aimloan.com

[bob007]

has anyone used aimloan.com before for mortgages ?
they have a 4.35% fixed 15 year loan.

[contraman]

Hey Bobby Boy, please keep the false advertising off the forum here. The rate is 5.00%, it’s on the home page clear as day……thanks…..

Sincerely, Contraman

[bob007]

they offered me 4.35% with 2.5% points. I had myself pre-approved.

[Raybyrnes]

bob007

Might want to see if you can negotiate a split with the broker on the 2.5 you are paying in points. Would be interested in HLS thoughts on this loan as it is something I ahve been keeping an eye out for with respect to my parents.

[contraman]

Bob, in the future when you are posting rate quotes here to promote a company make sure you post accurately and disclose to everyone the 2.5 points that you have to pay to get that rate. You did not do this initially.

Ray, I am also a broker who posts often here at the pig. In response to your post, no broker is going to pay 1.25% points to Bob to split the discount points of 2.5%. How is he going to make money? (the broker)?

He is not getting a YSP from the lender….Bob…is he charging you points on top of the discount points of 2.5% to underwrite the loan? What are the fees involved?

Let’s make sure we are talking Apples to Apples with these types of things here…..always get a GFE and a confirmation of rate lock from the broker and tell him or her that if that GFE changes significantly at close you are not signing the docs…..

Sincerely, Contraman

[contraman]

Bob, in the future when you are posting rate quotes here to promote a company make sure you post accurately and disclose to everyone the 2.5 points that you have to pay to get that rate. You did not do this initially.

Ray, I am also a broker who posts often here at the pig. In response to your post, no broker is going to pay 1.25% points to Bob to split the discount points of 2.5%. How is he going to make money? (the broker)?

He is not getting a YSP from the lender….Bob…is he charging you points on top of the discount points of 2.5% to underwrite the loan? What are the fees involved?

Let’s make sure we are talking Apples to Apples with these types of things here…..always get a GFE and a confirmation of rate lock from the broker and tell him or her that if that GFE changes significantly at close you are not signing the docs…..

Sincerely, Contraman

[contraman]

Bob, in the future when you are posting rate quotes here to promote a company make sure you post accurately and disclose to everyone the 2.5 points that you have to pay to get that rate. You did not do this initially.

Ray, I am also a broker who posts often here at the pig. In response to your post, no broker is going to pay 1.25% points to Bob to split the discount points of 2.5%. How is he going to make money? (the broker)?

He is not getting a YSP from the lender….Bob…is he charging you points on top of the discount points of 2.5% to underwrite the loan? What are the fees involved?

Let’s make sure we are talking Apples to Apples with these types of things here…..always get a GFE and a confirmation of rate lock from the broker and tell him or her that if that GFE changes significantly at close you are not signing the docs…..

Sincerely, Contraman

[contraman]

Bob, in the future when you are posting rate quotes here to promote a company make sure you post accurately and disclose to everyone the 2.5 points that you have to pay to get that rate. You did not do this initially.

Ray, I am also a broker who posts often here at the pig. In response to your post, no broker is going to pay 1.25% points to Bob to split the discount points of 2.5%. How is he going to make money? (the broker)?

He is not getting a YSP from the lender….Bob…is he charging you points on top of the discount points of 2.5% to underwrite the loan? What are the fees involved?

Let’s make sure we are talking Apples to Apples with these types of things here…..always get a GFE and a confirmation of rate lock from the broker and tell him or her that if that GFE changes significantly at close you are not signing the docs…..

Sincerely, Contraman

[contraman]

Bob, in the future when you are posting rate quotes here to promote a company make sure you post accurately and disclose to everyone the 2.5 points that you have to pay to get that rate. You did not do this initially.

Ray, I am also a broker who posts often here at the pig. In response to your post, no broker is going to pay 1.25% points to Bob to split the discount points of 2.5%. How is he going to make money? (the broker)?

He is not getting a YSP from the lender….Bob…is he charging you points on top of the discount points of 2.5% to underwrite the loan? What are the fees involved?

Let’s make sure we are talking Apples to Apples with these types of things here…..always get a GFE and a confirmation of rate lock from the broker and tell him or her that if that GFE changes significantly at close you are not signing the docs…..

Sincerely, Contraman

[HLS]

IF you are quoted the PAR rate for a loan, there is ZERO commission to a broker from the lender. Not a penny.

There are no back door deals, factory incentives, volume rebates etc. EVERYTHING must be disclosed through escrow and ALL compensation is shown on the final closing HUD statement from escrow.

If you pay discount points to a lender to buy down the rate, it goes to the lender, 100% of it. Not a penny goes to the broker.

If the buydown is 2.50%, there is nothing to negotiate.
If you expect the broker to split this with you, you are asking them to lose 1.25% for the pleasure of doing your loan.

THE ONLY TIME THAT A BROKER IS PAID A COMMISSION FROM THE LENDER IS WHEN YOU ARE NOT QUOTED THE PAR RATE. You are overcharged in rate which results in a higher payment for the life of the loan.

That is how “no cost” loans work. You are paying a higher % rate and higher payments for the life of the loan.
Nobody is doing a loan for you for free. When you fall for a “no fee” loan, it is not a no cost loan either.

The title & escrow company are completely separate from the mortgage broker. They want to be paid. The county gets paid a fee to record the docs. The notary wants to be paid for watching you sign your name. The appraiser wants to be paid to tell the lender what your house was worth yesterday.

The teaser rates that everybody wants to talk about are for PERFECT situations that most people DO NOT QUALIFY FOR.

10 different lenders could have 10 diff PAR rates.
There are multi conditions to qualify for the best PAR rate.

