Is my lender screwing me? (insurance, 30 year fixed, banks, lending)

[Texas Ag 93]

Originally Posted by iama30something

This is exactly what I was quoted. It jumped that much in 2 days...

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

I actually misspoke before. 4.125% was the rate on Tuesday (not Mon as I originally said) and by last night (Wed), it was 4.25%. I think the reason my husband is pissed and wants me to look at other options is that the lender said she would watch it for us and if it was going up, she would go ahead and lock it. He wanted more proactive action on her part. Well, it's in their benefit for us to lock at a higher rate, Duh.....

Doesn't the Jobs report comes out Fri? That might have an effect.

[iama30something]

Originally Posted by Texas Ag 93

I actually misspoke before. 4.125% was the rate on Tuesday (not Mon as I originally said) and by last night (Wed), it was 4.25%. I think the reason my husband is pissed and wants me to look at other options is that the lender said she would watch it for us and if it was going up, she would go ahead and lock it. He wanted more proactive action on her part. Well, it's in their benefit for us to lock at a higher rate, Duh.....

Doesn't the Jobs report comes out Fri? That might have an effect.

Yes, but I'm afraid its going to make the rate jump higher. i think I may lock today.. it's down.

I could get 4.25% with $890 credit now or 4.125% and pay $890.

[Texas Ag 93]

BOA just claimed they could get me a rate of 3.75%, but it could likely have had higher fees and closing costs. Gonna go back to my existing bank and see if she has a product that would match that. I honestly did not have all her info on fees and costs in front of me when I talked to BOA.

Starting all over 40 days out. Still not sure I want to do that.....but 3.75 versus 4.25. That's big if it turns out to be pretty much apples to apples.

[lancers]

Originally Posted by Texas Ag 93

BOA just claimed they could get me a rate of 3.75%, but it could likely have had higher fees and closing costs. Gonna go back to my existing bank and see if she has a product that would match that. I honestly did not have all her info on fees and costs in front of me when I talked to BOA.

Starting all over 40 days out. Still not sure I want to do that.....but 3.75 versus 4.25. That's big if it turns out to be pretty much apples to apples.

If you can't lock in right now the rate you were quoted is basically meaningless.

[YelloJacket]

I did not have patience to read the entire post but 3.75 looks far fetched for a conventional 30yrs loan. I have literally spoken to like 15 lenders the they are all above 4.0% for conventional 30yrs. If you are referring to 15yrs then its too high. If its FHA then please stay away from it, LPMI mortgage cannot be that low.

And yes no rate lock = no deal.

[Texas Ag 93]

Originally Posted by lancers

If you can't lock in right now the rate you were quoted is basically meaningless.

I was told I can lock it in by ordering an appraisal. Of course, there is a cost to that of a few hundred dollars.

Originally Posted by YelloJacket

I did not have patience to read the entire post but 3.75 looks far fetched for a conventional 30yrs loan. I have literally spoken to like 15 lenders the they are all above 4.0% for conventional 30yrs. If you are referring to 15yrs then its too high. If its FHA then please stay away from it, LPMI mortgage cannot be that low.

And yes no rate lock = no deal.

It's a special Physician Loan program from BOA. But, I have bought enough houses to know that nothing comes without strings attached. A rate that low is probably front loaded with fees and origination costs.

[iama30something]

Bonds are getting crushed today. Back down to 2.11... I think I'll lock today if I can get 4.125% with no points.

[iama30something]

Just locked @ 4.25% with a $2225 credit toward closing.

I figured that was a better deal than the 4.125% with no credit... if I sell or refinance in the next 7 years, I'll come out ahead.

[thelopez2]

Originally Posted by iama30something

Just locked @ 4.25% with a $2225 credit toward closing.

I figured that was a better deal than the 4.125% with no credit... if I sell or refinance in the next 7 years, I'll come out ahead.

I think closer to 5 years. Is this a big bank or broker?

[iama30something]

Originally Posted by thelopez2

I think closer to 5 years. Is this a big bank or broker?

Broker.

The difference in monthly payments was $29.

$2225 / $29 month = 76.72 months (6.4 years)