who we have proof were working but we need to just verify they are still an employee 5 days before closing. with no one answering phones thats hard. Quote Link to comment Share on other sites More sharing options...
Advertising Member Seatofmypants Posted March 19, 2020 Advertising Member Share Posted March 19, 2020 Closed on a loan on 2/14. 3.50 3.56 apr 30 year fixed 0 points and about 2500 to close. Thought I got a great deal. 1 Quote Link to comment Share on other sites More sharing options...
Woodtick Posted March 19, 2020 Share Posted March 19, 2020 I thought the gubberment was going to pay our mortgage now? Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 19, 2020 Share Posted March 19, 2020 3 minutes ago, Seatofmypants said: Closed on a loan on 2/14. 3.50 3.56 apr 30 year fixed 0 points and about 2500 to close. Thought I got a great deal. that is good, not the bottom of the market but people can't get greedy. I have had people at 3.5-3.75 call me looking for their 0% mortgage. They are shocked when i tell them rates are higher now Quote Link to comment Share on other sites More sharing options...
Advertising Member Seatofmypants Posted March 19, 2020 Advertising Member Share Posted March 19, 2020 1 minute ago, Angry ginger said: that is good, not the bottom of the market but people can't get greedy. I have had people at 3.5-3.75 call me looking for their 0% mortgage. They are shocked when i tell them rates are higher now Supply and demand. I was really happy with 3.5%. I didn't know this shit was coming down the pipe...but like you said earlier I can't see them going much below 3% Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 19, 2020 Share Posted March 19, 2020 I’m at 3.75%. I haven’t found any refinancing that makes sense at this point. Perhaps when some things settle down. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 19, 2020 Share Posted March 19, 2020 28 minutes ago, spin_dry said: I’m at 3.75%. I haven’t found any refinancing that makes sense at this point. Perhaps when some things settle down. monday the 9th you could have found something that might have made sense. Hopefully we will get back there. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 19, 2020 Share Posted March 19, 2020 12 minutes ago, Angry ginger said: monday the 9th you could have found something that might have made sense. Hopefully we will get back there. That’s a bit disappointing. My guy was supposed to get back to me if there was a better deal. I’ll give him a nudge to see where things are at. Quote Link to comment Share on other sites More sharing options...
MILFMAN Posted March 19, 2020 Author Share Posted March 19, 2020 23 hours ago, Angry ginger said: there is no good place to be honest. Any of the tracking services are a week behind. What i will tell you is most of the experts I follow in the industry are saying we should see rates drop but we may not see them back at the same levels as 10-14 days ago. All investors are overwhelmed and having to spend a ton of money in hedging and other costs given the volume so we are seeing higher rates than then. Don't be greedy, rates are never going to zero an investor in mortgage bonds is always going to want a return so that 3% mark never really gets broken for more than a brief period in my 28 years of writing mortgages. we literally have some customers who believe that rates should be zero Thanks! I am currently on a 3.75 on a 30 year, so it may not be worth it. I can afford to pay more and shorten the term. Time will tell. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 19, 2020 Platinum Contributing Member Share Posted March 19, 2020 10 minutes ago, MILFMAN said: Thanks! I am currently on a 3.75 on a 30 year, so it may not be worth it. I can afford to pay more and shorten the term. Time will tell. Ive paid double the principal each month since I have been here. Some say that's foolish. May be , maybe not. Quote Link to comment Share on other sites More sharing options...
ManOnManOral Posted March 19, 2020 Share Posted March 19, 2020 30 years. Wtf is wrong with you people. Quote Link to comment Share on other sites More sharing options...
MILFMAN Posted March 20, 2020 Author Share Posted March 20, 2020 18 hours ago, ManOnManOral said: 30 years. Wtf is wrong with you people. That was when I bought the place 6 years ago. The wasn't enough interest savings for me to shorten the term at the time. I am paid way ahead. After the kids are out at some point I will cash out, buy a much smaller place and put my money into rebuilding the camp in Northern Maine. 2 Quote Link to comment Share on other sites More sharing options...
Snake Posted March 20, 2020 Share Posted March 20, 2020 21 hours ago, spin_dry said: I’m at 3.75%. I haven’t found any refinancing that makes sense at this point. Perhaps when some things settle down. You're 'retired' and you don't have your house paid off? Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 20, 2020 Share Posted March 20, 2020 2 minutes ago, Snake said: You're 'retired' and you don't have your house paid off? Having one’s house paid off is highly overrated. 1 Quote Link to comment Share on other sites More sharing options...
Snake Posted March 20, 2020 Share Posted March 20, 2020 Just now, spin_dry said: Having one’s house paid off is highly overrated. Sigh Quote Link to comment Share on other sites More sharing options...
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