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This thread is currently closed for responses.Answers (28)
- Russ Hatfield, "RussHatfield"
- Contributions:336
Alrighty then...we've had a number of flags for this one : ) I've tried my best to clean it up and keep it on topic(ie regarding OP's question). I'm not going to delete the entire thread because, well, it shouldn't be deleted. I know I could have cleaned it up differently but this'll have to do for now.
As I think we can agree a few good answers have come and gone, I'll go ahead and lock this one ; )
Thanks, all!
Russ
Zillow Customer Support
As I think we can agree a few good answers have come and gone, I'll go ahead and lock this one ; )
Thanks, all!
Russ
Zillow Customer Support
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Hi again, Dick! Well, good for you.
Internet lenders are fine for a refinance, but anyone using an other than local source for a purchase money loan, is simply asking for problems.
There isn't a competent Realtor I know, who would allow such a lender into a transaction they have put into escrow.
Internet lenders are fine for a refinance, but anyone using an other than local source for a purchase money loan, is simply asking for problems.
There isn't a competent Realtor I know, who would allow such a lender into a transaction they have put into escrow.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
wow! The thread took on a life of it's own.
I guess I was too busy originating loans in Orange County, CA yesterday.(well, other places,also- but at least $1mm in OC) to pay much attention.
I'm 2,307 miles away from the OC as the crow flies; so much for the "use local" theory; competence doesn't only exist within driving distance.
Everybody have a great day!
I guess I was too busy originating loans in Orange County, CA yesterday.(well, other places,also- but at least $1mm in OC) to pay much attention.
I'm 2,307 miles away from the OC as the crow flies; so much for the "use local" theory; competence doesn't only exist within driving distance.
Everybody have a great day!
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
RChan81 stated: "You gave bad mortgage advice as a realtor."
That isn't even close to being accurate.
The advice I gave, to a poster in South Orange County, who is contemplating the purchase of a house in the area, was essentially, for him to find a LOCAL loan person, who will be there when things go wrong, which is advice that ANY experienced Realtor would give.
What the mortgage guys who lambasted my advice, had already offered, were both suggestions the the program that the OP wanted, was NOT available. I GOT that. I understood that.
Since those options were NOT available, according to Chuck and Dick, I thought that it should be back to square ONE for the OP, and the best advice in that situation was and still is, to align yourself with a GOOD local lender - one with a variety of programs, and in the case of my recommendation, someone with over 35 year's local experience.
The moderator was overstepping his or her bounds, to delete the entire post, when all that seems to have been in violation, is a VERY loose interpretation of a guideline that says that thou shalt not spam.
I wasn't posting MY information, so it REALLY wasn't spam. It was an honest recommendation of a great lender, in the area local to where the OP wants to purchase a house. For the moderator to consider THAT spam, is a gigantic misapplication of the term. ( Or folding under the pressure of a couple of overzealous Zillow mortgage guys.)
My responses since have NEVER been about MI or any other components of a loan, even though Chuck & Dick tried to make it look like it was.
From that point on, it's really been a case of Chuckie trying to insult me out the door, with my tail between my legs, vs. me having the cajones to stand up to his feeble attempt to bully a fellow poster. In the process, through his incessant attempts to rationalize his condescending manner, he's managed turn an entire thread into a ridiculous peeing contest.
Neither of us has won a thing. For me, though, it has never been about winning. It's been about defending myself from the insults of another poster. Some might call it stubborn, but I have NO problem standing up for myself, especially when I've been correct, all along.
That isn't even close to being accurate.
The advice I gave, to a poster in South Orange County, who is contemplating the purchase of a house in the area, was essentially, for him to find a LOCAL loan person, who will be there when things go wrong, which is advice that ANY experienced Realtor would give.
What the mortgage guys who lambasted my advice, had already offered, were both suggestions the the program that the OP wanted, was NOT available. I GOT that. I understood that.
Since those options were NOT available, according to Chuck and Dick, I thought that it should be back to square ONE for the OP, and the best advice in that situation was and still is, to align yourself with a GOOD local lender - one with a variety of programs, and in the case of my recommendation, someone with over 35 year's local experience.
The moderator was overstepping his or her bounds, to delete the entire post, when all that seems to have been in violation, is a VERY loose interpretation of a guideline that says that thou shalt not spam.
I wasn't posting MY information, so it REALLY wasn't spam. It was an honest recommendation of a great lender, in the area local to where the OP wants to purchase a house. For the moderator to consider THAT spam, is a gigantic misapplication of the term. ( Or folding under the pressure of a couple of overzealous Zillow mortgage guys.)
My responses since have NEVER been about MI or any other components of a loan, even though Chuck & Dick tried to make it look like it was.
