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I did a call to rocket a few days ago, they offered me the same 3.125, but $3,900 in closing costs, on a $72K 15 year..  Quoted:
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I just did the quick Rocket Mortgage deal and they offered me 3.125% (current is 3.875) on a 30 year IRRRL but they want $3100 in fees. My payment would be reduced quite a bit but they said I couldn't do a 20 year because the payment would increase. I think if I could find somebody with lower fees and maybe a little lower rate that the 20 year might work. Can you negotiate with Rocket Mortgage/Quicken? Fees seem high based on what everybody says about IRRRL loans. |
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tag for information. I'm trying to refinance with IRRL with VA in Virginia, and I currently have 3.25%. Do you think I can get better rate than this? I am on my 4th year out of 30 years. Let me know please! |
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Zero, thanks to having a disability rating. No funding fee Quoted:
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How much was the refinance charge? i refinanced mine a few months ago from 4% down to 3%. zero charges of any kind on my end, and they even brought the paperwork to my house for me to sign. it was done by my current mortgage company as well, so nothing really changed. i tried to find a down side to it, some fee, or issue i would regret later, but couldn't. It seemed stupid to not do it. if things keep dropping i might regret not waiting another 6 months though as i might have gotten 2.5% instead of 3%. |
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Quoted: same here. i refinanced mine a few months ago from 4% down to 3%. zero charges of any kind on my end, and they even brought the paperwork to my house for me to sign. it was done by my current mortgage company as well, so nothing really changed. i tried to find a down side to it, some fee, or issue i would regret later, but couldn't. It seemed stupid to not do it. if things keep dropping i might regret not waiting another 6 months though as i might have gotten 2.5% instead of 3%. I'm with you on the wishing I held out. I keep refinancing because I keep thinking the rates can't possibly get lower, and they do. You can do the the IRRRL every 7 or 10 months or something like that. |
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tag for information. I'm trying to refinance with IRRL with VA in Virginia, and I currently have 3.25%. Do you think I can get better rate than this? I am on my 4th year out of 30 years. Let me know please! Was offered 2.75% from KS State Bank online and still want to see what my current lender will do when I say I’m walking unless they can drop it to 2.75% |
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Not sure if OK or not, but this is the arfcommer who I used. He's said it's ok to use his name, licensed nationwide iirc. Mike Nielsen 6126185335 That said, the brokers above have been helpfull, so if you live in their state, use them! |
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ok that make a lot more sense. one of my WO at work said he just refi with his leander and used a program called streamline. Do you know anything about that? Quoted:
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Ok, I asked him what he paid, Right? He responded Zero B/C of a VA rating. So he paid Zero. So when you say, "No one can tell you a number with any accuracy" can you tell him why he is wrong? This is a real question, What am I missing? Is there a charge from a Broker or something? Typically there is very little lender fees with a VA loan but they can buy down the rate up to 1% without needing to get an appraisal, but you still have misc other fees such as the title. Depending on how long you have lived there you may get a discount on the title charges. 1. The date the original loan closed. 2. The original loan amount. 3. The new loan amount. 4. Term of the new loan. 5. Has the borrower added on to the home? What about moving a fence or adding a swimming pool? If so that could trigger the need for a new survey. Is the home a lot and block or on acreage? Lot and block appraisals are $300 or so while one on acreage can be in the thousands. 6. Is their an HOA and do they have any fee's? Typically they don't on a refi, but I have seen some that do. 7. Does the county accept electronic filings or does it need to be done by courier? That changes the cost of filing 8. Is the borrower delinquent on student loans or child support? Both have to be current or its a deal killer. I am probably forgetting a few things, but my point was there is a lot of factors that go on behind the scenes when preparing an accurate quote. one of my WO at work said he just refi with his leander and used a program called streamline. Do you know anything about that? |
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Guys! Please stay away from Quicken and Rocket. We have to pick up the pieces on loans they have screwed up more than all other investors combined. They are the Cheaper than Dirt of the mortgage industry and famous for the ole Bait and Switch. There is a reason why many (most) agents do not want to accept a purchase contract when they are the lender. Yes, I know a few of you have had a good experience with them and that's great but they are not well respected in the industry. rant over. I can only do TX properties right now, but I have contacts all over the country. I think we have placed around 10-12 members with brokers that I trust in the last two days. I have zero to gain by referring you to other brokers other than wanting to see you guys get the best deal and smoothest transaction. IM me and I will get back to you as soon as I can. Chris |
