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rated:
psychtobe said:   
Medikit said:   
psychtobe said:   now it's 3.625 jumbo with 10% down and no lender fees. Doctor's loan. Locked in.
  
Where did you find this rate?

  US bank. good program.

We got the GFE and it's actually even better than advertised, 3.625, 10% down, and lender credit of just over $1000. For a jumbo, I'm pleased.

  Can I get contact information for the Physician mortgage officer at US Bank?

rated:
Parli said:   Stay away from Advancial Credit Union! I spoke with the sales rep who gave me a breakdown of 5 different rate/points scenarios. When I asked for a GFE (forget the new name) he said he couldn't give that to me until after I sent in an application and he ran a credit report. I told him that I couldn't pull the trigger with him until I knew all of his fees in order to make a comparison. He kept telling me that they aren't allowed to do so. I called the credit union and asked to speak with his boss (the VP) who gave me all of the fees over the phone but said he couldn't give me anything in writing until they confirmed my credit score. I decided to pull the trigger with them and when I received the official quote they were 1% higher than I was quoted the week earlier! I know that rates fluctuate but they aren't changing that much. When I asked him how his rates could be so far off from what his sales guy had quoted me he said it was because the loan was for rental property. I told him that this information was given when I got the original quotes and he said he didn't know what to tell me. The rates he quoted were what they were. I asked him to cancel my application and he did so without hesitation.

Save your time, and credit ding, and do not use these guys!

  You should get them to talk to the credit bureau and take that hard pull off your credit report.

rated:
I have a friend who is getting ready to do a refinance on primary residence.  He was recently offered a new job with a different company and plans to accept the position.  Is this going to be a problem with the refi processing?
Any advice is greatly appreciated. 



 

rated:
Parli said:   Stay away from Advancial Credit Union! I spoke with the sales rep who gave me a breakdown of 5 different rate/points scenarios. When I asked for a GFE (forget the new name) he said he couldn't give that to me until after I sent in an application and he ran a credit report. I told him that I couldn't pull the trigger with him until I knew all of his fees in order to make a comparison. He kept telling me that they aren't allowed to do so. I called the credit union and asked to speak with his boss (the VP) who gave me all of the fees over the phone but said he couldn't give me anything in writing until they confirmed my credit score. I decided to pull the trigger with them and when I received the official quote they were 1% higher than I was quoted the week earlier! I know that rates fluctuate but they aren't changing that much. When I asked him how his rates could be so far off from what his sales guy had quoted me he said it was because the loan was for rental property. I told him that this information was given when I got the original quotes and he said he didn't know what to tell me. The rates he quoted were what they were. I asked him to cancel my application and he did so without hesitation.

Save your time, and credit ding, and do not use these guys!
 

  
That kind of sounds like the Quicken Loans (I think?) stupidity. Where you call up for rates. Just rates, not even fees, not even a GFE, and Quicken Loans won't give you anything until you do a full application + credit pull. Their marketing ploy is "our loan offers will beat anyone else, so anyone that applies will go with us, therefore we don't do rates without a full application". Uhhh ... no thanks, I'll pass. I've had lenders say they could match / beat competitors before, and not be able to follow through.

rated:
Dayne411 said:   
Parli said:   Stay away from Advancial Credit Union! I spoke with the sales rep who gave me a breakdown of 5 different rate/points scenarios. When I asked for a GFE (forget the new name) he said he couldn't give that to me until after I sent in an application and he ran a credit report. I told him that I couldn't pull the trigger with him until I knew all of his fees in order to make a comparison. He kept telling me that they aren't allowed to do so. I called the credit union and asked to speak with his boss (the VP) who gave me all of the fees over the phone but said he couldn't give me anything in writing until they confirmed my credit score. I decided to pull the trigger with them and when I received the official quote they were 1% higher than I was quoted the week earlier! I know that rates fluctuate but they aren't changing that much. When I asked him how his rates could be so far off from what his sales guy had quoted me he said it was because the loan was for rental property. I told him that this information was given when I got the original quotes and he said he didn't know what to tell me. The rates he quoted were what they were. I asked him to cancel my application and he did so without hesitation.

Save your time, and credit ding, and do not use these guys!

  You should get them to talk to the credit bureau and take that hard pull off your credit report.

  Since I am going to go through with someone else does it matter when I get the second pull? My understanding is that your credit isn't hurt if they are all done within a 30 day period.

rated:
Just closed with Amerisave 322k 75% LTV 15 year 3.125% with $4800 closing credit. Actual closing cost was only $1500 plus another $1500 for prepaids/escrow. I'm getting a check for the difference which I'm a little surprised since I didn't think that was allowed. Overall I made about a $3k "profit" by refinancing.

