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I found this forum quite helpful, thanks for all of the insight. Last week when rates went up 3 times on Wednesday, we were able to lock in for 60-days at 4.875% with .5 origination fee for 30 years with Olympic Mortgage with around $800 in fees late Wednesday evening...then when rates dropped .125 on Monday of this week, they agreed to make the origination fee .25 to keep our business....so far so good...if rates go down .250 they in the next 7 weeks they will float down once.
Compared to the people we were dealing with locally, these guys were far more reasonable with pricing and rates--we had originally committed to a 7-month extended lock with a local reputable company (Cary, NC) that wouldn't even return our calls for 2 days while rates were going up, and they were giving us the run around majorly--they eventually agreed to refund our deposit of $1,600+ because they 'dropped the ball'!!
So given that and the horror stories of dealing with the 'big banks' on this forum, figured it was worth a shot given the potential savings and these guys at least answered their phones.... now we'll see if we 'get what we pay for'--hell we paid a lot before and got very little, I'm thinking it's hit or miss in this industry, depends more on the person than the institution!
I'll let you know how Olympic Mortgage turns out for us!
First off because I am in NC I will say I don't have an office in Cary so you weren't dealing with me or my company.
If you had a 7 month extended lock why did you care what rates were doing, you were locked? If this was true you would have only been calling your LO to thank them for giving you good advice to lock. Sounds more like miscommunication than anything else.
The only Olympic Mortgage that is licensed by the North Carolina Banking Commision is a small brokerage, 10 LO's including owner, out of Wilmington that has been in existence since 12/04 so they are not a big bank. Assuming your loan is for a NC property, this is the only Olympic Mortgage you could be dealing with..
First off because I am in NC I will say I don't have an office in Cary so you weren't dealing with me or my company.
If you had a 7 month extended lock why did you care what rates were doing, you were locked? If this was true you would have only been calling your LO to thank them for giving you good advice to lock. Sounds more like miscommunication than anything else.
The only Olympic Mortgage that is licensed by the North Carolina Banking Commision is a small brokerage, 10 LO's including owner, out of Wilmington that has been in existence since 12/04 so they are not a big bank. Assuming your loan is for a NC property, this is the only Olympic Mortgage you could be dealing with..
We had a 7 month lock at 5.325%, when we got to 60 days out, we could have got locked in anew at 4.75% at 0% origination, but they didn't return any calls for 2 days--they said they would either meet us in the middle if rates dropped substantially as we got closer, or it would make sense for us to just forgo the lock and re-lock. I think anyone can see that a difference of .575% would make someone care. Why are you so defensive? Sorry not going to thank him for screwing us--and I should mention, he left the company 2 months prior and he or they didn't give us the courtesy of a call, then his old company failed to return our calls for 2 days--not knowing who was to service his accounts! They were totally unprofessional all around.
Sounds like a good deal - ask your loan officer if the $800 includes other closing fees like taxes, title, attorney and escrows?
You may be surprised to the true costs............
No all of those fees are in addition to...this just covers the previously known 800 line items... definitely a good deal still for a 60-day lock... Olympic is a brokerage firm, and the actual bank who we will get the loan from is one of the top 4 largest banks in the country...until they sell our mortgage in 30 days...
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