Depending on the loan I’m paying costs on most IRRRLS nowadays but it depends on the state . Florida for example without a disability is going to cost about a half a point for loans 300,000 or moreWhat are the typical fees/rates associated with an IRRRL?
I know it's that whole break even thing, but I'm thinking about pulling the trigger on it bc it's about 2% lower than what I've got now.
Yes , recently the credit is where the competition is and I’m giving most at least one percent if not all cost paid, Just not escrows or prepaid’s that you get back anywayFor Trident:
VA funding fee (waived with 10%+ disability)
$895 processing fee which was waived because they didn’t want the business to go to Loan Depot.
Other than that, standard recording notary, title fees and taxes which vary by location.
I think Trident and many others are doing lenders credits these days @ 2.25% which is a really sweet deal.
No downside to finding a lender and shopping it around.Has anyone gotten a deal on a refi for a place that isn't owner occupied? Our San Diego rental is at 4.125%, which seems like a screaming good deal at the time (and it was owner occupied then), but now I get the sadz every time I see that number. We are trying to decide if we want to sell when the lease is up (not until July), but if not, I'd love to refi. Last time I looked in to a refi (~5 years ago), rates were much higher for a rental.
These are over 1 point lower nowHas anyone gotten a deal on a refi for a place that isn't owner occupied? Our San Diego rental is at 4.125%, which seems like a screaming good deal at the time (and it was owner occupied then), but now I get the sadz every time I see that number. We are trying to decide if we want to sell when the lease is up (not until July), but if not, I'd love to refi. Last time I looked in to a refi (~5 years ago), rates were much higher for a rental.
Conv rates are 2.25% on 15 year 2.27 Apr loans $250,000 or betterA point lower than the rate I posted? Is that for a 30 or 15 year?
Yes if you keep rolling in costs, refinancing might not save money. For this reason, I’m doing most refinances covering costs where I can instead of charging points to get lower rates.Is there an obvious reason not to keep refinancing lower if my intent is to keep my property
--Condo in SD, 30-year VA loan
--Intend to live in it another 4-5 years before renting it, then hoping to go overseas (so I'm not aiming for another home loan for awhile)
--Originally got a 3.125, refi'd down to 2.75
--Window is open to refi again and now I can get 2.125
With the HOA costs and all, my primary goal is reducing monthly payments...it doesn't matter right now, but I imagine it will when I'm trying to rent this place out and I am not collecting that sweet, sweet SD BAH. My "worth it or not" arbitrary refi number has been whether I could get a .5% reduction, but I guess I don't know how far down that rabbit hole I should go...
Do you feel the home prices over asking is due to the lack of new construction available with the delays in products to build the homes? most every person I know that was working in construction on new construction has been furloughed or laid off for some part of this year and all housing projects around me are way delayed due to a variety of issues.We’re seeing home prices over asking price in almost every VA market due a year of lower rates. VA especially is hot with zero down to the moon. Christmas week we took in more purchases than we did for the entire month of Dec last year.
The real dirty secret is sellers are selling well below payment affordability which is why buyers are offering over ask. Houses are selling too quick and a lot is being left on the table. It seems we can’t build houses fast enough with purchases outpacing availability.
Imagine a 1$ M house costing $3800 a month P& I PLUS TAXES and Ins. $5000 a month for $1m!!???
This used to be $800,000 with rates at 4%
For years we didn’t see affordable houses over $417,000 due to Fannie Mae’s loan max and Jumbos requiring 20% down and 6% rates, now it’s the Wild West with new loan limits up to $548,000 and those rates at 2.5%(yes that’s for a 30 year conventional high Bal loan! )
Now you know, raise your asking and offer more if buying. Things are hot all over with affordable rates driving the market.
Is there a bubble? Not with everyone paying 1/3 of their payment from refinancing and buying at lower rates. Tough underwriting rules are also a plus to prevent a bubble without any subprime loans being done at all.
this is my humble opinion of about 300 purchases currently in our loan pipeline. In DECEMBER!!