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Answers (30)
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Victor
1. This post is from the begining of August. It is quite appearant that all you are doing to druming up old threads trolling for business.
2. 5.25% is an awful rate right now with no points. If you can not offer 5.0% with 0/0 then you might as well stay in bed.
3. You are completely off regarding the APR. If you are going to go corny with your tagline, it would help to know some basics.
4. Referring to your jab at Gregorio and his lack of a picture, if I were you I would have saved the money on the Glamour Shots and invested in some guidelines.
1. This post is from the begining of August. It is quite appearant that all you are doing to druming up old threads trolling for business.
2. 5.25% is an awful rate right now with no points. If you can not offer 5.0% with 0/0 then you might as well stay in bed.
3. You are completely off regarding the APR. If you are going to go corny with your tagline, it would help to know some basics.
4. Referring to your jab at Gregorio and his lack of a picture, if I were you I would have saved the money on the Glamour Shots and invested in some guidelines.
Bob, exactly.
This is the first time I agree with you.
Good luck again.
This is the first time I agree with you.
Good luck again.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Vic.....exactly, so be careful giving out incorrect advice
Georie,
This is a forum for Professionals. Remember what you type and act is who you are representing to your customers, think long term it will help your business.
Good luck
This is a forum for Professionals. Remember what you type and act is who you are representing to your customers, think long term it will help your business.
Good luck
Vickie, says:
"Gregoria,
Good 1.
At least I don't hide behind a logo."
No one here cares what I look like, they care that I know how to calculate APR on an FHA loan and can spell ones name! If you were smart, you would put a logo up as well, for much more obvious reasons!
Try answering direct questions instead of your BS that you seem so good at.
"Gregoria,
Good 1.
At least I don't hide behind a logo."
No one here cares what I look like, they care that I know how to calculate APR on an FHA loan and can spell ones name! If you were smart, you would put a logo up as well, for much more obvious reasons!
Try answering direct questions instead of your BS that you seem so good at.
Who are they?
- Robert Lowery, "Bob Lowery"
- Contributions:2097
I don't work for Countrywide... I work for Prosperity Mortgage, which is a JV of Wells Fargo.
Doug, Clay, and I know they do, that is why we are asking you...
Doug, Clay, and I know they do, that is why we are asking you...
What do you think?
Check on that and get back to us
- Doug Hutchins, "90 day rate locks"
- Contributions:721
Victor, we'll repeat the question so maybe you can show us what you know (don't know) about FHA...
Are the FHA up front MIP, FHA annual MIP, and settlement/attorney fee included in APR calculations?
Check on that and get back to us
Are the FHA up front MIP, FHA annual MIP, and settlement/attorney fee included in APR calculations?
Check on that and get back to us
Bob, you stated "As for being a broker, I work for a direct lender that has a 21% market share in the 2nd quarter in the US."
Countrywide at its prime didn't have 5%.
Check your figures and get back to me. :)
Countrywide at its prime didn't have 5%.
Check your figures and get back to me. :)
- Clay Branch, "Georgia Loans"
- Contributions:7838
rajrou, since you asked about an FHA rate, it stands to reason the APR will be based on an FHA loan. Without any closing costs calculated in to the APR it will be 5.81 just based on the MIP and MMI. Looking at the APR on a conventional loan with no MI does nothing for you unless your loan to value is 80% or less. I point this out because when you ask for and get an accurate GFE and TIL from a lender for an FHA loan, you will know you are not getting ripped off when the APR shows 5.96.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
- NTETS, "Mr Caveat"
- Contributions:6436
in other words "trust me"
Bob,
Now I know why the industry has a bad taste for mortgage brokers...
Raj,
I'm sorry for this circus. Please ask for a GFE (Good Faith Estimate) and a TIL (Truth in Lending) from your mortgage consultant so you can see the APR they are charging you.
Thank you and God Bless..
And for the children below... take up Prayer.. It's useful. :)
Now I know why the industry has a bad taste for mortgage brokers...
Raj,
I'm sorry for this circus. Please ask for a GFE (Good Faith Estimate) and a TIL (Truth in Lending) from your mortgage consultant so you can see the APR they are charging you.
Thank you and God Bless..
And for the children below... take up Prayer.. It's useful. :)
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Serious Victor, put the mouse down and step away from the keyboard before you do any futher damage. Read guidelines on FHA and procedures on calculation of APR before you give any futher advice. Everyone is fine with anyone giving good advice, but yours is just outright incorrect. Go do a good faith estimate or have your processor do one on a 300k FHA loan at 5.25% (which is high for today's pricing)with $1200 in lender fees.... seriously. Come back and let us know what the APR with no other fees or points.
