5.00% no point loans at the moment…

[HLS]

[quote=LarryTheRenter]Newbie question for HLS..

If you need to borrow 700K…Do you pay the lower rate up to the conforming amount, then a separate loan at a higher rate for the amount above that..or is it a jumbo loan at a higher rate for the whole loan amount..(assuming you qualify of course)???? or can you do either?

thanks[/quote]

It is a single loan for one amount. $700K is over the limit for FNMA. Loans are available at higher rates.

Rates are based on loan amount and equity. If you have less than 20% equity, mortgage insurance will be added as a separate payment, but will be removed at some point in the future. You get one loan for the whole amount.

One way to avoid mortg ins, is to have an 80% 1st, and then a 2nd for the balance, however it is harder to find 2nds today and some loan programs restrict it.

The current loan limits are $417,000 for one program and $546,250 in San Diego County ($417K in Riverside county, $625,500 in OC & LA county)

,,,HLS

[HLS]

MyDogs,,
I just checked your quoted site.
The cost for 4.25% 15 YR is 1.545 points, with total closing costs of $5001 for the amount you mentioned..
They also require you to add $3459 for an impound account for total closing costs of $8460

At this same moment, my price for the same loan is $4617 without an impound account required. Total closing costs $4617 Guaranteed. I guarantee my closing costs on a refi too.

Them $5001/$8460 ….Me: $4617

If their rates drop, mine should too.

[HLS]

MyDogs,,
I just checked your quoted site.
The cost for 4.25% 15 YR is 1.545 points, with total closing costs of $5001 for the amount you mentioned..
They also require you to add $3459 for an impound account for total closing costs of $8460

At this same moment, my price for the same loan is $4617 without an impound account required. Total closing costs $4617 Guaranteed. I guarantee my closing costs on a refi too.

Them $5001/$8460 ….Me: $4617

If their rates drop, mine should too.

[HLS]

MyDogs,,
I just checked your quoted site.
The cost for 4.25% 15 YR is 1.545 points, with total closing costs of $5001 for the amount you mentioned..
They also require you to add $3459 for an impound account for total closing costs of $8460

At this same moment, my price for the same loan is $4617 without an impound account required. Total closing costs $4617 Guaranteed. I guarantee my closing costs on a refi too.

Them $5001/$8460 ….Me: $4617

If their rates drop, mine should too.

[HLS]

MyDogs,,
I just checked your quoted site.
The cost for 4.25% 15 YR is 1.545 points, with total closing costs of $5001 for the amount you mentioned..
They also require you to add $3459 for an impound account for total closing costs of $8460

At this same moment, my price for the same loan is $4617 without an impound account required. Total closing costs $4617 Guaranteed. I guarantee my closing costs on a refi too.

Them $5001/$8460 ….Me: $4617

If their rates drop, mine should too.

[HLS]

MyDogs,,
I just checked your quoted site.
The cost for 4.25% 15 YR is 1.545 points, with total closing costs of $5001 for the amount you mentioned..
They also require you to add $3459 for an impound account for total closing costs of $8460

At this same moment, my price for the same loan is $4617 without an impound account required. Total closing costs $4617 Guaranteed. I guarantee my closing costs on a refi too.

Them $5001/$8460 ….Me: $4617

If their rates drop, mine should too.

[HLS]

Assuming that you qualify, there still are FNMA loans available with as little as 5% down.

You get the same interest rate as a borrower with 20% down, (you can actually get a slightly better rate) but then you have to add the mortgage insurance payment.

With FNMA depends on your credit score.
With FHA, you can have a lower credit score, but the costs are much higher than FNMA and it is harder to qualify for a loan.

Mortgage insurance is based in 5% increments, starting with a loan amount of 80.01-85%, then 85.01-90%, then 90.01 to 95%..

The lower loan % comes with a lower premium. The mortgage insurance premium can be based on credit score and loan amount, so it is hard to be exact.

A mortg ins payment can easily add $100-$200 a month to your payment, but it should be removed at some future date.

At the moment, with a credit score above 720, a purchase loan amount under $417K with 5% or 10% down has a wholesale rate of 4.75%.. 30 YR fixed, no prepayment penalty.

Not all lenders offer 95% loans and an impound account is probably required at 95%, which means higher closing costs.
At 90%, an impound account is not required and you get the same rate.

Some lenders charge .25% more if you don’t want an impound account. I don’t below 90%.

Everybody is in a different situation. It’s impossible to quote a rate that applies to everybody.

Houses are much easier to finance than condos.
Some condos have very little chance of being financed, even for a borrower with an 800 credit score and a 50% down payment.

Rates can change at any minute, up or down…

If you want to know what you qualify for, contact me privately. I try to be available 7 days a week…..HLS

[HLS]

Assuming that you qualify, there still are FNMA loans available with as little as 5% down.

You get the same interest rate as a borrower with 20% down, (you can actually get a slightly better rate) but then you have to add the mortgage insurance payment.

