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johnnyj1024
24 Posts |
 Posted - 11/28/2007 : 06:44:06 AM
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| I have a borrower looking for a cashout refinance on his primary residence he is looking for a $834K loan amount and the LTV is only 35%. He is a self employed borrower, and the home is a single family dwelling in NY. The only hitch that I am coming across is the 640 FICO. He has another lender telling him that they can offer him a 5/1 IO or 3/1 IO at around 6.500-6.75. If anyone has any ideas please let me know. |
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Ksechrest@EQUIFI
1827 Posts |
Posted - 11/28/2007 : 06:47:50 AM
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| I can do this one for you, but he ain't getting anywhere near what he was quoted. I could go 9.05 3/27 IO at par or 7.85 3/27 IO with a 3 point buydown |
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re_manager
2637 Posts |
Posted - 11/28/2007 : 07:01:30 AM
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We can do this on our 3-Year Fixed with option of I/O payment:
7.60% (PAR), 7.95% (1.0% rebate), 8.20% (2.0% rebate)
This loan has the option of fixing the rate for the life of the loan at any time from the end of the 3rd year to the 7th for $200.
Please let me know if this works for your client.
Thanks
Phil Koch
Wholesale Mortgage Banking Leader
Wachovia, 4th largest Bank in US
philip.koch@wachovia.com
Cell: 661-343-3556
Fax: 800-307-7614
*This is not a commitment to lend. Rates and terms are subjected to change without notice. |
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johnnyj1024
24 Posts |
Posted - 11/28/2007 : 07:41:59 AM
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Do you have an option arm that you can offer him?
We can do this on our 3-Year Fixed with option of I/O payment:
7.60% (PAR), 7.95% (1.0% rebate), 8.20% (2.0% rebate)
This loan has the option of fixing the rate for the life of the loan at any time from the end of the 3rd year to the 7th for $200.
Please let me know if this works for your client.
Thanks
Phil Koch
Wholesale Mortgage Banking Leader
Wachovia, 4th largest Bank in US
philip.koch@wachovia.com
Cell: 661-343-3556
Fax: 800-307-7614
*This is not a commitment to lend. Rates and terms are subjected to change without notice.
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