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dealhunter999 said:   Hi,

FICO: 750+, LTV 72%, Amt: 470K, current APR 4.35%, Good documented income

So far after reading this thread, I have gathered following are favored lenders:

Provident,Zillow Mortgages (My current loan obtained using ,DCU, Reliant Bank, Penfed(1% origination),Aimloans

1. Are there any more recommendations for national lenders,local banks and credit unions?
2. What is the strategy FW'ers use when applying for refinance? Do they apply at once (all credit check would count as one inquiry)?
3. My objective is to have no origination fee, closing cost and possibly get some credit (at the expense of higher interest rate) to offset third party costs.

Thanks

Include smarter mortgage, Amerisave in the list. One of the FW'ers closed with Smarter mortgage recently. 
As far as strategy goes, all credit check at once would definitely help. Pick 3 or 4 low cost lenders and play against each other; or take their quote to your local credit union to match are other strategies that might work too... but important thing is to compare the costs correctly so you know you are comparing apples to apples..
Obviously no closing costs is the way to go..however that may rule out most of the credit unions and other banks or push up the rate..


 

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°°°

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 This is the only credit union that offers 80/10/10 loans to avoid PMI ..

Please reply

  We completed a 80/10/10 Penfed 5/5 ARM last  month

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whoDean said:   
 This is the only credit union that offers 80/10/10 loans to avoid PMI ..

Please reply

  We completed a 80/10/10 Penfed 5/5 ARM last  month

  please share the closing costs, loan amount and interest rate?

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Ok, got my first quote from a broker and got a preapproval letter. Let me know what you think and where to go from here. Credit 800s. 20% down, no debts, income 250k

30 year fixed
Rate: 3.750
Amount : 650k
Estimated Closing Cost: 3700
Estimated Prepaids and Reserves : 5500
Total Closing Costs : 9200

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I am looking for a mortgage in NJ.
Any suggestions

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TPaine said:   Ok, got my first quote from a broker and got a preapproval letter. Let me know what you think and where to go from here. Credit 800s. 20% down, no debts, income 250k

30 year fixed
Rate: 3.750
Amount : 650k
Estimated Closing Cost: 3700
Estimated Prepaids and Reserves : 5500
Total Closing Costs : 9200

  
If you are planning on buying a property and still looking around for homes there is no point to sweat over what your mortgage broker is offering. I would just concentrate on buying the right home. Then once  you find a property go with local lender for no cost loan. This will guarantee closing on time and keep stress low. After the deal closes you refinance with the cheapest reputable online lender that you can find. Key is to not pay any closing costs to your first lender.

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mgmn said:   
whoDean said:   
 This is the only credit union that offers 80/10/10 loans to avoid PMI ..

Please reply

  We completed a 80/10/10 Penfed 5/5 ARM last  month

  please share the closing costs, loan amount and interest rate?

  $3K closing costs (plus some prepays) on the $415K first, $100 on the second.  2.75% on the 5/5 first, 4.75% fixed 15 yr second

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sage1166 said:   Is anyone considering the PenFed 5/5 ARM? I'm curious if there are any downsides. Sure seems like a good entry rate and I'm intrigued by the lifetime max of now+5%, and at only 2% increase per years.

5/5 Adjustable Rate Mortgage
Adjusts only once every 5 years

Months Rate Points APR Payment*
First 60 2.750% 0 3.168% $1,632.96
Next 300 3.375% 3.168% $1,748.48
*Payments shown do not include taxes or insurance, actual payments may be greater. Rates and offers are in effect as of April 21, 2015, offered for a limited time and subject to change without notice. Example based on $400,000 loan. Other restrictions apply. Rate is variable and can increase by no more than 2 percentage points every 5 years with a lifetime maximum adjustment of 5% (7.750% for this example). Since the value of the index in the future is unknown, the First Adjustment Payments displayed are based on the current index plus margin (fully indexed rate) as of the date above.


I'm locked currently at 2.5%...and hope to close in about a week on a refi. Others said they have had problems dealing with them...my processor has been quick to respond and they are on schedule.

Was a no brainer for me, coming from a 4.5%....and knowing we will only be in the home 5 to 7 years. And even if we stay, it's getting paid down much quicker at the low into rate for 5 years.

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whoDean said:   mgmn said:   
whoDean said:   
 This is the only credit union that offers 80/10/10 loans to avoid PMI ..