As for being a broker, I work for a direct lender that has a 21% market share in the 2nd quarter in the US.
As for being a broker, I work for a direct lender that has a 21% market share in the 2nd quarter in the US.
Raj,
You see, we at Omega Financial care about the customer vs. most brokers just looking out for clobber every customer they see.
This is a forum for educated consumers who are looking for advise from professionals not children who are only looking after their pockets.
Sincerely,
Victor
You see, we at Omega Financial care about the customer vs. most brokers just looking out for clobber every customer they see.
This is a forum for educated consumers who are looking for advise from professionals not children who are only looking after their pockets.
Sincerely,
Victor
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Victor, are you serious? Did you know that UFMIP, MIP, and the settlement fee is also calculated in the APR? This has nothing to do with discount points.
Seriously, are you an agent or a loan officer? I would definatley stay away from a loan officer that does not know the specifics on FHA loans and APRs. Your example on the link does not include any of the items I mentioned above.
Seriously, are you an agent or a loan officer? I would definatley stay away from a loan officer that does not know the specifics on FHA loans and APRs. Your example on the link does not include any of the items I mentioned above.
Gregoria,
Good 1.
At least I don't hide behind a logo.
Good 1.
At least I don't hide behind a logo.
With only 1200 of cost plus at a $300,000.00 loan with zero points/ zero origination fees the apr is 5.2856%.
Raj, what happens when you shop for a mortgage, many brokers want to make lots of money on you. When in fact the goal of being in the mortgage business is to help assist individuals like yourself, SAVE MONEY.
Raj, please do the following: http://www.efunda.com/formulae/finance/apr_solver.cfm
Please put in $300,000.00 then $1,200 for the application fee plus the committment fee, then YOUR RATE: 5.25%, then 360 months, as you see your APR is now: 5.2856 as I stated above.
When a broker says that your APR will be 5.8%, it usally means theres a 1 or 2 points added into your loan. Be careful doing business with people like that.
Good luck!
Victor (Your local home loan friend)
Victor says:
*I am not a Licensed Real Estate Agent>"
Well Victor, if figuring out how to make a profile that says "lender" instead of "agent" is too complicated for you, I surely don't want you digging through my tax returns or any one else's trying to figure out income; that may cause your head to explode.
In the few posts you have made on Zillow thus far, your accuracy level is astonishingly poor!
*I am not a Licensed Real Estate Agent>"
Well Victor, if figuring out how to make a profile that says "lender" instead of "agent" is too complicated for you, I surely don't want you digging through my tax returns or any one else's trying to figure out income; that may cause your head to explode.
In the few posts you have made on Zillow thus far, your accuracy level is astonishingly poor!
- Clay Branch, "Georgia Loans"
- Contributions:7838
Raj,
If and only if the APR is not over 5.2856% because that would be a zero point/ zero origination fee.
That's a fair rate.
Raj,
If and only if, the APR is not over 5.2856 % Because that's without any points or origination fees.
If and only if, the APR is not over 5.2856 % Because that's without any points or origination fees.
- tchau_99
- Contributions:137
if there is no strings attach (Fees of any kind), it is a good deal.
if there is a strings attached, keep shopping.
if there is a strings attached, keep shopping.
- Tony Croft, "tonycroft"
- Contributions:5
Understand that interest rates can change daily, even hourly. This means that if you are comparing lender rates and fees – this is a moving target on an hourly basis. For example, if you have two lenders that you just can't decide between and want a quote from each – you must get this quote at the exact same time on the exact same day with the exact same terms or it will not be an accurate comparison. You also must know the length of the lock you are looking for, since longer rate locks typically have slightly higher rates. My advice to you is to be smart. Ask questions. Get answers. [content removed by moderator for being self promotional]
- Edward Zeller
- Contributions:10
For the most part, lenders, brokers and "Brick and Mortar" banks usually have very similar rates. Some lenders may increase the rate slightly to earn more commission from the servicer they sell to. Other lenders may charge points to enhance their commission.
Today's 30 year fixed FHA mortgage for top tier qualified applicants is around 5.25% with 0 points. Hope this helps.
Today's 30 year fixed FHA mortgage for top tier qualified applicants is around 5.25% with 0 points. Hope this helps.
- Mickey Ballantine, "Mickeymortgage"
- Contributions:56
Todays pricing should start you out at 4.875%.
- Nida Makein, "Nida M"
- Contributions:309
You can always check our Mortgage Charts and Rates and compare the rates for NJ.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Actually check that. With todays improvments you should be able to get 5.125%
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
As long as there are no points or origination fees yes that is not a bad rate
What are the FHA (30 yr fixed) rates for today in NJ? I am getting quotes for 5.25. IS this good?
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