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That's pretty decent. My mortgage is through chase and I've never had a problem with them.
I refinanced 675k at 2.25% no points several months ago. Was thru a proprietor broker who got the loan from United Wholesale Mortgage. In Virginia but he may have contacts in LA if you are still looking.
Reduce the loan amount to 510k then it would not be a jumbo loan and rate should come down. And shop for a HELOC for the 90k from local credit unions. This would help.
Yeah in the DC area jumbo starts above $760 k I think...
Mentor
Primary residence. Monthly would be roughly $2400 (no escrow)
Coach
What’s your credit score? I was getting quotes at 2.625 or better recently.
Mentor
Thanks! Will look into it
How much down?
Mentor
Aiming for $300k down
How much is the monthly payment?
Coach
Investment property or primary residence?
We refi'd recently. 600k mortgage at 2.5% but we have a lot more equity probably.
Mentor
No idea, I didn’t even know that was a thing. Will be clarifying with them shortly - good tip!
I locked 2.375 for a 30-year with PenFed in December, then got Chase to match. I’d shop around.
Amazing deal!
$1200 in points or $1200 in total closing costs? That seems too cheap for closing costs.
My closing costs are $9,600 on a $250k mortgage.
If it’s points your buying to get it to 2.8, I’d keep shopping unless you don’t have great credit. Otherwise, you can likely do better
Mortgage tax is also a significant cost not mentioned above. I just bought in NYC $600k condo my closing costs were $13k and that was the best I could find after shopping around.
Coach
I agree shopping around for a better rate might make sense you should be able to get it to 2.5%.
I found the big banks gave the worst rates. I found the small mortgage lenders living the hustle could find better rates.
Mentor
So my income situation is fairly complicated (LLC side business), do people find that small local banks are ok handling complex scenarios?
The mortgage broker will be the small time biz, he will then find a bank to sell the loan to.
I got that rate back in August in LA for roughly same amount and I’m sure it’s gone down since then. I price shopped Chase, BofA, Wells, Loan Depot, Morty, and had two local brokers.
Wells was by far best rate of the big banks, but they also offered rate matching. Loan Depot has best rate overall (brokers were surprisingly not competitive). Wells offered faster closing date, so I had them rate match Loan Depot.
Since a decent amount of people are following here, I have a question. I’m under contract with buyers who are putting down 20% on my $360 condo in Atlanta. Their financing documentation shows a rate of 3.875% on a conventional 30 year fixed. I’m not contributing any closing costs. Should I be worried about them getting denied by their bank (US Bank) and backing out of the deal with their financing contingency? That rate seems way too high so makes me worried that they have bad credit.
Yeah I’m very happy that I rejected that first offer because this one ended up coming along two weeks later and the net was better by 3% which is significant. These second people also asked for no concessions on the inspection, so that was amazing.