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  • shopping mortgage rates?

    Anyone getting better than 2.625% on a 30-year fixed mortgage (conventional) recently? I had a broker that quoted me that. I also looked at a physician mortgage at Laurel Road / Key Bank with the same rate, no PMI, but considerably higher closing costs (over 3x!) for some reason.

    I've got a few days left in my window to check for rates with other institutions without affecting my credit score, but didn't know how much better I could do than that..

  • #2
    Wow I’d snag that

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    • #3
      That’s what I got. Lock it. Then you’ll see what the real rate is. “Oh shoot, look at that. It’s 3.875% now. The market just moves so fast sometimes.”

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      • #4
        Take it, but first ask for 2.5% (or possibly less) with no additional fees. If they say no you lose nothing. Also, the APR which factors in fees not the rate is the more important number to compare apples to apples.

        A quick check on bankrate today shows Sage Mortgage offering 2.375% rate, 2.526 apr on a conforming 30 year fixed. Sebonic financial (which I have financed with before) 2.365%, 2.57% APR. Even if you don't want to use these lenders for whatever reason (ie down payment requirements), print bankrate results and use this for negotiating LEVERAGE.

        When I built my office a few years ago. I asked for 0.5% below my best offer on a commercial construction loan. The first two institutions I asked said yes immediately. Don't be shy, and know the value of a safe borrower to a lender.

        These little benefits over time is a more common path to wealth building than hitting the jackpot once, but sometimes you have to create the opportunity. A small effort with recurring dividends over the years.

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        • #5
          Originally posted by Bonez View Post
          Anyone getting better than 2.625% on a 30-year fixed mortgage (conventional) recently? I had a broker that quoted me that. I also looked at a physician mortgage at Laurel Road / Key Bank with the same rate, no PMI, but considerably higher closing costs (over 3x!) for some reason.

          I've got a few days left in my window to check for rates with other institutions without affecting my credit score, but didn't know how much better I could do than that..
          so, what was the best rate you or anyone else found , closing cost ? Down payment ? Thanks

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          • #6
            Originally posted by uksho View Post

            so, what was the best rate you or anyone else found , closing cost ? Down payment ? Thanks
            For purchase (not re-fi), the best rate I got was 2.625% fixed for 30 years. This was with 5% down only on a house that is $568k. Closing costs estimated to be about $6,500. This was with Chase bank and I would have to pay PMI. There was a lower rate by .25% with Laurel Road (i think Key Bank?) for everything the same, but no PMI and the closing costs were estimated to be $30k!!!! I found similar stories on the WCI facebook group.

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            • #7
              Try checking Sofi? I just recently got 2.5% on 30 year fixed but with 20% down. The house we are planning on getting is cheaper though so within conventional loan limits.

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              • #8
                Originally posted by TheQuietOne View Post
                Try checking Sofi? I just recently got 2.5% on 30 year fixed but with 20% down. The house we are planning on getting is cheaper though so within conventional loan limits.
                Thats a great rate. I wonder how much the % down affects the rate one gets? At the time of closing 2/2021 the mortgage I'm getting after downpayment will be within the conventional loan limits. In any case I locked in already after checking a few banks and couldn't find anyone to beat what I had at the time. What will your closings costs be?

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                • #9
                  I’ve been told by loan officer that having at least 20-25% down can help get lower rates. I am not as far along as you are so I don’t know what my closing costs will be yet, just assuming 5% of loan amount? The rate I was given is not locked in so of course they may suddenly say the rates went up when we are going through escrow.

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                  • #10
                    Originally posted by Bonez View Post

                    For purchase (not re-fi), the best rate I got was 2.625% fixed for 30 years. This was with 5% down only on a house that is $568k. Closing costs estimated to be about $6,500. This was with Chase bank and I would have to pay PMI. There was a lower rate by .25% with Laurel Road (i think Key Bank?) for everything the same, but no PMI and the closing costs were estimated to be $30k!!!! I found similar stories on the WCI facebook group.
                    Thank you for the info . I just asked one or two lenders , as we were thinking of putting an offer, was quoted 2.75 with 20% down . Will shop when I found a house, ended up not putting offer on this one .

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                    • #11
                      Check out Flagstar. They quoted me 2.5% on a 30 year fixed jumbo physician's loan. Loan to value ration at 80%

                      Details they sent:
                      1. There is no application fee, no prepayment penalty, no points
                      2. Total lender fees at closing are $1295 ($550 processing and $745 for underwriting); Appraisal is typically $485. Everything else is based on the tile company you select, transfer taxes, annual premium of insurance, and establishing escrows if you prefer including this in your payment.
                      3. Credit is good for 120 days. We never want to hinder your credit scores by multiple inquires
                      4. We will submit a full file into underwriting for an actual loan approval (not re-approval) without a purchase contract. This makes your offers stronger and the process less stressful.
                      5. We do offer a float down, buy down, and recast option.

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                      • #12
                        I have a 2.5% fixed 30 year mortgage. We put 20% down. Talk to a local bank. They will likely give you a better deal.

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                        • #13
                          Actually decided to go with OneTrust Home Loans. They are covering closing cost (would have been about $6,500) but I am paying $2,200 to get our rate down from 2.75% to 2.5%. So overall was better deal then Sofi.

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                          • #14
                            Originally posted by trickofthetail View Post
                            Check out Flagstar. They quoted me 2.5% on a 30 year fixed jumbo physician's loan. Loan to value ration at 80%

                            Details they sent:
                            1. There is no application fee, no prepayment penalty, no points
                            2. Total lender fees at closing are $1295 ($550 processing and $745 for underwriting); Appraisal is typically $485. Everything else is based on the tile company you select, transfer taxes, annual premium of insurance, and establishing escrows if you prefer including this in your payment.
                            3. Credit is good for 120 days. We never want to hinder your credit scores by multiple inquires
                            4. We will submit a full file into underwriting for an actual loan approval (not re-approval) without a purchase contract. This makes your offers stronger and the process less stressful.
                            5. We do offer a float down, buy down, and recast option.

                            Who is your contact at Flagstar? Sending you a pm. Thanks!

                            Comment

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