A good person tells you the truth about what the rates are and gives you the options of how to pay for them. MOST people dont get the truth or the PAR rate on their loan.

Going to a bank or credit union and assuming that they have the best rates is IGNORANT.

A bad broker will screw you beyond your wildest dreams.

A good mortgage will get you the best rate and fees that you actually qualify for.

Calling around and shopping by rate is the most idiotic thing that anybody can do, but it’s how most people shop for loans.

[Raybyrnes]

HLS

I am not certain if you said it but I agree that calling around is simply a matter of finding the biggest liar if asking for rates.

Want to get your thought on asking more relevant question such as par rates, indexes the loasn are based off of, qualifying standard in terms of debt to equity, fico score etc.

If you know the box that you fit then it make it easier to narrow down who is going to be most competitiive for your loan.

[Raybyrnes]

HLS

I am not certain if you said it but I agree that calling around is simply a matter of finding the biggest liar if asking for rates.

Want to get your thought on asking more relevant question such as par rates, indexes the loasn are based off of, qualifying standard in terms of debt to equity, fico score etc.

If you know the box that you fit then it make it easier to narrow down who is going to be most competitiive for your loan.

[Raybyrnes]

HLS

I am not certain if you said it but I agree that calling around is simply a matter of finding the biggest liar if asking for rates.

Want to get your thought on asking more relevant question such as par rates, indexes the loasn are based off of, qualifying standard in terms of debt to equity, fico score etc.

If you know the box that you fit then it make it easier to narrow down who is going to be most competitiive for your loan.

[Raybyrnes]

HLS

I am not certain if you said it but I agree that calling around is simply a matter of finding the biggest liar if asking for rates.

Want to get your thought on asking more relevant question such as par rates, indexes the loasn are based off of, qualifying standard in terms of debt to equity, fico score etc.

If you know the box that you fit then it make it easier to narrow down who is going to be most competitiive for your loan.

[Raybyrnes]

HLS

I am not certain if you said it but I agree that calling around is simply a matter of finding the biggest liar if asking for rates.

Want to get your thought on asking more relevant question such as par rates, indexes the loasn are based off of, qualifying standard in terms of debt to equity, fico score etc.

If you know the box that you fit then it make it easier to narrow down who is going to be most competitiive for your loan.

[HLS]

To know what you MIGHT qualify for, here are a few of the factors for the BEST RATE conforming refi loan amount of $417K or under..with a 30 day lock,
NO prepayment penalty,
FULL DOC loan
Financial Reserves (of more than $3.99)
First lien only (NO 2nd, NO HELOC)
NOT taking any cash out
NOT paying off a HELOC (not used to purchase)
Primary Residence
Single Family Home
80% LTV or less
WITH an impound account
Credit score of 680 or higher
NO late mortgage payments in at least 12 months.

Depending on your other monthy debts,
If you don’t meet ALL of the above, you probably don’t qualify for the best rates.

As of 9am today SUBJECT TO CHANGE
the PAR rates for
30 YR fixed is 6.125%
15 YR fixed is 5.375%

Today, a 4.50% 15 YR fixed would cost 3pts in buydown fee to the lender IN ADDITION TO all the other costs.

Rates can change all day, everyday, until they are locked in. One month ago, there were NO points needed to get a 15 YR fixed at below 4.50%.

[contraman]

HLS, as a fellow broker here on the pig….well said. You can’t explain it any better than that…..

Once again, everyone don’t pitch companies on here with unrealistic quotes and pricing.

Sincerely, Contraman

[Raybyrnes]

Is full doc 3 or 5 years tax returns or is tha currently changing from bank to bank?

[contraman]

2 years tax returns is standard for a FULL DOC loan.

Sincerely, Contraman

[American Dreamer]

Two questions, both of which have probably been answered before and both of which certainly will reveal my complete ignorance on the subject of mortgage loans, but this is certainly the place to come for the unvarnished truth:

1. If calling around to try to get the right loan at the best rate etc. isn’t the right way to shop for a loan, what is? All mortgage brokers will tell you they are “honest,” but really how is one to know which brokers are actually honest? And why wouldn’t a loan straight from the bank/credit union be cheaper than a brokered loan (i.e., no commission, right)?

2. Full doc – can you do a full doc on 2008 income, plus 2007 returns if you can document 2008 income by other means such as pay records?

And one complaint with regard to the current rates: Why the heck should I pay 8% with excellent credit on a jumbo 30 year fixed rate to bail out everyone else’s bad debt? That is just silly. Is the secondary market for prime jumbo loans really that bad?

I am not buying anything at the moment, just getting my ducks in a row should the dream house materialize at the right price.

[contraman]

Dreamer,

If there is any place to educate yourself concerning mortgage financing and get an honest response I would say this is the right place. Sounds like there are some guys here like HLS and others that are brokers….you may want to work with them for quotes.

If I were not a mortgage broker and had to do my own loan I would call the credit union and a few brokers to explain your scenario and have them send you a Good Faith Estimate with all their fees and the rate. Have one of them pull your credit as long as they agree to send you a copy.

I would strongly preface with them that if those fees drastically change you will not do the loan and report them. I would get a lock confirmation if you are happy with a rate they are quoting you. Have them lock it and send you the confirmation. If they don’t do this, don’t count on getting that rate….

Do remember, this is our job and I know that I don’t work for free so don’t expect free, expect fair. I make at least .5 to 1 pt on all deals, some up front and some in the form of a yield spread from the bank.

Others may do it for less, good luck with them.

2. Yes, yes this will suffice.

3. Yes, the secondary market is really that bad. Billions have been lost by secondary players who buy MBS. They are not going to be that eager to jump in the fire again without a premium return.