| Not to look a gift horse in the mouth but... I haven’t decided what I’m going to do but this could save me $150-$200/month. My main concern is what’s the catch? (I will be taking the advice here and not go with rocket or quicken) Why not use them? Just wondering. I will prob be in touch with the member posted above. Also if I have extra cash on hand I see people getting 2.75 without points. Any sense in paying for a point or 2? Thanks |
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Not to look a gift horse in the mouth but... I haven’t decided what I’m going to do but this could save me $150-$200/month. My main concern is what’s the catch? (I will be taking the advice here and not go with rocket or quicken) Why not use them? Just wondering. I will prob be in touch with the member posted above. Also if I have extra cash on hand I see people getting 2.75 without points. Any sense in paying for a point or 2? Thanks My best quick advice. Run the numbers. Divide your savings by the cost vs how long you are going to be there and it will tell you if it is worth it or not. Consider lowering your term if you can swing it without killing the budget. Don't get greedy. We are in uncharted territory right now and I promise it's not going to stick around forever. Pick a rate that works for you and when its available lock it in and move on. I can't tell you how many times borrowers have wanted to hold out for that extra .125% only to have the market go south and end up costing them .25-.375 or more. Rates go up significantly faster than they go down. It does not take long to set up an application and lock a loan in. We all have busy lives but thinking you can wait a couple weeks and get the same rate can be a very costly gamble. Every loan officer I know including myself have cancelled plans for this weekend to try and help as many customers get applications set up that we can. I worked until after 10pm last night and was back at it at 6am this morning. There is no reason why you can't set it up the basics on your lunch hour or drive home. If you wait and rates go up it can cost you tens of thousands of dollars over the life of the loan. This is probably the #1 mistake I see people make and it's simply because they don't understand that the market moves consistently - pretty much just like the stock market. It is really no different than seeing a stock that is a good value but then waiting around 2-3 weeks and expecting it to be the same price. Good luck! Chris |
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does he do business in FL? Quoted:
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Rates seem pretty volatile. However, on wednesday, I just did a 15yr VA refi using an Arfommer who does mortgages, and got 2.625% with $1300 in closing/fees. She is licensed in PA,MD,DC,VA,NC and FL. Tell her that you know me from the gun forum. She is giving my customers a better deal because I have sent her a half dozen clients in the last 3 days. Good luck Chris |
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does he do business in FL? Quoted:
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Rates seem pretty volatile. However, on wednesday, I just did a 15yr VA refi using an Arfommer who does mortgages, and got 2.625% with $1300 in closing/fees. |
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Quoted: How much are they charging for those points? I know it's not smart to roll money (8K) into a mortgage but feel I could benefit from the extra cash. I'll be in this place for a long time as it is. Is it dumb to roll that into the loan for an extra 150 off the monthly PMT? |
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Quoted: About $8K. I know it's not smart to roll money (8K) into a mortgage but feel I could benefit from the extra cash. I'll be in this place for a long time as it is. Is it dumb to roll that into the loan for an extra 150 off the monthly PMT? 1. You freeing up cash so that’s always good. 2. If its a payment you can easily keep paying then keep doing it and pay it off even sooner 3. You can always stop paying extra when you need to. I’m doing the 1 extra payment/year already and will probably keep the same payment so it will be closer to 2-3 extra payment/year |
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Hi, I saw you post in the interest rate thread and wanted to get an pro's opinion on my situation. Currently I'm still in my 100% financed NFCU VA mortgage @ 4.3% from 2018. I am exempt from the VA funding fee. I want to reduce the payment and have more cash on hand I talked to a NFCU MLO today and she offered to refinance at:
Thanks https://www.ar15.com/forums/General/Are-VA-mortgage-rates-really-at-3-00-/5-2299451/?page=1 |
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Hi, I saw you post in the interest rate thread and wanted to get an pro's opinion on my situation. Currently I'm still in my 100% financed NFCU VA mortgage @ 4.3% from 2018. I am exempt from the VA funding fee. I want to reduce the payment and have more cash on hand I talked to a NFCU MLO today and she offered to refinance at:
Thanks https://www.ar15.com/forums/General/Are-VA-mortgage-rates-really-at-3-00-/5-2299451/?page=1 |
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Hi, I saw you post in the interest rate thread and wanted to get an pro's opinion on my situation. Currently I'm still in my 100% financed NFCU VA mortgage @ 4.3% from 2018. I am exempt from the VA funding fee. I want to reduce the payment and have more cash on hand I talked to a NFCU MLO today and she offered to refinance at:
Thanks https://www.ar15.com/forums/General/Are-VA-mortgage-rates-really-at-3-00-/5-2299451/?page=1 |
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Looks like the best out there is 2.75 even buying points. I talked to Michael and he is able to do 2.99. The .mil thread pointed me to Semper Home loans that said flat out no reason they can’t do 2.75. So either way you cant go wrong. I told Micheal my only hang up is it just seem to easy/good to be true and that’s the only reason I haven’t pulled the trigger yet. My recruiter has ruined all good things for me |
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Looks like the best out there is 2.75 even buying points. I talked to Michael and he is able to do 2.99. The .mil thread pointed me to Semper Home loans that said flat out no reason they can’t do 2.75. So either way you cant go wrong. I told Micheal my only hang up is it just seem to easy/good to be true and that’s the only reason I haven’t pulled the trigger yet. My recruiter has ruined all good things for me We're renting out our old home thats currently at 4.375 so we're definitely doing an IRRRL with a guy that Chris gave us. Hopefully he can get us under 3. |
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Sorry for the late reply. I have been slammed these last few days. Yes, we are doing a ton of streamlines right now. Fantastic loan. Quoted:
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Ok, I asked him what he paid, Right? He responded Zero B/C of a VA rating. So he paid Zero. So when you say, "No one can tell you a number with any accuracy" can you tell him why he is wrong? This is a real question, What am I missing? Is there a charge from a Broker or something? Typically there is very little lender fees with a VA loan but they can buy down the rate up to 1% without needing to get an appraisal, but you still have misc other fees such as the title. Depending on how long you have lived there you may get a discount on the title charges. 1. The date the original loan closed. 2. The original loan amount. 3. The new loan amount. 4. Term of the new loan. 5. Has the borrower added on to the home? What about moving a fence or adding a swimming pool? If so that could trigger the need for a new survey. Is the home a lot and block or on acreage? Lot and block appraisals are $300 or so while one on acreage can be in the thousands. 6. Is their an HOA and do they have any fee's? Typically they don't on a refi, but I have seen some that do. 7. Does the county accept electronic filings or does it need to be done by courier? That changes the cost of filing 8. Is the borrower delinquent on student loans or child support? Both have to be current or its a deal killer. I am probably forgetting a few things, but my point was there is a lot of factors that go on behind the scenes when preparing an accurate quote. one of my WO at work said he just refi with his leander and used a program called streamline. Do you know anything about that? I am here for the free education and to save myself money so I can spend more money on guns, Night vision, Nfa items, and of course hookers. ill IM you next week to talk thank you |
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Mine is 2.5 years old at 3.5%. I wonder if it's worth trying to get lower? Call Corrina Carter 757 273-6087 or [email protected]. She is working today also and can give you a cost analysis break down. Good luck! |
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Quoted: It depends on the loan balance. Call Corrina Carter 757 273-6087 or [email protected]. She is working today also and can give you a cost analysis break down. Good luck! 
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I'm sure it's probably bait and switch? I keep seeing this number pop up, might be time to refi? Could be. I closed on my house back in Sep. I got 3 1/8 I believe on a 15 year loan which wasn't VA. The rates had dropped slightly so I could have paid to get 3 IIRC but I chose not to. |
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Quicken Loan/Rocket Mortgage just called me and told me they can get me 2.75% for fixed 30 year refinance (VA IRRL). good or bad? or suspicious? What closing costs? They quoted me $3900 on a 72K loan. |
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Quoted: Those guys may not know what they're doing. I literally called the quicken guy I was talking to yesterday to tell him I went with a different lender, and he told me they had nothing under 3%... What closing costs? They quoted me $3900 on a 72K loan. |
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I’m sure it’s probably bait and switch? I keep seeing this number pop up, might be time to refi? I just went through my existing lender, so it took a few days and I had to do almost exactly nothing other than a couple docusign signatures and sign the paperwork with a notary. |