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- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
rmcdonal. Where area are you in and how is the credit?
- rmcdonal
- Contributions:14
Dallas...755
- Andrew Adams, "203K Specialist"
- Contributions:9349
Piggy back loans to 90% are tough to come by and rates will vary a 30 year fixed rate jumbo without points 8% is not outragoues for a fixed rate loan. If the property is in an area that has temporary loan limits that will accomodate the loan size you are looking at 6.75% is realistic for a 30 year fixed.
5/1 ARM you should be able to get a rate below 6% and a 7/1 Around 6-6.125% without points is reasonable.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Dallas is not in one of those high cost areas so you are probably looking at a fixed rate loan in the 8% range. Look at the ARMs, like Salem those rates are right around 6%. The trick will be to find the second to piggyback on it. There is one guy on here who out of Texas and seems to be on the ball. Salem, who is he I forget his name.
- shapiroamg
- Contributions:3058
Bank of Texas. He seems to have good stuff.
- rmcdonal
- Contributions:14
Thank you very much for the guidance and suggestions. You guys are lifesavers!
- Andrew Adams, "203K Specialist"
- Contributions:9349
I have been away for 2 weeks and I am drawing a blank. Martin somthing I think..
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Yeah that guy Salem....Hopefully he will check in soon to help out. Glad we could help out RM.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
[content removed by moderator for being self promotional]
- Nic Netherton, "Colorado Lender"
- Contributions:7219
He's probably still cleaning his guns this morning...
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Leave it to Martin to know Martin....
- Martin Wareing, "Martin Wareing"
- Contributions:3772
- Martin Farris, CFP, "Dream Home Funding"
- Contributions:789
Thanks for the kind words all. Almost brought a tear to my eye. Or maybe that was the gun solvent fumes.
rmcdonal, have you posted a request for quote on Zillow? If so, what is the ID? [content removed by moderator for being self promotional]. The jumbo rates are pretty high right now. Just checking one of my lenders who may not be the most aggressive in that market the rate was 8.75% on a 30 year fixed without a discount, compared to 6% for a conforming loan amount. I haven't been a big fan of seconds lately, but in this case it might make sense. I would have to run the numbers.
Some of you guys who do a lot of jumbos care to help me out on which wholesalers have the best jumbo pricing at the moment?
- rmcdonal
- Contributions:14
Thank you Martin and Salem for the reference and referral to Martin Farris.
DreamHome, I did post a request...ZR-XYHNPQH. Thank you for looking into this.
DreamHome, I did post a request...ZR-XYHNPQH. Thank you for looking into this.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
As they say... Where there is a Martin... there is a way.. You are welcome and in very capable hands.
Keep Rockin'.
- Martin Farris, CFP, "Dream Home Funding"
- Contributions:789
rmcdonal, I am Martin Farris. Let me do some research and I will get back to you. I can post some quotes, or if you will email me I will send you some GFE's for different options. I'm pretty swamped this morning so it may be this evening before I can get you something.
Thanks,
Martin
- rmcdonal
- Contributions:14
Martin,
I sent you an email. Thanks for the offer.
-r
I sent you an email. Thanks for the offer.
-r
rmcdonal
Seems like you are in excellent hands to me.
Good luck on buying your new home !!!
- Mike Politzer, "Mike Politzer"
- Contributions:630
MORTGAGE LENDERS - It's Time to Wake-up and Stop Dreaming about Huge Commissions!
The days of huge commissions at the cost of unsuspecting borrowers are over for mortgage lenders, now that the Lender Police™ are on patrol! However, mortgage lenders can benefit by proving to their clients that they are truly recieving the best deal possible by using any of our "Mortgage Loan Analyses™."
This is from the Lender Police web site. So if I understand the pitch, we should encourage our clients to pay $99 or $199 to these guys to validate what we can show them and explain to them on GFE and the closing statement? Just want to make sure I get it, and I'm particularly interested in using a service that has such a high opinion of my profession.
- Mike Politzer, "Mike Politzer"
- Contributions:630
using
- Mike Politzer, "Mike Politzer"
- Contributions:630
using
- Mike Politzer, "Mike Politzer"
- Contributions:630
using
- Mike Politzer, "Mike Politzer"
- Contributions:630
promoting
- Mike Politzer, "Mike Politzer"
- Contributions:630
using
- Mike Politzer, "Mike Politzer"
- Contributions:630
sorry, Homer's got my computer again
Bay Area.
Calling themselves the 'lender police' is a highly juvienille angle to try to score more business somehow.
You can get dozens of GFEs for free , from various lenders to compare. You have been able to for years.
I think hes barking up the wrong tree. He needs a different angle.
- Martin Farris, CFP, "Dream Home Funding"
- Contributions:789
Lender Police = SPAM = Flagged
Hi tricapm
Lets see if you win.
The game is this :
Lets see if the borrower sees your posts and emails you before they rip your post off the site ?
- mike meyer, "tricapm"
- Contributions:4
Why would zillow pull it off the site? I've submitted that same loan scenario dozens of times on this site and I've closed 5-6 of those loans with the exact rates mentioned. You are more than welcome to email me or call me in regards to it.
You may or may not be aware of the fact that other niche lenders do exist in specific states. This particular one has a mini jumbo loan that is excellent and specific to this area.
A handful of the lenders in Dallas are aware of it because it's often quoted for Dallas jumbo loans.
Because you arent supposed to come right on a thread and suckhole for business. Its a form of 'spam'.
This is what the Zillow loan requests are for. So the borrower gets quotes from a variety of lenders.
Perhaps you '.........didnt know' ............that, but at any rate, dont do it.
Quote on the loan if they put up a request.
Wanting to be realistic...
I'm willing to pay points to get a lower interest rate if it makes long-term sense to do that. Does anyone have some advice about what rates might be reasonable and which ones might be suspicious? I've seen rates from <6% to over 8% for 30-year jumbo fixed loans, and about the same for 5 or 7 year ARMS. I've not seen anything recently on piggy back mortgages (we did one of those once and it worked well for us). Not sure which way to turn...
Thank you
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