Please reply

  We completed a 80/10/10 Penfed 5/5 ARM last  month

  please share the closing costs, loan amount and interest rate?

  $3K closing costs (plus some prepays) on the $415K first, $100 on the second.  2.75% on the 5/5 first, 4.75% fixed 15 yr second


Is your second a heloc? They show 5.99% on 2nd fixed rate at 90ltv.

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Ridgewood saving bank is proving mortgage rate of 3.88% and i think that is the optimum, I saw many reviews over the net for the same all are positive.

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Just closed with Chase. 3.875 30 yr fixed. 6.5K CashBack.
Loan 1.48M, LTV 70%.

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First, I apoligize for my rookie questions. I am looking to buy a home in the next 6 months or so. My current home is still high LTV (95%) so i will be holding onto it and using it as a rental. It was financed with a FHA loan, so I will be going conventional this time around. I know that I cannot use expected future rent to qualify for me new mortgage, so I will need to quailfy with both mortgages. Luckily I don't have to much other debt.

My monthly gross income is 7050. I've been in the same job for 8 years. My only debts are student loan ($134) and current mortgage ($1108). My mortgage specific credit scores are 790, 796, 773.

I am only looking to put 5-6% down on my new home. Are there lenders that will allow me to go 43-45% DTI with such a low down payment given my credit scores? If so, what kind of rate premeium am I looking at? Obviously I'm looking for low costs and possibly LPMI. Can anybody recommend a lender for my situation? Thanks in advance.

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I don't know what's happening with Amerisave right now but I'm finding the whole process very strange. I locked in a rate on 04/01 and completed the application. I was assigned to a processor on 04/29 and she asked me for a couple more documents that I sent over right away. I requested confirmation of receipt and never heard back. On 05/13 I received an email from another person saying I was assigned to them for processing, the email was identical to the canned email I received from the first person, saying I would hear from them within the next 24 hours. 48 hours have gone by and I haven't heard from this new processor. At no point in the last month or so has anyone at Amerisave gotten payoff amounts for the second loan I have on the house or any other information. I'd move on to another loan at this point, rates seem to have gotten better even, but I've already paid for and had the appraisal performed and I'd just really like to close.

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Farchitect said:   I don't know what's happening with Amerisave right now but I'm finding the whole process very strange. I locked in a rate on 04/01 and completed the application. I was assigned to a processor on 04/29 and she asked me for a couple more documents that I sent over right away. I requested confirmation of receipt and never heard back. On 05/13 I received an email from another person saying I was assigned to them for processing, the email was identical to the canned email I received from the first person, saying I would hear from them within the next 24 hours. 48 hours have gone by and I haven't heard from this new processor. At no point in the last month or so has anyone at Amerisave gotten payoff amounts for the second loan I have on the house or any other information. I'd move on to another loan at this point, rates seem to have gotten better even, but I've already paid for and had the appraisal performed and I'd just really like to close.
  Does her name begin with a K?   I *JUST* closed but the whole process in unnerving.   You'll need to press zero when the vm kicks in & ask to speak with a supervisor.  

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Does anyone have any experience with Reliant mortgage?
I saw them offering 3.5% for a 30 year fix on zillow mortgage. Called them (Mark) and they were able to lock my rate at 3.5% with .125% credit.
I'm a bit skeptical since this is not the going rate in the market. When I questioned the guy said they bring in a lot of business to Chase and that's how they get this rate.
They seem to have pretty good reviews on zillow mortgage.

Still waiting for my rate lock confirmation to arrive. Just wanted to post it here so we can get more eyes on this guy.

https://www.reliantbankmortgage.com

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..

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RP Funding just quoted me 3.687% APR (3.625% Rate) on a 15 year fixed 80/20. I told them before they proceeded with a quote I was looking for under 3% and that I was already a customer of PenFed's. Looks like this APR would be resonable for a 30 year and should be almost a full percentage lower on a 15 year. Time to shop around.

They are a regional lender and I saw mentioned that sometimes a regional lender can be more competitive, guess not in this case.

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I put a cash offer on a house in NJ last week and we are looking to close in approximately 3 weeks, The purchase price is 375k and I was going to put down 30% and borrow the rest from my father then once in the house turn around and get either a Home equity loan or a mortgage. I did this to make my offer more attractive and that it would simplify things, but I didn’t realize that I would be making it more complicated for myself to get a loan after the fact. If I have my father record the Deed with the town would that make getting a good interest rate loan easier?

