Looking for a loan

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malekhaddad

10 Posts

Posted - 04/09/2008 : 11:13:56 AM

Hey guys, heres the situation. We have 100% equity in a home in Reseda CA which is worth approximatly 500k. We cant provide more than 40k/year in income and are looking for around a 200k loan. Credit score is 715 on one applicant and 680 on the second. Is this possible or is there anyone that can help direct me towards the right directiom?

thanks!

mantixmortgage

2714 Posts

Posted - 04/09/2008 : 11:17:40 AM

looks like you will be able to qualify if you dont have a lot of other debt

malekhaddad

10 Posts

Posted - 04/09/2008 : 11:18:58 AM

Im a newb when it comes to these things. Where/whom should I go with the applicattion?

And what exactly is DU/LP??

thanks...

jcanepa

800 Posts

Posted - 04/09/2008 : 11:22:34 AM

if you need help, let me know!

mantixmortgage

2714 Posts

Posted - 04/09/2008 : 11:24:44 AM

give me a call or shoot me an email, i can help

anthony7656

78 Posts

Posted - 04/09/2008 : 11:28:40 AM

malekhaddad you should ask your broker to help you out on this file or your SR. Loan officer to help you on the deal. If you are noob it might be good idea to get your self a mentor to help you file and split the check.
Good luck, if you broker isn't helping you with file you might want to find a broker that is willing to help you.

malekhaddad

10 Posts

Posted - 04/09/2008 : 11:40:37 AM

quote:
Originally posted by jcanepa

if you need help, let me know!

I will call you shortly

goodguy1

1625 Posts

Posted - 04/09/2008 : 12:00:50 PM

are you in the business or are you a client??

FLMike

506 Posts

Posted - 04/09/2008 : 8:23:55 PM

quote:
Originally posted by goodguy1

are you in the business or are you a client??

If you can't figure it out from his post, trust me, you're not going to get the deal from the guy... he made it incredibly clear in his post that he’s a client looking for help from a mortgage broker.

CoolMtgGuy

2807 Posts

Posted - 04/09/2008 : 8:32:13 PM

quote:
Originally posted by FLMike

quote:
Originally posted by goodguy1

are you in the business or are you a client??

If you can't figure it out from his post, trust me, you're not going to get the deal from the guy... he made it incredibly clear in his post that he’s a client looking for help from a mortgage broker.

Do you believe everything you read on BO? The OP did not introduce themselves. How can you know there is a deal to be had?

FLMike

506 Posts

Posted - 04/09/2008 : 8:45:17 PM

quote:
Originally posted by CoolMtgGuy

quote:
Originally posted by FLMike

quote:
Originally posted by goodguy1

are you in the business or are you a client??

If you can't figure it out from his post, trust me, you're not going to get the deal from the guy... he made it incredibly clear in his post that he’s a client looking for help from a mortgage broker.

Do you believe everything you read on BO? The OP did not introduce themselves. How can you know there is a deal to be had?

What reason do you have not to believe the guy? You’re way too cynical. You know some people find this board through search engines and ask for help from time to time…. For one thing I don’t do business in CA, but if I did I would have helped the guy out either way and just maybe there was a deal there.

CoolMtgGuy

2807 Posts

Posted - 04/09/2008 : 9:01:02 PM

"What reason do you have not to believe the guy? You’re way too cynical. You know some people find this board through search engines and ask for help from time to time…. For one thing I don’t do business in CA, but if I did I would have helped the guy out either way and just maybe there was a deal there."

I did not say that I believed or not believed that the OP was a real prospect. I commented on your statement which suggested that you believed it was a real prospect and you chided the other poster for not recognizing the obvious.

Yep ... call me cynical, skeptical, whatever. This is still the internet and that says it all ... at least as far as I am concerned.

By the way ... did you notice that my identifier is "service provider"? Well, I am a mortgage broker/owner of two companies. The OP's identifier is "notary".

FLMike

506 Posts

Posted - 04/09/2008 : 9:20:27 PM

quote:
Originally posted by CoolMtgGuy

I did not say that I believed or not believed that the OP was a real prospect. I commented on your statement which suggested that you believed it was a real prospect and you chided the other poster for not recognizing the obvious.

