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Lender rating
Since January 2009
rmcdonal. Where area are you in and how is the credit?
Lender rating
Since January 2009
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.
Lender rating
Since January 2009
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.
Bank of Texas. He seems to have good stuff.
Lender rating
Since January 2009
I have been away for 2 weeks and I am drawing a blank. Martin somthing I think..
Lender rating
Since January 2009
Yeah that guy Salem....Hopefully he will check in soon to help out. Glad we could help out RM.
[content removed by moderator for being self promotional]
Lender rating
Since January 2009
He's probably still cleaning his guns this morning...
Lender rating
Since January 2009
Leave it to Martin to know Martin....
Lender rating
Since August 2009
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?
As they say... Where there is a Martin... there is a way.. You are welcome and in very capable hands.
Keep Rockin'.
Lender rating
Since August 2009
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
Seems like you are in excellent hands to me.
Good luck on buying your new home !!!
Lender rating
Since August 2009
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.
Lender rating
Since August 2009
using
Lender rating
Since August 2009
using
Lender rating
Since August 2009
using
Lender rating
Since August 2009
promoting
Lender rating
Since August 2009
using
Lender rating
Since August 2009
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.
Lender rating
Since August 2009
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 ?
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.
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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Wanting to be realistic...
rmcdonal
Contributions: 12
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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...
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