Clay Branch's Discussions

Try 5th 3rd Bank. 3 Yr at 6% paying something and 5 and 7Yr both at 6.5%.

Try to qualify for an FHA, No Closing Cost loan. If you qualify, you should be able to get a rate of 6.625% and not spend anything on closing costs. That would be a 30 Yr Fixed and no prepay penalty. You can finance up to 97% of the appraised value.

Christy, since you already own your home you do not need 3% down. You are now working off of the appraised value of your home. If you financed 100% when you bought and your home has not appreciated or if it dropped in value, then you will have to keep what you have. If you put some money down when you purchased and your house has not dropped in value, you use the appraised value and FHA will allow you to have a loan to value of 97%. If you were to roll the closing costs into the loan, or pay the closing costs out of your pocket, then you would get a rate of around 5.75%. The lender will pay all of your closing costs by taking a rate of about 6.625%, which is better than what you have now and if you sell in 1 year, you have not invested in paying closing costs. There are limits to the loan size with FHA, depending on where you live. Go to a search engine, type in FHA Loan Limits, you should see HUDs website, and enter your state and county. It will show you the maximun loan limit for your area ( look at 1 family )   

Thanks, I guess I need to find a new line of work.

Ooops, my bad, Randy is right. Fifth Third is not in CA. Everbank's Preferred Libor is at 7.5%. They lost their good pricing several weeks ago. Seems like they all went up over the last couple of weeks, like M and T, Vertice, etc.  

Lock and Shop for 90 days with TB&W? Last time we checked with TB&W they were running 35 days in U/W for gov loans. Once you do get an approval, good luck on communicating with them as they have a phone # but never answer it. They probably need the 90 days just to get it closed. There are much better investors out there to work with, and several have a float down option. Some use a 60 day price and you can not increase your premium when lowering, a couple just go off of the current pricing, etc.  

Citi had a rate of 4.25% on a Jumbo 5 Yr, 1 day before the feds cut 75 basis points in January. They went to 5% the next day and have been climbing ever since. Lately they have been way out of the market on jumbos.

Hollybear, ask Wells Fargo what the " conversion " rate is now, going from the Heloc to a 30 Yr. In the past, the lenders I worked with often had a better rate on the conversion than they did on the start rate. In other words, you say they are quoting 5.24% on the Heloc. Ask them how long you have to hold the Heloc before converting to a fixed rate and also ask them what the conversion rate is today. Compare that to the fixed rate offering of 7.99%. You may find the conversion rate to be in the high 6's-low 7's and if you do a No Closing Cost Heloc, then convert after 30-60 days, you will be better off. The Feds have already hinted that they may go up at the next meeting. Greenspan used inflation as his cover for many rate hikes in the past, even though the data really didnt justify it, and I expect the Feds to do the same thing in the future. You are better off to get your rate fixed now while rates are down.    

Getting 12 quotes was the intent of this site. It was designed to help the consumer, not generate a pipeline for LO's. Does the consumer benefit from this scenario: $700K loan amount, 80% LTV, 750 Fico, high income and assets. Lets say they limit the # of quotes to 5 and all 5 quote between 6.125% to 6.5% with $2500 to $7000 in origination. Along comes an LO who is set up with Astoria who can offer 5.5% and no origination fee. Just because the other LO's do not have that rate doesn't mean it is not available. In this scenario the borrower never saw the 5.5 quote because the system capped the quotes at 5. That does not help the consumer. If you try to restrict to only lenders within 50 miles, it's only a matter of time before you see 12 quotes again, all within 50 miles. The comments by Gulf Coast Mortgage about the same guy quoting 5.75% on 100%, NOO, Cashout, etc is the key. We should have the ability to point out this BS to Zillow and have them banned. The Mortgage Police is the way to go. I have made 32 quotes since 4/9 and have had 1 contact. I think most of these shoppers not only use Zillow but they  also compare the quotes here to the newspaper, other internet sites, radio, etc. I would like to get 2 or 3 loans per month from this site but if I only get 1, I will be happy since it is FREE.       

GM, you lost me in your 1st response above, stating Arms are safe if they only adjust 1 time after the initial start rate. If the terms are 5/1, the loan adjusts every year after the initial fixed period. Is that what you mean or are you talking about a 5/25 reset loan that only adjusts once, after 5 years?