OT: Interest Rates slashed to 0

[Irishgirl]

https://apple.news/AJ3LQlfbvR92s-tX46Oqvvw


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[AngryScientist]

wow, zero.

anyone in the know have an idea of what a fixed rate 15 year refi is going to go for?

[benb]

We already started refinancing last week and we were getting in the range of 2.5-2.75 depending on the term.

Gotta make sure we’re not already locked in.

[AngryScientist]

We already started refinancing last week and we were getting in the range of 2.5-2.75 depending on the term.

Gotta make sure we’re not already locked in.

how low do you think the 15 year fixed will go ben?

[Tony T]

Wait till Neg Rates and the banks will pay you to borrow. ;)

[steveoz]

I have a car loan at 4.99% (used car hence the rate) do you think either a line of credit or small refi might be a way to lower my cost? ( My condo is paid off)

[kiwisimon]

Wait till Neg Rates and the banks will pay you to borrow. ;)

kinda like the housing crisis in 2008, taxpayers pay the banks when it goes tits up.

[fmradio516]

just applied for a home equity loan last week with Bank of America. Waiting to hear back from them on getting approved and what the rate will be.

Thinking of maybe giving a call to a smaller mom and pop shop to see what they offer. I really have no clue what to expect from BOA, so it'd be good to get a second data point. They could offer me something ridiculous and i wouldnt know if its good or not.

[Lanternrouge]

just applied for a home equity loan last week with Bank of America. Waiting to hear back from them on getting approved and what the rate will be.

Thinking of maybe giving a call to a smaller mom and pop shop to see what they offer. I really have no clue what to expect from BOA, so it'd be good to get a second data point. They could offer me something ridiculous and i wouldnt know if its good or not.

Try a credit union for better rates.

[p nut]

Most likely low-mid 2’s for 15yr without buydowns.

Credit Unions are *typically* slow as molasses and CS is the worst. Try to find a competent broker nearby. They can usually get you just as low rates and “user interface” is much better.

[FlashUNC]

Not sure what a 100 basis points gets you when it's consumer spending fundamentally falling through the floor for two months or more that'll solve anything.

[ScottW]

... I really have no clue what to expect from BOA, so it'd be good to get a second data point. They could offer me something ridiculous and i wouldnt know if its good or not.

I'm a BOA customer for checking & debit card, which are convenient because they have ATMs everyfrigginwhere. Of course they send me offers for other services but their rates on savings accounts, loans/financing etc are simply not competitive based on what I've seen. Have a look at bankrate.com and go through some mortgage brokers and see how well you can do.

I need to run the numbers to see if it makes sense to refi the house to a 15-yr.

[AngryScientist]

This may be just the time to finance that sweet Speedvagen you've been eyeing!

[benb]

Our loan officer has said he can't beat what he was giving us last week and that some rates went back up a little? It doesn't make much sense. Our plan is to try and get our minimum payment down as far as possible with the rate and yet keep paying at least what we're paying right now. E.x. I think our current payment is $2k, but we pay $2.3k a month. Hoping to get the payment down to the $1.5k-1.75k/month range but keep paying $2.3k. But having the minimum payment lower gives us more cushion if one of us loses a job. We have it as a goal to try and be mortgage free before our son goes to college.

I don't want to go somewhere for the closing.. I hope they can figure out a new way to do that electronically. Much more of the process seems to be online these days so maybe.

5% auto loan I'd look very hard at refinancing right now. (Personally I've bought my 2nd choice of car more than once to get 0-0.9% financing before instead of 5-6% on a car the market sees as better.)

Financing a Speedvagen or any other expensive bike seems financially poor judgement.. if you can't buy the Speedvagen easily in cash it's probably silly to buy going into a recession.

[C40_guy]

Our loan officer has said he can't beat what he was giving us last week and that some rates went back up a little? It doesn't make much sense. Our plan is to try and get our minimum payment down as far as possible with the rate and yet keep paying at least what we're paying right now. E.x. I think our current payment is $2k, but we pay $2.3k a month. Hoping to get the payment down to the $1.5k-1.75k/month range but keep paying $2.3k. But having the minimum payment lower gives us more cushion if one of us loses a job. We have it as a goal to try and be mortgage free before our son goes to college.

