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I have been quoted a rate of 5.375% today when should I lock?

  • July 20 2009 - Thomasville
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (56)

Best Answer

if your looking for a simple tool to know when to lock, after all that was your question, you can visit my website www.selectyourhomeloan.com and go under the daily rate lock advice tab.


Now I am new to zillow, but not this business...I AM NOT TRYING TO SELF PROMOTE...anybody (consumer, realtor, banker, broker) can go to the site and it shows a thermometer of when to lock or float and it tells you why you should lock or float.

Just trying to be helpful, not trying to self promote and have Greg Darlin or anyone else bite my head off...lol


As a matter of fact, dont go just to my website...there is a great website called www.mortgagenewsdaily.com, it shows how MBS (Mortgage Backed Securities) are trading live...this is a GREAT tool as well.


 Good luck
  • July 20 2009
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Only bad news for the ones who are not honest to begin with.  Those who try to push of appraisals and such as "third party fees" that they are not responsible for will be the ones that suffer. 
  • December 19 2009
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New GFE and HUD-1 Coming January 1, 2010

The new GFE includes clear disclosure of the YSP in order to provide accurate costs to consumers, The initial GFE must be very accurate, bad news for brokers.
  • December 18 2009
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Ho Ho Ho, whose the guy without a suit?  You should have asked for a new one Greg instead of the unmentionables you requested from me this year.

Merry Christmas and Happy New Year, January 1 RESPA rules should be fun for those who have been skirting the rules.
  • December 18 2009
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Irfan,
What is so special on your deal?  All of us can do what you are smoozing around about.  However, all of us, minus you, will properly dislcose line 800 item fees. 
As Bob mentioned, if it is on the 800 section of the GFE, then they are generated by the lender.
4.875 on a 30 yr fixed is paying about $6,000 today and on the 16th, it was paying around around $4,000 or better.  So, you pay around $1,700 in 800 line fees.  So?  Again, any of us can do that and still make a profit.
You might want to specify to a borrower that he or she will be paying for the appraisal and credit report fees and you will credit them at settlement.
  • December 18 2009
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Appraisal fee, appraisal review, and credit report are line 800 items.  According to HUD's definition, that would make them lender fees.
  • December 18 2009
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Click the link what adam has posted, it explain all the third party fees..lender can credit alot of third party fees from rebate to cover closing cost.
  • December 16 2009
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So I guess your statement "no appraisal fee" means no appraisal fee paid to YOU...vs an appraisal fee actually paid to the appraiser...oh I see what you mean...it's called bait n switch!
  • December 16 2009
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($609) is lender CREDIT TO borrower toward closing cost.  These fees are not paid to Amerisave. Title insurance, closing fees and attorney fees are paid to your closing attorney/agent. The appraisal fee is paid to your appraiser for the appraisal of your property. By law, mortgage companies are not allowed to markup or make money on any of these fees.

  • December 16 2009
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I need the time machine....

I wonder if this link works?
  • December 16 2009
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Here's a sample BOB
Rate and Term Refi as of 12/16/2009

As an Upfront Direct Lender i can offer this Rate you are assured a fair and accurate interest rate and closing cost quote.


No broker fee, No origination Point, No application Fee, No discount Point
No Commitment fee, No processing Fee, No Underwriting Fee,, No appraisal fee

Lender fee : 0.00

Property Value: 500k
Loan Amount : 400k
LTV: 80%
Middle Score: 800
Doc Type: Full
Property Type: Single Family
Occupancy Type: Owner Occupied
Term: 30 Year Fixed
Interst Rate: 4.875%
Waive Escrow: No
Lender Fee: 0.00
Appraisal is paid by Lender
Borrower only Pays for Third party Fee  (title, settlement and escrow)
You can price this loan on my Website.
[content removed by moderator]
  • December 16 2009
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4.875 with no lender fees? no points? no broker fee?  no origination fee?  on today December 16... I call BS.

Is that for every credit score, LTV, loan amount and property type?

Mr Irfan is the man with attention to no detail.

  • December 16 2009
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This post was from July.....DETAILS....What does it matter what you can offer today....Unless you have a time machine at the ready!

What say you Doc Brown...are you warming up the Flux Capasitor?
  • December 16 2009
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This reminds me of one of those "Jay Leno --- Man in the Street" routines where Jay asks people simple questions and they come out looking like total idiots.

Irfan--thanks for making me laugh
  • December 16 2009
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thanks bob, 4.875% rate for 30 year fixed convenional with no lender fee still exist.
  • December 16 2009
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Joe's point is that this thread is 6 months old...got it now?
  • December 16 2009
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if borrower has 800 middle  score i can offer 4.875% rate with no lender fee except third party fee.  as a direct lender i can offer that rate now not in July
  • December 16 2009
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Ifran, that would have been good information for the borrower to know 

BACK IN JULY 
  • December 16 2009
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for a 30 year conventional loan with 760 score you can easily get 4.875% with no lender fee. 5.375% is bit higher rate.
  • December 16 2009
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Lock when you are happy with the payment.  Since were seeing rates at all time lows I'd suggest you don't wait.
  • December 16 2009
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rates are very low now with 0 points...be careful and shop it...
  • July 21 2009
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without REA's ...you wouldn't be funding deals!

flawed logic.  wow! what a strange person.
  • July 21 2009
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please check the rates again we had major rate change today.... i am offring my clients 4.875 with 0.25 point.... 
again depending on your credit, loan amount, ltv you might not qualify for what i am offering... but rates have dropped...
  • July 21 2009
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osiouxanna,
sorry Linda took over your thread. If this is a loan over >$417,000 its a good rate. If you think it's good and you can lock I would discuss thei with your mortgage professional.

Linda,
If you are promoting and defending this lender that is ripping folks off because they could do a lot better elsewhere, one wonders how you conduct your business as a real estate professional hiding behind an avatar? ..... Rudi Hofmann 
  • July 20 2009
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I have been in this business for more than 16 years and the amount of transactions REA's control has been dwindiling.  I work with a handful of REA's that no doubt earn their commission, however there are far more that don't!
  • July 20 2009
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FYI...Andrew,(the maligning hot shot)...without REA's ...you wouldn't be funding deals!  Ever do an Open House with REA?
  • July 20 2009
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Linda,

Your entire fee is a junk fee! 
  • July 20 2009
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What junk fees are you referring to? The only junk fees I ever saw on a good faith estimate were those charged by lenders! 
  • July 20 2009
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and what the heck are you doing at the Chicken Ranch? FYI...you have to go all the way to Pahrump to get the services provided at the Chicken Ranch or Sherry's.  Pahrump is a nice drive from Henderson...easily a few hours...very scenic.  I've visited and toured just to check it out and picked up a menu from the Ranch as a souvenir.   It's very cute and offers some clever ideas when you run out of things to serve on romantic evenings.   Didn't Heidi Fleiss open a place out there for ladies?  But ....I didn't think you like paying for anything including REA commissions.

[inappropriate comment, removed by moderator]
  • July 20 2009
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Well, well, well, isn't the Chicken Ranch in Henderson NV, think I ran into Linda over there recently
  • July 20 2009
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