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Answers (17)
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
Zastro;
That is where you do your due diligence in asking the prospective LO's questions about their fees and what guarantees there are that the "800 Section" fees do not change. As Andrew mentioned, there are safeguards in place now that will keep any bombshells from popping up right at closing.
That is where you do your due diligence in asking the prospective LO's questions about their fees and what guarantees there are that the "800 Section" fees do not change. As Andrew mentioned, there are safeguards in place now that will keep any bombshells from popping up right at closing.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Zastro,
Point is that should not HAPPEN and if your realtor was smart they would be directing you to work with lenders that this doesn't happen with! I am not saying it doesn't happen. Although with the new disclosure laws it will be a bigger deal as closings get pushed out because loans need to be redisclosed.
Point is that should not HAPPEN and if your realtor was smart they would be directing you to work with lenders that this doesn't happen with! I am not saying it doesn't happen. Although with the new disclosure laws it will be a bigger deal as closings get pushed out because loans need to be redisclosed.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Zastro,
I agree with Joe if you are paying 5% + 1% call it whatever you want you are paying too much based on today's price. The fact that your realtor is ok with an origination appearing at the closing tells me your realtor needs to surround themselves with better loan officers.
I agree with Joe if you are paying 5% + 1% call it whatever you want you are paying too much based on today's price. The fact that your realtor is ok with an origination appearing at the closing tells me your realtor needs to surround themselves with better loan officers.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
There does not have to be an origination fee and at today's rates you should not have to be charged one.
- zastro
- Contributions:12
Is it true that, although someone may quote a rate for a 30 yr fixed FHA with 0 pts, there is still an origination fee for FHA's that will somehow show up on the GFE or subsequently on the HUD statement whether it stated disc, orig fee, etc...?
My r.e. agent has notified me of this. In addition, I'v read stme rather contentious feedback from many of large contriburors of zillow.
Thanks.
My r.e. agent has notified me of this. In addition, I'v read stme rather contentious feedback from many of large contriburors of zillow.
Thanks.
- Andrew Adams, "203K Specialist"
- Contributions:9349
I agree with Joe.
5-5.125% is very real today without points or a broker fee.
Below 5% is not.
5-5.125% is very real today without points or a broker fee.
Below 5% is not.
- Voyage Home Loans
- Contributions:67
A 30-45 day close is plenty of time as long as everyone involved in the transaction is on the same page.
My advice would be make sure whoever you use for financing understands your time frame and works with a lender that is able to get your loan approved in a timely manner.
Many lenders are overwhelmed and there approval times are very slow but there are still lenders that will approve an FHA purchase within a week once your file is submitted. Depending on what the approval comes back at you should be able to finalize the transaction within your timeframe.
My advice would be make sure whoever you use for financing understands your time frame and works with a lender that is able to get your loan approved in a timely manner.
Many lenders are overwhelmed and there approval times are very slow but there are still lenders that will approve an FHA purchase within a week once your file is submitted. Depending on what the approval comes back at you should be able to finalize the transaction within your timeframe.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
You should be able to get 5% with no points/origination fees with no problem today.
- zastro
- Contributions:12
Gentlemen,
First of all, thanks for all the feedback.
The issue that I have is I have found a home, price has been agreed but contracts yet are to be ccmpleted but will be by the end of the week. I'm looking to close within 30-45 days. Is this time frame at all possible? Would it be prudent to apply for a loan and lock in at 5%, if possible? I have recvcd quotes from zillow and no where is it indicating that its with points.
FYI, looking at a 30 yr fixed fha with a 6% s.c.
Thanks once again to everyone.
First of all, thanks for all the feedback.
The issue that I have is I have found a home, price has been agreed but contracts yet are to be ccmpleted but will be by the end of the week. I'm looking to close within 30-45 days. Is this time frame at all possible? Would it be prudent to apply for a loan and lock in at 5%, if possible? I have recvcd quotes from zillow and no where is it indicating that its with points.
FYI, looking at a 30 yr fixed fha with a 6% s.c.
Thanks once again to everyone.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Paul it comes down to perspectve when a consumer is told that the rate is below 5% they think they can get that. Which they can but it will not be for 0 points. When you are on the threads you need to keep in mind you are not talking to a lender.
Most consumers don't understand what par is and to claim 4.875% is available the consumer needs to know it will cost them something in addtion to standard closing costs to get that rate.
Most consumers don't understand what par is and to claim 4.875% is available the consumer needs to know it will cost them something in addtion to standard closing costs to get that rate.
- Voyage Home Loans
- Contributions:67
Correct it is at par. The question is asking if rates will be below 5% and they are. It didn't say anything about with rebate.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
It's probably just a glitch AA.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Paul that's a par rate. Are you closing loans at par without charging the consumer additional fees?
Doubtful...
Doubtful...
- Voyage Home Loans
- Contributions:67
- Andrew Adams, "203K Specialist"
- Contributions:9349
Chris, you may have spoke too soon. A good reason not to make rate predictions. The MBS market is off 7/32nds. Nobody can predict what rates will get too 5% -5.125% is a great rate...why risk looking that?
- Chris Jones, "Christopher Jones"
- Contributions:135
Yep. I think we'll have par below 5% tomorrow morning.
Given the fact 10 yr treas yld finished today @3.4% can we be looking at below 5% rates for FHA's
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