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Has anyone locked in a jumbo rate in the past couple of weeks? Can you please share what it is? I am not interested in what bankrate.com is quoting, instead I want to know where actual transactions are getting done. Thanks!
I locked in a refi yesterday with Wells. Depending on where the underwriting comes out my choices are 30YR Fixed at 4.125% and 10/1 ARM at 3.375%, both no points. I MAY be able to do 1/8th better but haven't started fighting for that yet. Citi is advertising 4.00% on 30YR Jumbo but unclear if that include .75 in points or not (probably waived if you have a certain amount of cash with Citi...or you're a law firm partner...etc. who they bend over for).
All this assumes less than 70% LTV and 780+ FICO.
Thanks NYC10007. I do have the same credit profile & I am being quoted 4% on a 30-yr for a purchase. I am going thru a mortgage broker but the ultimate Lender bank is Chase & I am being quoted an origination fee of 1%. Just want to make sure this reflects the current market.
Sounds like you're spot on. The difference between your quote and mine is the 1% origination, otherwise same terms. Did you consider or get quoted on a 10/1? Not everyone does them but curious to compare. It's a great product in my mind...
NYC10007 - Thanks, haven't looked at 10/1; but will now.
Has anyone experience mortgaging with (TFCU) the teacher's credit union?
They are advertising ridiculous rates.
sammy300 - Let me know what you hear back from your mortgage broker, curious to find out who else is offering the 10/1 and what the rates are.
I locked a 30 year fixed at 4% with no points through wells in late June. Chase countered and beat it at 3.875% but I didn't have the credit profile for it.
i got a jumbo through citi on 10/1 ARM @ 3.375% (although I think rates dropped a bit since then)
I split 1/2 5/1 ARM @ 2.875 and 1/2 10/1 ARM at 3.5 last week through Citi -- makes me wonder . . .
jaded - same credit hurdles on your loan? Above 780 and 70% LTV or better?
Are people finding that 30% down is required by most of the lenders for a jumbo (in the ranges described above - e.g. ~1.8mm apt w strong credit) or will some do 20% down?
770k/1.1m in a co-op through chase at 4.35% 30year fixed
closed last week
chase is a pita to deal with though, took forever not sute i'd deal with them next time.
Thanks deanc, appreciate the post. Very helpful for all of us who are in similar ranges. Was that with 780+ credit and zero points?
Co-op: 10/1 ARM with 75% LTV, no points, 3.5% through BofA. Also included a quarter point credit toward costs, which essentially covered the origination fee, appraisal, etc.
Not sure what the exact credit requirement was but I'm guessing somewhere in the high 700s. Closed a few weeks ago.
excellent rates out there
is Citi becoming aggressive again , or are they losing market share ?
Concerned, are you seasoning your personality so you can soon become like str33teasier, or are you senile, reflected by your several short useless posts on numerous threads?
Co-op 30 year fixed with Wells Fargo 875K mortgage, 50% LTV, no points 4.0%m credit score approx 800, rate locked on July 12th
Rates are lower than almost every statement in here, since the 10 year has come down so much. Please contact me directly if you are looking for a quote.
Sales Manager/ PrimeLending
these crooks are pushing for another RE bubble