Author Topic: Any mortgage experts on the forums?  (Read 31954 times)

Offline nucheiner

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Re: Any mortgage experts on the forums?
« Reply #270 on: December 18, 2020, 02:31:33 PM »
30 year fixed

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #271 on: December 19, 2020, 11:31:53 PM »

Offline Jellybelly

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Re: Any mortgage experts on the forums?
« Reply #272 on: February 02, 2021, 11:53:29 PM »
Has anyone refinanced recently?
Have the rates gone up since the elections?

Offline davidd75

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Re: Any mortgage experts on the forums?
« Reply #273 on: February 11, 2021, 03:08:36 PM »
what can I get these days for 10 year fix refinance no cash out with no closing costs?

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #274 on: February 11, 2021, 04:07:49 PM »
Has anyone refinanced recently?
Have the rates gone up since the elections?
Our refi (30 yr fixed) just went through 2 weeks ago.
2.5%, but paid an extra $1000 to bring down from 2.625%.

Offline est

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Re: Any mortgage experts on the forums?
« Reply #275 on: February 11, 2021, 09:17:47 PM »
Our refi (30 yr fixed) just went through 2 weeks ago.
2.5%, but paid an extra $1000 to bring down from 2.625%.

Can I assume you tried nucheinerís place where he got 2.375 and rates have gone up since then? Is 2.5 a good rate now?

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #276 on: February 11, 2021, 10:49:03 PM »
Can I assume you tried nucheinerís place where he got 2.375 and rates have gone up since then? Is 2.5 a good rate now?
I used Meyer Weiss from Ark Mortgage.
No idea what rates are now.

Offline LAX_Esq

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1st time homebuyer. Strategy for shopping best mortgage rates
« Reply #277 on: February 15, 2021, 01:05:15 PM »
I've done plenty of reading/research, but I'm still very naive about all this. We're currently putting offers down on houses, and trying to get prepared to apply for loans when we land an accepted offer. Looking for some advice on strategy to shop around and find the best rates. Looking for a conventional 15 yr mortgage with 20+% down, and looking to avoid paying points and closing costs.

I generally know the strategy is to shop around and get lenders to match each other. The strategy in general makes sense, but the mechanics are somewhat confusing. Some lenders charge application fees to even get the ball rolling and get a loan estimate that you could take to another bank. Also, lenders that agree to match other banks are some sometimes saying loan approval takes 45-60 days, so we sure as day can't use them for a reasonable closing. So, it all seems a little confusing.

I don't mind putting in the time to do my homework and get a good rate. I'd just appreciate some more detailed advice on how to go about it.

Offline ckmk47

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Re: 1st time homebuyer. Strategy for shopping best mortgage rates
« Reply #278 on: February 15, 2021, 05:14:56 PM »
I've done plenty of reading/research, but I'm still very naive about all this. We're currently putting offers down on houses, and trying to get prepared to apply for loans when we land an accepted offer. Looking for some advice on strategy to shop around and find the best rates. Looking for a conventional 15 yr mortgage with 20+% down, and looking to avoid paying points and closing costs.

I generally know the strategy is to shop around and get lenders to match each other. The strategy in general makes sense, but the mechanics are somewhat confusing. Some lenders charge application fees to even get the ball rolling and get a loan estimate that you could take to another bank. Also, lenders that agree to match other banks are some sometimes saying loan approval takes 45-60 days, so we sure as day can't use them for a reasonable closing. So, it all seems a little confusing.

I don't mind putting in the time to do my homework and get a good rate. I'd just appreciate some more detailed advice on how to go about it.
A (recommended) broker does the legwork.  He gives you the best offer he can get from the banks he works with.
So approaching a few mortgage brokers may be all you need to do.

Offline LAX_Esq

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Re: 1st time homebuyer. Strategy for shopping best mortgage rates
« Reply #279 on: February 16, 2021, 06:31:13 AM »
A (recommended) broker does the legwork.  He gives you the best offer he can get from the banks he works with.
So approaching a few mortgage brokers may be all you need to do.

Thanks for this, but I've heard brokers are often sleazy/dishonest. Do they work with every single bank with the lowest possible rates? With legwork, would I be able to do better? I'm a "hands on" guy who doesn't like trusting middlemen even if I'm not paying them myself.

Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #280 on: February 16, 2021, 10:05:00 AM »
How about if you just shop around and don't try to get them to match each other.
Any bank should be able to give you their current rate table.
And their fee schedule.


As far as points, they help 'buy down' the rate you pay for the life of the mortgage.  If you keep the mortgage more than X years, it can be worth it. If you have the cash up front to pay it.

Offline davidd75

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Re: 1st time homebuyer. Strategy for shopping best mortgage rates
« Reply #281 on: February 16, 2021, 10:55:51 AM »
Thanks for this, but I've heard brokers are often sleazy/dishonest. Do they work with every single bank with the lowest possible rates? With legwork, would I be able to do better? I'm a "hands on" guy who doesn't like trusting middlemen even if I'm not paying them myself.

go for it I did same and worked well just try and get numbers in writing(email) so you can show them written estimate and ask them to beat it.  You are your best broker!

Offline AsherO

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Re: Any mortgage experts on the forums?
« Reply #282 on: February 16, 2021, 11:09:08 AM »
How about if you just shop around and don't try to get them to match each other.
Any bank should be able to give you their current rate table.
And their fee schedule.

Wouldn't it be best to get a good faith estimate that includes estimated closing costs?

Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #283 on: February 16, 2021, 11:35:11 AM »
Wouldn't it be best to get a good faith estimate that includes estimated closing costs?
a) gather general info on rates and fees offered.
b) choose the approximate one for you.
c) apply, nail it down.


Closing costs vary, but aren't they similar one bank to another?  A small difference shouldn't be the deciding factor.


a) I looked on line and asked a few brokers. LAX_Esq wants to call many banks, then try to get each bank to give the same rate as the cheapest.
b) I chose based on what would give me the lowest total cost. I paid points because the numbers worked for me.
c) If you're still deciding between more than one, get a 'good faith estimate' or whatever.
Note: Don't give out your SS# in the exploratory stages. They should have published rates.  But if you do have several mortgage pulls on your credit report, it's OK - they won't count against you - if they're all within a certain time frame. (6 months?)
« Last Edit: February 16, 2021, 11:43:09 AM by ckmk47 »

Offline AsherO

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Re: Any mortgage experts on the forums?
« Reply #284 on: February 16, 2021, 11:41:59 AM »
a) gather general info on rates and fees offered.
b) choose the approximate one for you.
c) apply, nail it down.
Closing costs vary, but aren't they similar one bank to another?  A small difference shouldn't be the deciding factor.

I have 0 personal experience with this, but from what I understand there are lots of shenanigans played with closing costs.