[RickFLM4]

Originally Posted by corn18

What was the VA funding fee? That's equivalent to paying points.

Rates without knowing points / fees are not that relevant... Anyone can buy down a rate but that doesn't necessarily make it a better deal than a higher rate.

[GenXer]

No points. no fees.

[corn18]

Originally Posted by GenXer

No points. no fees.

Are you a disabled Veteran?

[GenXer]

Originally Posted by corn18

Are you a disabled Veteran?

Nope. Just a regular veteran.
I did put $15K down. The closing and fees were $2K
It took 3 months to get an approval though. I had to submit a DD214 and the banker had to clean up any issue on the credit report.
I remember having to submit forms after forms of various items.

[Hawkeye]

Originally Posted by RickFLM4

I think jumbo refers to any loan above the Fannie Mae / FHLMC limits to purchase the loans, which I believe vary by location.

Yeah, that is probably the typical definition. I know my local CU use different bands/definitions than Freddie/Fannie. At least one of them just gives better rates the higher you go (but cap out in decreases before getting to Jumbo status)

[corn18]

Originally Posted by GenXer

Nope. Just a regular veteran.
I did put $15K down. The closing and fees were $2K
It took 3 months to get an approval though. I had to submit a DD214 and the banker had to clean up any issue on the credit report.
I remember having to submit forms after forms of various items.

Then you paid a funding fee.

[Yugo]

Locked in yesterday w builders bank @3.375 for a 30 yr fixed, 45 day lock w one free float down.

[ASAP]

Curious if auto loan refinance rates will fall... i am looking for 72 mos at 1.9% lol

[RickFLM4]

Originally Posted by Yugo

Locked in yesterday w builders bank @3.375 for a 30 yr fixed, 45 day lock w one free float down.

Points?

[Clark_Kent]

Originally Posted by Hawkeye

Depends on what you consider jumbo? As I have said with everything else check your local CU (a few of them). As far as I know they do not raise rates for jumbo loans in my area.

What a jumbo loan is or isn't is not determined by an individual. It's a loan that exceeds the limits set by the FHFA. The maximum conforming amount for 2020 is $510,400 for a single unit occupancy. They're riskier than conventional or FHA loans because they cannot be purchased, guaranteed or securitized. As a result, jumbo loans carry higher interest rates. Any rate table you see will show jumbo loans with a higher interest rate.

[GenXer]

Originally Posted by ASAP

Curious if auto loan refinance rates will fall... i am looking for 72 mos at 1.9% lol

I think it already has. There are plenty of 0% 84 months loan out there.
I got a 3% 72 months loan on my 440i from BMW Financial and that was last year.

[ASAP]

Originally Posted by GenXer

I think it already has. There are plenty of 0% 84 months loan out there.
I got a 3% 72 months loan on my 440i from BMW Financial and that was last year.

i got 2.9 for 60 in oct... but if i can refinance w a credit union now for 72 at 1.9... then hell yea

[Hawkeye]

Originally Posted by Clark_Kent

What a jumbo loan is or isn't is not determined by an individual. It's a loan that exceeds the limits set by the FHFA. The maximum conforming amount for 2020 is $510,400 for a single unit occupancy. They're riskier than conventional or FHA loans because they cannot be purchased, guaranteed or securitized. As a result, jumbo loans carry higher interest rates. Any rate table you see will show jumbo loans with a higher interest rate.

Actually, no. Neither of the rates pages I posted in this thread have higher rates for Jumbo loans. For most big banks, I agree, but credit unions do not function the same way. At least a few of the CU around me do not sell their loans which gives them a little more leeway in how they set rates.

[Clark_Kent]

Originally Posted by Hawkeye

Actually, no. Neither of the rates pages I posted in this thread have higher rates for Jumbo loans. For most big banks, I agree, but credit unions do not function the same way. At least a few of the CU around me do not sell their loans which gives them a little more leeway in how they set rates.

In the links you posted, there is no rate information for jumbo loans. The rate table you posted stops at $300,000. That's a conforming loan and NOT a jumbo loan product. It also specifically states in one of the links to call the bank to discuss rates for jumbo loans. It's clear you don't understand what these products are and how they work if you're responding to someone with "depends on what you consider a jumbo loan".

The reason the credit unions are able to set lower rates is not because they portfolio loans. That doesn't even make sense. Credit union interest rates and fees are typically relatively lower than a traditional commercial bank because the business structure of a credit union is different from that of a commercial bank. They're either organized as member-owned cooperatives or non-profit corporations which reinvest profits back into the programs the bank offers and are exempt from taxes (different for state and federally chartered) resulting in better rates and lower fees for their members.

[RickFLM4]

Here's why it's suddenly much harder to get a mortgage, or even refinance
https://www.cnbc.com/2020/04/13/coro...tivity.Message

[Yugo]

Originally Posted by RickFLM4

Points?

No points

[Hawkeye]

Originally Posted by Clark_Kent

In the links you posted, there is no rate information for jumbo loans. The rate table you posted stops at $300,000. That's a conforming loan and NOT a jumbo loan product. It also specifically states in one of the links to call the bank to discuss rates for jumbo loans. It's clear you don't understand what these products are and how they work if you're responding to someone with "depends on what you consider a jumbo loan".

The reason the credit unions are able to set lower rates is not because they portfolio loans. That doesn't even make sense. Credit union interest rates and fees are typically relatively lower than a traditional commercial bank because the business structure of a credit union is different from that of a commercial bank. They're either organized as member-owned cooperatives or non-profit corporations which reinvest profits back into the programs the bank offers and are exempt from taxes (different for state and federally chartered) resulting in better rates and lower fees for their members.

Yes, I realize that is why the rates are lower in general.

I said they don't necessarily have higher jumbo rates because they are kept in house at some credit unions. My loan isn't quite jumbo but 2 of my friend's loans were and they got the stated rates, not something higher.

[OkieSnuffBox]

Originally Posted by RickFLM4

Here's why it's suddenly much harder to get a mortgage, or even refinance
https://www.cnbc.com/2020/04/13/coro...tivity.Message

My broker just locked me in sub-3% for a refi. Waiting for the appraiser to call and setup a time.

[tdott]

Refi'd 2.5% 20yr no points but some higher fees.
LTV under 70%

[RickFLM4]

Originally Posted by tdott

Refi'd 2.5% 20yr no points but some higher fees.
LTV under 70%

Who’d you use if you don’t mind saying? How was the service / process overall? (I’m also in South FL.)

[4Hockey4]

Quoted 2.25 for 15 year fixed, no points with 20% down. have 30 day lock option.

Quoted 2% flat for 2nd home, 10 or 15 yr fixed, 20% down, no points.

[Turkish Pickle]

Don't have the greatest credit, but locked 2.95% 30 years. Waiting on approval which should (hopefully) come on Monday/Tuesday!