With FNMA depends on your credit score.
With FHA, you can have a lower credit score, but the costs are much higher than FNMA and it is harder to qualify for a loan.

Mortgage insurance is based in 5% increments, starting with a loan amount of 80.01-85%, then 85.01-90%, then 90.01 to 95%..

The lower loan % comes with a lower premium. The mortgage insurance premium can be based on credit score and loan amount, so it is hard to be exact.

A mortg ins payment can easily add $100-$200 a month to your payment, but it should be removed at some future date.

At the moment, with a credit score above 720, a purchase loan amount under $417K with 5% or 10% down has a wholesale rate of 4.75%.. 30 YR fixed, no prepayment penalty.

Not all lenders offer 95% loans and an impound account is probably required at 95%, which means higher closing costs.
At 90%, an impound account is not required and you get the same rate.

Some lenders charge .25% more if you don’t want an impound account. I don’t below 90%.

Everybody is in a different situation. It’s impossible to quote a rate that applies to everybody.

Houses are much easier to finance than condos.
Some condos have very little chance of being financed, even for a borrower with an 800 credit score and a 50% down payment.

Rates can change at any minute, up or down…

If you want to know what you qualify for, contact me privately. I try to be available 7 days a week…..HLS

[HLS]

Assuming that you qualify, there still are FNMA loans available with as little as 5% down.

You get the same interest rate as a borrower with 20% down, (you can actually get a slightly better rate) but then you have to add the mortgage insurance payment.

With FNMA depends on your credit score.
With FHA, you can have a lower credit score, but the costs are much higher than FNMA and it is harder to qualify for a loan.

Mortgage insurance is based in 5% increments, starting with a loan amount of 80.01-85%, then 85.01-90%, then 90.01 to 95%..

The lower loan % comes with a lower premium. The mortgage insurance premium can be based on credit score and loan amount, so it is hard to be exact.

A mortg ins payment can easily add $100-$200 a month to your payment, but it should be removed at some future date.

At the moment, with a credit score above 720, a purchase loan amount under $417K with 5% or 10% down has a wholesale rate of 4.75%.. 30 YR fixed, no prepayment penalty.

Not all lenders offer 95% loans and an impound account is probably required at 95%, which means higher closing costs.
At 90%, an impound account is not required and you get the same rate.

Some lenders charge .25% more if you don’t want an impound account. I don’t below 90%.

Everybody is in a different situation. It’s impossible to quote a rate that applies to everybody.

Houses are much easier to finance than condos.
Some condos have very little chance of being financed, even for a borrower with an 800 credit score and a 50% down payment.

Rates can change at any minute, up or down…

If you want to know what you qualify for, contact me privately. I try to be available 7 days a week…..HLS

[HLS]

Assuming that you qualify, there still are FNMA loans available with as little as 5% down.

You get the same interest rate as a borrower with 20% down, (you can actually get a slightly better rate) but then you have to add the mortgage insurance payment.

With FNMA depends on your credit score.
With FHA, you can have a lower credit score, but the costs are much higher than FNMA and it is harder to qualify for a loan.

Mortgage insurance is based in 5% increments, starting with a loan amount of 80.01-85%, then 85.01-90%, then 90.01 to 95%..

The lower loan % comes with a lower premium. The mortgage insurance premium can be based on credit score and loan amount, so it is hard to be exact.

A mortg ins payment can easily add $100-$200 a month to your payment, but it should be removed at some future date.

At the moment, with a credit score above 720, a purchase loan amount under $417K with 5% or 10% down has a wholesale rate of 4.75%.. 30 YR fixed, no prepayment penalty.

Not all lenders offer 95% loans and an impound account is probably required at 95%, which means higher closing costs.
At 90%, an impound account is not required and you get the same rate.

Some lenders charge .25% more if you don’t want an impound account. I don’t below 90%.

Everybody is in a different situation. It’s impossible to quote a rate that applies to everybody.

Houses are much easier to finance than condos.
Some condos have very little chance of being financed, even for a borrower with an 800 credit score and a 50% down payment.

Rates can change at any minute, up or down…

If you want to know what you qualify for, contact me privately. I try to be available 7 days a week…..HLS

[HLS]

Assuming that you qualify, there still are FNMA loans available with as little as 5% down.

You get the same interest rate as a borrower with 20% down, (you can actually get a slightly better rate) but then you have to add the mortgage insurance payment.

With FNMA depends on your credit score.
With FHA, you can have a lower credit score, but the costs are much higher than FNMA and it is harder to qualify for a loan.

Mortgage insurance is based in 5% increments, starting with a loan amount of 80.01-85%, then 85.01-90%, then 90.01 to 95%..

The lower loan % comes with a lower premium. The mortgage insurance premium can be based on credit score and loan amount, so it is hard to be exact.

A mortg ins payment can easily add $100-$200 a month to your payment, but it should be removed at some future date.

