FYI, some of these company's sign you up, then sell your mortgage to another company......We signed up with one and our mortgage was sold to two different company's, didn't care for it.
question for mortgage guys
- Thread starter snoozer
- Start date
Guys,
I am in the business at a bank in New Orleans and I am licensed in all of the Continental US - I have quickly learned from talking to clients that it is best to work with someone that you know, or at least know something about.
I would always be leery of the no closing cost situation, as no lender is going to pay extra costs to close your loan. There will always be an origination point, a higher loan amount or rate, or something there that will replace the costs for the lender. Also, the tax situation sounds a bit funny.
Also, in regard to Jack's post, it's hard to gauge anything by the national rates that are posted on finanacial websites. Often those rates include points; otherwise they are listed with no return for the lending agent, and there is no reason for any lending agent to quote those rates unless points are involved.
Funny thing is that people often think they are getting these great deals, and then they sit down at the closing table and things are totally different. Always ask for a good faith estimate so you can see a breakdown of settlement costs. Even then you can't be completely safe because dishonest lenders can pull the old "switcheroo" before closing. I suggest always dealing with a person, preferably someone who has been referred, instead of an online company or someone you have never met.
snoozer, depending on the present value of your home (loan to value % will always be an impt factor) I can definitely beat that rate for you, and again I am licensed in all states in the USA except for Hawaii and Alaska. And I can send you an estimate of all settlement charges so you will know exactly what you're looking at for closing - usually people just kick their loan amount up a bit to handle those costs (the difference in your monthly payment will be negligible) - if you would like to chat you can google my name - SCOTT LAGARDE - and I think I'm the 1st hit that will appear - please give me a call as I am pretty sure I can save you some $$, and give you the feeling that you know exactly what your situation is
If anyone has any questions or would like any info whatsoever please feel free to give me a call at anytime - a lot of my friends moved out of state after Katrina and I have done a number of out of state loans, and all have gone off without a hitch - just mention you are from MJ's and we can dig up whatever info you need
Thanks - LA Burns
I am in the business at a bank in New Orleans and I am licensed in all of the Continental US - I have quickly learned from talking to clients that it is best to work with someone that you know, or at least know something about.
I would always be leery of the no closing cost situation, as no lender is going to pay extra costs to close your loan. There will always be an origination point, a higher loan amount or rate, or something there that will replace the costs for the lender. Also, the tax situation sounds a bit funny.
Also, in regard to Jack's post, it's hard to gauge anything by the national rates that are posted on finanacial websites. Often those rates include points; otherwise they are listed with no return for the lending agent, and there is no reason for any lending agent to quote those rates unless points are involved.
Funny thing is that people often think they are getting these great deals, and then they sit down at the closing table and things are totally different. Always ask for a good faith estimate so you can see a breakdown of settlement costs. Even then you can't be completely safe because dishonest lenders can pull the old "switcheroo" before closing. I suggest always dealing with a person, preferably someone who has been referred, instead of an online company or someone you have never met.
snoozer, depending on the present value of your home (loan to value % will always be an impt factor) I can definitely beat that rate for you, and again I am licensed in all states in the USA except for Hawaii and Alaska. And I can send you an estimate of all settlement charges so you will know exactly what you're looking at for closing - usually people just kick their loan amount up a bit to handle those costs (the difference in your monthly payment will be negligible) - if you would like to chat you can google my name - SCOTT LAGARDE - and I think I'm the 1st hit that will appear - please give me a call as I am pretty sure I can save you some $$, and give you the feeling that you know exactly what your situation is
If anyone has any questions or would like any info whatsoever please feel free to give me a call at anytime - a lot of my friends moved out of state after Katrina and I have done a number of out of state loans, and all have gone off without a hitch - just mention you are from MJ's and we can dig up whatever info you need
Thanks - LA Burns
My son said he could do the following:
I can do 5.75% on a 30 year with $1,225 in lender fees or the 6.25% with no fees.
I can do 5.75% on a 30 year with $1,225 in lender fees or the 6.25% with no fees.
Based on those numbers, my break even would be 29 months...
6.25% would be $800, 5.75 would be $758. So I would pay $42 more a month, after 29 months it would be $1200...
I really don't plan on being their more than 3 years, so I think I am better off sticking with the lower payment with a bit higher rate.