Sincerely, Contraman

[CogSciGuy]

For the brokers here–If someone whose loan you were doing asked you how much you were going to make off the deal, would you tell them? Do people ever ask you that?

[Sandi Egan]

HLS and Contaman,

Thanks for detailed explanations. This topic is now saved in my favorites.

I have two questions.

1. What is an impound account?
2. How substantial the financial reserves should be (after 20% down is paid)?

[contraman]

If someone asks how much I am going to make on a loan, then I provide a good faith estimate showing them, including a lender YSP if the loan has already been locked.

Impound accounts are accounts that pay the taxes and insurance bill every 6 months. You pay into the account monthly, they pay every 6 months from whats in the account.

Reserves vary by program. Some look at other factors and some want 2,6, or 12 months.

Hope this helps. I have a mortgage secrets ebook that I am going to be giving away soon to help people with these questions and others…

Sincerely, Contraman

[Raybyrnes]

Union Tribune Advertisement

Conf. 5.375 30 Year Fixed APR 5.559 MIN 5% DOWN

Conf 5.875 30 Year fixed 10 year Int Only APR 6.075 Morgan Home Funding Corp

[Raybyrnes]

Union Tribune Advertisement

Conf. 5.375 30 Year Fixed APR 5.559 MIN 5% DOWN

Conf 5.875 30 Year fixed 10 year Int Only APR 6.075 Morgan Home Funding Corp

[Raybyrnes]

Union Tribune Advertisement

Conf. 5.375 30 Year Fixed APR 5.559 MIN 5% DOWN

Conf 5.875 30 Year fixed 10 year Int Only APR 6.075 Morgan Home Funding Corp

[Raybyrnes]

Union Tribune Advertisement

Conf. 5.375 30 Year Fixed APR 5.559 MIN 5% DOWN

Conf 5.875 30 Year fixed 10 year Int Only APR 6.075 Morgan Home Funding Corp

[Raybyrnes]

Union Tribune Advertisement

Conf. 5.375 30 Year Fixed APR 5.559 MIN 5% DOWN

Conf 5.875 30 Year fixed 10 year Int Only APR 6.075 Morgan Home Funding Corp

[jimcav]

why is it good to have impounds–why not let your money work for you instead of the lender?

is the rate on the loan better becasue they know the taxes, etc will be paid from the impounds, rather than relying on the responsible owner to do it?

thanks
jim

[jimcav]

why is it good to have impounds–why not let your money work for you instead of the lender?

is the rate on the loan better becasue they know the taxes, etc will be paid from the impounds, rather than relying on the responsible owner to do it?

thanks
jim

[jimcav]

why is it good to have impounds–why not let your money work for you instead of the lender?

is the rate on the loan better becasue they know the taxes, etc will be paid from the impounds, rather than relying on the responsible owner to do it?

thanks
jim

[jimcav]

why is it good to have impounds–why not let your money work for you instead of the lender?

is the rate on the loan better becasue they know the taxes, etc will be paid from the impounds, rather than relying on the responsible owner to do it?

thanks
jim

[jimcav]

why is it good to have impounds–why not let your money work for you instead of the lender?

is the rate on the loan better becasue they know the taxes, etc will be paid from the impounds, rather than relying on the responsible owner to do it?

thanks
jim

[contraman]

If someone asks how much I am going to make on a loan, then I provide a good faith estimate showing them, including a lender YSP if the loan has already been locked.

Impound accounts are accounts that pay the taxes and insurance bill every 6 months. You pay into the account monthly, they pay every 6 months from whats in the account.

Reserves vary by program. Some look at other factors and some want 2,6, or 12 months.

Hope this helps. I have a mortgage secrets ebook that I am going to be giving away soon to help people with these questions and others…

Sincerely, Contraman

[contraman]

If someone asks how much I am going to make on a loan, then I provide a good faith estimate showing them, including a lender YSP if the loan has already been locked.

Impound accounts are accounts that pay the taxes and insurance bill every 6 months. You pay into the account monthly, they pay every 6 months from whats in the account.

Reserves vary by program. Some look at other factors and some want 2,6, or 12 months.

Hope this helps. I have a mortgage secrets ebook that I am going to be giving away soon to help people with these questions and others…

Sincerely, Contraman

[contraman]

If someone asks how much I am going to make on a loan, then I provide a good faith estimate showing them, including a lender YSP if the loan has already been locked.

Impound accounts are accounts that pay the taxes and insurance bill every 6 months. You pay into the account monthly, they pay every 6 months from whats in the account.

Reserves vary by program. Some look at other factors and some want 2,6, or 12 months.

Hope this helps. I have a mortgage secrets ebook that I am going to be giving away soon to help people with these questions and others…

Sincerely, Contraman

[contraman]

If someone asks how much I am going to make on a loan, then I provide a good faith estimate showing them, including a lender YSP if the loan has already been locked.

Impound accounts are accounts that pay the taxes and insurance bill every 6 months. You pay into the account monthly, they pay every 6 months from whats in the account.

Reserves vary by program. Some look at other factors and some want 2,6, or 12 months.

Hope this helps. I have a mortgage secrets ebook that I am going to be giving away soon to help people with these questions and others…

Sincerely, Contraman

[Sandi Egan]

HLS and Contaman,

Thanks for detailed explanations. This topic is now saved in my favorites.

I have two questions.

1. What is an impound account?
2. How substantial the financial reserves should be (after 20% down is paid)?

[Sandi Egan]

HLS and Contaman,

Thanks for detailed explanations. This topic is now saved in my favorites.

I have two questions.

1. What is an impound account?
2. How substantial the financial reserves should be (after 20% down is paid)?

[Sandi Egan]

HLS and Contaman,

Thanks for detailed explanations. This topic is now saved in my favorites.

