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I didn't even get into pmi but Chase seemed to be decent. I started a prequalification thru Chase online and will see where it goes.

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MBS -5/32s

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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%. 

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MBS are -2/32s, well off a high of +8/32s earlier. most lenders have repriced worse.

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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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MBS -6/32s @ 102-10/32

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MBS +2/32s

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Penfed dropped the 5/5 significantly today

5/5 Year Adjustable Rate - Conforming
2.625% with 0.625 discount points
2.75% with 0.25 discount points
2.875% with 0.0 discount points

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Yelf said:   Penfed dropped the 5/5 significantly today

5/5 Year Adjustable Rate - Conforming
2.625% with 0.625 discount points
2.75% with 0.25 discount points
2.875% with 0.0 discount points

 The no closing cost promo is still gone though, you pay all costs.  Will check back on 9/1.

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But is it 0% origination?

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MBS -3/32s following Yellen's Jackson Hole remarks.

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I locked in a 7/1ARM on Monday with Sebonic Financial. Found them on Zillow. The loan is at 2.875% rate with zero points, and a $315K cash-out re-fi. The lender fees were $100 ($895 origination charge, less $795 lenders credit), and there was no charge for waiving an impound account, given less than 50% LTV. Income was an issue; only my wife's pension income could be used, since my income wasn't W-2 or 1099-R, and didn't meet Fannie Mar requirements for history.

I found out one very interesting detail: although Fannie Mae in January 2014 seemed to impose a limit of 43% DTI in our situation, in fact, with enough cash assets ($60K seems sufficient), excellent credit, zero debt (besides property tax and hazard insurance), and low LTV (we own the house free and clear; when we bought the house last year, we had to make a cash offer due to market conditions)), we were able to get approved by the Desktop Underwriter software for almost 50% DTI. A factor in choosing the 7/1 rate over a slight lower 5/5 rate was the 5/5 what have used that rate + 2% for loan qualification. Apparently due to the 7/1's longer term before the first adjustment, the loan's rate was used for qualifying.

We were able to lock immediately after applying, a credit check, and pre-qualification, which turned out to be a good thing, since rates and fees have risen slightly since Monday. We had the appraisal today, so things are progressing rapidly. The lock period is 30 days.

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For those tracking MBS in anticipation of locking a loan, I've found the free 2-week trial of MBS Live on the mortgageneesdaily site to be quite useful and interesting, not just the live updates to MBS and bond pricing, but the live comments, which include repricing by major lenders. Most commenters are mortgage lenders/brokers and seem happy to respond to questions from borrowers or fellow professionals. I wouldn't ask newbie, general, or hypothetical questions as we often see in this thread, but that's just my opinion.

ETA: this isn't to underestimate the MBS information here from people like AMBCL, but in an especially volatile market, it's important, multiple re-prices, even with the same lender, can happen the same day.

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.

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glxpass said:   For those tracking MBS in anticipation of locking a loan, I've found the free 2-week trial of MBS Live on the mortgageneesdaily site to be quite useful and interesting, not just the live updates to MBS and bond pricing, but the live comments, which include repricing by major lenders. Most commenters are mortgage lenders/brokers and seem happy to respond to questions from borrowers or fellow professionals. I wouldn't ask newbie, general, or hypothetical questions as we often see in this thread, but that's just my opinion.

ETA: this isn't to underestimate the MBS information here from people like AMBCL, but in an especially volatile market, it's important, multiple re-prices, even with the same lender, can happen the same day.

  It's a great site, and where I get all of my MBS knowledge/data. I've posted on multiple occasions for folks to check out their site, trial and database.  I usually hop over here when there are major market movements that warrant pricing changes, but this is as real time as you can get w/o spending a fortune.  I forget if the trial is real time or delayed but I think it's real time.

That said....MBS +1, but down from high of +3 earlier and trying to maintain in positive territory.

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My wife and I are ready to close on a house and searching for mortgages. I called Provident Funding due to some mentions in this thread. Guy was very polite and offered 3.875% at 1/8 of a point ($325) for 30 day rate lock. Additional $325 for a 45 day lock. Our closing is scheduled for Sept 30th.

