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todoforu
727 Posts |
 Posted - 07/21/2008 : 1:25:13 PM
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SCENARIO 1:
Client is currently seeking a rate & term product with the BEST RATE possible. Something in the low to mid 5's.
Strong file, full doc. Full-time Wage Earners, will consider a rate buydown, but needs to see what I can offer him.
Will consider Cashout, as well, but not really needed.
This is a JUMBO LOAN:
VALUE: 1,230,000.00
Loan Amt: $860,000.00
LTV: 74% Approx. or less.
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Scenario 2:
Client is seeking a better rate than what he has. Preferably something in the low 6's.
LTV 85%
FICO: 739
Full Doc, Strong File.
Will consider Cashout, as well, but not really needed.
This is a JUMBO LOAN:
VALUE: $750,000
Loan Amt: $650,000.00
LTV: 84% Approx. or less.
This client actually took out a credit line last week, so the CLTV would be 87% approximately. |
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lukeallison
1402 Posts |
Posted - 07/21/2008 : 1:55:27 PM
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| I can take both files on the retail side as a Combo 1st and 2nd (2nd's up to $250,000). Scenario #1 could be either cash out or rate term but #2 would have to be rate/term. They are going to have to buy down their rate to get something in the 5's but it at least won't cost as much as something non-conventional. |
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