6.25% would be $800, 5.75 would be $758. So I would pay $42 more a month, after 29 months it would be $1200...
I really don't plan on being their more than 3 years, so I think I am better off sticking with the lower payment with a bit higher rate.
My son said:
The problem is, his loan amount is so low, so I won't make that much to begin with. If his income is below $56K a year, I could do better. The 30 year and the adjustable rates are so similar now a days.
snoozer,
just make sure you get a good faith estimate from your guy so you can see how everything is broken down - again, his reluctance to incorporate taxes seems a little odd, and would raise a little bit of a red flag to me - also, there would usually be costs for the title company executing the closing too (that should also be disclosed on the gfe), but i guess it is possible that his office has a title attorney under it and that is part of what is being paid for
just make sure you get a good faith estimate from your guy so you can see how everything is broken down - again, his reluctance to incorporate taxes seems a little odd, and would raise a little bit of a red flag to me - also, there would usually be costs for the title company executing the closing too (that should also be disclosed on the gfe), but i guess it is possible that his office has a title attorney under it and that is part of what is being paid for
EXCELLENT advice in this thread. I didn't realize there were so many mortgage guys here!
LA Burns makes an great point about the Good Faith Estimate. Bear in mind it's just an estimate, so it won't be down to the penny. Some people take the Good Faith as gospel and get angry if the final closing costs aren't an exact replica of the Good Faith. Having said that, if he quotes you a ridiculously low amount, and then later on it triples, that's obviously a red flag.
As for the interest rates, I would say that 5.5 or anything in that area is very low. I know people who got loans a few years ago that have rates like that, but nowadays those deals are hard to find. I'm not saying those rates don't exist, but if somebody quotes you a 5.5%, I would be very leery. You have no idea what people will quote you just to get your business, only to change everything on you once you've committed. And something else to keep in mind, if you ask somebody what rate they can get you and they give you a number without asking you a single question, DO NOT give them your business. It's flat-out impossible to know what kind of rate you can get someone without knowing their FICO score, debt-to-income ratio, etc.
Good luck...
LA Burns makes an great point about the Good Faith Estimate. Bear in mind it's just an estimate, so it won't be down to the penny. Some people take the Good Faith as gospel and get angry if the final closing costs aren't an exact replica of the Good Faith. Having said that, if he quotes you a ridiculously low amount, and then later on it triples, that's obviously a red flag.
As for the interest rates, I would say that 5.5 or anything in that area is very low. I know people who got loans a few years ago that have rates like that, but nowadays those deals are hard to find. I'm not saying those rates don't exist, but if somebody quotes you a 5.5%, I would be very leery. You have no idea what people will quote you just to get your business, only to change everything on you once you've committed. And something else to keep in mind, if you ask somebody what rate they can get you and they give you a number without asking you a single question, DO NOT give them your business. It's flat-out impossible to know what kind of rate you can get someone without knowing their FICO score, debt-to-income ratio, etc.
Good luck...
I do have a good faith estimate, it shows estimated balance of about $24. Also, I was given his name by a few people I work with, so people have worked with them before. Finally, I called an old buddy who used to be in the business. gave me some good info and questions to ask. He told me the answers I should here and if I didn't I should start to investigate further. My mortgage guy nailed every answer, so I feel a bit more comfortable.
With the expectation that I will not be in my house more than 3 years, I am good with the rates and prices I got. I am sure I could spend many many hours shopping around and maybe saving a few bucks a month, but knowing that I am going with someone people recommend and getting a fair rate, I am pretty happy.
Thanks for all the input from those in the industry.
If anyone needs advice or help on how to sit at a desk and go nuts all day, let me know. :shrug:
With the expectation that I will not be in my house more than 3 years, I am good with the rates and prices I got. I am sure I could spend many many hours shopping around and maybe saving a few bucks a month, but knowing that I am going with someone people recommend and getting a fair rate, I am pretty happy.
Thanks for all the input from those in the industry.
If anyone needs advice or help on how to sit at a desk and go nuts all day, let me know. :shrug:
Snoozer,
I'm in this business also...
Assuming a couple of things. This is a 30year mortgage, and your middle credit score is over 720, and LTV is over 75% ? Then I think this is a fair rate, although I could have done better for you, but we are not licensed in Michigan right now:shrug:
If the rate goes down, sometimes they can get it lowered, it depends on the wholesaler who is providing the funds, they all work differently.
