Chris Corica's Discussions

I would look into refinancing with a no closing cost option. There may be a small rate bump associated with the "no closing cost" loan but depending on your current terms it may work out in your favor. The rate bump for this option could end up adding less to your payment then what the MI cost you. Without knowing the terms of your current mortgage there isnt much of a way for me to know if this makes financial sense but it is worth a look.

There are people putting in bogus quotes anyway. Rates which don't exist cheapens the entire process. Does zillow have any way of identifying these quotes and doing something? Where I am looking, its the same few people every time.  

Andrew, In the area I am posting quotes there are the same few people making bogus quotes every day and it is pretty annoying. Just the other day the one guy quoted 5.375% 30 year fixed with NO points on a 4 unit Investment Property! He must have some pretty amazing contacts or be completely Full of S***.  Likely the latter. Should I start posting blank quotes with just a message letting the borrowers knoe these people are full of it? It cheapens the process and everything zillow is trying to accompolish with this site.

Here is one from within a few hours ago. 5.5% fixed 30year on a 4 unit investment property charging no points? Tell me where this is possible? I am tempted to call this guy and ask him to put up or stop the BS. http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1d6xwzv4079_3wgv1

In the NY area I have been placing quotes with the best accuracy possible without knowing a full loan scenario. Time and time again I continue to see quotes by the same individual which are not realistic and dishonest. I feel this cheapens the process and should not be excepted. Here are 2 differnt examples and anyone in the industry will confirm this scenario is a flat out lie. Both are on 4 unit, Investment Properties, No discount points, with a rate of 5.5% ???????? almost laughable!http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1bro5k0w5qd_2ox8ehttp://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1d6xwzv4079_3wgv1 I hope this doesnt go unnoticed and something is done. I like what you guys are trying to accompolish and this in my opinion sets everyone back.

In the NY area I have been placing quotes with the best accuracy possible without knowing a full loan scenario. Time and time again I continue to see quotes by the same individual which are not realistic and dishonest. I feel this cheapens the process and should not be excepted. Here are 2 differnt examples and anyone in the industry will confirm this scenario is a flat out lie.Both are on 4 unit, Investment Properties, No discount points, with a rate of 5.5% ???????? almost laughable!http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1bro5k0w5qd_2ox8ehttp://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1d6xwzv4079_3wgv1I hope this doesnt go unnoticed and something is done. I like what you guys are trying to accompolish and this in my opinion sets everyone back.

I have emailed the individual who is consistantly making bogus quotes.  I told him if he could verify that he had a bank giving 5.5% fixed on a 4 unit investor charing zero discounts points I had a ton of referrals for him. He replied saying it was an error and he would correct it (which he hasnt) There are also other quotes coming in charging an application fee and a processing fee which is a violation of the NYS Banking Department. There are some kinks that need to be worked out if this service is going to stay up and running. PROCESSING FEES - Off the NYS Banking Dept WebsiteDue to the 1998 amendment to Part 38 the prohibition on a separate processing fee no longer exists. Please disregard this section.A separate processing fee may not be charged. It is the position of the Banking Department that a mortgage banker, mortgage broker or exempt organization may not charge a processing fee on a residential mortgage transaction, regardless of whether or not an application fee is imposed. Part 38.1(b) of the General Regulations of the Banking Board (the "Regulations") defines the term application fee to be a charge for soliciting, processing, placing, or negotiating a mortgage loan. Part 38.3(b)(2)(i) of the Regulations states that the "application fee is to be denominated as such." Accordingly, any fee accepted by a mortgage broker, mortgage banker or exempt organization in connection with an application for a loan including any charge for soliciting, processing, placing or negotiating a mortgage loan must be called an application fee. A processing fee may not be listed on the Pre-Application Disclosure, Good Faith Estimate or Settlement/Closing Statements.

My account says it is being process and I didnt change any info. I hit cancel and dont want to wait to be approved again. Can you please reactivate my mortgage account.

Back to the NY Jumbo. Todays Pricing has 6.375 @ 100.318 on a 30 Year Fixed before any adjustments.

With Todays rate's that is about as low as you are going to get. There are some key reports coming out this week which will affect rates. Which way? That is the million dollar question. I would take the loan at 6.25%