| Author |
Previous Topic | Next Topic |
|
bdimitsh
28 Posts |
 Posted - 06/07/2008 : 9:32:23 PM
|
Client met with me. He is looking for a house in San Francisco. He's got a pre-approval from Patelco credit union about a week ago. They approved him for $600K loan, 95% LTV, 5.5% IO 5/1 ARM and a lock for 90 days.
Could anyone beat this?
Thank you,
Boris |
|
khoiey
1409 Posts |
Posted - 06/07/2008 : 10:07:15 PM
|
Then why he didn't sign and lock that deal? Your client is bsing. If I was that client and was offered that deal, I'd take it and run.
quote:
Originally posted by bdimitsh
Client met with me. He is looking for a house in San Francisco. He's got a pre-approval from Patelco credit union about a week ago. They approved him for $600K loan, 95% LTV, 5.5% IO 5/1 ARM and a lock for 90 days.
Could anyone beat this?
Thank you,
Boris
|
|
|
Tim Thompson
296 Posts |
Posted - 06/07/2008 : 10:38:04 PM
|
| You have their number I need to refi my own house |
|
|
quest
260 Posts |
Posted - 06/07/2008 : 11:54:11 PM
|
| I just went to the site and it is true, they show a 5/1 jumbo at 5.375 no Points. How do they do that? |
|
|
bdimitsh
28 Posts |
Posted - 06/08/2008 : 08:28:59 AM
|
quote:
Then why he didn't sign and lock that deal? Your client is bsing. If I was that client and was offered that deal, I'd take it and run.
Well, one of those clients who's always shoping for something better.
|
|
|
loancloser1342
317 Posts |
Posted - 06/08/2008 : 08:46:34 AM
|
quote:
Originally posted by quest
I just went to the site and it is true, they show a 5/1 jumbo at 5.375 no Points. How do they do that?
By accepting deposits from account holders and paying out a really low % rate, then using those funds to make mortgages at 2-3% higher. Only problem is they do loans in declining markets and high LTV's. THAT is gonna leave a mark. |
|
|
mwfan55
381 Posts |
Posted - 06/08/2008 : 09:23:46 AM
|
| S.F. is not declining. |
|
|
loancloser1342
317 Posts |
Posted - 06/08/2008 : 1:12:28 PM
|
quote:
Originally posted by mwfan55
S.F. is not declining.
No, of course it's not (sarcasm). There is no reason for it to decline (sarcasm). Except for the fact that the median household income is only $71k, and the median home price is $750,000. How many people do you know can afford a $750k home with only $71k in income? The population of San Francisco has declined 9 of the last 10 years. And to top it off, home prices in the city of San Francisco DECLINED 5.1% over the past 12 months.
If you extend the search to the entire bay area, home prices have declined 21.4%. Patelco credit union is doing those loans regardless of what bay area city you are in, so it is still a terrible decision on their end. |
|
|
benjamin
1815 Posts |
Posted - 06/08/2008 : 1:17:18 PM
|
| Patel? Is this lender based in the Continental USA? |
|
|
nowbroker
1224 Posts |
Posted - 06/08/2008 : 3:39:11 PM
|
Credit Unions are one of my biggest pet peeves.
They are sprouting up all around us, anyone with a pulse can join one and the Federal Government still allows them tax exempt status?
What other industry has this type of unfair competition, and why am I as a taxpayer subsidizing their existence????? They should pay taxes like the rest of the world- that is why they can give away the farm on rates.
How come there are not tax exempt grocery stores and car dealerships? Same stupid argument for their existence. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
