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09/30/2013 - Best Mortgage Rates from Big & Reputable Lenders (30year @ 4%, 15year @ 3.87%, ARM's etc)

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MortgageManNJ said:   
Bend3r said:   
nasshea said:   Question for you expert. If I am purchasing a home and going to get a traditional mortgage. Will I be able to receive as a gift the 20% downpayment or will it cause problems getting a mortgage?
  If the gift is received several (3+?) months earlier and left untouched in your checking account then no problem.  The gift is a cash gift and nothing to do with the down payment.

If it's earmarked as down payment and only received while you're in the mortgage process, it may cause you problems.

  It should not cause any problems even during the process, as long as it is from a family member and they can provide a bank statement showing the source of the gift funds.

-= MMNJ =-

  I don't know if it varies between lenders, but my lender definitely allowed gifts, however there was a percentage of purchase price down payment that was required not to be a gift.  So the only problems are potentially is if you have little/no funds yourself and planning to use the "gift" for the entire down payment. Or if you have an incompetent mortgage broker it might delay things if they don't gather satisfactory documentation (the Letter of Explanation and/or bank statement you mentioned).

edit: for example, Quicken (not the lender i used) says all down payment can be gift in conventional with >=20% down, but with less down payment the amount that can be gift varies with loan type. https://www.quickenloans.com/blog/gift-money-down-payment

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If an FHA loan, the entire downpayment can be gifted even if is the minimum 3.5% downpayment. If a conventional loan, many lenders allow a gift as long as the borrower shows 5% of their own funds -- and some have no overlays where they can allow a full gift downpayment even under 20%.

-= MMNJ =-

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Buying a house in Southern California area. Got quoted with following rates: 

Purchase price:- $1,200,000
Down Payment - 20%
Loan Amount - $960,000

10/1 ARM @ 3.25% 
30 year fixed – 4.25%
15 year fixed - 4.0% - credit $2964
Closing cost: $1,500
                
How are these looking? Anybody know if I there are better rates available? 
 

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^^^ Have you read the quick summary? Like, the first 10 lines?

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Look at Chase or Bank of the West. Was quoted 3.875 on a 75 LTV @ 1.32MM with (0.25) lender credit and $600 off orig.

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What happened to the daily posting of rates?

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jaypeeSD said:   Buying a house in Southern California area. Got quoted with following rates: 

Purchase price:- $1,200,000
Down Payment - 20%
Loan Amount - $960,000

10/1 ARM @ 3.25% 
30 year fixed – 4.25%
15 year fixed - 4.0% - credit $2964
Closing cost: $1,500
                
How are these looking? Anybody know if I there are better rates available? 
 


Who is giving you a 10/1 at 3.25? That's a great rate.

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MBS was -4/32 today. Not too much price deterioration with that move south......

-= MMNJ =-

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Lender: Wells fargo - Home mortgage Builder Division
Location: Southern California

My rate was locked in on 05/01 and they started processing the loan. Yesterday, they added one point on my loan estimates telling me that rates were not locked in last week. When I called mortgage "consultant",he sounded very rude telling it is what it is and hung up on me; later sent me an email apologizing that rate was never locked and he'll make sure to remove points after the loan is approved.

I'm obviously not really comfortable with his promises and have already started looking for other options. Any suggestions where I can escalate this to. Couldn't find branch manager/VP name on their location. I'll be filing complain with CFPB soon.

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You let him finish the process and cancel during the 3 day 'right to cancel' if he doesn't take off the point.
Or you wait until it is all done and you call his boss.

Starting over won't do much and the CFPB has SO MANY complaints about wells right now that they won't notice another.

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chaddi said:   Lender: Wells fargo - Home mortgage Builder Division
Location: Southern California

My rate was locked in on 05/01 and they started processing the loan. Yesterday, they added one point on my loan estimates telling me that rates were not locked in last week. When I called mortgage "consultant",he sounded very rude telling it is what it is and hung up on me; later sent me an email apologizing that rate was never locked and he'll make sure to remove points after the loan is approved.

I'm obviously not really comfortable with his promises and have already started looking for other options. Any suggestions where I can escalate this to. Couldn't find branch manager/VP name on their location. I'll be filing complain with CFPB soon.

  Just an FYI:  rates did not move enough last week to warrant any move up or down where 100 bps (1 point) should have been added to any loan.  I would probably do two things:

1.  Request that if you have any paper trail evidencing your request to lock at your agreed-upon rate with no points that you forward it to the loan officer and request they honor it or you will escalate the issue with his manager and file a complaint (and request the name of the manager).  If that does not work, simply call back the branch main number and ask who the manager of the branch is and get their email contact info.
2.  As a backup, start looking for other options as you do not want to start searching for reasonable financing in the 11th hour of your transaction.

-= MMNJ =-

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MBS is currently +4/32 -- holding steady and not enough movement to move rates too much right now.

-= MMNJ =-

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Aside from Entitle Direct and Old Republic(found in this thread, LoyalAbstract is closed),  what other title companies have fellow FWFs used? 

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I've been shopping for title insurance and services via these guys for many years, but they still only serve Colorado:
https://www.comparetitlecompanies.com/index.php

I think I've always rechecked with them, but the same company has always had the best pricing for me. If you've closed a mortgage before, directly contacting the companies you've used before for a quote is probably worth the effort. I typically save $300-$500 over the title company the lender suggests.

