"It's not you, it's me"--banks.
As BankRate said in that screenshot that I shared:
Quote:
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Recent market volatility caused by the coronavirus pandemic has caused many of our lending partners to temporarily remove their advertised rates from Bankrate.
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Even when I put 20% down it only shows four lenders and First Citizens' Bank advertises 4%.
Get that junk out of here! Who wants that when they can get 3.25 - 3.5% with the other guys?!
I just want to see what other sites show me for those 20-percenters, but NerdWallet just advertises lenders without showing their rates.
Well, it appears that attempting to be specific so that I did not need to tell each website "Single white male first-time homebuyer looking for a young single female conventional 30-year mortgage."
Let's try "lowest mortgage rates."
The Simple Dollar made its results disappear when I put in a $180,000 property. It defaults to the nice round number of $437,500, which is an actual $350,000 loan with 20% down.
It shows one bank.
Even with 20% down on a $435,000 house it does not show anything, just $437,500, also known as $200,000 over the median home value in my ZIP.
The fun thing is that townhouses are worth significantly more than actual houses. No thanks.
Better.com will do a 3.14% loan on a $437,500 house with just 5% down, but not a $437,499 house with 20% down.
Rate data provided by Bankrate.
That really limits my options. I would never qualify for a $437,500 house on $36,000 a year and right now my only opportunity to earn more would be to become a teacher!
They do not make much more, not out here.
This little thing sold for $437,500 on 09/20/2019:
They do not do areal shots of houses in my price range.
Of course, 20% down on that thing was $87,500, which might pay for your servant's quarters.
Wait wait wait. Lending Tree shows:
3.48% for 30 years and 2.95% for 15 with a 700-739, but
3.54% for 30 years and 3.20% for 15 with a 740+
I forget whether Graham or Kevin said it, but one of them said that banks actually dislike high credit scores because those people are less likely to spend their money, but they are going penalize them for trying?
Lending Tree shows 2.875% with $9,000 down, which it calls $0, even though the loan is $171,000. However there are $5,314 in lender fees! It works out to $836 a month, which is $5 less than Navy Federal, $1,800 over 30 years.
I finally found something showing Bank of America's rates. It shows 3.375% on $180,000, but with 20% down. It does not show anything for less than $27,000 down, but that is 3.25!
I double-checked! Why does it give a higher rate with a higher down payment?!
Nerd Wallet doesn't show anything for less than $36,000 down on $180,000, but two lenders for $12,500 down on $250,000, and one is 3.628% APR.
Smart Asset shows two lenders for $9,000 down on $180,000. AimLoan has the best offer, 3.5% with $71 in fees.
Smart Asset doesn't give additional information, I needed to go through AimLoan's website, which said "No personal information" on each screen.
It shows many options:
30-year fixed rate: 3.375% with $4,482 to close.
97 payments of $808.71
262 payments of $755.98
1 payment of $757.72
Total: $281,751.35
30-year fixed rate-upfront PMI: 3.375% with $6,568 to close.
359 payments of $755.98
1 payment of $757.72
Total: $272,154.54
30-year fixed rate-homeready: 3.25% with $4,793 to close.
96 payments of $791.23
263 payments of $744.20
1 payment of $745.23
Total: $277,220.91
30-year fixed rate-homeready-upfront PMI: 3.25% with $6,845 closing costs.
359 payments of $744.20
1 payment of $745.23
Total: $274,758.03
Buying points again?
Of those four options, the one with the lowest total cost has the second-highest up-front costs, and isn't far behind #1. The second-cheapest overall has the highest up-front costs. The most expensive overall has the lowest closing costs.
I went to mortgagecalculator.org to look more closely at the costs, but after I gave it a bunch of numbers it gave me a blank screen.
Thanks!
Well, it is 0245, and I have spent the day hunting elusive mortgage rates while houses are even more elusive. All that I will say at this point is that the most expensive of those is $21,086.65 cheaper than Navy Federal over 30 years and that I really should have written progress reports today.
I hope you guys had a great night.