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Lender rating
Since January 2009
What does 5/3 @ 7 mean?
5/1 & 3/1 Around 7%?
Fifth Third Bank. Midwest bank and wholesaler.
Lender rating
Since January 2009
I had no idea what he was talking about.
hahaha... fifth third bank... I would have NEVER thought that... I was thinking may 3rd... 7pm... dinner for 1???
you might want to step out of the Northeast every so often.
Lender rating
Since January 2009
Lender rating
-I've got about 6.875% with 1 on a 30 year fixed- (honest-to-goodness rate on jumbo, non conforming- Wells is portfolio'ing these jumbo 30 yrs.)
-6.250% - 6.375% with 1 on a 5/1 non-conforming, JUMBO ARM
Sorry about the confusion everyone. Thanks for the information. So far I haven't seen a 6.375% with no fees, which is what some of my competitors are advertising. Just wanted to see if that was even possible.
Jonathan, I tried to find the 6.875% paying 1 on my Wells Fargo ratesheet, but I don't see it. On the conventional non-conforming stuff, to get paid 1 you have to go to 7.75%. Obviously, that's not what you're seeing.
What loan amount are you considering Jumbo?
anything over $417k on a single family. Oh, hey, take a look at this: http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1higyz7pds5_4g4tn
Is that even possible on a single jumbo loan?
Lender rating
417k to 1million 6.125% for 1 point plus fees
1million and up is 6.250% for 1 point plus fees
John - with the new "conforming jumbo" rates now available by Fannie, that quote is doable. The new loan limit for this product is $729,000 here in NY. I am not sure if it is the same everywhere but the rates are only about .25% higher then regular conforming. Even without the new conforming jumbo limits I would say that scenario can be done if you are signed on with the right lender.
The area( Cook County) that quote John provided is still limited to 417k, so the new conforming jumbo wouldn't apply. Not saying it can't happen with the right lender, but it isn't a conforming jumbo product...
Thanks for the clarification Geoff. I thought I mentioned that in an earlier entry. Yeah, conforming jumbos are not available in Illinois, so if anyone knows of an actual non-conforming jumbo lender that's offering in the low 6's, please let me know. There are a couple of lenders who have a dubious reputation, and I just want to see if they're doing what I think they're doing. Thanks,
Oh, and Edgar, are those rates for 30 year fixed, because that's pretty outstanding. Who's the lender offering those rates? Thanks,
Lender rating
Yes it is for a regular old 30 year fixed loan. No bells or whistles. The only way to find out who the lender is is to wait for your first mortgage statement after closing your loan with me.
Last time i checked wholesale banks like the one i work for has ways of getting those loans funded
Lender rating
Since January 2009
Lender rating
John, you're right- I'm looking at straight retail rates. Not wholesale.
Lender rating
Since January 2009
This is like Manny Ramirez when he is in a zone...The baseball looks like a beach ball.
I have never heard of a lender that offers better retail rates than wholesale rates.....You never know it could be a new day!
Lender rating
AA it's 6.125% with 1 point to a million. I can go to 90% to 1 million on a purchase or rate/term refi if the borrower is strong but you have adds and PMI.
so no sharing, ae? Even though I'm 2000 miles away. man, that's rough!
I've also never heard of retail outpricing wholesale...that really almost makes no sense. In that case, why even offer wholesale; just tell everyone to go to your nearest wells fargo. I'm not angry with you Jonathan, that just seems like an odd practice.
well, I guess I can't flag those quotes then because apparently they exist.
PenFed (penfed.org) and Digital Credit Union (dcu.org) both offer 30-year fixed true jumbos at the same rate as their conforming loans. PenFed is currently at 6.125%, 80% LTV to $750K and 75% LTV to $2M. DCU is currently at 6.5%, 90% LTV to $1M.
Membership at both is open to anyone if you make a small donation to one of the non-profit organizations that they support.
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
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Legitimate Jumbo Lender
John Paunan, "John Paunan"
Mortgage Lender
Lender rating
5.0/5.0
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I see a lot quotes for jumbos that don't seem possible, at least with my crop of lenders, and I've got 60 of them, but they are awfully close. Would anyone like to share who they use and what kind of rates are available? This is for pure jumbo fixed rates, not conforming jumbos either because they're not available in most states. I see 5/3 at 7 paying 1 and they're the best I've seen so far.
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