By the way ... did you notice that my identifier is "service provider"? Well, I am a mortgage broker/owner of two companies. The OP's identifier is "notary".

So, you noticed the obvious yourself and are defending those that couldn’t?

Who cares that he checked off that he was a notary and why do you feel that it’s important to anyone that you own two companies? What dose that have to do with this thread?

btw, if the guy was a car salesman is there a choice for that when entering your profession in order to join this forum, NO, did you know that? So, what should he have entered as an occupation with the limited amount of mortgage related choices when joining this forum?

The guy is looking for help with a loan and the majority of posters didn’t understand that he is a client looking for help, which is absolutely pathetic that so many missed it.

neversaynever

1044 Posts

Posted - 04/09/2008 : 9:26:36 PM

This reminds me of a call we got today...
"Hello is this The Money Store? Hey I got a file that i need prequalled, I can't seem to make it work... Sir, this is not The Money Store, we are a broker, we are your competition....... Oh jeez really, well boy I could use some help placing this (goes on to talk about income and credit) do you know what I should do with this loan?? I could send you a referral or something...."

What a jokes some LOs....

malekhaddad

10 Posts

Posted - 04/10/2008 : 08:05:55 AM

Sorry if I started some confusion guys, but just to clarify things...

I am a client who did just come across these forums via google. I entered "notary" under the position cause that seemed to be the smallest position of the bunch. I am honestly looking for someone who could make this loan possible as I have already contacted someone who emailed me and was very courteous. I sent him my application over the phone yesterday and we will see in 48 hours what will happen....

I still look forward to talking to other people to compare the rates I will get with this current guy. You guys have been a great help and I appreciate all those who offered to help me with the loan...

thanks!

malekhaddad

10 Posts

Posted - 04/10/2008 : 08:09:46 AM

BTW, FLMIKE seemed to "hit the nail on the head" in understanding the situation. Good to see the positive attitude of some people out there still exist..

anannival

415 Posts

Posted - 04/10/2008 : 08:23:54 AM

Geez. Wonder why people would ever get the negative impressions that they do about mortgage brokers.

FLMike

506 Posts

Posted - 04/10/2008 : 5:36:54 PM

quote:
Originally posted by goodguy1

are you in the business or are you a client??

btw Brian, I owe you an apology. At least you were smart enough to ask Malek if he was a client or a broker. Sorry bud, my bad!

FLMike

506 Posts

Posted - 04/10/2008 : 5:42:45 PM

quote:
Originally posted by malekhaddad

BTW, FLMIKE seemed to "hit the nail on the head" in understanding the situation. Good to see the positive attitude of some people out there still exist..

Thanks Malek, and if you need any advice with your loan please feel free to contact me. I wish I was able to do loan in every state.

malekhaddad

10 Posts

Posted - 04/10/2008 : 10:35:28 PM

does 5.625 fixed for 30 years on a 243,000 loan with 2 points coming to around $8900 in closing costs sound reasonable??

this is a offer i got today...

mahedward

40 Posts

Posted - 04/10/2008 : 10:37:52 PM

We can do it. Please contact me.

Best regards,

Edward Mah
Senior Account Executive
6837 Dume Drive
Malibu, CA 90265
Office: 310.301.0425
Direct: 323.333.7461
Fax: 310.388.0876

mantixmortgage

2714 Posts

Posted - 04/10/2008 : 10:39:27 PM

you should totally haggle with the guy and make him lower his fees

dkendall1979

9487 Posts

Posted - 04/10/2008 : 10:46:32 PM

It's fair.

You might be able to do better, but you might also haggle yourself out of a loan. It's a volitile market, things are changing ever day and programs are disappearing. My advice, LOCK and DOC!

Todays pricing at 5.625 was basically par, meaning what you see is what you get. The broker fees on the application are what the broker is making.

quote:
Originally posted by malekhaddad

does 5.625 fixed for 30 years on a 243,000 loan with 2 points coming to around $8900 in closing costs sound reasonable??

this is a offer i got today...

malekhaddad

10 Posts

Posted - 04/10/2008 : 11:00:18 PM

quote:
Originally posted by mantixmortgage

you should totally haggle with the guy and make him lower his fees

what part exactly can I haggle??