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SlimTim said:   I've been shopping for title insurance and services via these guys for many years, but they still only serve Colorado:
https://www.comparetitlecompanies.com/index.php 

I think I've always rechecked with them, but the same company has always had the best pricing for me. If you've closed a mortgage before, directly contacting the companies you've used before for a quote is probably worth the effort. I typically save $300-$500 over the title company the lender suggests.

I'm getting the opposite with the claims that the mortgage company probably gets a volume discount(Chicago Title $3000..ridiculous!) .

How do I ensure I'm getting the same ....quality/type of Title Insurance. I got a quote from Entitle, waiting on a callback from the one listed on my purchase documents (13 years ago) and the one Aimloan.

I'm comparing to the LOEs I got from applications I filed 2 months ago(didn't proceed due to lack of tax transcripts for 2015 & 2016), and none of them match 100% or at least have the same line items listed. Its hard to tell if I'm getting the same coverage. What should I look/ask for? I'll try to upload a screenshot later

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picghaw said:   
SlimTim said:   I've been shopping for title insurance and services via these guys for many years, but they still only serve Colorado:
https://www.comparetitlecompanies.com/index.php 

I think I've always rechecked with them, but the same company has always had the best pricing for me. If you've closed a mortgage before, directly contacting the companies you've used before for a quote is probably worth the effort. I typically save $300-$500 over the title company the lender suggests.

I'm getting the opposite with the claims that the mortgage company probably gets a volume discount(Chicago Title $3000..ridiculous!) .

How do I ensure I'm getting the same ....quality/type of Title Insurance. I got a quote from Entitle, waiting on a callback from the one listed on my purchase documents (13 years ago) and the one Aimloan.

I'm comparing to the LOEs I got from applications I filed 2 months ago(didn't proceed due to lack of tax transcripts for 2015 & 2016), and none of them match 100% or at least have the same line items listed. Its hard to tell if I'm getting the same coverage. What should I look/ask for? I'll try to upload a screenshot later

  
We do probably 10,000 loans per year roughly, and we do not get any volume discount or have any negotiated fees.  In many states, title is a regulated fee and cannot legally deviate

-= MMNJ=-

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MBS is having a nice start to the day -- up +11/32 and the 10 yr treasury is down to 2.250%

-= MMNJ =-

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Trump bump is over. Frankly, lasted longer than I expected.

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MortgageManNJ said:   
picghaw said:   
SlimTim said:   I've been shopping for title insurance and services via these guys for many years, but they still only serve Colorado:
https://www.comparetitlecompanies.com/index.php 

I think I've always rechecked with them, but the same company has always had the best pricing for me. If you've closed a mortgage before, directly contacting the companies you've used before for a quote is probably worth the effort. I typically save $300-$500 over the title company the lender suggests.

I'm getting the opposite with the claims that the mortgage company probably gets a volume discount(Chicago Title $3000..ridiculous!) .

How do I ensure I'm getting the same ....quality/type of Title Insurance. I got a quote from Entitle, waiting on a callback from the one listed on my purchase documents (13 years ago) and the one Aimloan.

I'm comparing to the LOEs I got from applications I filed 2 months ago(didn't proceed due to lack of tax transcripts for 2015 & 2016), and none of them match 100% or at least have the same line items listed. Its hard to tell if I'm getting the same coverage. What should I look/ask for? I'll try to upload a screenshot later

  
We do probably 10,000 loans per year roughly, and we do not get any volume discount or have any negotiated fees.  In many states, title is a regulated fee and cannot legally deviate

-= MMNJ=-

  Then this makes things very odd since each LOE is different. I'll try to post a screenshot in a bit.

rated:
Title insurance rates have some regulation in my state, but fees for other services provided by the title companies vary quite a lot. There's been a bit of variance in insurance rates or even the specific policy types identified as applicable from different companies.

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Any tips for banks/CUs for a mortgage in Westchester County, NY? Tried Zillow/Lendingtree/Bankrate, but one of my colleagues told me about Valley National Bank, which has the best rate I've seen so far for a 30y fixed at 3.625%. I'm wondering if I may be missing out on some other banks with better rates that also don't show up on the rate search sites.

rated:

Linear (68.80kB)
Disclaimer

Entitle (97.75kB)
Disclaimer
I have 4 attachments :

1) This is quote I got from Entitle
2) Quote from LinearTitle (used by Amerisave)
3) Costs detailed in  Aimloan LOE from March 2017
4) screenshot from Amerisave which uses (2)

You can see the line items are different for each one, even the ones from the same company (2) & (4) 

I am planning to go with the quote from Linear(2), Old Republic(3) has not gotten back to me yet. Could I sign my docs stating Linear and then switch to Old Republic when they finally respond? How does it look? Thanks.

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Try providing a copy of the closing costs for (3) Old Republic from your AimLoan quote to (2) Linear Title and ask them if they can lower their fees to match in order to be more competitive.

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Do all 3 have the same rate?

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HKnight said:   Any tips for banks/CUs for a mortgage in Westchester County, NY? Tried Zillow/Lendingtree/Bankrate, but one of my colleagues told me about Valley National Bank, which has the best rate I've seen so far for a 30y fixed at 3.625%. I'm wondering if I may be missing out on some other banks with better rates that also don't show up on the rate search sites.
  I just checked VNB and their 30 yr rates are higher than what you listed -- is it some special program or product?

MMNJ

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