What do you think I’ve said earlier today!!
Many caps are at 2%, but 5% is possible.
As far as ELOAN goes, do they charge extra for Title-Escrow etc ??
Any idea what it takes to qualify ??
Most people haven’t got a clue what it takes, but always want to assume that they can get the best rate, only some qualify for the best rate and very few people have an 800 score.
At today’s rates, a Full Doc 30 YR Fixed loan up to $417K, with a credit score of 680+, and LTV of 80% or less for a purchase or no cash out refi (70% LTV for cash out) I can do at ZERO points at 6.25% IF THEY QUALIFY.
Title-Escrow & Lender Underwriting is about $2,000 more, so .50% would take care of it on a $400k loan.
The par rate today is 5.875%.
Your 5YR ARM is way off though. PAR rate today is 5.75%, so a monthly interest only payment on $300k would be $1437
It hardly pays to get a 5 YR ARM today.
Getting loans funded is all about knowing what you actually qualify for, not just looking for the lowest rate.