Is it possible to get with 1 point?

mantixmortgage

2714 Posts

Posted - 04/10/2008 : 11:02:31 PM

i mean, yea one point is pretty fair i guess since the loan just landed in the guys lap. either way youre getting a really good interest rate so i wouldnt worry if i were you

dkendall1979

9487 Posts

Posted - 04/10/2008 : 11:11:31 PM

If it's a guy on this board, no, you shouldn't haggle.

But if not, then yes, you should.

Myself and Robert are kind of the giant in the pantry when it comes to this stuff. We work in wholesale banks, similar to what you would see in the supermarket or any other industry. Even if we got you the loan at 5.625% today and didn't charge you a dime, we'd still make money.

There's about 1000 layers to this business that aren't transparent whatsover. This is why it's so hard for legislaters to inflict laws upon the industry. Us, working for wholesale banks, don't have to disclose the "YSP" to you, brokers do. So, you see, a broker is restricted more than bankers when giving people loans, but banks would like you to think they are giving you the best deal.

When I said above that it was a "Fair" deal, I meant that. It's a deal where you get what you're looking for, and the broker gets what he was looking for, and all parties leave the transaction happy because everything was disclosed up front.

What's more important to you really? is it getting the best rate? the lowest fees? a painless transaction? making a new friend whom you can call in the future when the need arises again? You tell us? what are you looking for?

quote:
Originally posted by malekhaddad

quote:
Originally posted by mantixmortgage

you should totally haggle with the guy and make him lower his fees

what part exactly can I haggle??

Is it possible to get with 1 point?

FLMike

506 Posts

Posted - 04/10/2008 : 11:22:29 PM

Malek, check your email....

malekhaddad

10 Posts

Posted - 04/11/2008 : 12:07:30 AM

quote:
Originally posted by dkendall1979

If it's a guy on this board, no, you shouldn't haggle.

But if not, then yes, you should.

Myself and Robert are kind of the giant in the pantry when it comes to this stuff. We work in wholesale banks, similar to what you would see in the supermarket or any other industry. Even if we got you the loan at 5.625% today and didn't charge you a dime, we'd still make money.

There's about 1000 layers to this business that aren't transparent whatsover. This is why it's so hard for legislaters to inflict laws upon the industry. Us, working for wholesale banks, don't have to disclose the "YSP" to you, brokers do. So, you see, a broker is restricted more than bankers when giving people loans, but banks would like you to think they are giving you the best deal.

When I said above that it was a "Fair" deal, I meant that. It's a deal where you get what you're looking for, and the broker gets what he was looking for, and all parties leave the transaction happy because everything was disclosed up front.

What's more important to you really? is it getting the best rate? the lowest fees? a painless transaction? making a new friend whom you can call in the future when the need arises again? You tell us? what are you looking for?

quote:
Originally posted by malekhaddad

quote:
Originally posted by mantixmortgage

you should totally haggle with the guy and make him lower his fees

what part exactly can I haggle??

Is it possible to get with 1 point?

I think what it honestly comes down to is getting the lowest interest rate possible with the least amount of closing costs....I mean isn't that what everyone is after? In the end, a "friend" doesnt exactly pay the bills so like i said, the most important thing is saving as much as possible with a good a rate as possible...

dkendall1979

9487 Posts

Posted - 04/11/2008 : 12:39:31 AM

Well, we've got more at hand than that. You've admittedly said you've got 40k/yr to work with. That means 3333/mo in income. In the same sentence you said you were looking for 200k loan amount, which even at 5.5% = at least 1500/mo in mortgage payments, then you have to take into account your travel expenses (I assume you don't work from home or at least go to the supermarket to pick up groceries?), food, entertainment, utilities, insurance, and other miscellaneous items...

You're cutting it a bit close, wouldn't you say? Right now you're living rent free, minus the taxes and insurance on your house. I'd assume that you're going to use that 200k as an investment in another vehicle, no? well, what's the ROR on that investment? How much monthly will that investment yield you? Have you worked with an accountant to figure the best way to pull the equity from your property? Have you considered putting the property into a land trust and extracting the equity at a higher interst rate with a private lender, to avoid a tax burden on the money? Have you considered a self-directed IRA to move the money through?

