Yelf said: nu2this said: Yelf said: nu2this said: Just a data point for anyone looking to go with JFCU.
8/8 - Applied for the 5/5 @ 2.75% - Received pre-approval notification via web application submission 8/11 - Received email from JFCU mortgage person letting me know more information would be coming soon. Included a list of documents I needed to provide. 8/12 - Recieved an email with instructions for setting up secured email 8/13 - received a call confirming pre-approval, verified info in application. 2 hours later, received an email with GFE and other standard info. GFE includes .125% LLPA (MyFICO 822 EXP, LTV 80%, Rate = 2.875%)
30 day rate lock Origination $185 Appraisal $575 Credit Report $36.82 Tax Service $98 Flood Certification $14.50 Pest Inspection $150 Survey $550 What was the reason for the Loan Level Price Adjustment? Because they can...based on Fannie Mae rules. It should be based on a matrix from Fannie Mae. From what you posted I'm not seeing where you triggered the increase. Your LTV was 80% and your credit score was good. Did they not give you the reason for the increase? What was the rule? When I inquired about an LTV > 80% they said LLPA would bump +.125% From JFCU: As you may be aware of there are lot changes in the recent years in the mortgageindustry and due to the Fannie Mae Underwriting Requirements, JFCU have to add LLPA [LLPA = Loan Level Price Adjustment] to the interest rate if the LTV [Loan to Value] is above 75%. Due to the LTV of 80%, we have to add .125% to your rate as per Fannie Mae Underwriting Guidelines. Your interest rate is 2.875% [2.750% + .125% LLPA add on due to the LTV of 80% as per Fannie Mae Underwriting guidelines. If you put more money down and your LTV goes 75% or under than your rate will be 2.750%.
Jp morgan chase came back with 68000 fees on jumbo preferred and 3.625 but mentioned 3.75 minus points so it should be under 4%. 68000 In fees.
568000 down including fees on a 2000000 mortgage. Income 300000 a year. 11000 monthly payment and 30 year fixed jumbo mortgage.
1% mortgage Cash Back up to 500 a year. Requires checking account with 1500 min and auto pay of mortgage. Qualify for 400 promotion for new accounts without direct deposit.
Best deal I've seen. Only odd part was I didn't get the pre qualification letter due to non active three tradelines which I did activate going forward but rep said he got people the mortgage with just two tradelines. Apparently this is industry standard and I didn't know till it was too late as he ran credit already but he said if I processed the application it wouldn't be a problem. Seems odd how spreading over three lines would make any different.
So my mortgage shopping is done and if I did have the qualifications I would be processing the mortgage with Chase. Very easy to deal with sans the tradeline issue but I had to ask because I didn't know this was the industry norm.
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