• filter:
  • 1466467468469 470
  • Page
  • Text Only
  • Search this Topic »
rated:
I called Penfed,
- they are currently not covering closing costs - suggested me to work with their real estate agent
- asked me to work with equity department for the secondary 10% loan
- they are offering competitive rates for different durations (like 5-years, 10-years etc.)

With US Bank
- they are only offering a Interest only loan for 4.49% for 10-years (30-year loan). i am somehow not a fan of interest only loan

Can the experts on the forum suggest which lenders provide good option for 80/10/10 loans.

thanks a lot

rated:
I've been making a ton of calls lately as well, and while Penfed isn't covering closing costs, and their origination fee is high. Penfed rates are still better then every other lender ive spoke to, most are .25 higher APR

rated:
denbo32 said:   I've been making a ton of calls lately as well, and while Penfed isn't covering closing costs, and their origination fee is high. Penfed rates are still better then every other lender ive spoke to, most are .25 higher APR
Have you tried www.firstib.com or www.nationalmortgagealliance.com

firstib was popular in this thread a while back.

rated:
Firstib rates were very close to penfed. but penfed was better for me. that depends on size of loan where the 1% fee vs the fixed fee

rated:
MBS -5/32s

rated:
Yesterday evening I got a quote from GoodMortgage.com

LoanAmount : 300K (Refinance)
Term : 30 Year Fixed
Rate : 3.875%
Lender Credit : $3500
No fees I need pay $445 in appraisal fees. Tempted to lock, any thoughts? Currently my interest rate is 4.125%

rated:
Missourian said:   Yesterday evening I got a quote from GoodMortgage.com

LoanAmount : 300K (Refinance)
Term : 30 Year Fixed
Rate : 3.875%
Lender Credit : $3500
No fees I need pay $445 in appraisal fees. Tempted to lock, any thoughts? Currently my interest rate is 4.125%


No idea about goodmortgage, but "no fees" followed by "I need pay $445 in appraisal fees", sounds like there are fees "namely, appraisal".
No fees, means no fees, except for prepaid interest and possibly escrow if you choose that option.

In any case, you would have been better off 2 days ago - you probably could have locked 3.75 w/ same credit. However in the big picture of things, if your only cost is $445 for a 300K loan, the breakeven is ~ 1 year. At 4.125, your p&i is 1453.95, while at 3.875 it is 1410.71 (~43/month).

I'd probably do it unless you believe interest rates are going to drop within the next week or so. Otherwise refi and get the lower-rate locked now. If rates drop again substantially you can do the same calculation.

rated:
Yes Lender told me that I need to pay for Appraisal. I assume irrespective of lender we need to pay for Appraisal is that correct? I will take care of Tile and planning to use my existing title company ($2k).

rated:
howie888 said:   
Missourian said:   Yesterday evening I got a quote from GoodMortgage.com

LoanAmount : 300K (Refinance)
Term : 30 Year Fixed
Rate : 3.875%
Lender Credit : $3500
No fees I need pay $445 in appraisal fees. Tempted to lock, any thoughts? Currently my interest rate is 4.125%


No idea about goodmortgage, but "no fees" followed by "I need pay $445 in appraisal fees", sounds like there are fees "namely, appraisal".
No fees, means no fees, except for prepaid interest and possibly escrow if you choose that option.

In any case, you would have been better off 2 days ago - you probably could have locked 3.75 w/ same credit. However in the big picture of things, if your only cost is $445 for a 300K loan, the breakeven is ~ 1 year. At 4.125, your p&i is 1453.95, while at 3.875 it is 1410.71 (~43/month).

I'd probably do it unless you believe interest rates are going to drop within the next week or so. Otherwise refi and get the lower-rate locked now. If rates drop again substantially you can do the same calculation.


Yes I missed the 3.75 , I got an another offer of 4% with $5100 credit which I am not interested in.

rated:
Missourian said:   Yes Lender told me that I need to pay for Appraisal. I assume irrespective of lender we need to pay for Appraisal is that correct? I will take care of Tile and planning to use my existing title company ($2k).
Wait now it's sound less and less like no fee.

