Steve Mandich's Advice

I work for a direct portfolio lender.  We can lock your rate at application for 60 days, or you can float and lock later.  There is no upfront fee for the application or the lock or appraisal or underwriting finding (approval or not.)  If your loan does not close for any reason, including changing your mind, you walk away with no cost.  The Mortgage Consultants here can lock your rate and start an application 365 days, 24 hours a day with our laptops that access the main computer.  Check other portfolio lenders for their lock policies.

With my bank, we do the following at application:Lock your rate for 60 days, obtain a full appraisal, get underwriting letter (approval or not.)  There is no upfront fee.  If the loan does not close for any reason, there is no cost.  If the appraisal comes in low, you are not approved, or you just change your mind, there is no cost -- truly risk free.  This is for all: Refi, purchase, owner occupied, 2nd home, investment property.We manage our appraisers internally and do not use an AMC.  They make more than if they worked for an AMC, and we get good quality appraisers on our fee panel.

A lender giving a quote has to check a box to make it for Interest Only. Many lenders give automated quotes and there are very few lenders that offer interest only loans now.  My bank is the second largest in the USA in interest-only dollar volume.  90% of my quotes are jumbo interest only because it is our niche.

For our Portfolio loans, 5/1, 7/1, 10/1, 15/25, interest only or regular payment, we have the same rates and fees for condo, high rise condo, house, townhouse, if owner occupied.  We have the same rate and fees for all loan amounts to $4,000,000.

Rate for non-owner is 0.25% higher with 1/2 point fee over owner occupied.  If the property is in an EOM census tract there is no rate premium.

Yes we are, in CA, OR, WA.  Portfolio loans of 5/1, 7/1, 10/1, 15/25 interest only or regular payment.  House or condo to $500,000 loan at 80% LTV, 2-unit to $750,000 loan at 80% LTV.  80% LTV is subject to 740 score and stable market finding on appraisal.  If not, LTV is 75%.

Regarding entering rate caps:  I am so used to quoting 3/2/5 or 2/2/6 that I have been entering 5 or 6 in life cap area.  I just noticed that some people are doing what I have been doing, and others  are entering the actual cap (adding start+5 like 10.75 for example.)  I think the site wants us to do the adding and enter the actual cap.  Perhaps some clarifying of this on the entry form.