Ex-SD, Thanks for your comments.
Perhaps Nic has a deal. I’m still dubious.
Rust: Nic had said it was a “no cost, no fee” rate.
any rebate would be needed to pay the fees.
I don’t give people silly quotes. I tell them exactly what the best rates that I have are and what the cost is to get that rate, IF they qualify.
If it can be done, I’ll get it done quickly with their cooperation.
Nobody can claim that they are always the cheapest with any product, if that is what people want.
I provide a service with a price tag on it up front, just like any other item with a price. I don’t pull numbers or fees out of my butt like some others do.
If there is any commission/rebate from the lender, I give it back to the borrower as a credit, period.
Rates change every day. I don’t care if people want to shop, the problem is that most people don’t understand what they are shopping for. You can’t compare today’s quote with tomorrow’s. If yesterday’s rate was less and it wasn’t locked, it’s just not available any longer.
Nic, a true “no cost, no fee” loan should have no fees on the good faith, except the loan amount. No title, no escrow, no underwriting, no garbage fees, etc. A $500,000 loan is a $500,000 loan out the door.
If an impound account reserve is required that’s extra as is any pro-ration of interest due.
This new CJ program requires 25% equity for a no cash out refi
OR
20% down on a purchase….
If Nic has that rate locked for either the 5YR ARM or 30 YR fixed, no cost, no fees, he’s got a great rate.
I couldn’t get the rates he mentioned for myself internally.
The 5 YR CJ ARM that was higher last week got lowered today.
There should be no reason that I know of for a No Cal lender to have better rates than So Cal.
Superfly, I have the program available. If you’d like a quote and to know if you qualify, let me know.
Currently, with a 1pt origination and 3rd party closing costs: Loan Amounts up to $697,500…
5 YR ARMS are between 5.375%-5.50%
30 YR Fixed are between 5.75%-5.875%
Rates could be up or down in the morning.
(No cost and/or no fee is available at higher rates)
It’s just amazing to me how some people shop until they are blue in the face and end up getting screwed, while others blindly go to a friend or neighbor without understanding anything about what they are doing and take what they get.
