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Hi.
The first quote is the one I would give you. I am a florida lender.
Its a far better deal actually.
- Robert W. Szumilas, "Polaris Funding"
- Contributions:40
Actually, neither one is the best deal. For a 15 year in Florida (I close significant business there), this would be what I would offer my clients for a 15 year rate with your scores:
Interest Rate: 5.875 (15 year Fixed)
Appraisal Fee: $325
Credit Report: I'll pay for it
Mortgage Broker Fee: ZERO $0.00
Tax Service Fee: $63
Processing Fee: $495
Underwriting Fee: $795
Wire Transfer Fee: I'll pay for it
Flood Cert: I'll pay for it
TOTAL: $1,678.00
[content removed by moderator for being self promotional] Also, keep in mind, you are being quoted just lender fees by everyone, including myself. In addition, you will have escrows for taxes and insurance, title fees, and your Florida taxes (intangeable tax, etc.) this will easily double to triple the amount of funds you must bring to the closing table.
[content removed by moderator for being self promotional]
- Clay Branch, "Georgia Loans"
- Contributions:7835
Phampau, the last person I saw ask for rate advise had a 7 something score and was given several rates. He didnt bother to tell anyone upfront he was straight commission for less than 2 years. Just so you get the correct info, you may want to answer these questions:
Income per year / W-2, 1099, or SE?
How long have you done this work?
Is there a Coborrower? If yes, what is their score?
Where does the 39K down payment come from?
Is this a condo, townhome, or single family res?
Thanks
- phampau
- Contributions:8
Thanks for the replys so far. Here are some answers to your questions.
Unique loans,
Income per year: 100k, w-2
In this line of work for about 14 months, graduated in 2007
Co borrower: FICO is 780+. I don't really think her income will matter but it is 35k annually.
39K down payment is in the bank.
This is a single family home.
I pretty much think everything is a walk in the park and easy as can be for any lender/broker.
- Michael Mazursky, "FHA Mortgage"
- Contributions:314
This is another typical purchase. Didn't you get a pre-qual letter when you put the contract in? If you do have a pre-qual letter, why arent you doing the loan through that lender? You should ALWAYS secure financing BEFORE putting a contract in so you know you can actually get the loan.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Nice shameless self promotional content Rob.
- Wells Fargo 76
- Contributions:19
ColoradoLender - hahaha
rwsmortgage - Did you just assume this was a single family/primary residence purchase?
- Robert W. Szumilas, "Polaris Funding"
- Contributions:40
Yes I did Wells, and I admit it was a dangerous assumption based on the other 2 quotes provided. It worked out though.
What can I say, Colorado? I was in a great mood this morning. I'm usually very reserved, but I went for it.
Phampau, my offer still stands as long as the market doesn't tank tomorrow.
Regards,
Rob S.
- Clay Branch, "Georgia Loans"
- Contributions:7835
phampau, thanks. Like FHA says, looks typical, actually over qualified. You may want to have your 1st contact update pricing as of Fridays rates, if you have been working with them.
Go with who gives you the best deal UP FRONT, without the poking and prodding, or knowledge that you are shopping. If you can get a better deal through Rob on Zillow- do it. Getting it right the first time, and not allowing the others-who would just as soon not tell you about better pricing and fee options- to 'earn' back your business is the way to go. They should have earned it in the first place! Let's see what they say tomorrow. If they call and say 'hey, rates improved. we can do XX instead!' great... but I doubt they will...
- Larry Jacobson, "Clearpoint"
- Contributions:1214
I'm not a Florida lender, though I did stay in a Holiday Inn last night so here is my opinion on the matter. Contact the first lender again and ask them what their current rate is. Since you have been looking at these boards for almost a year now you will surely know rates change daily if not multiple times throughout the day.
As for RWSMORTGAGE your post reeks of desperation, any self promoting or begging for deals only takes your credibility away. I picture you jumping up and down at your computer screen screaming "pick me pick me". If you think you can do better, and frankly it's not that hard to undercut someone, in the future just ask the individual to post a request on Zillow or email you privately.
clear- Rob is not like that. Time is of the essence... maybe he stepped over the line a touch, but it's no worse than what Greg or anyone else does when they throw out numbers.
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Jen the problem is once people start doing that it really defeats the purpose of the boards. It doesn't take much to undercut another lender and if Rob starts saying I can do it for this, then someone else will say I will beat that by $10, and then someone else will do the same. Let that kind of quoting be done on a request not on the board. If someone simply asks, is this a good deal then tell them the deal is good or even they might be able to do better by submitting a request however saying you can beat the deal is desperate in my opinion.
clear- agreed. But undercutting is what Zillow is all about. It shouldn't be, but it is. We all see what the competition is trowing out there, and some of us choose to not stoop to the level of saying 'i'll do it for nothing!' while others do that just to get a phone call.
I will say one thing to Rob, and that is- start participating in the boards more. Keep your GQ face all over the place! Oh, and see you Thursday...........
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
GQ face Jen?
have you seen Rob? meow..... hehehe... I am just busting his choppers... we meet thursday- the first Zillow face-to-face for me...
- Robert W. Szumilas, "Polaris Funding"
- Contributions:40
Larry, believe me, there is no desperation from my end. I am doing quite well. Do not mistaken being an aggressive businessman with someone desperate.
I saw an opportunity to offer my services at a margin profitable for me, and I took it, and you know what, I don't regret it, nor do I care what anyone thinks other than clients. I saw that I can do better, and I announced it. If my post came across otherwise to anyone, I apologize, but my intentions were simple.
Rob S.