You have to pay appraisal and title? Now your break even will be much longer than 1 year. Are you in a state where title fees are standardized? If not, check EntitleDirect (people here have claimed they are good).
You have to add your title fee + your appraisal fee to find your break even.

You have to run the numbers and know how long you are going to stay in your home to determine if 3.875% is worth it, or going with 4% at no cost is worth it.

What is the $3500 credit covering then if it's not covering title/appraisal? Is there some massive origination fee that is being covered? This doesn't sound like a good deal to me.

rated:
howie888 said:   
Missourian said:   Yes Lender told me that I need to pay for Appraisal. I assume irrespective of lender we need to pay for Appraisal is that correct? I will take care of Tile and planning to use my existing title company ($2k).
� Wait now it's sound less and less like no fee.

You have to pay appraisal and title? �Now your break even will be much longer than 1 year. �Are you in a state where title fees are standardized? �If not, check EntitleDirect �(people here have claimed they are good).
You have to add your title fee + your appraisal fee to find your break even.

You have to run the numbers and know how long you are going to stay in your home to determine if 3.875% is worth it, or going with 4% at no cost is worth it.

What is the $3500 credit covering then if it's not covering title/appraisal? �Is there some massive origination fee that is being covered? �This doesn't sound like a good deal to me.

� My expenses are $445 (Appraisal) + $2100 (For title services), there are no origination fees or any other fees except two expenses I mentioned. �so my calculation is $3500 lender credit - $2545 = $945 net credit will be added to my escrow account. I decided to go with this because;

1. Reducing my interest rate from 4.125 to 3.875
2. All the expenses on my side are covered by lender credit and also I am making $945 out of the entire deal.

Correct me if I am missing something, thanks for helping me out. I gave my cc# to them so that they can order appraisal by next Tuesday, but I can back out of this deal before EOB monday without loosing any$.

rated:
if i get unemployemnt for the past 6 months but then have income again for another 3 months, can i qualify for a refinance of $250k for 30 years if home is worth 800k?

rated:
Missourian said:   
howie888 said:   
Missourian said:   Yes Lender told me that I need to pay for Appraisal. I assume irrespective of lender we need to pay for Appraisal is that correct? I will take care of Tile and planning to use my existing title company ($2k).
� Wait now it's sound less and less like no fee.

You have to pay appraisal and title? �Now your break even will be much longer than 1 year. �Are you in a state where title fees are standardized? �If not, check EntitleDirect �(people here have claimed they are good).
You have to add your title fee + your appraisal fee to find your break even.

You have to run the numbers and know how long you are going to stay in your home to determine if 3.875% is worth it, or going with 4% at no cost is worth it.

What is the $3500 credit covering then if it's not covering title/appraisal? �Is there some massive origination fee that is being covered? �This doesn't sound like a good deal to me.

� My expenses are $445 (Appraisal) + $2100 (For title services), there are no origination fees or any other fees except two expenses I mentioned. �so my calculation is $3500 lender credit - $2545 = $945 net credit will be added to my escrow account. I decided to go with this because;

1. Reducing my interest rate from 4.125 to 3.875
2. All the expenses on my side are covered by lender credit and also I am making $945 out of the entire deal.

Correct me if I am missing something, thanks for helping me out. I gave my cc# to them so that they can order appraisal by next Tuesday, but I can back out of this deal before EOB monday without loosing any$.


Ok I misunderstood your first post. If you are net positive $945 after credit, then by all means go for it since you are making money. I thought you were getting a credit of 3500 and then having an additional appraisal and title service that wasn't covered by the credit.

rated:
(Posting Moved)

rated:
MBS +1
(off a high of +6, and low of -1)

rated:
Trying again: Suggestions for lender for investment property in San Diego? $460k 80% LTV, super conforming/jumbo.

rated:
I shopped around and I am in the process of refinancing with Amerisave on an investment property. Also located in California.





rated:
MBS pretty flat, was -5 earlier, now +1/32

rated:
Has anyone had success (or any experience) with getting a CEMA mortgage (to avoid paying the mortgage recording tax in NYC again) when refinancing with another lender and the original loan being with Navy Federal Credit Union? I've spoken with the reps at NFCU and when I mention a CEMA, they are completely clueless as to what I'm talking about.

rated:
Who are some of the most aggressive lender credit(funds to pay closing costs) providers in the marketplace right now?