I have two questions.

1. What is an impound account?
2. How substantial the financial reserves should be (after 20% down is paid)?

[Sandi Egan]

HLS and Contaman,

Thanks for detailed explanations. This topic is now saved in my favorites.

I have two questions.

1. What is an impound account?
2. How substantial the financial reserves should be (after 20% down is paid)?

[CogSciGuy]

For the brokers here–If someone whose loan you were doing asked you how much you were going to make off the deal, would you tell them? Do people ever ask you that?

[CogSciGuy]

For the brokers here–If someone whose loan you were doing asked you how much you were going to make off the deal, would you tell them? Do people ever ask you that?

[CogSciGuy]

For the brokers here–If someone whose loan you were doing asked you how much you were going to make off the deal, would you tell them? Do people ever ask you that?

[CogSciGuy]

For the brokers here–If someone whose loan you were doing asked you how much you were going to make off the deal, would you tell them? Do people ever ask you that?

[contraman]

Dreamer,

If there is any place to educate yourself concerning mortgage financing and get an honest response I would say this is the right place. Sounds like there are some guys here like HLS and others that are brokers….you may want to work with them for quotes.

If I were not a mortgage broker and had to do my own loan I would call the credit union and a few brokers to explain your scenario and have them send you a Good Faith Estimate with all their fees and the rate. Have one of them pull your credit as long as they agree to send you a copy.

I would strongly preface with them that if those fees drastically change you will not do the loan and report them. I would get a lock confirmation if you are happy with a rate they are quoting you. Have them lock it and send you the confirmation. If they don’t do this, don’t count on getting that rate….

Do remember, this is our job and I know that I don’t work for free so don’t expect free, expect fair. I make at least .5 to 1 pt on all deals, some up front and some in the form of a yield spread from the bank.

Others may do it for less, good luck with them.

2. Yes, yes this will suffice.

3. Yes, the secondary market is really that bad. Billions have been lost by secondary players who buy MBS. They are not going to be that eager to jump in the fire again without a premium return.

Sincerely, Contraman

[contraman]

Dreamer,

If there is any place to educate yourself concerning mortgage financing and get an honest response I would say this is the right place. Sounds like there are some guys here like HLS and others that are brokers….you may want to work with them for quotes.

If I were not a mortgage broker and had to do my own loan I would call the credit union and a few brokers to explain your scenario and have them send you a Good Faith Estimate with all their fees and the rate. Have one of them pull your credit as long as they agree to send you a copy.

I would strongly preface with them that if those fees drastically change you will not do the loan and report them. I would get a lock confirmation if you are happy with a rate they are quoting you. Have them lock it and send you the confirmation. If they don’t do this, don’t count on getting that rate….

Do remember, this is our job and I know that I don’t work for free so don’t expect free, expect fair. I make at least .5 to 1 pt on all deals, some up front and some in the form of a yield spread from the bank.

Others may do it for less, good luck with them.

2. Yes, yes this will suffice.

3. Yes, the secondary market is really that bad. Billions have been lost by secondary players who buy MBS. They are not going to be that eager to jump in the fire again without a premium return.

Sincerely, Contraman

[contraman]

Dreamer,

If there is any place to educate yourself concerning mortgage financing and get an honest response I would say this is the right place. Sounds like there are some guys here like HLS and others that are brokers….you may want to work with them for quotes.

If I were not a mortgage broker and had to do my own loan I would call the credit union and a few brokers to explain your scenario and have them send you a Good Faith Estimate with all their fees and the rate. Have one of them pull your credit as long as they agree to send you a copy.

I would strongly preface with them that if those fees drastically change you will not do the loan and report them. I would get a lock confirmation if you are happy with a rate they are quoting you. Have them lock it and send you the confirmation. If they don’t do this, don’t count on getting that rate….

Do remember, this is our job and I know that I don’t work for free so don’t expect free, expect fair. I make at least .5 to 1 pt on all deals, some up front and some in the form of a yield spread from the bank.

Others may do it for less, good luck with them.

2. Yes, yes this will suffice.

3. Yes, the secondary market is really that bad. Billions have been lost by secondary players who buy MBS. They are not going to be that eager to jump in the fire again without a premium return.

Sincerely, Contraman

[contraman]

Dreamer,

If there is any place to educate yourself concerning mortgage financing and get an honest response I would say this is the right place. Sounds like there are some guys here like HLS and others that are brokers….you may want to work with them for quotes.

If I were not a mortgage broker and had to do my own loan I would call the credit union and a few brokers to explain your scenario and have them send you a Good Faith Estimate with all their fees and the rate. Have one of them pull your credit as long as they agree to send you a copy.

I would strongly preface with them that if those fees drastically change you will not do the loan and report them. I would get a lock confirmation if you are happy with a rate they are quoting you. Have them lock it and send you the confirmation. If they don’t do this, don’t count on getting that rate….

Do remember, this is our job and I know that I don’t work for free so don’t expect free, expect fair. I make at least .5 to 1 pt on all deals, some up front and some in the form of a yield spread from the bank.

Others may do it for less, good luck with them.

2. Yes, yes this will suffice.

3. Yes, the secondary market is really that bad. Billions have been lost by secondary players who buy MBS. They are not going to be that eager to jump in the fire again without a premium return.

Sincerely, Contraman

[American Dreamer]

Two questions, both of which have probably been answered before and both of which certainly will reveal my complete ignorance on the subject of mortgage loans, but this is certainly the place to come for the unvarnished truth:

1. If calling around to try to get the right loan at the best rate etc. isn’t the right way to shop for a loan, what is? All mortgage brokers will tell you they are “honest,” but really how is one to know which brokers are actually honest? And why wouldn’t a loan straight from the bank/credit union be cheaper than a brokered loan (i.e., no commission, right)?

