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Old 05-04-2015, 09:13 PM
 
360 posts, read 495,061 times
Reputation: 283

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Quote:
Originally Posted by thelopez2 View Post
Even if you could get a 3.99 at $890 cost would you start all over with another lender? It is funny to see how many people don't like to save money.
I don't get it. How could I be saving money?
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Old 05-04-2015, 09:51 PM
 
Location: Southern California
4,350 posts, read 4,954,239 times
Reputation: 2129
Quote:
Originally Posted by iama30something View Post
I don't get it. How could I be saving money?
Lenders range in price, you were quoted 4.125 and at a cost of $890. There is a possibility that there is someone willing to do a loan for 3.99 at the same cost, even 3.875. But at what point do you leave your current lender to start over. Sometimes people do it and it blowup in their face. There is a real risk when starting over close to your close date. Your original question is, are you getting screwed by your lender, it is very hard to tell. It might be hard to believe that some lenders actually perform better than others.
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Old 05-06-2015, 04:32 PM
 
360 posts, read 495,061 times
Reputation: 283
i should've locked in back then. Now I'm at 4.25%... when will these bonds go back down?!
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Old 05-06-2015, 05:47 PM
 
1,049 posts, read 2,406,652 times
Reputation: 1366
Quote:
Originally Posted by iama30something View Post
i should've locked in back then. Now I'm at 4.25%... when will these bonds go back down?!
Maybe Thanksgiving or Christmas time.. certainly not before the weather cools off.
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Old 05-06-2015, 08:45 PM
 
Location: Durham NC
1,126 posts, read 1,183,755 times
Reputation: 869
Quote:
Originally Posted by iama30something View Post
i should've locked in back then. Now I'm at 4.25%... when will these bonds go back down?!
Nobody knows for sure if or when rates will go back down. Don't sweat it 4 and change is near historic lows. Don't obsess over a half point. Enjoy the house.
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Old 05-06-2015, 09:40 PM
 
Location: MID ATLANTIC
7,609 posts, read 17,682,742 times
Reputation: 8107
Today, I was quoting 3.75% with 20% down (3.778% APR), for Fannie high balance loans. I also work for a credit union (easy access - anyone can join). Jumbo is 3.875% 0 points (3.892% APR). Credit scores under 740 may vary. We only have 60 day quotes. Yes, it's a credit union, you would have to join and open a $50 account, but wouldn't it be worth the extra $110 in savings each month?

Credit unions are non profits. As in no stockholders. No paid Board of Directors. The members are the ones that benefit by lower rates and fees. I'm not saying it's all abed of roses.....there's quirks, like anything else...but don't close your mind to the idea. There's probably one right around the corner from you.
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Old 05-06-2015, 09:49 PM
 
Location: Texas
3,698 posts, read 2,860,717 times
Reputation: 6095
I just locked with my lender today at 4.25%. On Monday, the rate she quoted me was 4.125%. That change in less than 2 business days? Less than 2 weeks ago it was 3.875%, but it was a moot point because we still hadn't finalized the sales terms. We are over 30 days from close, so we decided to wait and check every couple of days, but my husband changed his mind and seems convinced they will only be going up, so when I inquired about the rate today, she said 4.25%.

Needless to say, we are somewhat disappointed and my husband now wants me to call another bank to inquire about loan terms. I am hesitant to start everything from scratch 40 days from close, especially since that means all that damn paperwork again. Our file just got sent to underwriting today.

I know it's all relative and this is still a lower rate than our current home, and overall rates are historically low etc etc. but still......

This is a jumbo loan with 10% down. Very high credit scores and income. Existing mortgage relationship with the bank. They should want to keep our business.
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Old 05-06-2015, 10:20 PM
 
Location: MID ATLANTIC
7,609 posts, read 17,682,742 times
Reputation: 8107
It's frustrating, but at the end of the day you have to do what is right for you. Are you paying PMI on top of that rate? Or does that rate include PMI? (LPMI). Perhaps you can look into an 80/10/10?

Most people never look at another quote again after making loan application. Loan officers count on you being preoccupied with moving issues, hoping you are long past the shopping rate stage. See if you notice a change in you loan officer's availability....another symptom of being taken for granted.

It is not my intent to make anyone feel crummy about their decision. There will always be a lower rate than the one you locked in. But no one else but you can be your own advocate. No one is going to take you by the hand and say call here to save money. You are the fish already on the hook and that hook is set. Are you going to be reeled in with or without a fight?
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Old 05-06-2015, 10:42 PM
 
Location: Texas
3,698 posts, read 2,860,717 times
Reputation: 6095
Quote:
Originally Posted by SmartMoney View Post
It's frustrating, but at the end of the day you have to do what is right for you. Are you paying PMI on top of that rate? Or does that rate include PMI? (LPMI). Perhaps you can look into an 80/10/10?

Most people never look at another quote again after making loan application. Loan officers count on you being preoccupied with moving issues, hoping you are long past the shopping rate stage. See if you notice a change in you loan officer's availability....another symptom of being taken for granted.

It is not my intent to make anyone feel crummy about their decision. There will always be a lower rate than the one you locked in. But no one else but you can be your own advocate. No one is going to take you by the hand and say call here to save money. You are the fish already on the hook and that hook is set. Are you going to be reeled in with or without a fight?
I hear you. I think you are spot on with that bolded part. Fortunately, we have always gotten very good customer service, and this has been no exception. The difference in monthly payment between the 4.25 and 4.125 is about $60 per month. Had we locked at 3.875%, it would have been about $100. Not an insignificant amount of money, but not worth my time right now to start from scratch with paperwork and risk missing my close date.

Moreover, there is another half to the equation, and that is that I am trying to sell a house as well. It would be better for me to bring in buyers if the rates go back down, even though I find that frustrating as I locked in higher.

Maybe it will make me feel better to remember what people were paying in the 1980s. That puts it in perspective
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Old 05-06-2015, 11:42 PM
 
360 posts, read 495,061 times
Reputation: 283
Quote:
Originally Posted by Texas Ag 93 View Post
I just locked with my lender today at 4.25%. On Monday, the rate she quoted me was 4.125%. That change in less than 2 business days? Less than 2 weeks ago it was 3.875%, but it was a moot point because we still hadn't finalized the sales terms. We are over 30 days from close, so we decided to wait and check every couple of days, but my husband changed his mind and seems convinced they will only be going up, so when I inquired about the rate today, she said 4.25%.

Needless to say, we are somewhat disappointed and my husband now wants me to call another bank to inquire about loan terms. I am hesitant to start everything from scratch 40 days from close, especially since that means all that damn paperwork again. Our file just got sent to underwriting today.

I know it's all relative and this is still a lower rate than our current home, and overall rates are historically low etc etc. but still......

This is a jumbo loan with 10% down. Very high credit scores and income. Existing mortgage relationship with the bank. They should want to keep our business.
This is exactly what I was quoted. It jumped that much in 2 days...

I didn't lock. I'm waiting one more day...
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