Any of them willing to sell 2 or even 3 pts for higher mortgage rates? How much of the closing costs can the lender actually cover? I'm assuming it's not possible for a person to actually walk away from closing with cash in hand from lender in excess of closing costs? What about using a lender credit to pay recording fees or is the lender credit not supposed to reimburse that far into the closing costs?

The most I've seen is Provident that seems to do 1.5-2% in credits, but once you deduct their $1.1k in admin charge that creates about 1.2%-1.7% in net credits.



I.e. we know what many of the best priced lenders are for mortgages intended to be held. What are some of the best stepping stone mortgages (i.e. intended to only be held for 6-12 months for one of many reasons) based on their ability to keep net closing costs to a minimum (or even surplus) as the first of 2 mortgages and 2 sets of closing costs.

rated:
Most lenders for investment properties require 25% or more down. The big banks like BofA and Chase seem to do 20% down, any other suggestions?

rated:
MBS opened -7/32s, but currently at -1

rated:
Anyone? AMCBL can you weigh in by any chance?

rated:
dshibb said:   Who are some of the most aggressive lender credit(funds to pay closing costs) providers in the marketplace right now?

Any of them willing to sell 2 or even 3 pts for higher mortgage rates? How much of the closing costs can the lender actually cover? I'm assuming it's not possible for a person to actually walk away from closing with cash in hand from lender in excess of closing costs? What about using a lender credit to pay recording fees or is the lender credit not supposed to reimburse that far into the closing costs?

The most I've seen is Provident that seems to do 1.5-2% in credits, but once you deduct their $1.1k in admin charge that creates about 1.2%-1.7% in net credits.



I.e. we know what many of the best priced lenders are for mortgages intended to be held. What are some of the best stepping stone mortgages (i.e. intended to only be held for 6-12 months for one of many reasons) based on their ability to keep net closing costs to a minimum (or even surplus) as the first of 2 mortgages and 2 sets of closing costs.

I'm not sure who is the most aggressive, but to get higher rebate, you need to go higher in rate. And no, you can't walk away from the table with cash from a lender rebate. Thelender creditcan't exceed to total of the closing costs (lender fees, title/recording fees)and prepaid items (taxes, insurance, per diem interest). That said, the only reason to go higher in rate is if you want your pre-paids covered in addition to your closing costs.

rated:
AMCBL said:   dshibb said:   Who are some of the most aggressive lender credit(funds to pay closing costs) providers in the marketplace right now?

Any of them willing to sell 2 or even 3 pts for higher mortgage rates? How much of the closing costs can the lender actually cover? I'm assuming it's not possible for a person to actually walk away from closing with cash in hand from lender in excess of closing costs? What about using a lender credit to pay recording fees or is the lender credit not supposed to reimburse that far into the closing costs?

The most I've seen is Provident that seems to do 1.5-2% in credits, but once you deduct their $1.1k in admin charge that creates about 1.2%-1.7% in net credits.



I.e. we know what many of the best priced lenders are for mortgages intended to be held. What are some of the best stepping stone mortgages (i.e. intended to only be held for 6-12 months for one of many reasons) based on their ability to keep net closing costs to a minimum (or even surplus) as the first of 2 mortgages and 2 sets of closing costs.

I'm not sure who is the most aggressive, but to get higher rebate, you need to go higher in rate. And no, you can't walk away from the table with cash from a lender rebate. Thelender creditcan't exceed to total of the closing costs (lender fees, title/recording fees)and prepaid items (taxes, insurance, per diem interest). That said, the only reason to go higher in rate is if you want your pre-paids covered in addition to your closing costs.


Per quoted message higher rate is understood.

Good to know that recording fees and even pre-paids can be covered.