Home price = $768k
Down Payment = $518k

Loan Amount = $250k

Credit score = 795
LTV = 33%

I then called Quicken Loans and the guy was like a used car salesman and when I told him that we were shopping and had just talked to Provident he asked what they said. I told him the info mentioned above. He then started getting defensive saying there is no way they could offer that, its a scam, there must be hidden fees, etc etc. And that they could only get to 3.875% if I paid 4 points (~$8000).

Does anyone have experience with Provident? I started reading reviews and they are either 1 star or 5 stars. Love or Hate. I can't get a good feel for whether this is a reputable company and should I risk going with them?????

We are so highly qualified I can't see how we could have a bad experience with these numbers.....

Any help would be wonderful

EDIT:  I just called our local Bank of America agent and she was super nice.  They are offering us 4.125 with $2600 credit.  She is seeing if she can offer us that same credit at 4,00%.  If that is the case then I think I would stay local and go with them.  Its the same offer as Provident at the 4% mark and I plan on overpaying this every month anyway to make it like a 15 if possible.  So seems like a pretty competitive play from BOA!

EDITx2:  BofA came back with 4% and a $1750 credit.  So we took that deal.  We plan to overpay anyway so the difference between that and Provident's 3.875 with $300 in points is mute.  Its an 11 year payback.   Glad this is over, we are now locked for 45 days!

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AMCBL said:   
glxpass said:   For those tracking MBS in anticipation of locking a loan, I've found the free 2-week trial of MBS Live on the mortgageneesdaily site to be quite useful and interesting, not just the live updates to MBS and bond pricing, but the live comments, which include repricing by major lenders. Most commenters are mortgage lenders/brokers and seem happy to respond to questions from borrowers or fellow professionals. I wouldn't ask newbie, general, or hypothetical questions as we often see in this thread, but that's just my opinion.

ETA: this isn't to underestimate the MBS information here from people like AMBCL, but in an especially volatile market, it's important, multiple re-prices, even with the same lender, can happen the same day.

  It's a great site, and where I get all of my MBS knowledge/data. I've posted on multiple occasions for folks to check out their site, trial and database.  I usually hop over here when there are major market movements that warrant pricing changes, but this is as real time as you can get w/o spending a fortune.  I forget if the trial is real time or delayed but I think it's real time.

That said....MBS +1, but down from high of +3 earlier and trying to maintain in positive territory.

  The MBS Live 2-week trial has real-time MBS and bond prices.  You can see the charts continually refresh.  Same for the commentary, chat, and reported lender repricing.

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can any one share where we are relative to the last three or so months?

Seems like we are at a low point for rates (high for MBS).

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That is a fair assessment, we're @ 102-30/32 which does seem to be the 3 month high for MBS (last time here was 5/30).

rated:
glxpass said:   
AMCBL said:   
glxpass said:   For those tracking MBS in anticipation of locking a loan, I've found the free 2-week trial of MBS Live on the mortgageneesdaily site to be quite useful and interesting, not just the live updates to MBS and bond pricing, but the live comments, which include repricing by major lenders. Most commenters are mortgage lenders/brokers and seem happy to respond to questions from borrowers or fellow professionals. I wouldn't ask newbie, general, or hypothetical questions as we often see in this thread, but that's just my opinion.

ETA: this isn't to underestimate the MBS information here from people like AMBCL, but in an especially volatile market, it's important, multiple re-prices, even with the same lender, can happen the same day.

  It's a great site, and where I get all of my MBS knowledge/data. I've posted on multiple occasions for folks to check out their site, trial and database.  I usually hop over here when there are major market movements that warrant pricing changes, but this is as real time as you can get w/o spending a fortune.  I forget if the trial is real time or delayed but I think it's real time.

That said....MBS +1, but down from high of +3 earlier and trying to maintain in positive territory.

  The MBS Live 2-week trial has real-time MBS and bond prices.  You can see the charts continually refresh.  Same for the commentary, chat, and reported lender repricing.

  Thanks, it was the 'free' version I was thinking of....that used to have a lag to it.  Not sure if they offer that anymore, but it was indeed behind 'live' pricing.

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MBS -7/32s to start the week

This week:
ISM today @ 10

ADP Thurs @ 815
Claims Thurs @ 830
ECB Policy Decision around the same time as ADP/Claims (important as EU volatility has driven this rally)

UE Private- & NFP Fri @ 830

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