Mortgage Rates

Mortgage
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Looking for re-financing for property in Oklahoma City. Any lead for mortgage broker.

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Much of your success depends on the size of your loan and vintage. Non-Owner rates with low costs are going to run in the low 4s today. If your mortgage balance is below $150k, you’ll have to pay fees to refinance because the lender rebates are tiny at that loan balance amount. If you’ve got a 4.5 rate and it’s 4-5 years old, and / or if your goal is to pay it off, frankly speaking I’d keep the loan as is. If you’ve been prepaying the loan ask if the servicer would recast the loan ($300 or so) rather than refinance ($2,000)

Most of the Oklahoma loans I’ve seen fit this profile. The benefits of refinancing small loans just isn’t there when costs and rates are factored in.

Got a 6 percent rate? Sure. Got something in the mid 4’s… Meh

Thanks for reading

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@LBJW,

Thank you for your reply.

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There are many, many issues that influence loan approvals. I can’t offer specifics here. I’ll PM you about this shortly.

Generally speaking all Banks like to see liquid cash with their institution. Non liquid 401ks are good as are IRA’s. Before applying anywhere all readers might want to consider moving some funds to the bank they are applying with. Pre-positioning things can be a wise move.

2020 is around the corner. If you’re SE or have rentals, perhaps completing your 2020 returns by the first week of February should be considered. Profit and Losses are just paper shuffling and ad zero value to a loan package. Lenders love 1040’s so file them early. It’s only about 80 days from now (man… Has this year sped by or what???)

Small steps like these, taken early, are often the paving stones you’ll be traveling over on the road to success.

Thanks for reading

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Thanks @LbJW . Loan is only a year and half old with 5.25%. Its non-owner loan and amount left 138K.

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Closing costs will be about $2,000 (lender, non-lender, appraisal, government fees) you can add those to your loan, even pile on points, but will it solve the issue your trying to overcome? What kind of terms have you been quoted so far?

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Proceeds to buy another house or invest in stock market?

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Lol, the average American is going to spend that on junk that quickly depreciates. They’re probably paying off maxed out credit cards.

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I walked by my credit union this weekend while picking up groceries and they had a huge poster promoting a HELOC with the tag line “… you deserve it”. They are blatantly encouraging people to pull out equity and spend. sigh. I expected better from them

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That could add to consumer spending.

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The Banks are facing 30 year fixed rate loan income at 3 percent to low 2 percent net when costs are factored in.

HELOC rates are PRIME plus margin, perhaps a 4.x average yield.

This is the biggest reason why there is this new push to sign up folks for HELOCs

Thanks for reading

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What do they look like on 30 year fixed refi with no cash out? TIA.

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Here are the few quotes I came to know Friday.

For primary and LTV=60% no cash out 800k, getting 3.375% with some $1700 cost for 30 year fixed from BOFA, but no cost means 3.5% rate.

My another friend has LTV=60% no cash out 600k loan got 3.375% no cost for 30 fixed through third party mortgage broker.

[edit] Both cases, FICO score 760.

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Rates depend on FICO score, property type, loan amounts and other data that isn’t present in your request. There are companies that push loan terms out (Owning.com - 3.25 for conforming, 3,375 for jumbo conforming, 760 FICO and 60% LTV on a SFR) with lots of disclosures that may or may not apply to your situation. For exact rate and term quotes, it’s best to have all of that data available when shopping.

Most banks will price match any written offer a borrower can get. You won’t close in 21 days as you would with a smaller company, but you also avoid impounding and perhaps seeing your loan sold over and over and over again.

Thanks for reading.

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Thanks for the input. Indeed there are lots of factors. I was seeking input for the best case scenarios. BofA reached out with a loan mod instead of a refi and it doesn’t look as competitive :face_with_raised_eyebrow:.

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Does no cost mean actually zero costs, or one has to pay a small amount(less than $1000 in total) for lender fees+appraisal fees?

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