Mortgage market has gone crazy

[Lsbcal]

Well, I am in the process of getting 3.375 with 0 lender costs but third party costs of 1400 total. So I guess so far it looks like you got the best deal so far. How long was that offer out there......30 seconds.

I too have a 3.375% loan in the pipes with some closing costs. The lender allows me to take a lower rate before closing by paying 0.5 points. In July there were some days where the rate dropped to 3.25%. If it had gone to 3.125 I might have reset the loan.

 

[Gabieta]

In talking to my lender at First Financial Services, Inc. he said that 3.25% rate was out there for maybe one day and you had to have at least a 60% equity stake and of course stellar credit.

Well, I think in our case, it was the fact that we have a VA mortgage. While we fit the "stellar credit" category, we sure don't meet the 60% equity. We do not even have to do an appraisal to do a streamline refi. VA mortgages sure have become a lot more desirable than they were when I first qualified . . .

 

[ripper1]

Amazing, this nails it. It must be deflation for the next 30 years so 3.25 % for 30 years looks awfully good to whoever is lending the money.

How can someone do a loan without doing an appraisal or checking ones income. Something doesn't add up.

 

[Gabieta]

How can someone do a loan without doing an appraisal or checking ones income. Something doesn't add up.

For those carrying a VA mortgage, there is a streamline refinancing option, or Interest Rate Reduction Refinancing Loan (IRRRFL) which is authorized by the VA.

The IRRRL program does not require appraisal or credit underwriting, though an individual lender may.

Here is a link to the details of the program.


IRRRL Facts for Veterans - Home Loan Links

 

[ripper1]

For those carrying a VA mortgage, there is a streamline refinancing option, or Interest Rate Reduction Refinancing Loan (IRRRFL) which is authorized by the VA.

The IRRRL program does not require appraisal or credit underwriting, though an individual lender may.

Here is a link to the details of the program.


IRRRL Facts for Veterans - Home Loan Links

Thank you, Gabieta. I would have been eligible for this if this was coming from an existing VA loan. Too bad I am already in the process of my new loan with the appraiser coming today. If there is another refi opportunity I definitely will look into VA funding.

 

[Texas Proud]

Well, I guess I should have locked my rate... the cost on the rate that I wanted has gone from about $1400 to over $3000...

Hopefully they will go back down and I can lock something in....