2. Full doc – can you do a full doc on 2008 income, plus 2007 returns if you can document 2008 income by other means such as pay records?

And one complaint with regard to the current rates: Why the heck should I pay 8% with excellent credit on a jumbo 30 year fixed rate to bail out everyone else’s bad debt? That is just silly. Is the secondary market for prime jumbo loans really that bad?

I am not buying anything at the moment, just getting my ducks in a row should the dream house materialize at the right price.

[American Dreamer]

Two questions, both of which have probably been answered before and both of which certainly will reveal my complete ignorance on the subject of mortgage loans, but this is certainly the place to come for the unvarnished truth:

1. If calling around to try to get the right loan at the best rate etc. isn’t the right way to shop for a loan, what is? All mortgage brokers will tell you they are “honest,” but really how is one to know which brokers are actually honest? And why wouldn’t a loan straight from the bank/credit union be cheaper than a brokered loan (i.e., no commission, right)?

2. Full doc – can you do a full doc on 2008 income, plus 2007 returns if you can document 2008 income by other means such as pay records?

And one complaint with regard to the current rates: Why the heck should I pay 8% with excellent credit on a jumbo 30 year fixed rate to bail out everyone else’s bad debt? That is just silly. Is the secondary market for prime jumbo loans really that bad?

I am not buying anything at the moment, just getting my ducks in a row should the dream house materialize at the right price.

[American Dreamer]

Two questions, both of which have probably been answered before and both of which certainly will reveal my complete ignorance on the subject of mortgage loans, but this is certainly the place to come for the unvarnished truth:

1. If calling around to try to get the right loan at the best rate etc. isn’t the right way to shop for a loan, what is? All mortgage brokers will tell you they are “honest,” but really how is one to know which brokers are actually honest? And why wouldn’t a loan straight from the bank/credit union be cheaper than a brokered loan (i.e., no commission, right)?

2. Full doc – can you do a full doc on 2008 income, plus 2007 returns if you can document 2008 income by other means such as pay records?

And one complaint with regard to the current rates: Why the heck should I pay 8% with excellent credit on a jumbo 30 year fixed rate to bail out everyone else’s bad debt? That is just silly. Is the secondary market for prime jumbo loans really that bad?

I am not buying anything at the moment, just getting my ducks in a row should the dream house materialize at the right price.

[American Dreamer]

Two questions, both of which have probably been answered before and both of which certainly will reveal my complete ignorance on the subject of mortgage loans, but this is certainly the place to come for the unvarnished truth:

1. If calling around to try to get the right loan at the best rate etc. isn’t the right way to shop for a loan, what is? All mortgage brokers will tell you they are “honest,” but really how is one to know which brokers are actually honest? And why wouldn’t a loan straight from the bank/credit union be cheaper than a brokered loan (i.e., no commission, right)?

2. Full doc – can you do a full doc on 2008 income, plus 2007 returns if you can document 2008 income by other means such as pay records?

And one complaint with regard to the current rates: Why the heck should I pay 8% with excellent credit on a jumbo 30 year fixed rate to bail out everyone else’s bad debt? That is just silly. Is the secondary market for prime jumbo loans really that bad?

I am not buying anything at the moment, just getting my ducks in a row should the dream house materialize at the right price.

[contraman]

2 years tax returns is standard for a FULL DOC loan.

Sincerely, Contraman

[contraman]

2 years tax returns is standard for a FULL DOC loan.

Sincerely, Contraman

[contraman]

2 years tax returns is standard for a FULL DOC loan.

Sincerely, Contraman

[contraman]

2 years tax returns is standard for a FULL DOC loan.

Sincerely, Contraman

[Raybyrnes]

Is full doc 3 or 5 years tax returns or is tha currently changing from bank to bank?

[Raybyrnes]

Is full doc 3 or 5 years tax returns or is tha currently changing from bank to bank?

[Raybyrnes]

Is full doc 3 or 5 years tax returns or is tha currently changing from bank to bank?

[Raybyrnes]

Is full doc 3 or 5 years tax returns or is tha currently changing from bank to bank?

[contraman]

HLS, as a fellow broker here on the pig….well said. You can’t explain it any better than that…..

Once again, everyone don’t pitch companies on here with unrealistic quotes and pricing.

Sincerely, Contraman

[contraman]

HLS, as a fellow broker here on the pig….well said. You can’t explain it any better than that…..

Once again, everyone don’t pitch companies on here with unrealistic quotes and pricing.

Sincerely, Contraman

[contraman]

HLS, as a fellow broker here on the pig….well said. You can’t explain it any better than that…..

Once again, everyone don’t pitch companies on here with unrealistic quotes and pricing.

Sincerely, Contraman

[contraman]

HLS, as a fellow broker here on the pig….well said. You can’t explain it any better than that…..

Once again, everyone don’t pitch companies on here with unrealistic quotes and pricing.

Sincerely, Contraman

[HLS]

To know what you MIGHT qualify for, here are a few of the factors for the BEST RATE conforming refi loan amount of $417K or under..with a 30 day lock,
NO prepayment penalty,
FULL DOC loan
Financial Reserves (of more than $3.99)
First lien only (NO 2nd, NO HELOC)
NOT taking any cash out
NOT paying off a HELOC (not used to purchase)
Primary Residence
Single Family Home
80% LTV or less
WITH an impound account
Credit score of 680 or higher
NO late mortgage payments in at least 12 months.

Depending on your other monthy debts,
If you don’t meet ALL of the above, you probably don’t qualify for the best rates.