I don't want to go somewhere for the closing.. I hope they can figure out a new way to do that electronically. Much more of the process seems to be online these days so maybe.

5% auto loan I'd look very hard at refinancing right now. (Personally I've bought my 2nd choice of car more than once to get 0-0.9% financing before instead of 5-6% on a car the market sees as better.)

Financing a Speedvagen or any other expensive bike seems financially poor judgement.. if you can't buy the Speedvagen easily in cash it's probably silly to buy going into a recession.

When we closed our refi in January, we met with the attorney at a Panera Bread midway between Boston and the Cape. Took about 30 minutes.

However, with restaurants closed in Mass, that may no longer be an option.

Looks like some libraries are still open. Bring your own wipes.

https://www.masslive.com/coronavirus/2020/03/coronavirus-closings-massachusetts-museums-libraries-and-other-cultural-resources-march-13.html

And with regard to auto refis...sometimes this just doesn't make sense. With the way that loans are amortized, most of the interest is paid up front. If you're halfway through a car loan, refinancing won't save you much, if anything, in interest.

[yngpunk]

I don't want to go somewhere for the closing.. I hope they can figure out a new way to do that electronically. Much more of the process seems to be online these days so maybe.


Assuming that you don't need a lawyer for a re-fi, you should ask your lender if they offer a mobile closing option. They send the closing packet to a notary public who then comes to you (at home or location of your choice) who has everything printed out, copies your ID, watches you sign everything, notarizes everything, and then sends it back to lender. Never have to go outside if you don't want to.

[benb]

TBH I'd probably feel safer in a law office than any restaurant/cafe/whatever.

It's not the driving either.

I do think they have mobile closing though so it won't matter.

[lavi]

Rates: I'm a mtg industry vet. No, I'm not answering questions aside from this general one. Take my advice, or not.

STOP pestering your loan officers. Rates: you have no clue so don't apply your (internet) logic. Rates are not lower right now as lenders are very nervous. If their fulfillment staff cannot make it into the office, their operations will be hampered. Due to the nature of the data (SS#, dob, etc), not all staff have the ability to work remote. Soooo...rates aren't and won't be rock bottom with the Fed rate cut. The "best rates" were a few weeks ago. If you didn't lock then, just wait a little. No one knows how long, but rates should go back to the previously low rates. A word on renegotiation of rates if your loan is locked. Renegotiations are available. However, a rate will NEVER float back down to market. The only way to get a lower, market rate is to start over. If you're dealing with a bank or correspondent lender (and a bank loan officer), good luck. They only represent one lending institution. If you're dealing with a broker, they can move your loan from one lender to another. Be warned, it's a totally new loan, new process, and new disclosures. You may be able to have your appraisal transferred...but also maybe not. So you may have to pay for a new appraisal. Also, your income docs (pay stubs) and bank statements may need to be updated for the new lender too. Don't expect your stuff that has been aging to work with a new lender. Above all, be patient. Don't be a dick. And don't try to tell your loan officer what you hear, what your buddy got, or anything. It's annoying and a great way to get you file put to the bottom. When it comes to home mortgage financing, the internet is NOT your friend. Lastly, don't talk rates. Rates are regional. What happens in one state/area, is not what happens elsewhere (like gas prices). You also have zero idea on the intricacies of pricing rates. LTV (Loan to Value), credit score, accessing equity...and a host of other things affect the rates. Hearing: "my buddy got x.xxx% on his XX term loan", is useless. Don't do it.

HELOCs: Those rates are tied to Prime. Aside from that, those rates don't fluctuate.

Signing loan docs: some lenders will have a mobile option for a portion of the doc package. However, the deed is a wet-signed doc. No way around it. You could ask for a mobil notary (for a fee) and then sign docs standing outside. Else, you WILL be signing something in person.

Believe me, or don't. IDC. I'm not soliciting biz. I'm just trying to save you some frustration and your loan pro from wanting to kill you. End of rant. Now go ride your bikes.