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Alavallee10
89 Posts |
 Posted - 05/01/2008 : 08:47:04 AM
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I'm doing a family member's loan, and he is absolutley beatin' me up on the rate. I'm doing (OBVIOUSLY AS A FAVOR) and need the absolute best pricing. (normally, I would tell someone that best pricing usually means SLOWEST APPROVALS, but this is my sister-in-laws loan, and she is a piece of work.)
Full Doc
SFR
O/O
RI
330,890 loan amount
Approve/Eligible
Cash out
80% LTV
633 Fico
*no bk's, no foreclosures
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JEMORTGAGE
347 Posts |
Posted - 05/01/2008 : 08:48:50 AM
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| you should be around 6.8-7.2 unless you go fha...bank united and 53rd |
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jscorbett
4061 Posts |
Posted - 05/01/2008 : 08:49:15 AM
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| Would you go into their office and do what they are doing ? Charge them the same as you would any other client |
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Alavallee10
89 Posts |
Posted - 05/01/2008 : 08:50:37 AM
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quote:
Originally posted by jscorbett
Would you go into their office and do what they are doing ? Charge them the same as you would any other client
I agree...I should send somewhere else.
That said, I would at least like to do SOME research on what kind of rates are available... |
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rtrefflich
3892 Posts |
Posted - 05/01/2008 : 08:56:00 AM
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| I try to avoid working with family members, only because I have ended up getting screwed in the end. |
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cearle1
125 Posts |
Posted - 05/01/2008 : 08:58:50 AM
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| Yeah, the only family member I would do a loan at cost would be for my Mother. |
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RodneyLO
832 Posts |
Posted - 05/01/2008 : 09:01:06 AM
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Don't know why I cared to look it up, but...
quote:
TBW 6.000% 101.250%
6.500% 102.500%
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Carpet Muncher
1385 Posts |
Posted - 05/01/2008 : 09:03:25 AM
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| I have done loans for family members and good friends. It is always kind of a hassle. If anything goes wrong, you have to hear about it for the next 10 years at every gathering. |
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fsboguy
3690 Posts |
Posted - 05/01/2008 : 09:06:56 AM
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| Never do loans for family or friends. |
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Carpet Muncher
1385 Posts |
Posted - 05/01/2008 : 09:07:00 AM
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| When I worked at the boiler room called Delta Funding back in 2000, one of the cheeseheads there did a refi for his parents and charged them 5 points. When this was brought up at the daily sales meetings, everyone thought it was funny and the manager said "Good Job". I knew then it was time to get away from those leeches. |
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CoolMtgGuy
4088 Posts |
Posted - 05/01/2008 : 09:08:44 AM
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quote:
Originally posted by Carpet Muncher
I have done loans for family members and good friends. It is always kind of a hassle. If anything goes wrong, you have to hear about it for the next 10 years at every gathering.
That was the type of situation where a 2/1 ARM would be ideal. You only have to hear about it for 2 years instead of 10. Those things had their uses. |
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caadacjohn
599 Posts |
Posted - 05/01/2008 : 09:08:45 AM
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| I have done 3 family members and I asked them "how much do you want ME to make?" but in general when it comes to family eigther charge full price or do it for free because frommy experience they wont be satisfied eigther way |
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Alavallee10
89 Posts |
Posted - 05/01/2008 : 09:13:10 AM
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quote:
Originally posted by RodneyLO
Don't know why I cared to look it up, but...
quote:
TBW 6.000% 101.250%
6.500% 102.500%
I priced out with TBW...with the LLPA's...the par rate is 7% |
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haiku
408 Posts |
Posted - 05/01/2008 : 09:36:35 AM
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| I charged my mom the max just like I charged everyone else. Everyone thought I was heartless. I was just trying to be professional. |
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RodneyLO
832 Posts |
Posted - 05/01/2008 : 09:44:35 AM
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quote:
Originally posted by Alavallee10
quote:
Originally posted by RodneyLO
Don't know why I cared to look it up, but...
quote:
TBW 6.000% 101.250%
6.500% 102.500%
I priced out with TBW...with the LLPA's...the par rate is 7%
I priced it as FHA - you can do that in RI, right? Can't do it in TX, but that's a biotch session for another day... |
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