From that point on, it's really been a case of Chuckie trying to insult me out the door, with my tail between my legs, vs. me having the cajones to stand up to his feeble attempt to bully a fellow poster. In the process, through his incessant attempts to rationalize his condescending manner, he's managed turn an entire thread into a ridiculous peeing contest.
Neither of us has won a thing. For me, though, it has never been about winning. It's been about defending myself from the insults of another poster. Some might call it stubborn, but I have NO problem standing up for myself, especially when I've been correct, all along.
- Rchan81
- Contributions:73
Bob: I've followed this very entertaining dramedic thread. You gave bad mortgage advice as a realtor and was called out by the mortgage people. You've been defensive about it since and the rest is back and forth over nothing.
- wetdawgs
- Contributions:26833
@Bob:
You wrote "the original post came to me as a real estate practitioner in Orange County." Please note, the reason you received the post in your E-mail was because the way you signed up for alerts when you signed up for Zillow Seeing a post in your box does not mean you need to respond if it is not something within your license.
I saw the full text of the post the moderator chose to delete fully, and IMHO the moderator made a very good choice. The moderator has left a number of your posts for posterity for potential future clients who wish to evaluate your style. (Hint: a lot of them are not pretty. If I were you, I'd be screaming for them all to be deleted and start all over.).
You wrote "the original post came to me as a real estate practitioner in Orange County." Please note, the reason you received the post in your E-mail was because the way you signed up for alerts when you signed up for Zillow Seeing a post in your box does not mean you need to respond if it is not something within your license.
I saw the full text of the post the moderator chose to delete fully, and IMHO the moderator made a very good choice. The moderator has left a number of your posts for posterity for potential future clients who wish to evaluate your style. (Hint: a lot of them are not pretty. If I were you, I'd be screaming for them all to be deleted and start all over.).
Rick, if you are still around and have not slit your wrists yet, please refer to Norm's response that sums up the situation precisely:
"with 5% down you will have PMI, you may be able to avoid having a monthly mortgage insurance payment, but you'll have PMI nonetheless.
for 5% down with a score 720 to 759 the charge from most of the MI companies for LPMI is 2.35 to 2.4 points. If your score is 760 or higher some of them offer it at 1.95 points.
as Chuck said, if someone offered it to you for 1.25pts without jacking up the rate then take it. Be sure to get a GFE with an expiration date that is after the date you close."
"with 5% down you will have PMI, you may be able to avoid having a monthly mortgage insurance payment, but you'll have PMI nonetheless.
for 5% down with a score 720 to 759 the charge from most of the MI companies for LPMI is 2.35 to 2.4 points. If your score is 760 or higher some of them offer it at 1.95 points.
as Chuck said, if someone offered it to you for 1.25pts without jacking up the rate then take it. Be sure to get a GFE with an expiration date that is after the date you close."
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Thanks Chuck. See Pasa it didn't take long to be corrected. Chuck what I said was that true at an early point in time? I'm really asking for it, aren't I Pasa?
Happy funding, Rudi
Happy funding, Rudi
[Content removed by Zillow moderator]
"On a 15-year FHA Loan there is an upfront mortgage insurance premium but no monthly premium if the LTV is under 90%."
This is incorrect. On an FHA 15 year term or less their is mortgage insurance of .5 for an LTV greater than 90%. There is MI of .25 for LTVs of 78.01% to 90% and the only exception to mortgage insurance on an FHA mortgage is a term less than or equal to 15 years and an LTV less than or equal to 78% which requires no monthly MI but still the 1% up front premium.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Pasa,
Most of my business is with borrowers that put at least 20% down or have 20% equity in their property. I forget sometimes about FHA because I choose not to originate FHA loans. On a 15-year FHA Loan I think there is an upfront mortgage insurance premium but no monthly premium if the LTV is under 90%. I may get corrected on this by someone with more familiarity about FHA.
Sorry I omitted this Sunny.
Happy funding, Rudi
Most of my business is with borrowers that put at least 20% down or have 20% equity in their property. I forget sometimes about FHA because I choose not to originate FHA loans. On a 15-year FHA Loan I think there is an upfront mortgage insurance premium but no monthly premium if the LTV is under 90%. I may get corrected on this by someone with more familiarity about FHA.
Sorry I omitted this Sunny.
Happy funding, Rudi
- sunnyview
- Contributions:25139
Bob, I'm glad that you chose to remove your post during the edit period. I have yet to see posts in that vein lead to anything positive, but that's just my experience.
It would be nice if Rick1025 could get more helpful input about options, what he can expect to spend on points and what to expect if he doesn't want PMI in the loan. There is an article here on avoiding PMI, but I do not know if there are others that are better or what he can expect to pay.
It would be nice if Rick1025 could get more helpful input about options, what he can expect to spend on points and what to expect if he doesn't want PMI in the loan. There is an article here on avoiding PMI, but I do not know if there are others that are better or what he can expect to pay.