Now where are some lenders that will hand out credits large enough to cover all of these (and therefore have a true 100% no closing cost refi as opposed to only a no lender closing cost refi, but your still stuck paying for everything else).

A mortgage refinance that literally doesn't cost you a dime allowing you to refi 6 months later with no sunk cost other than only 6 months of higher interest is a valuable product for some on here.

rated:
6 months of an extra 50 basis pts on a mortgage is likely only going to amount to ~$500-$1k of additional interest expense which is deductible (so probably only 2/3 of that). If you compare that to going from ~$7k or whatever in closing costs to $0 it's a no brainer.

Again assuming you're dead set on refi'ing again in 6 months.

There are handful of situations where that may be true:
1) You want to cash out refinance without being forced to pay the cash out rate adjustment the rest of your life. Cash out refi with lender credits to lower true closing costs to $0. Then 6 months later refinance the previous the cash out refi and you've succeeded in circumventing the cash out rate adjustment for the remainder of the mortgage. (This of course assumes person is willing to take the risk or hedge in some other way the risk of rising rates over waiting period)
2) You're situation requires PMI now, but likely wont in the near future. Finance with PMI with massive lender credits to lower closing costs to $0. Take appreciation + additional savings to refi 6 months later at 80% LTV.
3) You're a retiree with predominately qualified assets. A large IRA withdrawal in one year will spike your taxable income for a home purchase.
4) Same as 3 except your doing a reverse and don't want to yank out 50% LTV in 1 year from an IRA.

The list of situations is rather long. But in each case the goal is to get *all* of the closing costs to $0. And actually if they cover part of the pre-paids than when you refi in 6 months you net that too against the higher interest.

rated:
dshibb said:   
AMCBL said:   
dshibb said:   Who are some of the most aggressive lender credit(funds to pay closing costs) providers in the marketplace right now?

Any of them willing to sell 2 or even 3 pts for higher mortgage rates? How much of the closing costs can the lender actually cover? I'm assuming it's not possible for a person to actually walk away from closing with cash in hand from lender in excess of closing costs? What about using a lender credit to pay recording fees or is the lender credit not supposed to reimburse that far into the closing costs?

The most I've seen is Provident that seems to do 1.5-2% in credits, but once you deduct their $1.1k in admin charge that creates about 1.2%-1.7% in net credits.



I.e. we know what many of the best priced lenders are for mortgages intended to be held. What are some of the best stepping stone mortgages (i.e. intended to only be held for 6-12 months for one of many reasons) based on their ability to keep net closing costs to a minimum (or even surplus) as the first of 2 mortgages and 2 sets of closing costs.

I'm not sure who is the most aggressive, but to get higher rebate, you need to go higher in rate. And no, you can't walk away from the table with cash from a lender rebate. Thelender creditcan't exceed to total of the closing costs (lender fees, title/recording fees)and prepaid items (taxes, insurance, per diem interest). That said, the only reason to go higher in rate is if you want your pre-paids covered in addition to your closing costs.


Per quoted message higher rate is understood.

Good to know that recording fees and even pre-paids can be covered.

Now where are some lenders that will hand out credits large enough to cover all of these (and therefore have a true 100% no closing cost refi as opposed to only a no lender closing cost refi, but your still stuck paying for everything else).

A mortgage refinance that literally doesn't cost you a dime allowing you to refi 6 months later with no sunk cost other than only 6 months of higher interest is a valuable product for some on here.

This doesn't answer your question since I'm not following interest rates closely right now, but I wanted to chime in to confirm that Provident did allow me to apply my excess credit to my pre-paids last year. I refi'd with Provident 3 times over the last 2.5 years or so (finally getting to 3.375% on a Jumbo 30 year with a hefty rebate) and each time they allowed me to apply the credit to all closing costs plus a portion of my pre-paids. It's my understanding that some lenders won't allow you to apply the excess credit to pre-paids, so that you forfeit any credit remaining after closing costs are paid.

rated:
minerva66 said:   
dshibb said:   
AMCBL said:   
dshibb said:   Who are some of the most aggressive lender credit(funds to pay closing costs) providers in the marketplace right now?

