aimloan.com

[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

[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

[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.

[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

[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

[Author]

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