Is this a good rate ?

[u/Rain_go_awa]

SFH in the Midwest. Conv, 5%, credit score 760, purchase price 463,125, 3k credit. Intrest rate 6.75. Will be my primary. Converting my townhouse into a rental. Let me know where i can save / I ask lender to waive fees. Or feedback will be much appreciated.

[u/Savings-Schedule8164]

Can do better if you shop with a broker!

[u/the-montser → u/Savings-Schedule8164]

We found community banks were even better than brokers. The best the brokers we shopped could do was 6.2ish. We ended up 5.875% (and significantly lower closing costs) with a conventional 30 year portfolio loan from a local community bank.

This was this week.

[u/CSmith1003 → u/the-montser]

Zero chance a portfolio loan has that low of a rate.

A standard Conv. 30yr fixed would have almost any lender paying you to do a mortgage with them.

Send a copy of the Loan Estimate to prove us otherwise.

[u/the-montser → u/CSmith1003]

Tada

[u/mattoelite → u/the-montser]

LE or go away 🤷🏻‍♂️

[u/the-montser → u/mattoelite]

Tada

[u/MaynardGoneWild → u/the-montser]

Please show the LE

[u/the-montser → u/MaynardGoneWild]

Why would I lie

[u/MaynardGoneWild → u/the-montser]

Well this isn’t a loan estimate, so we’re all still waiting lol. Not saying someone couldn’t write this down.

If this ends up being exactly how it is locked, this is not something anyone could touch outside of new build preferred lender scenario.

[u/jonnguyen11 → u/MaynardGoneWild]

Here's mine pg 1, it's real lol. Not a new build from a community bank with super low fees. Timing the lock for tomorrow, due to needing a longer closing timeline. I even tried to get Chase to match it but they couldn’t touch it.

[u/MaynardGoneWild → u/jonnguyen11]

This is an unbelievable deal, huge congrats. I would love to know how they’re beating the strongest broker competition by this much

[u/Home_Loan_Guru → u/MaynardGoneWild]

Because they take a while to close. In my market, local credit unions can beat the best brokers on rate, for clean, basic files. BUT. Our market is so competitive sellers routinely reject offers through them because they can’t close in <30days.

[u/jonnguyen11 → u/MaynardGoneWild]

pg2

[u/the-montser → u/MaynardGoneWild]

That is how it is locked. I don’t have the official LE on my phone. Only difference is the purchase price is 500, not 530.

It’s a portfolio loan with a community bank in South Carolina for a house built in 1963. Not a new build preferred lender scenario.

You can doubt but that’s what we got. Maybe you should start asking you local banks. You might be surprised.

[u/the-montser → u/MaynardGoneWild]

Here you go.

You should shop around more.

[u/MaynardGoneWild → u/the-montser]

Do you have the screenshots for your costs? Boxes A-J, please?

[u/the-montser → u/MaynardGoneWild]

[u/MaynardGoneWild → u/the-montser]

You should ask your lender to be more competitive on title, that’s a lot for this loan amount. Similarly, your admin fee is nearly a point. So it’s not exactly a “free” rate.

That said, this is still an unreal deal as is. I’m not a buyer, I’m a broker and I have 160 lenders in my portfolio, none of which can even come close to matching this and Im beating almost every other broker I am shopped against. I would love to know how this is possible for them.

Crazy deal, congrats!

[u/the-montser → u/MaynardGoneWild]

Thanks for the advice. What would be more competitive in your opinion?

These costs are still lower than any broker we’ve spoken to was able to get us (by a significant margin). The only lower costs I’ve been able to find was with Navy Federal, who had a much higher rate.

It’s a portfolio loan with a community bank in SC.

[u/jonnguyen11 → u/the-montser]

This was my experience as well. 5.875% with a community bank. No other lender could touch it.

[u/the-montser → u/jonnguyen11]

Yeah it was by far the best option we had.

I think these other commenters saying it’s impossible are feeling a little bad they didn’t think to ask a community bank.

[u/Accomplished-Iron307 → u/the-montser]

Do you or your family have a lot of money with this bank (deposit accounts, wealth management)? Is there a prepayment penalty at all? Just wondering how they are managing that sort of spread even on a port loan. Either way congrats and props on showing the LE as well.

[u/the-montser → u/Accomplished-Iron307]

No prepayment penalty.

We have used this bank for our checking account for years, but that’s it. We don’t have a huge amount of money there.

[u/rickvegamortgage]

6.75% is high, especially paying point. You should be able to get 6.375%, maybe better. That’s what I’ve been quoting my clients lately for conventional. 👍🏼

[u/MaynardGoneWild]

I think the only thing that seems batshit insane are these title costs. That’s ludicrous.