U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-27-2009, 09:07 AM
 
Location: Castle Hills
1,134 posts, read 2,427,655 times
Reputation: 611

Advertisements

I just sent an email to a company I'm thinking about using to re-fi. This is what he came back with below. However, I've been watching the 10 year treasury notes and I've seen it much lower than 2.72. This isn't my field so I don't know exactly how the rates work, but I do know they are tied to the 10 year T-NOTES. Please chime in....

"Market extremely volatile right now, but you picked the right day, will be historical lows. Investors are holding off on rates, but we should have some numbers in the next 30 minutes. When the rates come out, they will most likely last for a very short period of time as locks will be rolling in from all over the country."
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-27-2009, 10:19 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,412,309 times
Reputation: 958
Mortgage rates are NOT tied to Treasurys. The only thing that sets conventional and government mortgage rates are mortgage bonds, or mortgage backed securities.

I just got my company's pricing about 5 minutes ago and although I wouldn't say it's historical lows (think about a week in Jan and a week in Nov that were very low) it is very good. I personally will be looking to lock a couple today.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-27-2009, 10:34 AM
 
Location: Castle Hills
1,134 posts, read 2,427,655 times
Reputation: 611
Daddy's,
What kind of rate can you get?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-27-2009, 10:59 AM
 
Location: San Jose (Willow Glen)
180 posts, read 654,489 times
Reputation: 96
Quote:
Originally Posted by ufcrules1 View Post
I just sent an email to a company I'm thinking about using to re-fi. This is what he came back with below. However, I've been watching the 10 year treasury notes and I've seen it much lower than 2.72. This isn't my field so I don't know exactly how the rates work, but I do know they are tied to the 10 year T-NOTES. Please chime in....

"Market extremely volatile right now, but you picked the right day, will be historical lows. Investors are holding off on rates, but we should have some numbers in the next 30 minutes. When the rates come out, they will most likely last for a very short period of time as locks will be rolling in from all over the country."
While what he's saying is technically right, or at least close to right, he gives a pretty smarmy used car salesman vibe which I tend to avoid. He probably sends the same response to every prospect.

Find someone local to meet with face to face, get a referral, go on yelp.com. I've said it before, but:

Good Broker is better than a credit union is better than a bank is better than a bad Broker.

Finding the good brokers vs. bad brokers can sometimes be problematic, but high pressure is a pretty big red flag.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-27-2009, 11:15 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,412,309 times
Reputation: 958
Quote:
Originally Posted by ufcrules1 View Post
Daddy's,
What kind of rate can you get?

I would need quite a bit more information to answer that question.

Loan amount?
Property value?
Property type?
Occupancy type?
Location?
Rate and term refi or cashout?
FICO score?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-27-2009, 11:27 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,412,309 times
Reputation: 958
Quote:
Originally Posted by AndrewSoss View Post
While what he's saying is technically right, or at least close to right, he gives a pretty smarmy used car salesman vibe which I tend to avoid. He probably sends the same response to every prospect.

Find someone local to meet with face to face, get a referral, go on yelp.com. I've said it before, but:

Good Broker is better than a credit union is better than a bank is better than a bad Broker.

Finding the good brokers vs. bad brokers can sometimes be problematic, but high pressure is a pretty big red flag.
Although I agree with the majority of this post, once should be careful not to confuse high pressure salesmanship with a sense of urgency. Because the market is so volatile right now, if you are working with someone who you have a pretty good professional relationship with and they inform you that rates are really good right now but have a chance of moving upwards over the next couple of days (they should be able to explain to you why they feel this way based on analysis they have done on technical data, hunches don't cut it) then by creating a sense of urgency they may actually be looking out for your best interests. This type of LO will always give you options as well, for example "Rates are very good this morning and if you were to lock today I could deliver x.xxx%. However, in my opinion based on mortgage bond data that I have been seeing the chances for profit taking and selling off are currently higher than the chances of any more big buying trends due to the current premium pricing of said mortgage bonds. Due to this I believe that rates have a chance of getting worse over the next week or two. If you would like to float we can definitely do that, but it may be a gamble, or we could lock today and guarantee your rate of x.xxx%. How would you like to proceed?".

If, as Andrew mentions however, the response seems canned as if it were a standard response to every prospect and said LO can't give you any reasons why they believe that rates will start to go up than it would seem to me like high pressure salesmanship. In a case like this it may be likely that the LO just wants to close as much as possible, disregarding the potential benefits to prospects and borrowers.

I also agree with Andrew's point about good brokers vs. bad brokers, which is why family, friend, and coworker referrals can be such a valuable tool when shopping for a mortgage professional to work with.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-27-2009, 11:53 AM
 
Location: Castle Hills
1,134 posts, read 2,427,655 times
Reputation: 611
Loan amount? 268k
Property value? 352k (appraised in Nov 08"...hasnt gone down)
Property type? SFH
Occupancy type? We live in it. Main dwelling
Location? Lewisville, Tx
Rate and term refi or cashout? I want to refi. Looking at 30 years fixed with 1 point and 30 year fixed no points.
FICO score? close to 800
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-27-2009, 12:01 PM
 
Location: Castle Hills
1,134 posts, read 2,427,655 times
Reputation: 611
This is the email this mortgage broker just sent me. Wow.. I didn't realize GFE'S took that long.


"I am sorry but I don’t have the time for a formal GFE right now. Rates are out and outstanding. I can give you 4.65% with no points and 4.375% with one. Total lending charges, section 800 of the GFE will be about $1000, the rest is all title related and will be the same with anyone. Let me know if you would like to proceed?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-27-2009, 12:43 PM
 
Location: Wake Forest, NC
835 posts, read 3,775,098 times
Reputation: 649
Quote:
Originally Posted by ufcrules1 View Post
This is the email this mortgage broker just sent me. Wow.. I didn't realize GFE'S took that long.


"I am sorry but I don’t have the time for a formal GFE right now. Rates are out and outstanding. I can give you 4.65% with no points and 4.375% with one. Total lending charges, section 800 of the GFE will be about $1000, the rest is all title related and will be the same with anyone. Let me know if you would like to proceed?

Rate and fees sound good, but the customer service obviously leaves something to be desired.
Your getting the Walmart version- cheap but no customer service- instead of the Saks version- prices higher but they'll do everything but shampoo your dog for you.
It's ultimately up to you who you want to work with. I'd look for the Macys version of a Loan Officer- maybe an .125% higher but they'll give you reasonable customer service.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-27-2009, 01:22 PM
 
Location: Castle Hills
1,134 posts, read 2,427,655 times
Reputation: 611
Agreed. When rates are good and they have plenty of business coming in the customer service falls off the planet. Its like that almost anywhere. I would never be that way with my customers but I see it everyday. Such is life....
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top