I'm thinking of refinancing again with Sebonic. According to Zillow I can get 2.625% with about $2000 in closing costs plus prepaids/escrow. Payback period would be less than 2 years and I don't think rates are going any lower.

Does anyone know if you can refinance so soon after completing a refinance. I know you can't do it with the same lender but what if it's a different lender?

rated:
Snezz said:   Just closed with Amerisave 322k 75% LTV 15 year 3.125% with $4800 closing credit. Actual closing cost was only $1500 plus another $1500 for prepaids/escrow. I'm getting a check for the difference which I'm a little surprised since I didn't think that was allowed. Overall I made about a $3k "profit" by refinancing.

I'm thinking of refinancing again with Sebonic. According to Zillow I can get 2.625% with about $2000 in closing costs plus prepaids/escrow. Payback period would be less than 2 years and I don't think rates are going any lower.

Does anyone know if you can refinance so soon after completing a refinance. I know you can't do it with the same lender but what if it's a different lender?

You would need to look at your loan documents.
I refinanced to a 15 year with no closing costs and part of the terms of them paying the closing costs were that I keep the loan for 3 years. If I refinanced/sold/etc before the 3 years, I would have to repay them the closing costs. Since you got a closing cost credit, I suspect there is some kind of similar terms in your agreement.

rated:
Seity said:   
Snezz said:   Just closed with Amerisave 322k 75% LTV 15 year 3.125% with $4800 closing credit. Actual closing cost was only $1500 plus another $1500 for prepaids/escrow. I'm getting a check for the difference which I'm a little surprised since I didn't think that was allowed. Overall I made about a $3k "profit" by refinancing.

I'm thinking of refinancing again with Sebonic. According to Zillow I can get 2.625% with about $2000 in closing costs plus prepaids/escrow. Payback period would be less than 2 years and I don't think rates are going any lower.

Does anyone know if you can refinance so soon after completing a refinance. I know you can't do it with the same lender but what if it's a different lender?

You would need to look at your loan documents.
I refinanced to a 15 year with no closing costs and part of the terms of them paying the closing costs were that I keep the loan for 3 years. If I refinanced/sold/etc before the 3 years, I would have to repay them the closing costs. Since you got a closing cost credit, I suspect there is some kind of similar terms in your agreement.

  That would be really unusual. A 15 year conforming loan would typically have no prepaid penalties. As long as the loan has no prepayment penalties, you are good to refinance immediately. 

rated:
I've never seen a mortgage where they pay all closing costs and don't have some kind of closing cost reimbursement agreement. Even my HELOC had one.

rated:
Seity said:   I've never seen a mortgage where they pay all closing costs and don't have some kind of closing cost reimbursement agreement. Even my HELOC had one.
  Some HELOCs do have pre-payment penalties. But, prepayment penalties are actually very uncommon among conventional 15 or 30 year mortgages. (in the U.S... )

That's why I always recommend doing a no-cost refinance, and then aggressively refinancing as soon as rates go down. You will end up with a less stressful process, because you have nothing to lose. You will also end up with an extremely competitive rate as you continue to lock in the lowest interest rates as the rates fluctuate... all at no cost. 

I've started a new refinance on the day after the old loan closed... no problem at all.

rated:
livedog said:   
Seity said:   I've never seen a mortgage where they pay all closing costs and don't have some kind of closing cost reimbursement agreement. Even my HELOC had one.
  Some HELOCs do have pre-payment penalties. But, prepayment penalties are actually very uncommon among conventional 15 or 30 year mortgages. (in the U.S... )

That's why I always recommend doing a no-cost refinance, and then aggressively refinancing as soon as rates go down. You will end up with a less stressful process, because you have nothing to lose. You will also end up with an extremely competitive rate as you continue to lock in the lowest interest rates as the rates fluctuate... all at no cost. 

I've started a new refinance on the day after the old loan closed... no problem at all.

  
According to the closing disclosure there is no prepayment penalty.  None of the other documents I was given mention any prepayment penalty so it looks like I'm good there.  I know Penfed 5/5 ARM had prepayment penalties back when they were paying closing costs but those are not conventional mortgages.   

rated:
Medikit said:   
psychtobe said:   
Medikit said:   
psychtobe said:   now it's 3.625 jumbo with 10% down and no lender fees. Doctor's loan. Locked in.
  
Where did you find this rate?

  US bank. good program.

We got the GFE and it's actually even better than advertised, 3.625, 10% down, and lender credit of just over $1000. For a jumbo, I'm pleased.

