For details see https://www.forbes.com/sites/ryanguina/2020/08/28/now-is-a-great-time-to-refinance-your-mortgage-new-refinance-fees-delayed-until- december-1st/
Why is it delayed?
I personally think that Chuang Wang heard the call of his classmates to re-finance, and does not want to lose his classmates' votes before the general election.
What does it mean for students who refinance?
很多lender已经通知我们，0.5%的费用会在10月1日重新转嫁到借款人头上。利率将会一下子变得很差。而且，这0.5%的费用是长期性的影响。这意味着，9月份是需要重新贷款的同学的最后希望。最近需要重新贷款的同学务必要在9月30日前锁定利率。
Students who buy a house loan can breathe a sigh of relief, because the current policy does not apply to house purchase loans.
Students who need a loan or re-loan pay attention,If you have not applied yet, you can seize the last chance and act quickly.
If you have a credit score of 720 or more, live in SFH or PUD, the loan amount is high balance but has not yet reached the jumbo loan (the starting point of King county jumbo loan is $741,750), and it is refinance, then according to the interest rate on September 9, congratulations You may be eligible for 2 year APR 15% no point no fee.Because there are lender points, this interest rate is so low.This promotion ends on September 9, so students who want to apply should hurry up and see if you are eligible.Students who do not meet these conditions are welcome to quote and compare our interest rates.
U.S. loans
Q&A time
FAQ
1) What is no point no fee loan?
2) How can I submit the form on the same day and lock the interest rate on the same day?
Some lenders that we have been cooperating with for a long time, including those with promotion now, can lock interest rates immediately. You can quote with us first. If you are satisfied with the lender's interest rate, as long as you submit the application form and all materials before 12 noon, we can lock the interest rate on the same day. Before 2 o'clock in the afternoon, we fight for the day lock.After 5 o'clock, you may only have to wait for tomorrow.If you only have one set of self-occupied houses and net salary income, the time to fill out the form and prepare the materials will not exceed 2 hours.Because all the parts that need to be calculated, we will handle it for you.
What are the benefits of locking interest rates on the same day? Quite simply, all lender’s quotations are quoted based on the day’s interest rate. Interest rates fluctuate every day. Before you have a lock rate, no one can guarantee your interest rate. So some lender interest rates may be tempting, but it takes a long time to lock. If there is a black swan event during this period, for example, the two rooms suddenly charge 0.5%, the interest rate will suddenly deteriorate, then we have no way to lock the quote time Interest rate.
However, some students' houses are condos, or the amount is relatively large, and jumbo loans. Only a few lenders can give good interest rates, and the approval time before lock is relatively long, some up to 2-3 weeks. That can only be mutual understanding and cooperation.
FAQ
3) How high is the credit score?
Generally above 740, a good interest rate can be guaranteed. The big good news is that lender, which was engaged in promotions in September, reduced the applicable credit score to 9. If your credit score is less than 720, there will be guidelines on the credit report we provide to see if you can increase your credit score to 720 in the short term. The guidelines will list the name of the credit card that needs to pay the balance.
After you pay, we will pay immediately and ask the credit bureau to pull the balances of these credit cards to recalculate your credit scores. The guidance service, according to the number of credit cards you pay off, can range from tens to hundreds. We will pay the money, and you don’t need to pay a copper sheet. We also recommend that you pay off all your credit card balances as much as possible before applying, so that you can increase your credit score and your Debt/income ratio to facilitate more loans.
4)What is the cost for applying for a loan?
As a loan broker, we do not have any upfront fees.We only pre-charge the $38 paid to the credit report company to get your credit score.
After your loan application is submitted, lender will calculate a computer model, give you a valuation of the house, and decide whether to do appraisal. If needed, there will be another appraisal fee. If you are doing no point no fee loan, credit report fee and appraisal fee will be returned to you when you close.
