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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

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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

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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.

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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

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MBS -5/32s

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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%

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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.

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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).

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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.

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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.

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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$.

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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?

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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.

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(Posting Moved)

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

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

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





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

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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.

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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?

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