  Can I get contact information for the Physician mortgage officer at US Bank?

  I sent a PM, but basically jusst call your local US Bank lender and ask; that's what I did.

rated:
I'm looking to refinance, currently at 4.1%. Is this a good time to refinance (Amerisave and First bank of internet seem to have to be around 3.625% with some rebates back)?

ETA: 
looking for a 30 year loan.

rated:
Locked in 3.625% 30yr refi at no closing costs (due to lender credit). Getting down from 4.125 (and getting rid of PMI due to 10% down 2yrs ago when we sold and increased property prices today).

Got the best rate from goodmortgage.com shopping from mortgage professor and got my current lender Aimloan to match.

rated:
Looking to refinance (no cost) but need a lender who has the ability to manually underwrite if necessary. I am finding out that many of the lenders such as Amerisave and Cashcall just put the info in the system and don't appear able to/want to handle anything out of the ordinary. Any help would be appreciated!

rated:
I just locked in 3.25% at Bank of America for a 30 year fixed rate jumbo loan. They are giving me a credit of $3000 which comes to about -0.39 points.
I had a option of getting 3.375% with $5000 back.
I see that for Bank of America and Wells Fargo the jumbo loan rates are lower then the conventional loans.

rated:
sredni said:   I just locked in 3.25% at Bank of America for a 30 year fixed rate jumbo loan. They are giving me a credit of $3000 which comes to about -0.39 points.
I had a option of getting 3.375% with $5000 back.
I see that for Bank of America and Wells Fargo the jumbo loan rates are lower then the conventional loans.


How much was down payment and how much was loan amount?

rated:
zonacat said:   Just locked on a 30 year refi with northpointe bank for 3.375 and although there are some fees the lender credit nets out so that I will end up getting back about 800 bucks. Lower rate plus free money sounds like a deal to me.

Found them on zillow mortgage. Tons of good reviews and so far the guy im working with has been super communicative and quick to answer emails and update on statuses. Will update when things all actually go through.


Just wanted to update. Closed tonight so 36 days start to finish. No real hiccups. Processing was slow but the lender extended the rate lock due to delay on their end. Everything came out exactly as in the gfe (or lower).

All communication was straightforward with specific details on needs, etc and questions were always answered by email same day.

Definitely would recommend Ian McClellan at Northpointe Bank. Great rate, great service.

Final was 3.375 30 year fixed on a 357K 65% ltv refi in CA. No cash out. About $2200 in closing costs but offset by a $3100 lender credit so $900 net to me to drop rate .5%

rated:
hoodwink said:   
sredni said:   I just locked in 3.25% at Bank of America for a 30 year fixed rate jumbo loan. They are giving me a credit of $3000 which comes to about -0.39 points.
I had a option of getting 3.375% with $5000 back.
I see that for Bank of America and Wells Fargo the jumbo loan rates are lower then the conventional loans.


How much was down payment and how much was loan amount?


Loan amount is ~$790,000. That is after paying 20% down.
Bank of America also has a closing guarantee - if they don't close in 30 days, they give back $500.
 

rated:
sredni said:   
hoodwink said:   
sredni said:   I just locked in 3.25% at Bank of America for a 30 year fixed rate jumbo loan. They are giving me a credit of $3000 which comes to about -0.39 points.
I had a option of getting 3.375% with $5000 back.
I see that for Bank of America and Wells Fargo the jumbo loan rates are lower then the conventional loans.


How much was down payment and how much was loan amount?


Loan amount is ~$790,000. That is after paying 20% down.
Bank of America also has a closing guarantee - if they don't close in 30 days, they give back $500.

  How are you getting that?  I'm seeing 3.65 here (https://www.bankofamerica.com/home-loans/mortgage/custom-mortgag...
 

rated:
cr3s said:   
sredni said:   
hoodwink said:   
sredni said:   I just locked in 3.25% at Bank of America for a 30 year fixed rate jumbo loan. They are giving me a credit of $3000 which comes to about -0.39 points.
I had a option of getting 3.375% with $5000 back.
I see that for Bank of America and Wells Fargo the jumbo loan rates are lower then the conventional loans.


How much was down payment and how much was loan amount?


Loan amount is ~$790,000. That is after paying 20% down.
Bank of America also has a closing guarantee - if they don't close in 30 days, they give back $500.

