What am I doing wrong?

[Anonymous]

As everyone knows, I am refinancing. I have the absolute best layout possible between credit scores, income, debt and equity. But when I look at the rates for someone online for a 30 fixed conventional refi and it says 2.29% apr 2.13% rate, why are they coming back telling me 2.99% with 11k in fees and that is the best they can do?? Where are their online posted rates and why are these fees so high? They tell me that can't even buy down that low. I am really not understanding here.

Also, anyone know what title fees in Florida should be on a 300k refi?

[ShanetheMortgageMan]

1. Instead of applying with who you did, why didn't you apply with the lender that is advertising 2.29%/2.13% or whatever it is?
2. Not all lenders post their rates online, but that'd be a question to ask the lender you are applying with
3. https://facc.firstam.com is a great online calculator for title insurance and recording fees (sometimes they can provide settlement fee estimates for the closing too, if First American Title handles closings in your particular state)

Between you and I, I don't think anyone is geting a 2.29% rate/2.13% APR on a conventional 30-year fixed.  

[jmw1]

It's time to ditch them.  Seriously.  Block their number on your phone and I'm not exaggerating or kidding about that. Find a mortgage broker or an online lender who can deliver better rates. Tell them you are shopping rates and will pull hard inquiries from everyone because they count only as one within a certain time period.

Keep in mind that you have to compare apples to apples so in a refi, it should be no closing costs out of pocket to you on any scenario. And I'm assuming you have a squeaky clean profile with no self-employment.

I think you should go on the internet and look for a refinance mega thread.

[Anonymous]

I am squeaky clean, I am applying with those who advertise the rates and they are all saying the fees are non negotiable. I also told them I am shopping around and the last one just told me he isn't interested in playing the back and forth game of me comparing. Ummmm..... that is how this works. I am just wondering if I am doing something wrong. What do I need to be saying when I first get into contact with them and moving forward because obviously I am not saying the right things.

[VALoanMaster]

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@Anonymous wrote:

As everyone knows, I am refinancing. I have the absolute best layout possible between credit scores, income, debt and equity. But when I look at the rates for someone online for a 30 fixed conventional refi and it says 2.29% apr 2.13% rate, why are they coming back telling me 2.99% with 11k in fees and that is the best they can do?? Where are their online posted rates and why are these fees so high? They tell me that can't even buy down that low. I am really not understanding here.

Also, anyone know what title fees in Florida should be on a 300k refi?

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I agree with Shane, you're not likely to find a conventional refi with a rate of 2.13 and a 2.29 APR anywhere, there's no money to be made at that rate.

I ran a quick estimate for title fees through a national company and title fees alone are almost $4,200.

Now add taxes, insurance, pre-paid interest and lender fees.

What is your current rate? Are you saving money at 2.99%

[Anonymous]

I am at 4.375 currently, so I do save. I am getting cash out though so trying to mitigate costs of what will be an increase. 

[VALoanMaster]

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@Anonymous wrote:

I am at 4.375 currently, so I do save. I am getting cash out though so trying to mitigate costs of what will be an increase. 

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Cash-out is another hit to the pricing.

What is your LTV? What are you doing with the cash? Are you paying off debt?

[Anonymous]

@VALoanMaster

Currently owed is 125k. Value is 550k. Asking for 300k. I have no debt, but want to sit on the cash and have it for when I decide to do odd jobs like the driveway needs redone and considering a pool for my children. I just gutted out the entire house and redid it and like the idea of having a larger cushion for random. Middle mortgage score is 786. 

Edit: 300k is total, not just the cash out. 

[VALoanMaster]

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@Anonymous wrote:

@VALoanMaster

Currently owed is 125k. Value is 550k. Asking for 300k. I have no debt, but want to sit on the cash and have it for when I decide to do odd jobs like the driveway needs redone and considering a pool for my children. I just gutted out the entire house and redid it and like the idea of having a larger cushion for random. Middle mortgage score is 786. 

Edit: 300k is total, not just the cash out. 

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Rates fluctuate daily so I would get the 2.99 locked in and move forward. I don't see anyway a lender will do a cash out refi with 175K cash in hand at 2.13.

When lenders advertise rates, they post the absolute best possible scenario and then put all of the disclaimers in the fine print.

Hell, most of the time they advertise their 15 year fixed rates because they're lower. It's a hook, they're fishing and the low rate is the bait.

[Anonymous]

I thought locking stuck you with them so you could not shop around further?