For the record, when I post pricing, I do not do it to"get the deal" I do it so they can take the information to their current LO and negotiate a better deal. I was very clear what my intentions were.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
have you seen Rob? meow Yes Jen, and still I ask 'GQ face Jen?'
greg- but you would like to get the deal, no? They should call you! that's what this is all about. if you say you can do better, why should they take it to the loser of a loan officer that didn't give them the BEST deal they could from the get-go? If they can't match you, fine. But if they CAN, doesn't that say something about their mindset??? Time and time again, I beat people on pricing and get the deal. Then, the former loan officer says ' I can do better! I promise!' trying t oget the deal back. Why give them business?
tammy- not a Rob fan????? que?
- Robert W. Szumilas, "Polaris Funding"
- Contributions:40
Alright, I see what I did was wrong....maybe over aggressive. Larry, you are right. My post was not appropriate for the board, and I will refrain from such in the future. I still don't regret posting it, and I'm sure you've all turned away any prospect of this client contacting me!
Again, my apologies to all. My intentions were not to offend anyone or come across the wrong way.
Ladies, you crack me up.
Rob S.
- Wayne.T_ .....Colo.
- Contributions:1003
Rob, its a tightrope walk here ...... I think everyone is still finding the right ethical balance for posting and encouraging contact.
If you get the deal .... just know the proceeds go to the annual Zillow Picnic. :)
Imho, trying to directly get business from a client who posts a scenerio in the discussion will do nothing but cause a rush of self promotion and spam.
We should encourage him to post a loan request, then we can compete for him there.
- Larry Jacobson, "Clearpoint"
- Contributions:1214
I have been in Alaska for several weeks so I have not been on the boards to see what has been posted lately, but from what I have always seen in the past especially from GD is he will give a price and state that borrower should post a request on Zillow or talk to their current lender to see if they can get a better deal. IMHO this is the best way to do it, many will even come back and even post their Zillow request number and then you can submit a quote that way.
Rob glad to hear things are going well for you, and being aggressive is never a flaw. People will always undercut or even lowball on quotes which is why I would prefer it to stay in the quotes because it gets a little ridiculous as supported by the HOS threads.
- phampau
- Contributions:8
Just got off work today and glad to see alot of responses on this thread. I contacted the broker yesterday before i posted this thread and she had no mention of rates getting any better. I'm also not a big fan of going back to "let them earn my business", because i feel they should have given me the best rate up front! For those asking, i did create a loan quote on zillow but the responses were marginal. About 1/2 of the quotes were for 30 year fixed when i was requesting 15 year fixed. Also, i really didn't know who to trust as there is no way to tell with everyone having no ratings. I will definately keep you guys updated on what i decide tomorrow. Thanks again for the responses. Paul
- Wayne.T_ .....Colo.
- Contributions:1003
Paul,
When you have a minute, post the request ID here. That will help. Just because a person isn't posting in the forums is not a reason to exclude them. As for people quoting a 30 when you know you want and qualify for a 15 .... well, if they can't take the time to read your quote, they probably won't give yo much better service.
I don't know many who do FL loans, but several here will help you review the offers.
- phampau
- Contributions:8
Here is the request ID: ZR-JLWZYBG
Thanks again, Paul
Paul, I don't know whether to laugh or cry. Are there any realistic brokers down there in FLORIDA? Martin, where are you??? Some of those quotes are beyond laughable...
Tom, Wayne etc... Rob was comparing his numbers to the very thorough numbers posted. He apologized for getting too aggressive with the self-promotion, but otherwise his post was fine. Lesson learned. Move on.
Jenn.
My post isnt geared at giving Rob SPECIFICALLY the 'gears' .
Its for a rule in general in guidelines in what others had also discussed.
We are aware Rob apologized for it.
Tom- if the poster was asking for general advice, that is certainly one thing... But to offer up exact numbers and asking 'which is the better deal' opens them up to another realm of responses. The difference may be subtle, but it is there. They didn't say 'Hi, I am looking to get a mortgage. How can I do that?'. They put out every number they could from TWO competing lenders, on TWO different programs. A thorough and 'numbers driven' response was warranted. Also, in terms of 'competing' through the loan request, did you SEE the quotes this guy is getting? it's a freaking circus.
Closing date in 3 weeks, need help on choosing lender!
I have been browsing the forums for the past year and am currently under contract for my first home purchase! I am seeking advice in regards to deciding which lender to go with. Any help of advice would be greatly appreciated!
Location: Pensacola, Florida
Purchase price: $169,000
Loan amount: $130,000
FICO score: 760+
Quote Date: 8/7/08 (Local Broker)
Interest Rate: 5.875 (15 year Fixed)
Appraisal Fee: $400
Credit Report: $0
Mortgage Broker Fee: $1300 (1%)
Tax Service Fee: $73
Processing Fee: $495
Underwriting Fee: $545
Wire Transfer Fee: 22.50
Flood Cert: $18.50
TOTAL: $2864
Quote Date: 8/7/08 (Countrywide)
Interest Rate: 6.375 (15 year Fixed)
Appraisal Fee: $350
Credit Report: $35
Lender Fee: $795
Tax Service Fee: $81
Processing Fee: $0
Underwriting Fee: $0
Wire Transfer fee/courier: $50
Other fee: $25
TOTAL: $1311
Please help me in deciding whom to go with if I even choose one of these quotes. The difference is over $1500, which from my research, should at least buy me a ½ point lower rate??? The fees for the broker are much more then countrywides, but the rates are also better. I received the quote from the broker later in the evening when rates had fallen a bit and the quote from countrywide was received earlier that morning when rates were still pretty high. I have no doubt in my mind that countrywide’s rate is a little better now since rates seemed to drop over Friday. If anyone could help me with whom would be the best to go through for my mortgage loan or ideas on current rates on what I should expect if I lock early Monday morning would be greatly appreciated. This process can become overwhelming at times and I’m just trying to make the best decision for the pocketbook. Thanks for your time, Paul
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