  How are you getting that?  I'm seeing 3.65 here (https://www.bankofamerica.com/home-loans/mortgage/custom-mortgage-rates-today.go)

  I got that by talking to an agent. In my experience they have better rates than the ones posted on the website. The website also has no mention of lender credits.

rated:
I just closed/got funded on a loan at Sebonic/Cardinal Financial, 3.375% 0 points, only 3rd party fees (appraisal, title), for 359k loan, and using my own title company I got discounts on title services.  They were awesome to work with, I highly recommend Nick Georgilas as the loan officer.  Loan servicing is going to be sold, but I am ok with that.

rated:
I got BOA 3.625 with 0 points and 5% down.

rated:
New purchase here. Just locked in 3.5% for 264k. Application fee $895, but they gave me $1220 to cover that plus other fees.

Went thru Zillow Marketplace and Consumer Direct Mortgage.

Hope to close fast as I am ideal candidate.

rated:
I could use some FWF help. While I am looking for a house currently, I will have some extra money coming to me later this year. I have a budget of up to $325k and 20% available for down payment. However, I'm looking to have my payments around $1,300/mo and would like to put extra $$ into the down payment in order to get my payments in line. So, if I end up going to the top of my budget (though I'm actually hesitant to go that high), then I currently only have enough cash for 20% and thus my payments would be higher.

If my ideal house pops up before I have the additional cash, what would be the best way to make the purchase? Would I be best just getting an ARM today an then refinance to a lower balance 30 fixed in a few months? Will I have to pay high closing costs twice? If I did a no cost refi, would I still be able to get a similar rate to what I'd get for 30 fixed right off the bat? Say I can't refi until Sep, do we anticipate much increase in rates between now and then?

I've been liking the quotes I'm getting off Zillow for Seabonic so I'm thinking I'd ultimately go through them but if I go the refi route, I would try and go with the cheapest upfront costs lender I could find for the first loan. Any insight into this would be appreciated.

rated:
shityeahson said:   I could use some FWF help. While I am looking for a house currently, I will have some extra money coming to me later this year. I have a budget of up to $325k and 20% available for down payment. However, I'm looking to have my payments around $1,300/mo and would like to put extra $$ into the down payment in order to get my payments in line. So, if I end up going to the top of my budget (though I'm actually hesitant to go that high), then I currently only have enough cash for 20% and thus my payments would be higher.

If my ideal house pops up before I have the additional cash, what would be the best way to make the purchase? Would I be best just getting an ARM today an then refinance to a lower balance 30 fixed in a few months? Will I have to pay high closing costs twice? If I did a no cost refi, would I still be able to get a similar rate to what I'd get for 30 fixed right off the bat? Say I can't refi until Sep, do we anticipate much increase in rates between now and then?

I've been liking the quotes I'm getting off Zillow for Seabonic so I'm thinking I'd ultimately go through them but if I go the refi route, I would try and go with the cheapest upfront costs lender I could find for the first loan. Any insight into this would be appreciated.

I would do a 5/1 arm and refi when the additional cash comes in. You will have to pay the closing fees twice. The concern I would have would be the rising interest rates given what the FED just said. Rates are already reflecting the fear.

rated:
amd555 said:   
shityeahson said:   I could use some FWF help. While I am looking for a house currently, I will have some extra money coming to me later this year. I have a budget of up to $325k and 20% available for down payment. However, I'm looking to have my payments around $1,300/mo and would like to put extra $$ into the down payment in order to get my payments in line. So, if I end up going to the top of my budget (though I'm actually hesitant to go that high), then I currently only have enough cash for 20% and thus my payments would be higher.

If my ideal house pops up before I have the additional cash, what would be the best way to make the purchase? Would I be best just getting an ARM today an then refinance to a lower balance 30 fixed in a few months? Will I have to pay high closing costs twice? If I did a no cost refi, would I still be able to get a similar rate to what I'd get for 30 fixed right off the bat? Say I can't refi until Sep, do we anticipate much increase in rates between now and then?

I've been liking the quotes I'm getting off Zillow for Seabonic so I'm thinking I'd ultimately go through them but if I go the refi route, I would try and go with the cheapest upfront costs lender I could find for the first loan. Any insight into this would be appreciated.

I would do a 5/1 arm and refi when the additional cash comes in. You will have to pay the closing fees twice. The concern I would have would be the rising interest rates given what the FED just said. Rates are already reflecting the fear.

  No closing fees if a negative cost loan is used.  No reason not to do negative cost if you're planning to refi soon.  5/1 or 30yr is almost irrelevant in that case for the purchase loan, just find one with the greatest negative lender fees.

rated:
Dear members, I need some information to help a friend of mine. I don't know if the below scenario is a bait and switch since this is a FHA loan, however it stinks of one. I am new to FHA, so I could not help him much,and am seeking info for best course of action.

