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Thanks Andrew for the quick Response, quick follow up though

I am getting 5.5% and the lender said there is a mandatory 1 point on the loan - do you feel this is accurate? 
  • February 01 2010 - Salem
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Answers (17)

Over a couple of threads he is looking for a K lender in Bergan county NJ...if you did I was going to tell him you would be a ood guy to talk with.
  • February 01 2010
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No. Did I miss something here? didn't think this was a 203k type of request. If so a construction/perm conventional may work for rehab. Have done those before.
  • February 01 2010
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Doug do you originate K loans?
  • February 01 2010
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On a SFR refi with that kind of score and a good Loan to value ratio, you could get a rate starting at 5.125% with 0 points and buy it down to 4.375% with 3 points
If AA is correct and the YSP is 2.3 today (that's the brokers' fee paid back by a lender for delivering a rate of 5.25% at closing...) you could chose to pay 2 pts out of pocket (or out of net proceeds from refi) you'd be around 4.625%
  • February 01 2010
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5.25 is paying 2.3 back today.
  • February 01 2010
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That's probably paying around 4 or 5 points so ya a bit overpriced.  Dude is trying to knock out a 20k pay day in one shot.
  • February 01 2010
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Thanks Nic. I don't do them,...just curious.
  • February 01 2010
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Yes that is too high Robert.
  • February 01 2010
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Loan is a SFR owner occupied and is a refinance not a purchase - credit above 720 on last check.

Thanks for all the help.
  • February 01 2010
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Matt,
Doug Hutchins who responded on this thread would also be a good choice to speak with regarding your scenario. ... Happy funding, Rudi
  • February 01 2010
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Is 5.5% with 1point on a 500k loan too much?
  • February 01 2010
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I agree with Nic...Call Joe...5.5% with a point is too expensive for a 203K loan!
  • February 01 2010
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Is this an owner occupied single family purchase or refi?
Or is this an investment property, or possibly multi family home?
You need a little more detail about the loan you're looking for. The terms mentioned do sound high if this is an owner occupied 1 family home with good credit and down payment.
  • February 01 2010
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Joe in New Jersey


Contact Joe in NJ and he can help you out.  Can probably get you 5.25% or below without points.
  • February 01 2010
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North NJ
  • February 01 2010
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I am in NJ
  • February 01 2010
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No he is lying to you.  Where are you located?
  • February 01 2010
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