cancel
Showing results for 
Search instead for 
Did you mean: 

3.375% interest seem unrealistic?

Its_Me
Regular Contributor

Re: 3.375% interest seem unrealistic?

Thanks Marlena for digging that information up! Smiley Happy

Message 11 of 29
Marlena
New Contributor

Re: 3.375% interest seem unrealistic?


@Its_Me wrote:

Thanks Marlena for digging that information up! Smiley Happy


No prob. Curiosity gets the best of me and off I go. After I posted that I thought, "Oh, hell. I hope Its_Me doesn't think I'm overstepping and prying into her business!" Sorry if I overstepped!

Experian 786, Equifax 799, TU 786 (4/15)
Experian 786, Equifax 791, TU 786 (5/15) EQ dinged 8 pts for HP from Discover App

Trying to hit 800! Just because.
Message 12 of 29
StartingOver10
Moderator Emerita

Re: 3.375% interest seem unrealistic?


@Marlena wrote:

OK, dug some more and found out that mycumortgage is the actual mortgage lender. They are owned by Wright-Patt Credit Union. Basically looks like a bunch of credit unions partnered together under the umbrella of mycumortgage in order to be able to offer more loan products to their members (credit unions don't have all the money in the world like the big banks do). You apply through your credit union, but mycumortgage processes, underwrites, services and funds the loans. Credit Union is the middleman. The actual interest rate and APR is determined by mycumortgage, not the credit union.


But the Credit Union can't quote anything different from what mycumortgage quoted - right? Good info Marlena - at least he knows its backed by a conglomerate of CU's and that they underwrite and fund their own loans. That to me is the best news - so they know what they are quoting. PrimeLending also underwrites and funds their own loans. So from that standpoint they both are equal - its just the terms and rates/fees that differ.

Message 13 of 29
Its_Me
Regular Contributor

Re: 3.375% interest seem unrealistic?


@Marlena wrote:

@Its_Me wrote:

Thanks Marlena for digging that information up! Smiley Happy


No prob. Curiosity gets the best of me and off I go. After I posted that I thought, "Oh, hell. I hope Its_Me doesn't think I'm overstepping and prying into her business!" Sorry if I overstepped!


You absolutely did not overstep! Actually, I'm glad you did look into it. I started looking at the Wright Patt CU site directly and discovered that I could save 1% on origination fees by going directly to the source. I'm eligible to become a member based on the county I work in. 

 

This may work out well. Now I just have to hope that interest rates don't rise too much before I can go into contract. I can't close until September due to my current lease not up until October 31. So I won't be looking at homes until end of July/beginning of August.

Message 14 of 29
Revelate
Moderator Emeritus

Re: 3.375% interest seem unrealistic?


@StartingOver10 wrote:

@Marlena wrote:

OK, dug some more and found out that mycumortgage is the actual mortgage lender. They are owned by Wright-Patt Credit Union. Basically looks like a bunch of credit unions partnered together under the umbrella of mycumortgage in order to be able to offer more loan products to their members (credit unions don't have all the money in the world like the big banks do). You apply through your credit union, but mycumortgage processes, underwrites, services and funds the loans. Credit Union is the middleman. The actual interest rate and APR is determined by mycumortgage, not the credit union.


But the Credit Union can't quote anything different from what mycumortgage quoted - right? Good info Marlena - at least he knows its backed by a conglomerate of CU's and that they underwrite and fund their own loans. That to me is the best news - so they know what they are quoting. PrimeLending also underwrites and funds their own loans. So from that standpoint they both are equal - its just the terms and rates/fees that differ.


I wouldn't think so.  Marlena: CU's are all over the place for mortgage underwriting, and doesn't surprise me to find that some if not many outsource the whole affair... happens with virtually every other loan type in the market.

 

I still find the quote suspect: with the way the system is setup there's really no problem offering a "marketing rate" if the customer isn't ready to go with an executed purchase agreement right now for a rate lock (and even then it has to be processed... oh sorry rates changed!); to other LO's point: it would irritate me if I were competing above board.  Quite probably a lot.

 

@S10: Absolutely agreed it could've been handled much better and I'd probably write someone off if it happened to me; however, generally competition is great for the consumer, but if someone stops playing fair... well in my world if I thought this was what was occurring, I'd open a third front anyway.  I abhor behavior I find unethical.

 

@Its-me: I think you'll be fine in October: if I had to guess what was going to happen, rates will rise through the typical buying season, and if the Fed's rates are still low (ish) they will find a way to drop it a quarter or half a point to get a wave of refinances in after that.  Why stop milking the cow now? Smiley Happy




        
Message 15 of 29
ezdriver
Senior Contributor

Re: 3.375% interest seem unrealistic?

For what its worth, my inhouse lender posted the following zero-points rates for this weekend:

 

FHA, VA & USDA - 4.25% for 30 yr fixed.

Conventional - 4.5% for 30 yr fixed.

 

 

Message 16 of 29
StartingOver10
Moderator Emerita

Re: 3.375% interest seem unrealistic?

And the lender I use all the time posted the rates as of yesterday at 3.75%,  30 year fixed FHA with no points (in fact you get a $300 credit at closing). They do have a disclaimer that the rate may vary by state as they loan nationwide. 

Message 17 of 29
Marlena
New Contributor

Re: 3.375% interest seem unrealistic?


@ezdriver wrote:

For what its worth, my inhouse lender posted the following zero-points rates for this weekend:

 

FHA, VA & USDA - 4.25% for 30 yr fixed.

Conventional - 4.5% for 30 yr fixed.

 

 


Thanks for that info. Makes me glad I closed when I did in April. I got 3.25% VA 30 yr fixed. Zero points.

Experian 786, Equifax 799, TU 786 (4/15)
Experian 786, Equifax 791, TU 786 (5/15) EQ dinged 8 pts for HP from Discover App

Trying to hit 800! Just because.
Message 18 of 29
ezdriver
Senior Contributor

Re: 3.375% interest seem unrealistic?

As an FYI, I encourage all of my buyers to shop around and haggle with our inhouse lender for the best overall rate/fees package. In more than 3 years of working for this builder, I have yet to have a customer not go with our inhouse lender due to rate/costs. It pays to shop around because quoted vs lockable can vary quite a bit.

 

Message 19 of 29
StartingOver10
Moderator Emerita

Re: 3.375% interest seem unrealistic?


@ezdriver wrote:

As an FYI, I encourage all of my buyers to shop around and haggle with our inhouse lender for the best overall rate/fees package. In more than 3 years of working for this builder, I have yet to have a customer not go with our inhouse lender due to rate/costs. It pays to shop around because quoted vs lockable can vary quite a bit.

 


^^^Agree with this. My clients that have used the lender I referenced above have never had an issue with getting the rate quoted. Naturally locking in doesn't happen until a property is under contract, which is usually quite soon after the rate quote.

Message 20 of 29
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.