JayJay wrote:DR1VENbyKNOWLEDGE wrote:JayJay wrote:I have a great trick–apply for a refi; save all correspondence and reply after approval that you’re just not quite ready.
Keep doing that and watch that refi fee come down from $4500 to $2300 to $1900 to $450.
I have the paperwork to prove it and still was cautious of BofA and didn’t refinance.
But, when husband is gone and I really need to refi to live on his SS check?? I will pull out that last pile of paperwork and say…”I’m ready now and I want that last deal!!”
lol….sounds like a pain. It could work or just cost you your deal if you’re serious Jay Jay.
Be aware, on the best day at BofA, Wells, Chase, WaMu, etc etc etc, you are still paying Retail pricing……They don’t offer Wholesale pricing even to clients with $500,000 in their banks.(There’s a reason there’s high-rises with their names on top of them, marble check writing counters, etc…PROFIT.)
Wholesale Vs. Retail is about $3000 cheaper on a given rate or about .250%-.375% lower on a rate for the same cost involved…….There is almost no time a “Big Bank” will be cheaper on any loan Vs. wholesale….The only exceptions you might see is SOMETIMES for a JUMBO loan at Chase IF you have hundreds of thousands of dollars in holdings with them…..Even then, you need to shop the rate.
Be aware…..wall Street LOVES Trump….Ever since elected rates have been climbing quickly….30 yr fixed was COMPLETELY free at 3.500% at the beginning of November….now that same loan today will cost you about 9-10 thousand dollars including all 3rd party fees…….The same free loan is about 3.990%-4.125% on a 30 year today as example.(Specific credit scores , loan amount, type of property, LTV will alter these figures)
Rates move hourly, let alone daily….just like the stock market.
You cant say “I want that last deal you quoted me” if rates have gone higher and they were giving you the best deal then…..That would be like saying I want to buy Apple stock but I only want to pay $1 dollar per share you quoted me in 1978 even though it’s $135 per share today.
If they truly were giving you the best deal ON THE FIRST QUOTE, you should give that person your business and not play games as they showed their integrity giving you the best deal first phone call not wasting your time….It’s easily verifiable by shopping. Remember though, rates change quickly sometimes…shop everyone within 1 hour against each other to compare “Apples to Apples”
Look at bankrate.com…(don’t put in your contact info or 10 companies will immediately start calling you non-stop!!!….I’m not kidding here)..It’s an excellent resource but use it wisely…..BUT, be aware Bankrate.com’s advertising policies will not include 3rd party fees for anyone…..It also only is good for Primary residence, SFR(no condo’s or townhomes) mandatory impounds, and no cash-out or 2nd mortgage consolidations…..don’t trust the reviews there about a company as that’s not enough…You need the INDIVIDUAL Loan Officers reviews that’s helping you to know if they can be counted on to deliver…..I’ve seen many a bad loan officer working for excellent companies…..The LO is your bread and butter to a successful loan transaction.
In ONE sentence, what is your point??
We are retired, never gonna have any OTHER income than what we have now.
Only debt is home.
I have a hefty savings hidden here.
I don’t want a home paid for; why?? The nursing home to take when we become unable to care for ourselves??
For the young?? Maybe, but I wouldn’t have listened when I was young.
There are ways to protect your home, but you must do it in advance. One of the easiest is to sell it to your heir or a trusted friend and get an iron clad lease to live in it. Locally any change in ownership can be questioned for three years prior to such an event. My home is already in my son’s name complete with a “long term mortgage on paper and the lowest legal interest rate”. I also have a “lease on paper” that gives me complete control and first options should anything unexpected happen. It may sound complex, but not really. Swamp
Statistics: Posted by daaswampman — Sun Feb 19, 2017 5:48 pm