- Pasadenan
- Contributions:21466
Rudi or Chuck ---> please clarify... I thought that Mortgage insurance could be omitted (or removed) with a lower down payment (or lower equity) if the loan was a 15 yr or 10 yr fixed instead of 30 yr, and that the 15 yr or 10 yr did not need 20% equity to have no mortgage insurance?
What is the percentages for these other loan terms?
What is the percentages for these other loan terms?
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Thanks for the kind words Chuck.
Happy funding, Rudi
Happy funding, Rudi
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Thanks Bob,
Tom Courts his Regional Manager is a very nice man. I'm sure Kevin and his team will do real well there. I'm sure he'll eat real well too. There's some wonderful restaurants within walking distance of their offices.
Happy funding, Rudi
Tom Courts his Regional Manager is a very nice man. I'm sure Kevin and his team will do real well there. I'm sure he'll eat real well too. There's some wonderful restaurants within walking distance of their offices.
Happy funding, Rudi
Bob, you still don't understand the question or why your post made no sense. Let me explain it to you.
The OP is referring to 1.25 points that he was quoted to "remove" the MIP. Remove is a bad word because it's just a prepayment but to make it easier for you to understand, we'll just use that word.
What you misunderstood and it was clear from your post, was that the borrower wanted to pay a lower UP FRONT premium. You came in talking about a lower MI factor as compared to FHA being .77 to 1.1% for a program your lender has, which is entirely something else. The OP did not want a lower MIP factor, they wanted to pay less than 1.25% to get rid of it. What the prez and I objected to was the obvious lack of understanding and knowledge you exhibited in your "advice". You still can't seem to comprehend what you are being told so it's a waste of time at this point. Ever heard "a little knowledge is a dangerous thing?" It applies here. Your answer was way off base and you still don't even understand why.
"how about you either come up with any solutions for the OP, which you have YET to do, or move on?"
The OPs question has long been answered. You should try reading it. At 95% they will not find a better option than 1.25 to remove the MI and in fact, will most likely not even find the 1.25 available. The OP was informed to take the offer if available and get a GFE. They were further advised to seek counsel from someone that can walk them through it.
Considering that Rudi is a licensed RE agent as well as a NMLS licensed loan officer, which makes him far more qualified (as is any dre/nmls licensed California loan officer), I would suggest the OP contact him.
[Content deleted by Zillow moderator]
The OP is referring to 1.25 points that he was quoted to "remove" the MIP. Remove is a bad word because it's just a prepayment but to make it easier for you to understand, we'll just use that word.
What you misunderstood and it was clear from your post, was that the borrower wanted to pay a lower UP FRONT premium. You came in talking about a lower MI factor as compared to FHA being .77 to 1.1% for a program your lender has, which is entirely something else. The OP did not want a lower MIP factor, they wanted to pay less than 1.25% to get rid of it. What the prez and I objected to was the obvious lack of understanding and knowledge you exhibited in your "advice". You still can't seem to comprehend what you are being told so it's a waste of time at this point. Ever heard "a little knowledge is a dangerous thing?" It applies here. Your answer was way off base and you still don't even understand why.
"how about you either come up with any solutions for the OP, which you have YET to do, or move on?"
The OPs question has long been answered. You should try reading it. At 95% they will not find a better option than 1.25 to remove the MI and in fact, will most likely not even find the 1.25 available. The OP was informed to take the offer if available and get a GFE. They were further advised to seek counsel from someone that can walk them through it.
Considering that Rudi is a licensed RE agent as well as a NMLS licensed loan officer, which makes him far more qualified (as is any dre/nmls licensed California loan officer), I would suggest the OP contact him.
[Content deleted by Zillow moderator]
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
Hi Rudi, thanks for chipping in. Your contributions are always welcome.
Just FYI, Kevin is now a branch manager for Prime Lending in Irvine. Perhaps the general lack of respect for BAC finally got to him. His entire team made the move with him.
Back to the thread, it didn't occur to me that I would be violating Zillow's guidelines, to recommend a lender who I thought a So. O.C. borrower should be in touch with. Apparently Chuck & Dick whined to the moderators that I was spamming, which I had no need to do.
Like the Honda guy, I was just trying to be helpful.
Just FYI, Kevin is now a branch manager for Prime Lending in Irvine. Perhaps the general lack of respect for BAC finally got to him. His entire team made the move with him.
Back to the thread, it didn't occur to me that I would be violating Zillow's guidelines, to recommend a lender who I thought a So. O.C. borrower should be in touch with. Apparently Chuck & Dick whined to the moderators that I was spamming, which I had no need to do.
Like the Honda guy, I was just trying to be helpful.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Bob,
Kevin is highly respected in Orange County. Although his employer (BAC) is not. Most loan officers for the big banks have little or no exposure to what all is available in the marketplace. Thereby, you have a limited knowledge source to draw from.