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ask your father to put 49% and give you cash 21% which you can claim as yours. That way you get to claim the ownership interest in the property and get refinance with a conventional mortgage. But you have to wait for 6 months before you can initiate the refinance. Lastly I would get the note signed by your father just to be safe.......in case something happens to him you will have to go through a trust and lot of paperwork.

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aqan said:   Does anyone have any experience with Reliant mortgage?
I saw them offering 3.5% for a 30 year fix on zillow mortgage. Called them (Mark) and they were able to lock my rate at 3.5% with .125% credit.
I'm a bit skeptical since this is not the going rate in the market. When I questioned the guy said they bring in a lot of business to Chase and that's how they get this rate.
They seem to have pretty good reviews on zillow mortgage.

Still waiting for my rate lock confirmation to arrive. Just wanted to post it here so we can get more eyes on this guy.

https://www.reliantbankmortgage.com

  I'm actually in the process with them now. I'll let you know how it goes, I think we should be closing within the week.

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GSK14 said:   First, I apoligize for my rookie questions. I am looking to buy a home in the next 6 months or so. My current home is still high LTV (95%) so i will be holding onto it and using it as a rental. It was financed with a FHA loan, so I will be going conventional this time around. I know that I cannot use expected future rent to qualify for me new mortgage, so I will need to quailfy with both mortgages. Luckily I don't have to much other debt.

My monthly gross income is 7050. I've been in the same job for 8 years. My only debts are student loan ($134) and current mortgage ($1108). My mortgage specific credit scores are 790, 796, 773.

I am only looking to put 5-6% down on my new home. Are there lenders that will allow me to go 43-45% DTI with such a low down payment given my credit scores? If so, what kind of rate premeium am I looking at? Obviously I'm looking for low costs and possibly LPMI. Can anybody recommend a lender for my situation? Thanks in advance.


Since your scores are so good, you may be able to pull it off. You will need 6 months of reserves for your current home...however they will typically count requirement accounts towards this ( at about 60% of your balance).

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cbrunocme said:   I put a cash offer on a house in NJ last week and we are looking to close in approximately 3 weeks, The purchase price is 375k and I was going to put down 30% and borrow the rest from my father then once in the house turn around and get either a Home equity loan or a mortgage. I did this to make my offer more attractive and that it would simplify things, but I didn’t realize that I would be making it more complicated for myself to get a loan after the fact. If I have my father record the Deed with the town would that make getting a good interest rate loan easier?
  If Dad records the deed then it makes it easier as it would be considered a traditional refinance - so you would refinance and take the proceeds to pay off Dad and then have your permanent mortgage attached to you

Dave (MMNJ)

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Has anyone on here applied for a VA Home Loan recently? I am starting the process of looking for a lender and checking to see if anyone has any recommendations?

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kilacam19 said:   Has anyone on here applied for a VA Home Loan recently? I am starting the process of looking for a lender and checking to see if anyone has any recommendations?

Not super recent, but did a jumbo VA loan through BNC about a year ago with a favorable rate and experience. They sold loan to Wells Fargo immediately after close.

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kilacam19 said:   Has anyone on here applied for a VA Home Loan recently? I am starting the process of looking for a lender and checking to see if anyone has any recommendations?
  I've used National Bank of Kansas City a couple of times for VA Loans.  In my experience they had the lowest rates & fees.  Send me a PM if you want me to provide you with a contact name/number.

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kilacam19 said:   Has anyone on here applied for a VA Home Loan recently? I am starting the process of looking for a lender and checking to see if anyone has any recommendations?
  
Hi I applied for VA Home Loan 30 year Fixed at NavyFCU.  I've checked veteransunited and wells fargo, both of which couldn't beat Navy FCU. YMMV as it's dependant on your loan amount, location, etc.

I did coming here looking for advice. I'm currently in escrow and locked in the rate of 3.375 with a 1% origination fee, which is in the ball park of $5600 (ouch!). I also have the option to go for the par rate at 3.625, no origination fee. I wanted to check here to get advice. Also NavyFCU said if I could find a lender who could provide a lower rate, they'll match it. If I can't match a lower rate, I was considering switching to the 3.625 rate to avoid the origination fee. I ran the calculator and it appeared my monthly payment would go down by ~100/month with the lower rate, so that's why I was tempted. The best case scenario is getting a good faith estimate from another lender who could get closer to the 3.3% range with no origination.

