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kevinloans
590 Posts |
 Posted - 07/01/2009 : 3:53:45 PM
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Trying to figure out which is the best way to go for myself. I don't want to go through my broker because knowing him he'll want to make something.
Basically its a pretty solid deal 720 O/O 368k loan amount 80% LTV CA.
Best Offer 4.5% on a 5/1 full amortized paying 0.25 plus 1300 lender fees. It seems pretty competitive to wholesale besides the 1300 lender fees. What do you guys think?
i think the 5/1 at wells is 4.625% paying close to an 1/8. |
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mettlin
15 Posts |
Posted - 07/01/2009 : 7:22:02 PM
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As of today I can do 4.25% on a 5 year ARM with a .25 point (4.375% 0 points). $995 underwriting fee and $495 processing.
This assumes impounds. If no impounds you'd be at 4.25 with a .5 cost or 4.375 with a .25 cost.
Appraisal will run between $275 and $375 with our AMC (it depends on what appraiser is randomly assigned to your file). Send me a PM if you're interested. My office is located in Orange County, CA so we may be nearby. |
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KHufford
10370 Posts |
Posted - 07/02/2009 : 12:26:59 AM
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You want everything for free??
Nobody is going to do your loan for free.
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the_mortgage_guy
2596 Posts |
Posted - 07/02/2009 : 09:56:14 AM
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| 4.25 with 0 points, $1281 fees (U/W, etc). |
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kevinloans
590 Posts |
Posted - 07/02/2009 : 10:00:26 AM
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Basically, somewhat new to this broker, old broker i worked for 3 years is out of the industry. If I were in his position, I would absolutely help my employees without making a buck, but that's just me.
Pretty interesting on the BofA employee thing though, isn't that for higher status jobs or do all their employees receive that? |
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VVance
6508 Posts |
Posted - 07/02/2009 : 10:01:26 AM
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I've always been intrigued by why people, especially in the industry, are so concerned with the interest rate? What difference does .25% mean on a rate when the interest is a tax write off anyway?
I understand being concerned with closing costs, but rate?? |
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kevinloans
590 Posts |
Posted - 07/02/2009 : 10:02:39 AM
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| a buck is a buck nowadays |
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VVance
6508 Posts |
Posted - 07/02/2009 : 10:09:47 AM
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quote:
Originally posted by kevinloans
a buck is a buck nowadays
True. But a 1/4 on the rate doesn't amount to much when taking into account the write off. Maybe it's just me, but when purchasing in the past, I was always more concerned with the path of least resistance, figuring the less time I had to worry about my own deal the more time I could spend working on others. It might be just me.... |
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the_mortgage_guy
2596 Posts |
Posted - 07/02/2009 : 5:01:20 PM
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quote:
Originally posted by VVance
quote:
Originally posted by kevinloans
a buck is a buck nowadays
True. But a 1/4 on the rate doesn't amount to much when taking into account the write off. Maybe it's just me, but when purchasing in the past, I was always more concerned with the path of least resistance, figuring the less time I had to worry about my own deal the more time I could spend working on others. It might be just me....
a 400k loan over 7 years sure does matter. |
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davidfr
2225 Posts |
Posted - 07/03/2009 : 04:12:27 AM
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quote:
Originally posted by VVance
I've always been intrigued by why people, especially in the industry, are so concerned with the interest rate? What difference does .25% mean on a rate when the interest is a tax write off anyway?
I understand being concerned with closing costs, but rate??
That is a pretty ridiculous statement from anyone in this industry, let alone someone with so many posts. Granted most of them are articles you post, but still quite an ignorant statement. |
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jmiller13
295 Posts |
Posted - 07/04/2009 : 1:13:22 PM
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He had to be joking.
Not a chance someone who actually works in the industry would say that. |
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