Any of them willing to sell 2 or even 3 pts for higher mortgage rates? How much of the closing costs can the lender actually cover? I'm assuming it's not possible for a person to actually walk away from closing with cash in hand from lender in excess of closing costs? What about using a lender credit to pay recording fees or is the lender credit not supposed to reimburse that far into the closing costs?

The most I've seen is Provident that seems to do 1.5-2% in credits, but once you deduct their $1.1k in admin charge that creates about 1.2%-1.7% in net credits.



I.e. we know what many of the best priced lenders are for mortgages intended to be held. What are some of the best stepping stone mortgages (i.e. intended to only be held for 6-12 months for one of many reasons) based on their ability to keep net closing costs to a minimum (or even surplus) as the first of 2 mortgages and 2 sets of closing costs.

I'm not sure who is the most aggressive, but to get higher rebate, you need to go higher in rate. And no, you can't walk away from the table with cash from a lender rebate. Thelender creditcan't exceed to total of the closing costs (lender fees, title/recording fees)and prepaid items (taxes, insurance, per diem interest). That said, the only reason to go higher in rate is if you want your pre-paids covered in addition to your closing costs.


Per quoted message higher rate is understood.

Good to know that recording fees and even pre-paids can be covered.

Now where are some lenders that will hand out credits large enough to cover all of these (and therefore have a true 100% no closing cost refi as opposed to only a no lender closing cost refi, but your still stuck paying for everything else).

A mortgage refinance that literally doesn't cost you a dime allowing you to refi 6 months later with no sunk cost other than only 6 months of higher interest is a valuable product for some on here.

This doesn't answer your question since I'm not following interest rates closely right now, but I wanted to chime in to confirm that Provident did allow me to apply my excess credit to my pre-paids last year. I refi'd with Provident 3 times over the last 2.5 years or so (finally getting to 3.375% on a Jumbo 30 year with a hefty rebate) and each time they allowed me to apply the credit to all closing costs plus a portion of my pre-paids. It's my understanding that some lenders won't allow you to apply the excess credit to pre-paids, so that you forfeit any credit remaining after closing costs are paid.


Does anyone know if it's actually possible for the lender to increase the size of the pre-paids to accommodate a larger lender credit?

rated:
Couldn't you always find some expensive insurance product and then change insurance after closing? That should essentially result in cash out since the insurance company would mail you a check for a refund of the premium. Anyone have tips and tricks to find the most expensive homeowner's policy?

rated:
Lenders usually include a cushion of 1-2 months on pre-paids but there is a cap on how much they can collect in total. If you look at your HUD-1 statements under the pre-paid items for taxes/insurance, you'll see an "Aggregate Adjustment", if the cushion requested is too much, there will be an aggregate adjustment. I can't say 'never', but I don't recall ever seeing a HUD with no Agg Adjustment. But to your question, this Adjustment would negate your effort to over-collect.

MBS -10/32s

rated:
After a high of +7, we're now in negative territory. FNMA 3.5 -1/32 @ 103-16

rated:
Getting a 10/1 arm at 3.5 zero origination fees and 500 lender credit for a 380k loan. Should I lock this on Monday. What do the experts advise,

rated:
MBS -3/32s, FNMA 3.5 @ 103-17

rated:
MBS have been in the red all day, but steadily in the -1 to -3 range. FOMC coming up @ 2:00, with the anticipated farewell to QE-ternity on tap.

Any new hints or deviations will likely move markets.

rated:
Penfed is good too from all the reviews I have read but their rate is much higher as of today.

rated:
MBS closed -3 yesterday, and are +3/32s this a.m.

rated:
Got quoted today for a purchase. Is this any good?

Condo with more than 50% non-owner-occupant.
30 year fixed
$100k loan for purchase
80% LTV
4.125%
+$750 lender fee
+$500 appraisal
-$1250 towards closing costs
= net $0 costs to the lender

rated:
That is really good considering the owner occupancy ratio

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.
  • 1466467468469 470
  • Page


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014