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WOW...The "professional" being schooled by the consumer...Do all your consumers explain how the bond market works to you?Stinaker,
Upfront or not you could of gotten that or slightly better from any number of lenders. I don't price loans in FLA but I have been locking 5/1 ARMS at 3.875% with No points and no closing. Each state is a little different so I may be able to get a little better based on the state.
Regardless that is a good deal-just not exclusive to upfront lenders. That designation is a joke you simply pay a fee and they will list you as an upfront broker or lender. Let us know how it closes....It looks like you have a good loan officer.
Appraisal fees are considered as lender fees, not 3rd party fees; it's odd they wouldn't include that as part of their "guaranteed" $1995.
start rates (the initial fixed period) on hybrid ARMs (i.e.5/1) aren't driven by MBS market anyhow; generally they follow 2 or 3 years swaps (plus a margin).
The lender rebate is in line at that rate (give or take an 1/8th %, i.e depending on the time we had the same at 3.875% to 3.99%); especially given the guaranteed fees they're charging you before giving it back to you, but 4.125% is pretty good overall..
I don't quote regularly and would never quote in FLA so you wouldn't. My average loan size is above 350 so I can usually cover all costs with .75% in ysp.I think I said it was a good deal but didn't seem particularly special. Nothing wrong with getting a good deal.....the magic lender and magic pricing doesn't exist.
Stinaker,It is not pointless. You may intend to sell in 5 years but rates will be up and could be above 8%...Take a guess what that does for potential buyers as well as prices...5 years from know that rate could jump anywhere from 5-9% and although you may want to sell you may not be able to sell. 4.125% is a great rate...4.875% on a 30 year fixed 0 points 0 closing is pretty great rate as well...with the added benefit of not having to worry about a rate increasing!The difference is $110 per month... Nothing to sneeze at today but 5 years from know if you can't sell it and rates are higher...Very likely...it may not be the no brainer you feel it is today!
How much principle do you think will be paid off in 5 years? I would venture to say not 50K. You could end up being upside down with a mortgage that is going to adjust up!I am not saying it will happen simply saying that it can happen and that scenario is not all that much of a stretch. Tim,What if rates are in the 8's in 5 years? Not saying it's the wrong decision just one that is not a no brainer!
White---We have been printing money like it is going out of style....and it just might be! Inflation is on the way I would almost guarantee 30 year fixed rate mortgages @ 6.5% by the end of the 2nd quarter. The govt has already extended the MBS buying till the end of the 1st quarter but that cannot last forever. Neither will these low rates!Nobody is disputing what he will save in the next five years and to be honest as a loan officer...It makes no difference to us what he chooses. In most cases a 5/1 ARM is a loan officer's friend...(they tend to refi good for folks that make comissions). What should be a factor in the decision is what is going to happen at the end of 5 years. If you think that any historical chart that you look at will be of any use projecting what is going to happen you are off your rocker. The Govt has never dabbled in the credit markets to the extent they have over the last 12 months so there is no historical data that mirrors the current market conditions.
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For Sale: $64,900
For Sale: $89,900