This is yet another level in the decision you have to make. You indicated that "A friend doesn't pay the bills" but I assure you, a friend will look out for your best interest. It's not always about the lowest rate at the lowest fees, that's just what you're taught by other poor people, who were taught by their parents, and so on and so on...

Finance is an extremely simple thing, keep as much as you can. However, knowing HOW to keep as much as you can... that's the big mystery to a lot of folks. If you live by the rule that a portion of every dollar you earn is yours to keep, then you will continue to turn pennies into nickels, nickels into dimes, dimes into quarters and quarters into dollars, and so on.

So, my recommendation is to truly think about what's best for YOU in a selfless manner. Be conservative. Do you really need a 1500 dollar mortgage payment when you're making 3333/mo? Who is it you're choosing to work with? What are their credentials and why do you NEED to listen to what they're telling you? Humble yourself to those that are already wealthy and learn to listen, but more, learn to emulate.

I think you need to spend abot a buck fifty in late fees at the public library, but that's my opinion, what do I know?

racerx

11233 Posts

Posted - 04/11/2008 : 12:45:11 AM

quote:
Originally posted by malekhaddad

I think what it honestly comes down to is getting the lowest interest rate possible with the least amount of closing costs....I mean isn't that what everyone is after? In the end, a "friend" doesnt exactly pay the bills so like i said, the most important thing is saving as much as possible with a good a rate as possible...

"I think what it honestly comes down to..."

If it were me, I would rephrase that and say, "I think what it comes down to is honesty."

I have no idea with whom you chose to work, but I hope he/she is honest. All too often when a borrower is shopping for "the lowest interest rate with the least amount of closing costs," he ends up choosing the best liar.

Best wishes. I hope all goes well.

malekhaddad

10 Posts

Posted - 04/11/2008 : 12:56:05 AM

The person that I spoke to was William Ramous from Manhattan Mortgage Group in FL if that means anything....

racerx

11233 Posts

Posted - 04/11/2008 : 01:10:45 AM

quote:
Originally posted by malekhaddad

The person that I spoke to was William Ramous from Manhattan Mortgage Group in FL if that means anything....

I don't know him so I can't say. I just read some of his posts and he seems knowledgeable. Also, he appears to have his real name and location in his profile...that's a good sign.

FLMike

506 Posts

Posted - 04/11/2008 : 02:10:40 AM

quote:
Originally posted by racerx

quote:
Originally posted by malekhaddad

The person that I spoke to was William Ramous from Manhattan Mortgage Group in FL if that means anything....

I don't know him so I can't say. I just read some of his posts and he seems knowledgeable. Also, he appears to have his real name and location in his profile...that's a good sign.

racerx, I like your profile pic, lol... good choice and leaves a lot to the imagination.

btw, can I stock you again? ;)

bramous

931 Posts

Posted - 04/11/2008 : 06:45:44 AM

Hey guys...thought I would chime in since I'm helping Malek out on this one. I think that the deal is fair. Can't go into specifics for the borrower's privacy, but I can comment on the pricing based on what is already known and has been posted. First, have to keep the payment down and affordable and be able to qualify with the income already stated above. I'm running correspondent on this one, with hits of .25 LLPA for FICO-C/O. .50 for C/O, .25 for adverse market delivery. Charging 2 origination to cover the pricing hits, and 1 for doing the loan. $695 for contract processing. Everything else is title, recording, third party flood, U/W, etc. All fees are disclosed and were discussed with the borrower, no bait and switch tactics, rate was locked yesteday.

Like someone mentioned earlier, the borrower is getting what they need, I am making my fee(I don't work for free either), and the transaction is as transparent as can be.

I think that given the situation, this is a really good deal for the borrower.

malekhaddad

10 Posts

Posted - 04/11/2008 : 10:00:58 AM

anyone care to chime in?

racerx

11233 Posts

Posted - 04/11/2008 : 10:06:03 AM

quote:
Originally posted by malekhaddad

anyone care to chime in?

