A bird in hand…

[treehugger]

Currently in escrow and “floating” the rates appear to be looking optimistically in my favor, but it is day by day. We backed the closing date to May 3rd to capture all the goodies. HLS got the seller (bank/escrow company) to agree after my realtor asked the listing agent and she said no.

Call/e-mail HLS,he has been amazing (when rates went nutty 2 weeks ago he talked me through it). Not sure if I am supposed to post his info here, but if you contact me directly I will give you his info or look him up and e-mail him.

I have not closed yet and don’t want to jinx myself (already had some “lender drama”), but have been extremely impressed with HLS.

[(former)FormerSanDiegan]

go to
homeloansheldon.com
to find his contact info

[(former)FormerSanDiegan]

go to
homeloansheldon.com
to find his contact info

[(former)FormerSanDiegan]

go to
homeloansheldon.com
to find his contact info

[(former)FormerSanDiegan]

go to
homeloansheldon.com
to find his contact info

[(former)FormerSanDiegan]

go to
homeloansheldon.com
to find his contact info

[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[(former)FormerSanDiegan]

[quote=HLS]OP,
Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?[/quote]

I agree they cannot lower the loan amount directly by the tax credit funds. I was simply looking at ways to equate things from an economic perspective (a thought experiment).

From both angles, clearly he is better off attempting to get the tax credit. (As you point out that 10K is way too much to lower by only half a point)

In any event, the value of the 10k tax credit is significantly more valuable than any expected increase in interest rates on a 192k loan over such a short period of time.

[(former)FormerSanDiegan]

[quote=HLS]OP,
Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?[/quote]

I agree they cannot lower the loan amount directly by the tax credit funds. I was simply looking at ways to equate things from an economic perspective (a thought experiment).

From both angles, clearly he is better off attempting to get the tax credit. (As you point out that 10K is way too much to lower by only half a point)

In any event, the value of the 10k tax credit is significantly more valuable than any expected increase in interest rates on a 192k loan over such a short period of time.

[(former)FormerSanDiegan]

[quote=HLS]OP,
Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?[/quote]

I agree they cannot lower the loan amount directly by the tax credit funds. I was simply looking at ways to equate things from an economic perspective (a thought experiment).

From both angles, clearly he is better off attempting to get the tax credit. (As you point out that 10K is way too much to lower by only half a point)

In any event, the value of the 10k tax credit is significantly more valuable than any expected increase in interest rates on a 192k loan over such a short period of time.

[(former)FormerSanDiegan]

[quote=HLS]OP,
Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?[/quote]

I agree they cannot lower the loan amount directly by the tax credit funds. I was simply looking at ways to equate things from an economic perspective (a thought experiment).

From both angles, clearly he is better off attempting to get the tax credit. (As you point out that 10K is way too much to lower by only half a point)

In any event, the value of the 10k tax credit is significantly more valuable than any expected increase in interest rates on a 192k loan over such a short period of time.

[Author]

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