As of 9am today SUBJECT TO CHANGE
the PAR rates for
30 YR fixed is 6.125%
15 YR fixed is 5.375%

Today, a 4.50% 15 YR fixed would cost 3pts in buydown fee to the lender IN ADDITION TO all the other costs.

Rates can change all day, everyday, until they are locked in. One month ago, there were NO points needed to get a 15 YR fixed at below 4.50%.

[HLS]

To know what you MIGHT qualify for, here are a few of the factors for the BEST RATE conforming refi loan amount of $417K or under..with a 30 day lock,
NO prepayment penalty,
FULL DOC loan
Financial Reserves (of more than $3.99)
First lien only (NO 2nd, NO HELOC)
NOT taking any cash out
NOT paying off a HELOC (not used to purchase)
Primary Residence
Single Family Home
80% LTV or less
WITH an impound account
Credit score of 680 or higher
NO late mortgage payments in at least 12 months.

Depending on your other monthy debts,
If you don’t meet ALL of the above, you probably don’t qualify for the best rates.

As of 9am today SUBJECT TO CHANGE
the PAR rates for
30 YR fixed is 6.125%
15 YR fixed is 5.375%

Today, a 4.50% 15 YR fixed would cost 3pts in buydown fee to the lender IN ADDITION TO all the other costs.

Rates can change all day, everyday, until they are locked in. One month ago, there were NO points needed to get a 15 YR fixed at below 4.50%.

[HLS]

To know what you MIGHT qualify for, here are a few of the factors for the BEST RATE conforming refi loan amount of $417K or under..with a 30 day lock,
NO prepayment penalty,
FULL DOC loan
Financial Reserves (of more than $3.99)
First lien only (NO 2nd, NO HELOC)
NOT taking any cash out
NOT paying off a HELOC (not used to purchase)
Primary Residence
Single Family Home
80% LTV or less
WITH an impound account
Credit score of 680 or higher
NO late mortgage payments in at least 12 months.

Depending on your other monthy debts,
If you don’t meet ALL of the above, you probably don’t qualify for the best rates.

As of 9am today SUBJECT TO CHANGE
the PAR rates for
30 YR fixed is 6.125%
15 YR fixed is 5.375%

Today, a 4.50% 15 YR fixed would cost 3pts in buydown fee to the lender IN ADDITION TO all the other costs.

Rates can change all day, everyday, until they are locked in. One month ago, there were NO points needed to get a 15 YR fixed at below 4.50%.

[HLS]

To know what you MIGHT qualify for, here are a few of the factors for the BEST RATE conforming refi loan amount of $417K or under..with a 30 day lock,
NO prepayment penalty,
FULL DOC loan
Financial Reserves (of more than $3.99)
First lien only (NO 2nd, NO HELOC)
NOT taking any cash out
NOT paying off a HELOC (not used to purchase)
Primary Residence
Single Family Home
80% LTV or less
WITH an impound account
Credit score of 680 or higher
NO late mortgage payments in at least 12 months.

Depending on your other monthy debts,
If you don’t meet ALL of the above, you probably don’t qualify for the best rates.

As of 9am today SUBJECT TO CHANGE
the PAR rates for
30 YR fixed is 6.125%
15 YR fixed is 5.375%

Today, a 4.50% 15 YR fixed would cost 3pts in buydown fee to the lender IN ADDITION TO all the other costs.

Rates can change all day, everyday, until they are locked in. One month ago, there were NO points needed to get a 15 YR fixed at below 4.50%.

[HLS]

IF you are quoted the PAR rate for a loan, there is ZERO commission to a broker from the lender. Not a penny.

There are no back door deals, factory incentives, volume rebates etc. EVERYTHING must be disclosed through escrow and ALL compensation is shown on the final closing HUD statement from escrow.

If you pay discount points to a lender to buy down the rate, it goes to the lender, 100% of it. Not a penny goes to the broker.

If the buydown is 2.50%, there is nothing to negotiate.
If you expect the broker to split this with you, you are asking them to lose 1.25% for the pleasure of doing your loan.

THE ONLY TIME THAT A BROKER IS PAID A COMMISSION FROM THE LENDER IS WHEN YOU ARE NOT QUOTED THE PAR RATE. You are overcharged in rate which results in a higher payment for the life of the loan.

That is how “no cost” loans work. You are paying a higher % rate and higher payments for the life of the loan.
Nobody is doing a loan for you for free. When you fall for a “no fee” loan, it is not a no cost loan either.

The title & escrow company are completely separate from the mortgage broker. They want to be paid. The county gets paid a fee to record the docs. The notary wants to be paid for watching you sign your name. The appraiser wants to be paid to tell the lender what your house was worth yesterday.

The teaser rates that everybody wants to talk about are for PERFECT situations that most people DO NOT QUALIFY FOR.

10 different lenders could have 10 diff PAR rates.
There are multi conditions to qualify for the best PAR rate.

A good person tells you the truth about what the rates are and gives you the options of how to pay for them. MOST people dont get the truth or the PAR rate on their loan.

Going to a bank or credit union and assuming that they have the best rates is IGNORANT.

A bad broker will screw you beyond your wildest dreams.

A good mortgage will get you the best rate and fees that you actually qualify for.

Calling around and shopping by rate is the most idiotic thing that anybody can do, but it’s how most people shop for loans.

[HLS]

IF you are quoted the PAR rate for a loan, there is ZERO commission to a broker from the lender. Not a penny.

There are no back door deals, factory incentives, volume rebates etc. EVERYTHING must be disclosed through escrow and ALL compensation is shown on the final closing HUD statement from escrow.

