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RhizzleBop said:   Looking for suggestions.
I just spoke to Mark at reliantbank.  
He said if we  did 20% dn we'd be around 3.5-3.625%.  However, if we wanted to do 10% dn, they can't touch it because I'm in South Carolina and theya re in Tenn (it's outside their footprint).
He said if I was in Tenn, I could do 10%, but not from here.

I called 3 local banks and the lowest I was told was 4% on a 30yr, 80%,  and the 10% would be around 4.25 if variable, and about 6% if fixed. 

I can't find anyone locally that's even competitive.

I thought Penfed having risen up to 3.75% was a bit crazy but it's looking pretty good right now.
Suggestions?   FICO 830  wife's  780  home price <300K.

somehow mark is able to manage these crazy low rates.. Ill be keeping my fingers crossed util I close.
if you can somehow manage 20% down 3.5% is no brainer. keep in mind penned has 1% origination fee. 
 

rated:
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

What are they charging for closing costs?

rated:
Just closed a cash out refinance loan with AIMloan here are the stats:

House Value: 1.25 Million
30 year Jumbo Cash out refinance w/ HELOC subordination: $700,000
Rate: 3.5%
Fees: Was supposed to be free, but extra cost of subordination and extra recording along with an extra 7 days on the rate lock for subordination total cost was ~1,000

Existing loan: $570,000 at 3.75.

rated:
johnnybs 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

What are they charging for closing costs?


My GFE states a origination charge of $1200 which includes lender fees and other charges... but i got about $1100 in credits so kinda nets out.
 

rated:
Locked last week for extended conforming loan, $562K is the max so actually 22% down. It is with Sebonic and 3.75%. There is a negative partial point that exactly matches the lender loan fee + appraisal cost.

So far they've been a little inferior to my two prior mortgages, a broker-assistanted purchase loan and Box refi. Box no longer offers competitive rates, I wonder why anyone uses them anymore.

Box was easier to work with and had a better organized website and loan processors, but on the other hand was super anal about demanding more and more financial documents.

Sebonic was by far the best offer on Zillow Mortgage. Next best was also 3.75%, but they wanted a partial point costing me $3500 and their reviews were no better and fewer.

rated:
gaurav1980 said:   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.
  
This is good advice in a tight market. I had an online lender back out of a loan I was approved for when the appraiser found a fence deviated about 2-3 feet from the property line. The fact that the fence went both ways and the two encouchments cancelled each other out, and was never a problem in multiple prior sales, did not matter to them. The local guy cost me an extra 1/8, but only for a year until I did a refi. The wholesale funders trusted him when he said this is a common issue for older properties in my area and never created any real problems. I am up about 315k on the property per zestimate, and might have lost it if the mortgage co backing out had delayed things too much.

 

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