Any thoughts?

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Check va rates on zillow mortgage, if there's something lower, either go with them or use it as leverage with your current lender.

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Can you switch lenders if you already started escrow?

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Are you in escrow, or did you simply start the application process? If you just started then that is pretty easy to switch

MMNJ

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Escrow but the seller is also the listing agent so it's easier

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Benjji said:   
aqan said:   Does anyone have any experience with Reliant mortgage?
I saw them offering 3.5% for a 30 year fix on zillow mortgage. Called them (Mark) and they were able to lock my rate at 3.5% with .125% credit.
I'm a bit skeptical since this is not the going rate in the market. When I questioned the guy said they bring in a lot of business to Chase and that's how they get this rate.
They seem to have pretty good reviews on zillow mortgage.

Still waiting for my rate lock confirmation to arrive. Just wanted to post it here so we can get more eyes on this guy.

https://www.reliantbankmortgage.com

  I'm actually in the process with them now. I'll let you know how it goes, I think we should be closing within the week.

  hows your experience so far? They came across as a little slow to me.

rated:
Has anybody went through i3lending?

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calisoldier83 said:   Has anybody went through i3lending?
  Rates seem a bit on the higher side..
I'm working with Reliant Bank Mortgage found their rates to be the lowest.. Haven't closed yet so can't fully back them up.. but the closing costs and the rate is lowest of three mortgage companies I explored.
give it a shot if you like... Per zillow mortgage their rate today was 3.625% and in my experience the rate you get on the phone with mortgage brokers is usually lower then the rate on the web.
here's the info of my guy

Mark Considine  
804-303-8089 
https://www.reliantbankmortgage.com 

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Texas:

Refi 10 years at 2.875% Lender pays up to $5,000 in closing costs. LTV approximately 48%. Very easy application process. Goodbye BOA

Security Service Federal Credit Union. https://www.ssfcu.org/en-us/Pages/default.aspx

rated:
I'm working on a cash-out refi after spending the last 6 months completing a major addition that added 50% square footage to our existing home (spread the costs out between savings, HELOC, and credit cards). We finished the house/permits/inspections and applied via Amerisave a month ago, then hit a snafu with my credit scores. BoA recently added a 30d late from Dec 2013 - it wasn't on my report when we got a HELOC late last fall. 30d late originated from closing a cc and them not crediting the annual fee for 2 months. I think they made some kind of wacko entry recently that triggered the late pay to pop up.  My scores were down 50pts, and it added about $3000 to the closing cost estimate.  I disputed my reports from all directions and it's fixed now, but rates have gone up in the last month.  I'm still mad about it.

Immediately after the original Amerisave application on a Saturday, I got a phone call from my assigned originator. Spent an hour on the phone explaining the situation and telling him I was going to fix my reports and re-apply. He called every 24-48 hours for two weeks. And I'm still getting an email from him every few days. I was very clear, more than once, that I wasn't going any further until my reports were fixed. I didn't make it very far in the Amerisave process, but frankly, I'm done with them. I hate high pressure sales tactics and people hounding me when I've been clear there's a delay until further notice.

I reapplied yesterday through a local bank, with a guy I've used twice before and been extremely happy with. However, I'm not impressed by the rate and fees (he's at a different lending institution that gets great reviews, but not as competitive).  He's quoting 4.35% on a 30yr fixed, with about $2300 in costs and fees before prepaids.  He's been supremely helpful and responsive, which I'm willing to pay something for, but it seems like I could do better. 

  • 128K refi includes payoffs and cashout to pay off the credit cards we used for construction costs
  • 75-80% LTV
  • 740-760 credit scores, $100K HHI (which is a VERY new HHI for us - I finished college and switched careers recently while in my 30's)

Zillow turned up similar rates and fees, so i don't see anything worth pursuing.  Keeping this simple and as hassle free as possible is important to me - we're utterly exhausted after spending half a year building a significant portion of the addition ourselves.  I find myself not caring anymore, I want the last step of this project done.  I'm tempted to go with the guy I've used before for the sake of simplicity and proven competency.

Thoughts or ideas? 

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