I'm in the process of buying a house and wanted to know what kind of interest rates are currently on offer? We have good credit scores (>760) with ~30% down payment. Our loan would be a jumbo loan ($1.2M) and the property is located in bay area?
The current rate offered by Citi so far (with relationship banking and ~200K in assets) is
2.65% for 10/1 arm - 0 points
3.3% for 30 year fixed 0 points
The lender also promised a credit towards closing costs (5K-10K)
Let me know what rates you guys have received?
Those are great rates. Sounds like there will be no fees involved. Rates are collapsing today due to the coronavirus.
We actually closed with WF at 2.25% for 7/1 arm and some lender credit. Citi was unable to match the same rates.
We did have to use relationship banking discount where we moved 500k worth of funds into WF. We will use ~85% of these funds for house down payment.
In mid April we closed on a 10/1 jumbo loan at 2.375%, 50% LTV, zero points, through Schwab (they use Quicken Loans for processing).
The process actually started in mid Feb (original date of rate lock was 2/21). It was for a new home that we built, so technically a re-fi or the rate would have been a little lower. When I inquired why this was a re-fi vs new loan when the home was never occupied, never had another loan/lien and was told that it was because it was same owner?
There were some bumps along the way with Quicken delaying things and trying to increase the rate and points after the first rate lock expired, but Schwab held to the original quote.
Recent articles indicate that jumbo loans are getting more difficult since they present higher exposure to the lenders since the loans are not federally insured?
I've had several mortgages and refi's in my life (including two refi's after 2009) and this one was the most paperwork intensive of any before - by far.
It's great info for buyers. Nowadays it will be changed because the coronavirus play the role in every sector of business.
I am closing on two of my refinances next Tuesday. These are investment SFRs I purchased in 2012 and 2013 and they have doubled in value.
Here are my numbers.
$121,493 refinance from 4.2% to 3.0% closing costs $1295.41 P&I $512.22
$123,528 refinance from 4.0% to 3.0% closing costs $1261.14 P&I $520.80
From my investment refinances, I was able to bring my total interest from about $43k a year down to $31k / year. About $12k/year savings in mortgage interest. I think it is important to get very lean on your overhead going into 2021.
PanadaAtlanta - Those are pretty good rates for investment property.
I'm in the process of refinancing my first house and was able to secure 1.875% for 15 year fixed (no fees/no points). I think its a great time to lock these rates. FS also mentioned in one of his newsletters.