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Is there an honest lender out there that can give me the straight scoop and not play these games?

I need a mortgage loan of $118000 with 5% down, with a good APR (below 5.6) and low fees.  We have nice salaries and credit ratings.  DONT send me quotes with a 50% down pmt to make it 'look good' and hope to screw me over in the end.
  • May 06 2009 - Lakeland
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Answers (20)

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I dont know where you got the APR of 5.6 with your scenario but if you put down 5% on a conventional loan, the APR is 6.035% BEFORE any closing costs are factored into the APR rate. Thought you should know that so you dont think all loan officers are ripping you off. 
  • May 06 2009
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Profile picture for ktriller
I cant seem to pull up my initial quote request (anybody know how?) but if there was a typo I apologize.  I have found a great lender on here anyway and I am very happy with his results.  FHA  4.5 / 5.604 and lower closing costs.  Thanks for the advice.
  • May 07 2009
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Ktriller.. it looks like you made a rather HUGE error in your initial quote request and then blamed it on the responders.
Loius, you cant have an APR lower than the note rate unless its an adustable rate mortgage. You never came back and quoted the actual APR.
  • May 07 2009
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Chriswebb,

Why don't you check your quotes for accurate APR calculations. You are off a bit!
  • May 07 2009
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No, all brokers/banks/lenders are crooks and scam artist! At least that is the problem with the American society today and consumers. You believe this to be the case and when we tell you that your rate is not guaranteed at any time other than the time we quote it, you don't believe it. Most consumers hurt themselves by over shopping for a loan. I know that sounds crazy, but skepticism prevents you from locking in a great rate to shop around. Then a turn in the market comes and you're upset that rates have risen. I know I am not the only one out there that has experienced this 100's of times. Ktriller, if you are looking for 95% financing with a conventional loan, we still have investors that are willing to take that risk, but most likely due to loan level pricing hits and increased MI factors, you'll probably end up choosing a FHA product.
  • May 07 2009
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Put in a loan request on Zillow.  You should delete your old request.
Good Luck!
  • May 07 2009
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You requested a quote with a 50% down payment.  This is the inquiry that we received ZR-SGQRPTB.  Please correct the ratings that you gave my company and others.  We only quoted what you asked for.  I have since sent you a new quote with what I believe you are asking for.  Please let me know if we can be of any more help to you.
  • May 07 2009
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You may have mentioned you wanted 5% down but the quote reflects a 50% Loan to Value.  Correct the request and you will get more accurate quotes. 
  • May 07 2009
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ZR-SGQRPTB   this is your Inquiry..Please take the time to give accurate and truthful reviews... I thank you in advance for the removal of your negative and untruthful review ..
  • May 07 2009
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Why not tell the truth in your reviews ???? Below is your request where you wanted 49% Loan to Value !


ZR-SGQRPTB
  • May 07 2009
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Thanks for coming back to clear it up but the APR misprint now looks like a misstatement:

The rate was right and the APR was a misprint, but still lower.  

Lower than what? The APR will not be lower than the note rate. Are you saying it is? 
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Sir you are absolutely right and thank you for showing me. Ignorance shouldn't be an answer, but I misprinted the APR on my very first use of this site and my company. The rate was right and the APR was a misprint, but still lower. Thank You.
  • May 07 2009
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Louis, what you posted is impossible, a note rate of 4.5% and an APR of 4.092%, unless you are quoting an Arm and not disclosing that. What is it, a 30 Yr Fixed Rate or a 5/1 Arm?  

 "  make it 'look good' and hope to screw me over in the end. "

This is what ktriller wants to avoid. 
  • May 07 2009
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With the info you've given, FHA 4.5% All lenders fees&points per Good Faith Guarantee $3261 pmt$662 Apr 5.282% w/5% down.If actual property is in zoned rural area USDA Ln which means no MI same prior info. Zero DN is 4.5% w/ 4.092% APR Lender Fees and Points $3223 Per Godd Faith Guarantee. We also have a $1000 On-time Closing Guarantee
  • May 06 2009
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Kt,

Andrew and Clay have both given you good advice. 95% conventional may be tough to find and if FHA is your option, you should not concentrate on what the APR is, you should compare rate and total fee structures. FHA APR will always be higher and 5.6 is probably not realistic if one is disclosing it properly.
  • May 06 2009
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Profile picture for curtismoss
You have to go FHA loan with less than 20% down.  Try US Bank, they have low closing costs and if you open a Platinum 5-Star checking account (to pay your mortgage with), they'll give you 1 discount point off your APR (which equates to 0.25% less APR).

Curtis Moss
  • May 06 2009
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Louis Rod-Our credit score is around 700 (was 800 but one old medical bill from when I went thru br cancer showed up unexpectantly on there and dropped it 100pts!   Other than that, always early and for more than minimum.   And zipcode prob will be 33811
  • May 06 2009
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Where's Rudi when you need him?
  • May 06 2009
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What is your credit score and do you know what the county is or zip code your looking to purchase in?
  • May 06 2009
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KT,

You may not be able to get 5% down without going FHA.  I doubt you can get MI in a declining market at 95%.  Your problem may be what you are looking for isn't available.
  • May 06 2009
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