If you pay discount points to a lender to buy down the rate, it goes to the lender, 100% of it. Not a penny goes to the broker.

If the buydown is 2.50%, there is nothing to negotiate.
If you expect the broker to split this with you, you are asking them to lose 1.25% for the pleasure of doing your loan.

THE ONLY TIME THAT A BROKER IS PAID A COMMISSION FROM THE LENDER IS WHEN YOU ARE NOT QUOTED THE PAR RATE. You are overcharged in rate which results in a higher payment for the life of the loan.

That is how “no cost” loans work. You are paying a higher % rate and higher payments for the life of the loan.
Nobody is doing a loan for you for free. When you fall for a “no fee” loan, it is not a no cost loan either.

The title & escrow company are completely separate from the mortgage broker. They want to be paid. The county gets paid a fee to record the docs. The notary wants to be paid for watching you sign your name. The appraiser wants to be paid to tell the lender what your house was worth yesterday.

The teaser rates that everybody wants to talk about are for PERFECT situations that most people DO NOT QUALIFY FOR.

10 different lenders could have 10 diff PAR rates.
There are multi conditions to qualify for the best PAR rate.

A good person tells you the truth about what the rates are and gives you the options of how to pay for them. MOST people dont get the truth or the PAR rate on their loan.

Going to a bank or credit union and assuming that they have the best rates is IGNORANT.

A bad broker will screw you beyond your wildest dreams.

A good mortgage will get you the best rate and fees that you actually qualify for.

Calling around and shopping by rate is the most idiotic thing that anybody can do, but it’s how most people shop for loans.

[HLS]

IF you are quoted the PAR rate for a loan, there is ZERO commission to a broker from the lender. Not a penny.

There are no back door deals, factory incentives, volume rebates etc. EVERYTHING must be disclosed through escrow and ALL compensation is shown on the final closing HUD statement from escrow.

If you pay discount points to a lender to buy down the rate, it goes to the lender, 100% of it. Not a penny goes to the broker.

If the buydown is 2.50%, there is nothing to negotiate.
If you expect the broker to split this with you, you are asking them to lose 1.25% for the pleasure of doing your loan.

THE ONLY TIME THAT A BROKER IS PAID A COMMISSION FROM THE LENDER IS WHEN YOU ARE NOT QUOTED THE PAR RATE. You are overcharged in rate which results in a higher payment for the life of the loan.

That is how “no cost” loans work. You are paying a higher % rate and higher payments for the life of the loan.
Nobody is doing a loan for you for free. When you fall for a “no fee” loan, it is not a no cost loan either.

The title & escrow company are completely separate from the mortgage broker. They want to be paid. The county gets paid a fee to record the docs. The notary wants to be paid for watching you sign your name. The appraiser wants to be paid to tell the lender what your house was worth yesterday.

The teaser rates that everybody wants to talk about are for PERFECT situations that most people DO NOT QUALIFY FOR.

10 different lenders could have 10 diff PAR rates.
There are multi conditions to qualify for the best PAR rate.

A good person tells you the truth about what the rates are and gives you the options of how to pay for them. MOST people dont get the truth or the PAR rate on their loan.

Going to a bank or credit union and assuming that they have the best rates is IGNORANT.

A bad broker will screw you beyond your wildest dreams.

A good mortgage will get you the best rate and fees that you actually qualify for.

Calling around and shopping by rate is the most idiotic thing that anybody can do, but it’s how most people shop for loans.

[HLS]

IF you are quoted the PAR rate for a loan, there is ZERO commission to a broker from the lender. Not a penny.

There are no back door deals, factory incentives, volume rebates etc. EVERYTHING must be disclosed through escrow and ALL compensation is shown on the final closing HUD statement from escrow.

If you pay discount points to a lender to buy down the rate, it goes to the lender, 100% of it. Not a penny goes to the broker.

If the buydown is 2.50%, there is nothing to negotiate.
If you expect the broker to split this with you, you are asking them to lose 1.25% for the pleasure of doing your loan.

THE ONLY TIME THAT A BROKER IS PAID A COMMISSION FROM THE LENDER IS WHEN YOU ARE NOT QUOTED THE PAR RATE. You are overcharged in rate which results in a higher payment for the life of the loan.

That is how “no cost” loans work. You are paying a higher % rate and higher payments for the life of the loan.
Nobody is doing a loan for you for free. When you fall for a “no fee” loan, it is not a no cost loan either.

The title & escrow company are completely separate from the mortgage broker. They want to be paid. The county gets paid a fee to record the docs. The notary wants to be paid for watching you sign your name. The appraiser wants to be paid to tell the lender what your house was worth yesterday.

The teaser rates that everybody wants to talk about are for PERFECT situations that most people DO NOT QUALIFY FOR.

10 different lenders could have 10 diff PAR rates.
There are multi conditions to qualify for the best PAR rate.

A good person tells you the truth about what the rates are and gives you the options of how to pay for them. MOST people dont get the truth or the PAR rate on their loan.

Going to a bank or credit union and assuming that they have the best rates is IGNORANT.

A bad broker will screw you beyond your wildest dreams.

A good mortgage will get you the best rate and fees that you actually qualify for.

Calling around and shopping by rate is the most idiotic thing that anybody can do, but it’s how most people shop for loans.

[Raybyrnes]

bob007

Might want to see if you can negotiate a split with the broker on the 2.5 you are paying in points. Would be interested in HLS thoughts on this loan as it is something I ahve been keeping an eye out for with respect to my parents.

[Raybyrnes]

bob007

Might want to see if you can negotiate a split with the broker on the 2.5 you are paying in points. Would be interested in HLS thoughts on this loan as it is something I ahve been keeping an eye out for with respect to my parents.

