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Answers (8)
You can find anything online. Especially ficticous quotes that robo-quoters don't even know they did. In other words, robo-quoting is crap when you need a customized quote. Call Steve and Dave on the thread and deal with a local lender.
- Timothy Sutherland, "SunTrust"
- Contributions:619
"I have one consumer now who insisted last week that ABC bank had locked their $550K conforming jumbo at 5.0% for no buydown"
If they locked in on 31st July that was a realistic price on conventional high balance 30 year fixed with score 720 or above.
If they locked in on 31st July that was a realistic price on conventional high balance 30 year fixed with score 720 or above.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Why not get two more quotes from Steve & Dave? There both answered you question and are in WA. .... Best wishes, Rudi
- Steve Heaney, "SteveHeaney"
- Contributions:148
As the other reputable lenders answered they certainly should. Having said that, Caveat Emptor, buyer beware.
I deal with internet consumers every day. If you get 5 quotes typically one is "real proud" of themselves (high), one just seems too good to be true, and the other three are pretty close in rate and fee. The old adage if it seems too good to be true has never applied more than in lending today.
With all the crazy programs gone there are only so many choices in the market place for product. We all have the same Wall Street and if one quote is purporting something that no one else can do, be prepared for a major disappointment. I have one consumer now who insisted last week that ABC bank had locked their $550K conforming jumbo at 5.0% for no buydown. This was obviously a conforming quote, just not jumbo. Kudos to you for being in the marketplace looking for a reality check.
I deal with internet consumers every day. If you get 5 quotes typically one is "real proud" of themselves (high), one just seems too good to be true, and the other three are pretty close in rate and fee. The old adage if it seems too good to be true has never applied more than in lending today.
With all the crazy programs gone there are only so many choices in the market place for product. We all have the same Wall Street and if one quote is purporting something that no one else can do, be prepared for a major disappointment. I have one consumer now who insisted last week that ABC bank had locked their $550K conforming jumbo at 5.0% for no buydown. This was obviously a conforming quote, just not jumbo. Kudos to you for being in the marketplace looking for a reality check.
- Chad Melin, "Chad Melin"
- Contributions:113
They should. Your request is ran through a pricing engine and the result is based off any adjustments for 'high balance' requests.
- Aaron Opfell, "SunriseVistaMortgage"
- Contributions:249
From someone that does use Auto Quote API, the answer is at least for us yes. We process a number of different sources of leads through our API, some of which we shell out a lot of money for, so it is important that it be accurate.
According to my count there are at least 6 different API providers doing auto quoting on Zillow. Each of course will have its own way of responding and evaluating requests. And since it is all automated, the API can sometimes make mistakes, which is why it is important to clarify things right away with the loan officer you contact. Even manual qoutes (I did these for a few months) are done in batches and can contain an error.
According to my count there are at least 6 different API providers doing auto quoting on Zillow. Each of course will have its own way of responding and evaluating requests. And since it is all automated, the API can sometimes make mistakes, which is why it is important to clarify things right away with the loan officer you contact. Even manual qoutes (I did these for a few months) are done in batches and can contain an error.
- Dave Skow, "daveskow"
- Contributions:1103
many of the quotes you likely received are automated quotes ( from oput of the county lenders) that often will miss a detail like the fact that there is indeed the high balance loan option for King County ( loan amts 417K- 567,500)....so take many of the quotes you received with a grain of salt and double check on any quotes that look credible that the quotes can indeed address your loan amt need
- Timothy Sutherland, "SunTrust"
- Contributions:619
I, and a number of us, can't answer for the auto-quoters.
There are a number of us that manually quote. Those are the quotes you get 2 minutes to a few hours later after the initial batch of auto-quotes. Those manual ones you get a few minutes to a few hours after the batch of auto-quotes are also the ones that have actually read the request and customize the quote making it an accurate, trustworthy and credible quote.
The High Balance loan are not actually jumbo loans. Some quoters price high balance loans at a higher rate than standard conventional and then just check off Jumbo since there is nowhere to check off HB when submitting a quote. Other lenders price the HB the same as the standard conventional and so submit the quote normally without checking off Jumbo.
There are a number of us that manually quote. Those are the quotes you get 2 minutes to a few hours later after the initial batch of auto-quotes. Those manual ones you get a few minutes to a few hours after the batch of auto-quotes are also the ones that have actually read the request and customize the quote making it an accurate, trustworthy and credible quote.
The High Balance loan are not actually jumbo loans. Some quoters price high balance loans at a higher rate than standard conventional and then just check off Jumbo since there is nowhere to check off HB when submitting a quote. Other lenders price the HB the same as the standard conventional and so submit the quote normally without checking off Jumbo.
Do any of these auto quotes include high-balance conforming rates?
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