Reminds me of that sequence set in Florida from The Big Short.
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- Thread starter SoapyCy
- Start date
Reminds me of that sequence set in Florida from The Big Short.
Works well when they have an automatic government buyer of the debt. Check on in-house rates / loans.
Was quoted 2.375% for a 15 yr mortgage today, 2.875% for 20 or 30yr.
Closing date is 45-60 days out
Closing date is 45-60 days out
i don't know a bank that books 30 year fixed loans out of want...nearly all banks sell long term loans to the secondary market.
what you think is "in-house" may not be what is really "in-house". Many banks sell the loan but retain the servicing...that to many is in-house.
I prefer a loan where the servicing is kept by the bank or is serviced locally...that way I can deal with them should I need to. There are some reputable seller/servicers, in both banking and mortgage banking. Just have to sniff them out.
could be...not sure those numbers are executable in Iowa. There's a lot of money in mortgage sales right now...but those numbers are transactional and you have to turn quite a few widgets to support that kind of expense.
Shoot, before this all started, the avg. cost to produce a mortgage was nearly $7k per loan...according the the MBA. That's nearly 300 bps to close a $235k loan.
I agree and recommend them but you will not find them offering the lowest rates. They usually try to stay competitive but certainly not secondary market rates.
Wowser if legit. My company max a Closer makes $87k, Processor $89k and UW $151k before OT and bonuses.
thanks for the heads up on this, hadn't checked in a while. We're five years in on our 30 but scheduled to be done 6 years early. Got quoted 2.5% on a 15 but can't lock anymore today. Closing would be ~$1500 or less.
I told a work colleague about this.
He submitted a refi application with Chase about 15 minutes ago.
Calculated it out as $115 less per month on a 30-year with 27.5 left.
I thought it was academic for him, too -- guess not.
He submitted a refi application with Chase about 15 minutes ago.
Calculated it out as $115 less per month on a 30-year with 27.5 left.
I thought it was academic for him, too -- guess not.
I refinanced my 30 year mortgage. I was scheduled to pay off in 24 years. I refinanced at 3.0 % for 20 years. We paid all costs out of pocket including funding the escrow. We pay the same as before the refinance. With no changes in our budget we effectively lowered our term to 15 years.
When I was a loan officer, I hated escrows. A lot of work for what it’s worth. Said we should charge for it. Not too hard to just set up monthly transfers for yourself. The yearly recalculation we did blew.
Holy ****. We refinanced from 4.2 to 3.1 (house and agricultural property) and I was over the moon but now I feel stooopid
Check with your same lender. The appraisal should still be good and the abstract work should be pretty solid still. Should be able to drop it for a couple hundred