[Raybyrnes]

bob007

Might want to see if you can negotiate a split with the broker on the 2.5 you are paying in points. Would be interested in HLS thoughts on this loan as it is something I ahve been keeping an eye out for with respect to my parents.

[Raybyrnes]

bob007

Might want to see if you can negotiate a split with the broker on the 2.5 you are paying in points. Would be interested in HLS thoughts on this loan as it is something I ahve been keeping an eye out for with respect to my parents.

[bob007]

they offered me 4.35% with 2.5% points. I had myself pre-approved.

[bob007]

they offered me 4.35% with 2.5% points. I had myself pre-approved.

[bob007]

they offered me 4.35% with 2.5% points. I had myself pre-approved.

[bob007]

they offered me 4.35% with 2.5% points. I had myself pre-approved.

[contraman]

Hey Bobby Boy, please keep the false advertising off the forum here. The rate is 5.00%, it’s on the home page clear as day……thanks…..

Sincerely, Contraman

[contraman]

Hey Bobby Boy, please keep the false advertising off the forum here. The rate is 5.00%, it’s on the home page clear as day……thanks…..

Sincerely, Contraman

[contraman]

Hey Bobby Boy, please keep the false advertising off the forum here. The rate is 5.00%, it’s on the home page clear as day……thanks…..

Sincerely, Contraman

[contraman]

Hey Bobby Boy, please keep the false advertising off the forum here. The rate is 5.00%, it’s on the home page clear as day……thanks…..

Sincerely, Contraman

[mydogsarelazy]

If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS

[Eugene]

[quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?

[all]

[quote=Eugene][quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?[/quote]

I had refi done with aimloan.com few weeks ago. They had a 3rd party do the appraisal.

[mydogsarelazy]

That’s right: a third party appraiser came by two days after they received our app. You pay $300 on a credit card when you start the process and that pays for appraisal.

JS

[mydogsarelazy]

That’s right: a third party appraiser came by two days after they received our app. You pay $300 on a credit card when you start the process and that pays for appraisal.

JS

[mydogsarelazy]

That’s right: a third party appraiser came by two days after they received our app. You pay $300 on a credit card when you start the process and that pays for appraisal.

JS

[mydogsarelazy]

That’s right: a third party appraiser came by two days after they received our app. You pay $300 on a credit card when you start the process and that pays for appraisal.

JS

[mydogsarelazy]

That’s right: a third party appraiser came by two days after they received our app. You pay $300 on a credit card when you start the process and that pays for appraisal.

JS

[all]

[quote=Eugene][quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?[/quote]

I had refi done with aimloan.com few weeks ago. They had a 3rd party do the appraisal.

[all]

[quote=Eugene][quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?[/quote]

I had refi done with aimloan.com few weeks ago. They had a 3rd party do the appraisal.

[all]

[quote=Eugene][quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?[/quote]

I had refi done with aimloan.com few weeks ago. They had a 3rd party do the appraisal.

[all]

[quote=Eugene][quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?[/quote]

I had refi done with aimloan.com few weeks ago. They had a 3rd party do the appraisal.

[Eugene]

[quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?

[Eugene]

[quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?

[Eugene]

[quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?

[Eugene]

[quote=mydogsarelazy]If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS[/quote]

Where does the appraisal come in? Did you hire an appraiser yourself, did they send one, or what?

[mydogsarelazy]

If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS

[mydogsarelazy]

If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS

[mydogsarelazy]

If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS

[mydogsarelazy]

If anyone is considering doing a re-fi, we just did one with aimloan.com.

It went very well, and their rates are hard to beat. The application and approval are all done online, you fax or email in your docs, and then the notary comes to your home for signing. Our loan was sold to Wells Fargo, which is just fine with us since we bank with them.

JS

[briansd1]

It seems that we have some people happy with AIM Loan.

Any other feedback from piggs?

Here’s a previous related thread.
http://piggington.com/lenders_on_bankratecom

[Diego Mamani]

[quote]Any other feedback from piggs?[/quote]
I financed, and 5 months later refinanced with these guys:

http://www.thejaffeteam.com/home.html

Bright, knowledgeable people, and far nimbler than the large banks.

[sdrealtor]

Dont know about them but I use a guy locally that works for the same lender who is great also.

[all]

I was happy with Provident Funding (provident.com).

[exsdgal]

I can recommend http://www.natresdirect.com/mnoble.

[outtamojo]

[quote=briansd1]It seems that we have some people happy with AIM Loan.

Any other feedback from piggs?

Here’s a previous related thread.
http://piggington.com/lenders_on_bankratecom%5B/quote%5D

I highly recommend them – used them when a loan broker got squirrely so I fired them and needed someone who could close in 10 days.They came thru so I used them again for a deal on a condo. This time, the HOA took their time returning insurance info on a short sale and put us way behind but AIM still managed to get it done.( this was an out of town deal btw).

[svelte]

Not sure why you wouldn’t just go with Sheldon. The man has done me right every time I’ve used him.

And I am positive that there wasn’t a better deal through other channels.

[paranoid]

Who is Sheldon and what’s his contact?

[UCGal]

[quote=paranoid]Who is Sheldon and what’s his contact?[/quote]
Sheldon is someone who posts here sometimes. User name HLS.

His contact info can be found on his website
http://www.homeloansheldon.com/

He did our refi 2 years ago, based on referrals from here. We ran into a quirky snag and he totally worked through the issues and made it right. This was at a particularly challenging time – they’d just changed the rules on the way appraisals were handled and our loan got caught in the middle. Sheldon rocked.

I’ve referred several friends to him since. They’ve all been pleased, too.

[Author]

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