Happy funding, Rudi
Kevin is highly respected in Orange County. Although his employer (BAC) is not. Most loan officers for the big banks have little or no exposure to what all is available in the marketplace. Thereby, you have a limited knowledge source to draw from.
Happy funding, Rudi
- sunnyview
- Contributions:25139
Thanks for information Rudi! You are always a great source of helpful information with a dash of style to boot. :)
- wetdawgs
- Contributions:26833
I love to see professionals tussle. It makes my job selecting professionals far easier when I know how they respond to frustration. Good things posts remain up forever so I can go back through history as I interview agents.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Sunny,
Any loan amount over 80% LTV requires MI. The borrower may pay this monthly, in a lump sum or have it included in the rate. Although the last option is not available with all lenders. I would say the best option is to pay the one time fee if the borrower does not have the financial capacity to bring the loan amount down to 80% LTV.
Happy funding, Rudi
Any loan amount over 80% LTV requires MI. The borrower may pay this monthly, in a lump sum or have it included in the rate. Although the last option is not available with all lenders. I would say the best option is to pay the one time fee if the borrower does not have the financial capacity to bring the loan amount down to 80% LTV.
Happy funding, Rudi
- sunnyview
- Contributions:25139
What is the best way to get around PMI without 20% down?
- Bob Phillips, "BobPhillipsRE"
- Contributions:772
To the couple of mortgage guys whose feathers got ruffled by my answer - and who undoubtedly sought to get it deleted, I was answering a question that came to ME, geographically. ( In case you're not aware, this is a real estate forum, not a mortgages only forum.)
A week ago, when one of MY clients asked for a similar loan, which didn't have FHA's higher MI, the loan I suggested was offered by MY preferred lender, as a viable alternative. Like me, my preferred lender, Kevin Budde, has been successfully serving clients in South Orange County, for over 35 years.
I'm not sure which Zillow guideline my post violated, other than to upset a mortgage rep, but I was simply, and honestly trying to give the OP another choice which I was aware of.
Definitely no reason for someone hiding behind a cartoon or someone else's photo, to get snippy with me.
A week ago, when one of MY clients asked for a similar loan, which didn't have FHA's higher MI, the loan I suggested was offered by MY preferred lender, as a viable alternative. Like me, my preferred lender, Kevin Budde, has been successfully serving clients in South Orange County, for over 35 years.
I'm not sure which Zillow guideline my post violated, other than to upset a mortgage rep, but I was simply, and honestly trying to give the OP another choice which I was aware of.
Definitely no reason for someone hiding behind a cartoon or someone else's photo, to get snippy with me.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Bob, That;'s a standard Fannie Mae "My Community" loan, most lenders have it. It doesn't come with LPMI. Now that you've decided to offer mortgage program advice as a professional we're curious why you didn't post your NMLS number on your profile.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
with 5% down you will have PMI, you may be able to avoid having a monthly mortgage insurance payment, but you'll have PMI nonetheless.
for 5% down with a score 720 to 759 the charge from most of the MI companies for LPMI is 2.35 to 2.4 points. If your score is 760 or higher some of them offer it at 1.95 points.
as Chuck said, if someone offered it to you for 1.25pts without jacking up the rate then take it. Be sure to get a GFE with an expiration date that is after the date you close.
for 5% down with a score 720 to 759 the charge from most of the MI companies for LPMI is 2.35 to 2.4 points. If your score is 760 or higher some of them offer it at 1.95 points.
as Chuck said, if someone offered it to you for 1.25pts without jacking up the rate then take it. Be sure to get a GFE with an expiration date that is after the date you close.
"im planning to put down 5% and my credit score is somewhere around 740-760.."
If someone offered you a loan where you can buy out the PMI at 95% LTV with a credit score between 740 and 760 for 1.25 points you should have taken it. You actually do need a lender that will walk you through this process because I believe your expectations are not founded in reality.
If someone offered you a loan where you can buy out the PMI at 95% LTV with a credit score between 740 and 760 for 1.25 points you should have taken it. You actually do need a lender that will walk you through this process because I believe your expectations are not founded in reality.
- Rick1025
- Contributions:9
im planning to put down 5% and my credit score is somewhere around 740-760..
The points to waive MI are going to be the same regardless of whom you choose based on your loan to value and your credit score. You may indeed shop long enough to find someone that will lie to you, but that won't change the actual fees that will be hidden somewhere.
It costs what it costs and is not negotiable. Let me guess, you have a credit score of at least 760 and your loan to value is between 85.01% to 90%.
It costs what it costs and is not negotiable. Let me guess, you have a credit score of at least 760 and your loan to value is between 85.01% to 90%.
- wetdawgs
- Contributions:26833
What percentage down are you planning on? 20% plus is the simplest solution.
NO PMI Loan Rate needed??? ASAP
Thanks!!
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