I recommend Wells Fargo. I worked with an excellent agent there recently that I can recommend (PM me.) He was SUPER responsive and closed the loan on time. I believe their 20% down, jumbo loan is between 3.375-3.5%. The range depends on your credit score.
Do you guys know if you refinance, given that your property might be higher than purchase price? Can you do HELOC at the same time? Also whatâs LTV most of the bank look for with HELOC?
You need to do one by one. Refi for primary is around 75% LTV, and then HELOC you can get additional 10%. Ultimately, you can max get 85% LTV provided your DTI 43% supports it.
Are refinance rates higher generally than purchase rates?
What is the cost of mortgage(closing cost+ any points) for this 3.375% rate?
Refinance may not have higher rates for primary, but Appraisal will be likely lower than actual. Lender+Appraisal would be very conservative estimate during refinance. The fixed rate 3.375% may vary depending on time you lock (MBS rate vary), but whatever I stated have appx $2500 cost portion, but no points.
If you take cash out, refinance may have higher rates. If you credit goes down, refinance may have higher rate. There are so many factors affecting finance/refinance which is difficult to state/predict.
When all variables are equal, refinance and finance should not have any change in rates !
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So, @Jil, I challenged my mortgage person Tracie to beat that. She is asking is Wells charging closing fees. Tracie can do same rate, no points, but borrower has to pay closing fees if 30 yrs fixed.
Normally, rates must be same across bank in the same location with a difference of $2000 (for 625k). Everything is based on MBS rate on that day (like stocks). It changes every hour.
Some banks, like credit union, absorbs fees to attract customers about $2000. If you go to Meriwest credit union or star one credit union, you may also get better rate. They are too good on discount.
Check it.
Soooo, no fees then??? Ok, maybe they have to make up for that debacle with the unauthorized opening of accountsâŚ
In my experience, an independent mortgage broker (like a Tracie) can get pretty darn good rates too. I mention it often, I got a 15 yr fixed conventional loan at 2.50% through her awhile ago at no cost. I am pretty sure no bank would have been able to get near that.
Us and union bank will give you cash out refi UpTo 90% LTV.
Heloc I believe is jntrest only and directly linked to fed funds rate so itâs variable, so if you are looking for short term itâs ok, but long term for purchasing a property cash out shoukd be better, right
This is not what I heard, refinance is always 1/8 higher.
@sfdragonboy I just got a 5/1 ARM at 2.375 for 620k loan. 500 out of pocket costs for appraisal. Us bank waived their fees.
Tracie couldnât beat that and I spoke to her before going with US bank. They closed the loan in record 2 weeks as well.
This is with just 10% down payment as well.
I assume this is purchase of your Fremont house? Not refinance?
Thatâs right
The one with 3.375% for 680k primary home 30 year fixed was with fees around $2500. This is my friendâs home purchase, not mine.
If zero fees, it will be 3.5% for 30 year fixed.
Both are having no points.
I asked my friend to choose 3.375% and pay the fees. He is unlikely to refinance in future, then asked him to pay the fees.
Thanks for that @RealEstatebull⌠Tracie and I will have to discuss WTF happened!!! What do you mean you couldnât beat some freaking HUGE bank with HUGE overhead staff and brick and mortar branches??? My god, what is going on, Tracie!!!
@sfdragonboy Just saying that there is no harm in shopping for rates. Dont mean to give bad rep for your referral at all. I appreciate it.
Mortgage broker ultimately is a middleman between those big banks and consumers.So I really dont understand how they can quote better than what the banks offer. I am not making a statement, Iâm trying to find out.
In my case all the brokers that I reached out to quoted me way way higher than the banks.
I dont know the ins and outs of this business interms of how much % comissions broker makes vs mortgage officer and what kind of split they share and such for each loan. I was trying to read up on this before I commit to someone so that I can negotiate better. I couldnt find anything concrete, looks like loan officers make 1-3% commissions depending on the banks. So I was trying to see if we should ask for commisiion back when a loan is closed. I still havenât figured this out on the best way for the next time Iâm in the market for a loan or refi
Come on, @RealEstatebull, I tend to exaggerate the highs and lows⌠business is business⌠if Tracie canât beat the competition she should not expect to be able to feed her kids (wow, toughâŚ)
Good thread. So we have two good leads for mortgages already:
@sfdragonboy: Tracie
@RealEstatebull: US Bank
Whoâs your contact at US Bank, @RealEstatebull? I found out long ago your loan officer matters a great deal. Often times people need a lot of pushing.
Ok, and thatâs what Tracie said, that retail usually charges closing fees. Ok, so someone like Tracie wonât always have the best rates but she should be pretty darn close.
I want to refinance but every time I look at rates it just doesnât seem worth it. Possibly jumbo, but willing to add equity to conform. Currently 3.875%. Future uncertain- sometimes I consider 5/1 and sometimes I prefer 30 year fixed.
What do you guys think? US bank says around 3.65% online