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Home Loan/Refi Deals

Hair Warrior

Well-Known Member
Contributor
I ended up doing a conventional, non-VA refi. Got it all done in about a week, 15 year fixed @ 2.25%. Switched from a 30 year. Saving a ton on interest over life of loan.
 

Marty Medve

Marty Medve, Senior Broker, Trident Home Loans.
pilot
What 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.
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 more
 

Marty Medve

Marty Medve, Senior Broker, Trident Home Loans.
pilot
For 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.
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 anyway
 

Marty Medve

Marty Medve, Senior Broker, Trident Home Loans.
pilot
Over the last year I’ve added about 30 airline pilot LO’s from various communities I’ve also added about 60 processors/closers and staff. Right now rates are better than I’ve ever seen. We’re doing most loans with the VA IRRRL no cost if over $200k. In 8 months we might see this at 1.75. I’m very adverse to cost for this reason and I’m providing borrowers with larger credits to plan for the possibility of a fourth wave in June. Don’t bet on that though and take advantage of rates now is my advice.
15 year fixed as stated above is also easy now with 30 year only slightly higher. Whatever you do, try not to pay points as lower rates are available. The goal of a refi is to save money. Multiple refinances with costs can actually cost a fortune and prevent future advantages
 

villanelle

Nihongo dame desu
Contributor
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.
 

Hair Warrior

Well-Known Member
Contributor
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.
No downside to finding a lender and shopping it around.
 

Marty Medve

Marty Medve, Senior Broker, Trident Home Loans.
pilot
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 now
 

Marty Medve

Marty Medve, Senior Broker, Trident Home Loans.
pilot
A point lower than the rate I posted? Is that for a 30 or 15 year?
Conv rates are 2.25% on 15 year 2.27 Apr loans $250,000 or better
30 year are 2.625% , 2.725 Apr
NMLS 86840

I was stating they are 1 point to 1.375% lower than 4.125 as investment are 3-3.125% without points.

VA loans are 2.25% with credits depending on type and loan amount.
 

AllYourBass

I'm okay with the events unfolding currently
pilot
Is there an obvious reason not to keep refinancing lower if my intent is to keep my property to rent down the line?

Details:
--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...
 

Marty Medve

Marty Medve, Senior Broker, Trident Home Loans.
pilot
Is there an obvious reason not to keep refinancing lower if my intent is to keep my property

Details:
--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...
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.
 

Marty Medve

Marty Medve, Senior Broker, Trident Home Loans.
pilot
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!!
 
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exNavyOffRec

Well-Known Member
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!!
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.

A friend of ours is looking for a house right now and her realtor told her she might want to wait until new construction catches up and all these new homes come on the market early next year.
 
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