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Can someone tell me if I'm getting a good deal
5 year IO paying 2 points+ 1,200 fees rate 5.625 no prepay LTV 80 Loan 520.000 Countrywide
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Not enough information. Where is this and what is your credit score.
Without more info, all I can tell you is that you can get a 5/1 IO for 5.625% without paying points. What you have been offered could be a good deal based on your specific situation or it could be terrible.
I'm in southern calif with 777 fico
My loan amount is will be 520,000 home value 650,000
5/1 IO 5.625%
No points (That means no origination points either)
$1070 lender fees
30 day lock free float until 3 days before closing.
If you want to pay 1 point you can get 5.25%
Anyone can do this.
Scratch the free float to 3 days before closing, I was pricing that at ING and forgot you need to be at 70% for IO, but I can still do a 5.625% 5/1 IO no points $1070 lender fees.
Did you do a loan request in the 93021 zip code?
I saw that and I did not quote it because of the 200k cash out. The quotes you received are incorrect. You did not mention that you were taking 200k cash out above and that does affect pricing at 80%.
As I said, the lender I was thinking of using only allows IO to 70%. The next one that could do the 5.625% only allows 100k max cash out. I would have to dig for another to find one that fits all the details, but knowing all of the details now, you may not have a bad deal at CW. The 2 quotes you received are off base when you take the 80% LTV and cash out into consideration. I'll quote something for you if I can find a scenario that will be beneficial for you.
Good job GVD. You are nails.
5/1 IO to $900k portfolio
I can do 80% at 5.7%
70% at 5.5
85% at 5.9%
Interest only no MI above 80% as well.
Cashout is ok to boot. Not exceeding $250k cash in hand
why pay points on a 5/1 ARM??? Break even point is 4+ years, I'd guesstimate... don't pay the points...
10 grand in points.... This is really getting to me... Regardless of who you use, Edward, don't use the jerky that recommended you pay two points. ugh...
I can do 5% fixed 30 years no closing costs. Jumbo loan amount no problem.
Tom- what are you saying????
Jen if I were to hazard a guess I'd assume he is being facetious based on some of the posts above...
Tom should stick to real estate.
I will move to Florida is the guy can do 5% on a 30 yr fiex Agency Jumbo with no points!!! Is the guy an esacpee from the local hospital? :-)
I was offered 5.75 30 year fixed by one of the lenders with 200,000 cash out, with 1pt + 600.00 in fees loan amount 520,000 this will work beeter for me then a 5 year IO my DTI is at 45% does this loan seem doable in the Jumbo world Today?
Countrywide "retail" tends to have higher rates on average then mortgage brokers. I wrote a book..Mortgage Secrets- 6 Steps to The Lowest Rate and Closing Costs...Guaranteed. If you want, I'll send it to you..It's downloadable 60 pages...easy to read and you won't need to ask this question anymore...I can tell you that no other company will give this information to you. In fact the lenders and brokers are already on my back for giving you the power to negotiate the LOWEST RATE and Closing Costs.. Let me know. firstname.lastname@example.org
Of the 7 quotes you received I would doubt any of them could be done. Certainly not the one you just mentioned.
If I were you I would call them and ask for a GFE.
5/1 IO (not interest only)
200k cash out
2/2/6 Caps - No Pre payment penalty - float down to 3 days before closing - 30 day lock.
.25% Origination $1300
$695 underwriting fee
P&I = $2953
45% Max DTI
This is with ING, anyone approved with ING can do this for you if they choose to do it.
So, you can get this done for me? can I use my appraisal from CW.
That is up to CW, it belongs to them. I just sent you an email.
Sounds good, thanks you for all you advice. I will be locking that rate by wed. if this 30 year 5.75 fall out.
Edward, you can get 5.75% paying one point on a 30 day lock.
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