fastcash
50 Posts |
 Posted - 04/07/2008 : 12:56:46 PM
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Question: What is the best mortgage or loan product out there? I don't mean for fees or commission but as a product. Say for yourself or a family member with 720 FICO, $10-$15K per month, full doc on a $750k refi below 80% LTV???
I think I may have found it. Anyone with something better please post.
This is with Union Bank of California and I am in now way affiliated with them. In fact all I do is private equity, or hard money. But I am working on having them do my loan and my experience with them so far has been great. Except that I had to call 3 branches and talk with a VP before I could find anyone who knew of this product and could actually explain it to me. But I was persistent as a client of mine said they just got this loan and it sounded too good to be true. Well it's not.
It's called their Flex Equity Program and it's a LOC (Line of Credit) That will pay off your 1st, 2nd, 3rd, car loans, etc. Like a regular LOC but it is locked for 20 years. You can have the rate recast once per year if you choose. So you can have the rate drop but it will never go up for the life of the loan. Right now it's at about 5%. No points or fees on origination or upon making a draw. They will go to 80% LTV to $1M and 70% LTV above that. You need good credit but the hard part is this. The DTI ratio is 50%, but on 1% of the max loan amount, not the payment amount. They will even do a 3rd if it's behind their loan. I never heard of a bank doing that. But I guess if you have great credit, low LTV and DTI, why not?
I have called a couple of other banks to see if they have anything that competes. And so far all they have is an adjustable in the 7% range. I think this has to be the best program out there for those who can qualify. Anyone see something better?
Sean
949-633-7926
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