@SmallBasil7 We are a direct lender, we can do in-house underwriting and funding. Jumbo loan rate is not very good right now. If your current jumbo rate is ok, it might make sense to wait for better rate. You can send me a private message for more detailed discussion.
I bought a house last year in September for 780k and have 718k remaining. Is it possible to waive an appraisal? I’m currently paying 3.85 through WF and do not want a stranger to enter my place during Covid-19. My credit score is 750.
The appraisal can be waived if LTV is small. 718/780 sounds high LTV.
Finished refinancing again.
2.875%. 0 points. Net out of pocket costs after lender credit was the appraisal fees.
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How soon was again?
old Closing date to new closing date is @3.5 months
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So what’s the current refinance rate for over 510k 30yrs ?
i got like 3.375 from my existing lender and it’s not even close to the ones listed here.
For high balance owner occupied, 510k-765k for Bay Area, LTV 60% or under, you can get a 2.875% 30 year fixed rate, no point no cost.
Under 510k, rate is much better for owner occupied. If LTV 60% or under, 2.625% for 30 year fixed no point no cost. 2.25% for 15 year fixed no point no cost. Cash out rate is also super good, only add 0.125%.
Your LTV is 92% so mortgage insurance would be required. You can still get a 3.25% 30 year fixed no point no cost to lower your interest rate by 0.6%.
Appraisal waiver is not guaranteed. But the minimum LTV for PIW is:
o Principal residences and second homes up to 90% LTV/CLTV
o Investment properties up to 75% LTV/CLTV
Mortgage4Rentals I am interested in doing refinance “investment/primary” how do I contact you for more detail
Has anyone deal with Mortgage4Rentals before? looking for feedback
Thanks
I can vouch for him. I just closed my primary refi with him. Working on a rental now.
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Hey Mortgage4rentals, I am interested in doing a refi cash out. Can you send me your contact info to get in touch?
A 0.5% new tax will be levied on conforming refinances. I guess tomorrow’s refinance mortgage rate will worsen by 0.125% at least. Purchase loans are not affected.
https://finance.yahoo.com/news/fannie-freddie-impose-fee-most-023601924.html
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More information on the impact of this price change here:
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Short answer: No.
Longer answer: No. There is a cost to manufacture and service a loan. The underlying mortgage backed security has to be priced at a level where investors would buy. A zero rate of return without FDIC backing is a non starter as most investors in a zero rate of return environment would want some kind of guarantee their principal is not at risk. A zero rate MBS does not provide any guarantee of principal return. Just ask anyone who worked at WAMU, Lehman Bros, Bear Stearns, or Countrywide about MBS safety.
Thanks for reading.
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