At the moment, with a credit score above 720, a purchase loan amount under $417K with 5% or 10% down has a wholesale rate of 4.75%.. 30 YR fixed, no prepayment penalty.

Not all lenders offer 95% loans and an impound account is probably required at 95%, which means higher closing costs.
At 90%, an impound account is not required and you get the same rate.

Some lenders charge .25% more if you don’t want an impound account. I don’t below 90%.

Everybody is in a different situation. It’s impossible to quote a rate that applies to everybody.

Houses are much easier to finance than condos.
Some condos have very little chance of being financed, even for a borrower with an 800 credit score and a 50% down payment.

Rates can change at any minute, up or down…

If you want to know what you qualify for, contact me privately. I try to be available 7 days a week…..HLS

[Anonymous]

Rates were up and down this week. I finally locked in at 4.47/30 year at 1 pt at BofA, wells fargo was 4.625 for the same. I have perfet credit (790 me/820 wife) and more than 60% equity. This is more than 1% less than the current 5.5

I locked in my second house, the inlaws place, at nearly a 2 pt drop.

Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs. By paying the same payment as we were before, was an extra payment per year, will now be 2-3 extra payments per year reducing the loan below 20 years.

I suggest looking at several and pulling the trigger soon. Weird things are happening, all loan agents are swamped. worst case if rates go substantially lower in the 60 days before closing, you lose the $500 lock fee.

I believe that the FED/Govt has told the TARP banks to make loans near 4.5% or else. They believe turning all of this money over will help the financial community by taking in fees, but what then? no one who was speculating or far under water is not going to be able to take advantage. Many loans will change over but most housing won’t. We know an agent in CA, less then 200K priced product in Riv/SBDO is moving again. Many soon to be landlords picking up deals.

Lots of product on the market.

Best to all,
StevenO

[Anonymous]

Rates were up and down this week. I finally locked in at 4.47/30 year at 1 pt at BofA, wells fargo was 4.625 for the same. I have perfet credit (790 me/820 wife) and more than 60% equity. This is more than 1% less than the current 5.5

I locked in my second house, the inlaws place, at nearly a 2 pt drop.

Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs. By paying the same payment as we were before, was an extra payment per year, will now be 2-3 extra payments per year reducing the loan below 20 years.

I suggest looking at several and pulling the trigger soon. Weird things are happening, all loan agents are swamped. worst case if rates go substantially lower in the 60 days before closing, you lose the $500 lock fee.

I believe that the FED/Govt has told the TARP banks to make loans near 4.5% or else. They believe turning all of this money over will help the financial community by taking in fees, but what then? no one who was speculating or far under water is not going to be able to take advantage. Many loans will change over but most housing won’t. We know an agent in CA, less then 200K priced product in Riv/SBDO is moving again. Many soon to be landlords picking up deals.

Lots of product on the market.

Best to all,
StevenO

[Anonymous]

Rates were up and down this week. I finally locked in at 4.47/30 year at 1 pt at BofA, wells fargo was 4.625 for the same. I have perfet credit (790 me/820 wife) and more than 60% equity. This is more than 1% less than the current 5.5

I locked in my second house, the inlaws place, at nearly a 2 pt drop.

Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs. By paying the same payment as we were before, was an extra payment per year, will now be 2-3 extra payments per year reducing the loan below 20 years.

I suggest looking at several and pulling the trigger soon. Weird things are happening, all loan agents are swamped. worst case if rates go substantially lower in the 60 days before closing, you lose the $500 lock fee.

I believe that the FED/Govt has told the TARP banks to make loans near 4.5% or else. They believe turning all of this money over will help the financial community by taking in fees, but what then? no one who was speculating or far under water is not going to be able to take advantage. Many loans will change over but most housing won’t. We know an agent in CA, less then 200K priced product in Riv/SBDO is moving again. Many soon to be landlords picking up deals.

Lots of product on the market.

Best to all,
StevenO

[Anonymous]

Rates were up and down this week. I finally locked in at 4.47/30 year at 1 pt at BofA, wells fargo was 4.625 for the same. I have perfet credit (790 me/820 wife) and more than 60% equity. This is more than 1% less than the current 5.5

I locked in my second house, the inlaws place, at nearly a 2 pt drop.

Total savings in monthly payments of $550 combined. Will take 3 years to break even on the fees and costs. By paying the same payment as we were before, was an extra payment per year, will now be 2-3 extra payments per year reducing the loan below 20 years.

I suggest looking at several and pulling the trigger soon. Weird things are happening, all loan agents are swamped. worst case if rates go substantially lower in the 60 days before closing, you lose the $500 lock fee.

I believe that the FED/Govt has told the TARP banks to make loans near 4.5% or else. They believe turning all of this money over will help the financial community by taking in fees, but what then? no one who was speculating or far under water is not going to be able to take advantage. Many loans will change over but most housing won’t. We know an agent in CA, less then 200K priced product in Riv/SBDO is moving again. Many soon to be landlords picking up deals.

Lots of product on the market.

Best to all,
StevenO

[Author]

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