Mortgages: Refinance or Purchase at 3.125% with $0 closing costs or even a credit towards closing with Box Home Loans

I'm a loan officer in the bay area of California. The most important thing is to just make sure all the quotes are the same day. There was a day last week when we were locking in clients with no closing costs at 3.5%. The markets are pretty volatile right now. We are doing a lot of 3.625% currently for single family homes and about 3.75% for condos. It all depends on the loan amount, LTV (loan to value),etc. The markets are easily pushing rates up about 0.125% on volatile days. As a general rule, when the stock market goes up, that is bad for mortgage interest rates.

Provident is good under certain scenarios. We are an approved lender with them, but the main drawback is that they only take cookie cutter transactions. I.e. they won't do condos, they don't like self employed borrowers, they won't refinance any properties with unpermitted work. Every situation has a lender that has a certain niche that they cater to, the work involves finding the right lender for the right scenario.

Quote from xxswishxx : I'd love to refi, and possibly take some equity out of my condo. I've never done anything like this as I've never purchased a home. My home was transferred to me by my father, but his name is still on the loan which is currently owned by chase at 5.5%APR. Any recommendations slickdealers?

As long as the paperwork is structured properly, it shouldn't be an issue. The state that you reside in also plays a factor in it as well. Taking equity out (cash-out) will usually cost about 0.25% of the credit (not the rate), but you should still be able to do it for about 3.875% or so depending on the market, condo value, the amount you are trying to take out, and so forth.

Quote from sn618 : I'm a loan officer in the bay area of California. The most important thing is to just make sure all the quotes are the same day. There was a day last week when we were locking in clients with no closing costs at 3.5%.

How about for the 15 yr with no closing?

Thanks...

wish it was for AZ too....

Any experience / thoughts on Provident? They have good rates but terrible reviews from what I found..

Worst than Amerisave. I am doing 2 refinances (primary and investment) with Amerisave and very much like them. 3.625% with $1800 credit and 4% with $2400 credit, their closing cost is $1687 and $1868.

Quote from patz98 : Any experience / thoughts on Provident? They have good rates but terrible reviews from what I found..

See my post #32 about Provident. They just require everything to fit their exact mold that they want.

Box seems to have decent rates, but if shopped aggressively, you should be able to get slightly better. As I told Bryan, the same scenario can be had for about $800 cash back after all closing costs or it can also be very close to a no closing cost loan at 3.625% if the loan amount is a tad bit higher.

is it worth it to goto 3.75 from 4.65?

Quote from scrapplejoe : is it worth it to goto 3.75 from 4.65?

Absolutely. Our rate were 5.25%(purchased and did w/bloodsucker Chase's agent) to 4.625%(cost us $4K+) to 4%(no cost) to 3.625%(no cost with $100 credit)

Years that we did: Dec 2008 >> April 2009 >> Oct 2011 >> May 2012

To do with with Amerisave you gotta do your homework first. They gave lots of credit to one w/ 800 FICO. We only got 795.

Quote from scrapplejoe : is it worth it to goto 3.75 from 4.65?

Definitely worth it. Depending on where you are with the amortization schedule, you could be paying off the loan much much sooner. Off of a 200k loan, the difference is about $104/month less. That equates to about $37,440 over the life of the loan that you're saving in interest rates.

I refinanced my client at 3.75% and he was only coming down from 4.25% but it still saved him a tremendous amount where it was worthwhile.

Quote from goldendragon : Absolutely. Our rate were 5.25%(purchased and did w/bloodsucker Chase's agent) to 4.625%(cost us $4K+) to 4%(no cost) to 3.625%(no cost with $100 credit)

Hahaa, Chase is known in the industry to be vultures. 3.625% is pretty good and that's where most of our clients fall into as well. The "perfect loan" is able to get 3.5%:

~$400k loan amount
Loan to value under 60%
House (not condo)
760+ ficos

There are so many variables that it's always a bit difficult to compare apples to apples, especially if the quotes are on different days. Rates should remain low through 2014 if the Fed is able to do everything they need to do with monetary policy. What's really keeping rates low right now though, is all the financial turmoil over in Greece and Spain. If Germany steps in for a bailout, you'll see interest rates jump very quickly.

Quote from sn618 : Hahaa, Chase is known in the industry to be vultures. 3.625% is pretty good and that's where most of our clients fall into as well. The "perfect loan" is able to get 3.5%: ~$400k loan amount Loan to value under 60% House (not condo) 760+ ficos There are so many variables that it's always a bit difficult to compare apples to apples, especially if the quotes are on different days. Rates should remain low through 2014 if the Fed is able to do everything they need to do with monetary policy. What's really keeping rates low right now though, is all the financial turmoil over in Greece and Spain. If Germany steps in for a bailout, you'll see interest rates jump very quickly.

We'll sign off on Monday for the primary:
Loan $360,000
Appraisal at $480,000
FICO 795
Pre-Lock the rate @ 3.75% w/ $1800 credit on May 4
Since they delayed us for one month, they agreed to gave us 3.625% w/ same credit on June 5
Our processors are awesome and fast!!!

I also known that in SoCal, your local Vietnamese loan agents can locked 3.5% with no cost for last week only. The last 3 days was not good but 3.75% is still no cost!!!

Sweet deal, is that $1800 credit going towards closing costs, or is that what is left over after closing costs have already been paid?