The story:
My friend's son lives in UT(we are in NY) and is trying to close on a newly constructed builder home. He is a truck driver and owns and operates his truck and earns a decent living. I was told he makes around 8-10K /month. He recently signed up for a builder home and has applied for FHA for 317K.

Here are the monthly expenses:
1. Rent -1300 2. Car payment -500 3. Estimated/Outstanding IRs tax payment -800(9K total due) 4. Personal loan - 500(12K outstanding)

He applied with Veritas lending(2 months ago) and was asked to pay his personal loan in full to get approved, and so he borrowed from his father the 12K following which he was (told he was )approved for a 30yr@3.35 and has locked the rate . He has his scheduled closing on 3rd June. Suddenly, last weekend the lender backtracks and says they cannot lend him unless he closes his car payment also along with the IRS payment. The mortgage is with the document writer and they dont want to lend it unless he closes both these loans. They insist that this be done else NO Mortgage. I just don't understand how they didn't see the car payment or IRS payment 60 days before, and suddenly decide to stall the process.

He can still borrow the money from his father(my friend), however it just feels plain wrong that they can take advantage of a borrower like this. He is 3K in with the application and other costs, and has already given notice for moving out for his rental.His family(with 1 kid) should move into a hotel if this deal doesn't close.

As my friend told me about this, I asked his son to show me a GFE / Estimated HUD or any other related info. NOTHING!! Apparently the lender had never given him anything of that sort. He did not even know what they were. Weren't they supposed to explain these to the borrower instead of asking him to sign document after document for approval? I understand that not everyone is aware of the details, but I feel sorry for borrowers who are not savvy enough to know the details. This just feels plain wrong. Who knows what costs were tacked on before closing?

I have suggested that he start applying with his bank or some place else for a mortgage as a back up(but with only a week away it is too close to the deadline).

Is this even a valid business practice?. This doesn't sound like one to me. I would like to know what his options are?

Thanks for your advise.

rated:
blogpie said:   Dear members, I need some information to help a friend of mine. I don't know if the below scenario is a bait and switch since this is a FHA loan, however it stinks of one. I am new to FHA, so I could not help him much,and am seeking info for best course of action.

The story:
My friend's son lives in UT(we are in NY) and is trying to close on a newly constructed builder home. He is a truck driver and owns and operates his truck and earns a decent living. I was told he makes around 8-10K /month. He recently signed up for a builder home and has applied for FHA for 317K.

Here are the monthly expenses:
1. Rent -1300 2. Car payment -500 3. Estimated/Outstanding IRs tax payment -800(9K total due) 4. Personal loan - 500(12K outstanding)

He applied with Veritas lending(2 months ago) and was asked to pay his personal loan in full to get approved, and so he borrowed from his father the 12K following which he was (told he was )approved for a 30yr@3.35 and has locked the rate . He has his scheduled closing on 3rd June. Suddenly, last weekend the lender backtracks and says they cannot lend him unless he closes his car payment also along with the IRS payment. The mortgage is with the document writer and they dont want to lend it unless he closes both these loans. They insist that this be done else NO Mortgage. I just don't understand how they didn't see the car payment or IRS payment 60 days before, and suddenly decide to stall the process.

He can still borrow the money from his father(my friend), however it just feels plain wrong that they can take advantage of a borrower like this. He is 3K in with the application and other costs, and has already given notice for moving out for his rental.His family(with 1 kid) should move into a hotel if this deal doesn't close.

As my friend told me about this, I asked his son to show me a GFE / Estimated HUD or any other related info. NOTHING!! Apparently the lender had never given him anything of that sort. He did not even know what they were. Weren't they supposed to explain these to the borrower instead of asking him to sign document after document for approval? I understand that not everyone is aware of the details, but I feel sorry for borrowers who are not savvy enough to know the details. This just feels plain wrong. Who knows what costs were tacked on before closing?

I have suggested that he start applying with his bank or some place else for a mortgage as a back up(but with only a week away it is too close to the deadline).

Is this even a valid business practice?. This doesn't sound like one to me. I would like to know what his options are?

Thanks for your advise.

  Start another app (i like boxhomeloans). extend the close date, get a GFE. If they are playing chicken then they will push it through. His credit score would help, if it is good then it makes no sense.

rated:
Thanks pillsdoughboy1 .  I have ad them to look into boxedloans.  It is just that the practice used by the existing lender seems plain wrong. 

rated:
I need some direction on what lender to use. I am looking to refinance (no cost) but need a lender who has the ability to manually underwrite if necessary. I am finding out that many of the lenders such as Amerisave and Cashcall just put the info in the system and don't appear able to/want to handle anything out of the ordinary. Any help would be appreciated!

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