Sure. Bill sounds like he's doing a great job.

This is key:

"All fees are disclosed and were discussed with the borrower, no bait and switch tactics, rate was locked yesteday."

americanheartlan

2211 Posts

Posted - 04/11/2008 : 10:09:02 AM

I agree...sounds legit.
Those new c/o hits can be brutal, huh?

djorge44

1337 Posts

Posted - 04/11/2008 : 10:15:38 AM

Sounds good to me. You could shop yourself silly trying for lowest rate and fees. As someone said, you usually end up with the best liar, person who under discloses until you sit at closing.

If the rate is locked I would sign RESPAS, send income documents to the broker and wait to close. Be happy, sit back and be patient.

Good luck

FLMike

506 Posts

Posted - 04/11/2008 : 9:11:32 PM

quote:
Originally posted by bramous

Hey guys...thought I would chime in since I'm helping Malek out on this one. I think that the deal is fair. Can't go into specifics for the borrower's privacy, but I can comment on the pricing based on what is already known and has been posted. First, have to keep the payment down and affordable and be able to qualify with the income already stated above. I'm running correspondent on this one, with hits of .25 LLPA for FICO-C/O. .50 for C/O, .25 for adverse market delivery. Charging 2 origination to cover the pricing hits, and 1 for doing the loan. $695 for contract processing. Everything else is title, recording, third party flood, U/W, etc. All fees are disclosed and were discussed with the borrower, no bait and switch tactics, rate was locked yesteday.

Like someone mentioned earlier, the borrower is getting what they need, I am making my fee(I don't work for free either), and the transaction is as transparent as can be.

I think that given the situation, this is a really good deal for the borrower.

Bill, sounds like a good deal to me, depending on how long he is going to stay in the house. Sometimes it's better to pay less up front cost with a higher interest rate if he isn't going to be there that long.... it really depends on how long he thinks he’s going to stay there which deal he should go with. Nevertheless, Malek is in very good hands using Bill for his mortgage...

dkendall1979

9487 Posts

Posted - 04/11/2008 : 9:18:10 PM

Wow, too bad this thread won't go in the WSJ or NYT's about brokers and ethics, huh?

khoiey

1409 Posts

Posted - 04/12/2008 : 10:41:47 AM

You got a good deal. Are the closing costs included with the loan? Nowadays, high fico isn't really neccessary mean that you will get a good rate. Consider all the pricing hits such as cash out, documenations etc. If he disclose you the fees he EARNED and deliver a good service, then it's a fair deal. Average industry make about 2 points font and back end. It seems like he gave you a deal below par and used those 2 points to cover those hits.

quote:
Originally posted by malekhaddad

anyone care to chime in?

bramous

931 Posts

Posted - 05/09/2008 : 2:44:30 PM

UPDATE:

Thank you everyone that was supportive on this, we funded this deal today. We delivered exactly what we promised in the beginning(rate, term and cost) even though we had to jump through some U/W hoops(go figure).

Again, thanks for the support.

lucky1s

3529 Posts

Posted - 05/09/2008 : 2:46:57 PM

quote:
Originally posted by mantixmortgage

you should totally haggle with the guy and make him lower his fees

Ha!

swtrnsassy1

59 Posts

Posted - 05/09/2008 : 2:51:23 PM

quote:
Originally posted by malekhaddad

Hey guys, heres the situation. We have 100% equity in a home in Reseda CA which is worth approximatly 500k. We cant provide more than 40k/year in income and are looking for around a 200k loan. Credit score is 715 on one applicant and 680 on the second. Is this possible or is there anyone that can help direct me towards the right directiom?

thanks!

Try this one

Erin ****inson, Account Executive

Direct: 714.267.4030 efax 714.844.9244

****inson_erin@yahoo.com

www.greystonefinancialonline.com

racerx

11233 Posts

Posted - 05/09/2008 : 3:01:48 PM

quote:
Originally posted by bramous

UPDATE:

Thank you everyone that was supportive on this, we funded this deal today. We delivered exactly what we promised in the beginning(rate, term and cost) even though we had to jump through some U/W hoops(go figure).

Again, thanks for the support.

Good to hear, Bill. Thanks for the update.

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