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ArgentCy

Well-Known Member
Jan 13, 2010
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just out of curiosity, do you even understand the spreads that are being earned on <3% loans right now? Who is losing money? Rates have been adjusted based on capacity for the last 90 days, not how bad they want to make the loans.

Works well when they have an automatic government buyer of the debt. Check on in-house rates / loans.
 

Gossamer

Well-Known Member
Apr 10, 2014
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Works well when they have an automatic government buyer of the debt. Check on in-house rates / loans.

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.
 

Gossamer

Well-Known Member
Apr 10, 2014
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I've had several personal and business mortgages and they absolute best banks are the ones who keep them in-house. they are faster and more flexible.

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.
 

Gossamer

Well-Known Member
Apr 10, 2014
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Hearing processors are getting offers north of $150k and underwriters over $200k in some markets.

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.
 

ArgentCy

Well-Known Member
Jan 13, 2010
20,387
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I've had several personal and business mortgages and they absolute best banks are the ones who keep them in-house. they are faster and more flexible.

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.
 

cowgirl836

Well-Known Member
Sep 3, 2009
47,200
34,759
113
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.
 

Sigmapolis

Minister of Economy
SuperFanatic
SuperFanatic T2
Aug 10, 2011
24,876
36,701
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Waukee
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.
 

BDAL23

Active Member
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SuperFanatic T2
Nov 16, 2019
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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.
 

BCClone

Well Seen Member.
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Sep 4, 2011
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Not exactly sure.
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.
 

hiltonisheaven

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Apr 11, 2006
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Ankeny
Locked in 30yr refi at 2.875% yesterday. Amazing. Was thrilled a year ago to get 3.75%.
 

CloneGuy8

Well-Known Member
Mar 20, 2017
11,856
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Refinanced in Feb before **** hit the fan. Went from 4.25 to 3.25 on a 30 year, and was really happy with that. Now I'm pissed I didn't wait, lol.
 

BCClone

Well Seen Member.
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Sep 4, 2011
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Not exactly sure.
Refinanced in Feb before **** hit the fan. Went from 4.25 to 3.25 on a 30 year, and was really happy with that. Now I'm pissed I didn't wait, lol.
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
 

ZuriCyclone

Well-Known Member
Nov 10, 2019
3,134
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Just a heads' up the refinance rates now are really low. I've tried to refinance a few times and it was never low enough to make sense for us but this week I locked in a 2.6% 15 year rate with no points and only $1,300 in closing costs. It raises my monthly cost by $6 and saves about $22,000 in interest.

I was talking to my dad about it and he said "Even if you decide to move or lose your job the worst that could happen is you're down that $1,300." That sealed the deal for us.

Anyway, great rates out there now.

Who was your loan provider?