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What can I do to get more (or better) quotes for my loan request ZR-YPGZZRJ?

  • August 29 2013 - Little Rock
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Answers (17)

Yes, I take conforming high balance customers and put them in non conforming for better pricing. Someone in Fairfax county with a loan amount of 417,001 and enough liquid reserves can go into this program.
  • December 26 2013
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I am referring to an Agency Jumbo, some of us call it Confumbo. Your county, Fairfax, has an agency limit of $625,500, can you do the Non Conforming pricing say on a $600K loan amount if it is also a fit for an Agency Jumbo?
  • December 26 2013
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I wish we could b/c as you mentioned the spread is .25 lower in rate

However we can only go non-conforming above 417k.

Basically any high balance borrower that fits the guidelines (12 months pcl, ok with autopay) gets put into the non-conforming program.

I do not think they will ever open it to borrowers below 417k
  • December 26 2013
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It's still lower than Conforming by .250 or so. Can you do a Non Conforming Jumbo if an Agency Jumbo is available for the same County? Just curious, thx.  
  • December 26 2013
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Yes as an outside LO doing self generated business we price anywhere from .125-.25 better then what you see. But it requires autopay to get that rate on a non conforming
  • December 26 2013
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Thanks Michael, I stand corrected since you removed the 1 Point Origination.. I see your website , today, says 4.50% / 4.528 APR for 75% LTV and aprx $2500 in PFC's. You must get better pricing than the posted Retail Rates/Pricing.  
  • December 26 2013
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Clay, although this thread is old

Just to correct what you said. We do not charge 1 origination for those jumbo rates on the retail side. If you lock at our website they removed the 1 origination a few weeks ago. Depending on the scenario I am selling 4.25-4.375 with no points on a non conforming loan today.
  • December 26 2013
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We were commenting on that in the office last week.  I still can't believe it.

  • December 22 2013
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AA, doesn't that call for coal in that Agent's stocking? At least we now know your Non Conforming Jumbo rate is lower than a Conforming rate, lol.
  • December 22 2013
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Just noticed the post was from August 29th...Love it when folks bring up dead threads...
  • December 22 2013
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4,25% with an APR of 4.302% is available.  That is about .375% in a discount point.  Which is essentially the offer you have on the table.  I don't think you will get much better than that.

  • December 22 2013
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Never mind, your website says your Jumbo Rate is 5.5% / 5.6 APR. That is quite a bit higher than the 4.24% / 4.28 APR offer from ST. 
  • December 22 2013
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" Need I say more. "

No but you need to say less, Zillow does not allow phone number spamming here. Just for kicks, what is your rate and APR for this request? 
  • December 22 2013
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[spam deleted by Zillow  moderator. Please see our Good Neighbor Policy for posting guidelines]
  • December 22 2013
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Wells Fargo has recently been the most competitive Lender on Non Conforming Jumbo loans. Their posted rate today is 4.375% on a 30 Yr Non Conforming Jumbo, they charge 1 point origination. The best offer you have on Zillow is 4.25% & Origination of .4%, less than a 1/2 point. I highly doubt you will get better pricing than this on a 30 year, in addition you would work with an extremely knowledgeable ST rep, lock it!! 
  • December 22 2013
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Profile picture for Val Hansen
START WITH A LIST OF LOCAL LENDERS AND THEN START CALLING EACH ONE AND ASK FOR PRICING QUOTES. ONCE YOU HAVE ALL THE DIFFERENT QUOTES GO BACK TO THE ONES WHO GAVE YOU THE BEST PRICING AND SEE IF THEY WILL GIVE YOU A LITTLE BETTER PRICE. THEY SHOULD SHAVE A SMALL AMOUNT OFF THEY QUOTE.
  • December 22 2013
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The reason you are getting high quotes is that it is a) a Jumbo product and b) a 30 year fixed.

So, you can either put more of a down payment down, bringing the loan to $417,000 or look at a different term (15 year, 7/1 or 5/1 ARM).  Both options should result in a reduction of rate and costs.

Best,

Bryan
  • August 29 2013
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