Base price of a house I’m building now went up $45k in 2 months…
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We we’re fortunate that the base price of the house only went up about $5k this year. They did a recent price raise on a bunch of the models, but not ours
That’s insane. Where are you located? Sounds like builders are cashing in on the demand for new housing, given low interest rates.
Lumber prices are through the roof right now, driving building costs up too.
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Any good lender to refinancing a jumbo loan in California . The best I got so far is 3.25% for a 30 yr fixed with no closing cost. I am not sure whether I can get lower than that.
Sounds about right. The only way you can get lower is if you deposit 50,000-250,000$ to get them to take some off that rate.
Wells Fargo is at 3% on a 30y jumbo plus title and escrow.
0.125 less for every 250k in relationship, max 0.5% off.
Millionaires can get to 2.5%!
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Wells Fargo just quoted me for a jumbo loan 3.03 APR with negative 0.13 points. Up to 0.5% additional discount if new money brought to the bank. Closing cost about 5300 out of which 4700 is for title. They told me that I could shop around and try to get better deal for title fees.
Just signed this week at 2.75% no cost high-confirming $600k loan in SoCal. Locked a month ago. In fact factoring the prepaid interest etc. I’m actually ahead $500 in the end. One of the easiest and smoothest refis that I’ve done.
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With that payment amount, I don’t think it’s a jumbo loan, but a high-confirming loan. In most of SoCal, a jumbo loan is $765,500+.
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I haven’t kept up with the different tiers but correct, it’s for a $600k loan.
My refi was funded/closed yesterday. 2.5% $500 credit. The whole process from reaching someone at Better to loan funding was less than a month. The key to is find a loan estimate and have Better beat it.
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Hey guys,
I am thinking of buying 1.2m house in san Francisco.
My down payment is 200k (16-17%).
One lender if offering 7arm loan with 2.9% rate.
Is it good?
Wells Fargo quoted me 2.579 APR with negative 0.25 points for a 10 Yr ARM so I think you can do better.
Have you shopped around? Everyone’s mortgage circumstances and qualifications are unique. You’re going for a jumbo 7/1 ARM without 20% down. Other than interest rate, what are your closing costs? Any lender credits? Escrow? Are you looking at diff products like 5/1 ARMs, 30-yr fixed?
Or are you interested only in the rate?
Does wells Fargo requires you to reserve some money like 12 months payment as well on top of downpayment? that 200k is all I have in cash. noshing else. But I will check with them.
I just started to talk to few, I got few opinions:
1- Jumbo loans on first loan up to 900K with 3.6% rate plus HELOC for second long (300k) and 5.7% interest.
2- Arm 5 or 7 with around 2.85% interest
3- 80-10-10 or 75-15-5
I know I should look at whole package showing all fees and closing costs. All I got was verbal and now just sent my documents to get pre approval.
Will share the details of them with you guys soon to get your opinion when they sent me.
Just wanted to get some idea and feedback from here if someone already did that and knows which option makes more sense. I am pretty open to all available loans. Probably will refinance in few years anyway
All lenders will want you to show reserves for at least 12 months, and that includes principal, interest, taxes, HOA, etc. basically what your monthly commitments will be.
Edit: it can be as low as 3-6 mths of reserves. What kind (cash, stocks, 401k, etc.) and amount of reserves depends on the lender. Jumbos just happen to be the more complicated ones from a risk perspective.
Thank you foe the information.
One lender told me you can do 80-10-10 and from your 200k put 120k down and 80k for 12 months reserve.
Your second loan is HELOC but when deal is closed we do not check reserve anymore and you can take it out and pay your HELOC in advance to avoid high interest!
When you’re using up all your cash to put sub 20% down, you’re buying too much house.
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