Hope this helps you Snoozer!
Franky
Edit; looks like some things were answered as I was replying...
You should be in pretty good shape with that
Not surprising this place is oozing w/mtg. brokers :mj07: I believe his guy is paying all closing costs which is basically $1.5k-$2k depending. I would guess the broker is making .05-.075%. Pretty cheap for that size loan- although pretty easy too.
Dr. Fade;
Not sure why you chose to use me as an example with the quote option, maybe you would care to explain yourself? :shrug:
And maybe you might care to explain what your line of business is? :SIB
Snoozer,
As I mentioned before, it sounded like a decent price for what your situation is. Many people will drive themselves silly try to time the market and attempt to catch the absolute bottom of the market, which almost always fails. Just ask the stock/financial guys:0corn
The last post by Glenn kind of sums it up very well. He said; "It's flat-out impossible to know what kind of rate you can get someone without knowing their FICO score, debt-to-income ratio, etc."....
This is SO True. Each borrower, lender are so different.
For all the rest who are reading this thread the big thing to remember now is the whole market is Credit Score Driven! Make sure you keep close tabs on what others are reporting about you, and how they are reporting it. And dont fall for these "We will fix your credit in 60 days" Scams!:scared
Hope some of my comments have helped you.
Franky
Franky: I quoted you because I didn't know if you had caught the zero closing costs. ? 2: I currently am holding the title of Chief Asst. Custodial Engineer @ Martin Luther King Jr. Middle School.
For the experts here!
here is a spot that runs in Tampa on a lot of AM radio channels.
Thoughts about this from the mortgage guys??
http://www.lenoxfinancial.com/?gclid=CIfT_u7S344CFQ0ggAodx3nZNg
here is a spot that runs in Tampa on a lot of AM radio channels.
Thoughts about this from the mortgage guys??
http://www.lenoxfinancial.com/?gclid=CIfT_u7S344CFQ0ggAodx3nZNg
:SIB Not sure why you thought I missed the NO closing costs. I told him the rate he was getting was fair, and that is what he wanted to know:shrug:
TJ,
Out of respect for you, I listened to the whole "info-mercial" almost twice :banghead:
My feeling can be summed by this caveat that my Mom always told me> "You get what you pay for"
Beyond that, No closing costs to me, means you dont pay any costs to refinance the loan. PERIOD!
If one of my clients wants a no closing costs loan, I do it! If they want a lower rate with some closing costs, I do it.
But remember this, there is "No free lunch" and that applies to mortgages. The job of a good reputable mortgage broker is to find the BEST deal for their clients. Its as simple as that.
I would say that maybe 30% of my clients are "A" or "A+" credit. If someone thinks that this guy touting no cost mortgages only gets 100% "A" credit clients that he can sell NO COST loans to, then we all have alot of swampland to sell to these people:SIB
It can be done, and is done. But like he so eloquently flew by the fact that perfect credit can only be offered no cost loans, I am 100% sure that a majority of his loans are NOT no cost:sadwave:
I hope this helps TJ
....Franky
AL,
We have a reciprocal agreement there with another broker who we have used and TRUST. If you would like to talk about your situation I would be the person who puts the package together for us, and then we would close throught this conduit. I would welcome the opportunity to work with you AL!...
RRC,
Unlike the situation above with AR, we do have the same arrangements in Indy, but are currently testing 2 shops right now, and I can't give a positive or negative on them as of this time. Certainley would welcome the chance to work with you also, its just that these relationships are relatively new yet, and I want to make sure things go smoothly.
You are more than welcome to get my email address from Jack and we can take from there!
Regards,
Franky
I am currently paying 6.375% on a 30 yr loan.........
Is it worth it to look into refinancing???
Credit Scores 740 for wife and I...............
LTV ratio..........owe 168,000 worth 240,000
Is it worth it to look into refinancing???
Credit Scores 740 for wife and I...............
LTV ratio..........owe 168,000 worth 240,000
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:mj07:
hahahaha....
Maverick,
Let me check for you! More phone calls :talk:
kurby
LOL....
Was just going to ask you this, then you edited it.
Your in good shape. At a minimum would be able to save at least $70 to >100/month. I have your payment at $1048.10....
Will let you know about your State...
Franky
