Guys, in general, is the rate higher when you are putting less down on a new home? Say 5 or 10% instead of 20%?
It’s not a one-for-one, but you’re likely narrowing the scope of lenders or loans you’re eligible for and often times the loans with the higher credit standards are the ones with the better rates. Plus, of course you’d need to pay PMI additionally.
In general yes. There are more addons when you have a higher LTV. In general, 20% down for homes and 25% down for condos is what you want. You can get a better rate if you put even more down. It also depends on your Fico. If your Fico is on the lower side, the LTV matters even more.
Has anyone found any lenders that would refi investment properties at good rates?
Yes, after months of searching. Where are your properties located?
In NY try TFCU. They charge retail rates but with 2 points.
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Located in socal.
Hello Michael,
Congratulations on your offer. Talking to an agent or broker is best because all the calculators are kind of different online. Redfin and Zillow will narrow down all the costs for you on the bottom, so it’s pretty nifty. A bigger down payment will help you on your mortgage which I am sure you know already
Is anyone getting a better rate than the loan cabin 2.375% 30 year post?
For anyone wondering these are the states loan cabin serves
- Alabama
- California
- Colorado
- Florida
- Georgia
- Illinois
- Indiana
- Michigan
- New Jersey
- Ohio
- Pennsylvania
- Mississippi
- Tennessee
- Texas
- Kentucky
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Better.com did
too bad it does not have NY. That rate just seemed very appealing.
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I closed using this deal at end of June. Am kicking myself for not re-applying last week. It was the fastest refinance process I have ever been through. Locked and submitted paperwork on June 11, closed on June 27, loan funded in early July. 2.875% and a $4600 credit ended up making me ~$3000 (500 + $2500 Amex) when you factor in refund of current escrow account (and paid 10 months worth of homeowners insurance which I was paying myself with old mortgage). Awaiting $2500 credit to hit Amex. Better’s initial rates were crap but they beat another lender very quickly - this was about 2 weeks before they changed their $1000 price match guarantee to $100 and stopped matching everyone’s LC/LD/WM quotes. Rates have dropped .25-.375% since then but think I will wait until there is another bonus offer.
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Did you or anyone else close a refinance with Loan Cabin? I submitted an app 2 weeks ago and it’s like pulling teeth to get them to respond. I’m in the final stages of closing with Sebonic (thanks to the referrals above) but Loan Cabin has much better terms and I’m thinking of switching, but I’m losing faith in Loa Cabin with their response times.
Actually still I need to wait a little bit more for my downpayment.
Just was looking to see how the rates are! Probably need to wait few months.
But I also read that Loan Cabin is very slow to respond. Some people were suggesting to find their employee directly and email them.
For example here you can see full list of Loan Cabin employee. Try to see which one is supporting your state and email them directly.
https://www.nmlsconsumeraccess.org/Home.aspx/SubSearch?searchText=loan+cabin
This one is also useful:
Thank you.
I closed June 16 with better. Still waiting for my $2500 credit as well…let me know when you get yours and I will do the same favor?
Does anyone have recommendations on title companies that are inexpensive…I am in NJ and looking for a quote. Thanks
@trism any good companies you like for HELOC’s? Third Federal seems like a good option?
On Monday we closed a HELOC on our primary residence.
We used DCU and got Prime minus 0.25%, and $0 OOP (upfront or ongoing).
We applied on 5/14, so it wasn’t exactly speedy, but it was painless.
I shopped pretty hard in April and May, and in that environment (probably not much different from today) that was by far the best I could find.
We used Chase for the HELOC on our second home a couple of years ago (I think we’re at Prime minus 0.125% with a ~$50 annual fee), but they weren’t even doing HELOCs when we were looking for this one.
We used Third Federal for the first mortgage on this home, and they were great, but their max HELOC is $200,000.
Happy to answer any further questions.
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