Million Dollar Mortgage Pain

[fromnj]

Thanks HLS

My wife looked up the rate from our main bank [Affinity credit union] for 30 year fixed for 500K last night. It was about 6.875% (60 day lock-in) with about $3700 fees or 6.910% APR. As you mentioned, we may not get this rate, but at least we could know the ball park. We used this bank once before and we may use this bank again if we cannot find the better one.

As you mentioned again, it may not be wise to use builder’s mortgage company, but we will check.

[sdrealtor]

FWIW
Lower rates are available for well qualified buyers with good downpayments. I know someone that got 6.4% with 0 points last week with FICO’s above 750 and 30% down.

[sdrealtor]

FWIW
Lower rates are available for well qualified buyers with good downpayments. I know someone that got 6.4% with 0 points last week with FICO’s above 750 and 30% down.

[sdrealtor]

FWIW
Lower rates are available for well qualified buyers with good downpayments. I know someone that got 6.4% with 0 points last week with FICO’s above 750 and 30% down.

[HLS]

SDR, That sounds like a conforming rate, not jumbo.. ??

FromNJ, when you are quoted fees does it include ALL
1) Title & Escrow,
2)Lender Underwriting
3) Broker fees

There’s just so much misleading info, and some details often get left out. Even if you get a GFE, it doesn’t have to be accurate, but there is NO REASON that the above 3 charges can’t be almost exact up front.

It raises the hair on my neck when builders REALLY discourages you from getting your own financing.

If they agree to sell to you for $XX, why do they care where you get it from ? ….Because they may be able to influence the appraiser. It’s not in their best interest to save you money on Title & Escrow fees, but they can have a bit of control over the closing date. You can really play the builder hard sometimes, but you do need to be willing to walk. I know that emotions get involved, like buying a car that is just the right color.

Try to negotiate for your upgrades, and constantly bounce back and forth between their financing and outside financing, and continue to ask WHY there is a difference.

Realize that if you don’t have a realtor representing you from the first day that you walked in there, they are probably saving 3% in broker co-op. They aren’t going to give it to you, but it should give you a bit more leverage for upgrades or SOMETHING.

Please let me know if you want another quote.
[email protected]

[HLS]

SDR, That sounds like a conforming rate, not jumbo.. ??

FromNJ, when you are quoted fees does it include ALL
1) Title & Escrow,
2)Lender Underwriting
3) Broker fees

There’s just so much misleading info, and some details often get left out. Even if you get a GFE, it doesn’t have to be accurate, but there is NO REASON that the above 3 charges can’t be almost exact up front.

It raises the hair on my neck when builders REALLY discourages you from getting your own financing.

If they agree to sell to you for $XX, why do they care where you get it from ? ….Because they may be able to influence the appraiser. It’s not in their best interest to save you money on Title & Escrow fees, but they can have a bit of control over the closing date. You can really play the builder hard sometimes, but you do need to be willing to walk. I know that emotions get involved, like buying a car that is just the right color.

Try to negotiate for your upgrades, and constantly bounce back and forth between their financing and outside financing, and continue to ask WHY there is a difference.

Realize that if you don’t have a realtor representing you from the first day that you walked in there, they are probably saving 3% in broker co-op. They aren’t going to give it to you, but it should give you a bit more leverage for upgrades or SOMETHING.

Please let me know if you want another quote.
[email protected]

[HLS]

SDR, That sounds like a conforming rate, not jumbo.. ??

FromNJ, when you are quoted fees does it include ALL
1) Title & Escrow,
2)Lender Underwriting
3) Broker fees

There’s just so much misleading info, and some details often get left out. Even if you get a GFE, it doesn’t have to be accurate, but there is NO REASON that the above 3 charges can’t be almost exact up front.

It raises the hair on my neck when builders REALLY discourages you from getting your own financing.

If they agree to sell to you for $XX, why do they care where you get it from ? ….Because they may be able to influence the appraiser. It’s not in their best interest to save you money on Title & Escrow fees, but they can have a bit of control over the closing date. You can really play the builder hard sometimes, but you do need to be willing to walk. I know that emotions get involved, like buying a car that is just the right color.

Try to negotiate for your upgrades, and constantly bounce back and forth between their financing and outside financing, and continue to ask WHY there is a difference.

Realize that if you don’t have a realtor representing you from the first day that you walked in there, they are probably saving 3% in broker co-op. They aren’t going to give it to you, but it should give you a bit more leverage for upgrades or SOMETHING.

Please let me know if you want another quote.
[email protected]

[sdrealtor]

It was a jumbo from a lender that always has been conservative and should have limited exposure to the mess. They never did Option ARMS or 2/28’s. Most of their loans are 30 year, 15 year, 10/1 and 5/1 arm to high quality borrowers.

[sdrealtor]

It was a jumbo from a lender that always has been conservative and should have limited exposure to the mess. They never did Option ARMS or 2/28’s. Most of their loans are 30 year, 15 year, 10/1 and 5/1 arm to high quality borrowers.

[sdrealtor]

It was a jumbo from a lender that always has been conservative and should have limited exposure to the mess. They never did Option ARMS or 2/28’s. Most of their loans are 30 year, 15 year, 10/1 and 5/1 arm to high quality borrowers.

[Coronita]

ouch…and to think a jumbo about 3 years ago was 5.5%

It’s hysterical. Loan agents still cold call me to try refinance. They were touting a great 5/1 at 6.5%ish…

One thing I look forward to. I hope it’s no longer to be sexy to be in the housing industry, so that annoying people will stop bugging me about refinancing, and I’ll stop receiving all this junk mail about new homes and refinancing. I get about 10 solicitations in the mail per week about new homes or refinancing.

[Coronita]

ouch…and to think a jumbo about 3 years ago was 5.5%

It’s hysterical. Loan agents still cold call me to try refinance. They were touting a great 5/1 at 6.5%ish…

One thing I look forward to. I hope it’s no longer to be sexy to be in the housing industry, so that annoying people will stop bugging me about refinancing, and I’ll stop receiving all this junk mail about new homes and refinancing. I get about 10 solicitations in the mail per week about new homes or refinancing.

[Coronita]

ouch…and to think a jumbo about 3 years ago was 5.5%

It’s hysterical. Loan agents still cold call me to try refinance. They were touting a great 5/1 at 6.5%ish…

One thing I look forward to. I hope it’s no longer to be sexy to be in the housing industry, so that annoying people will stop bugging me about refinancing, and I’ll stop receiving all this junk mail about new homes and refinancing. I get about 10 solicitations in the mail per week about new homes or refinancing.

[HLS]

5/1 at 6.50% pays them a decent commission on the back end today.

The real PAR rate for a 5/1 today is between 5.75% and 6%, you just need to qualify.

Those cold callers must catch a fish now and then, or they wouldn’t continue….

You’d be amazed at what still goes on in the industry.

[HLS]

5/1 at 6.50% pays them a decent commission on the back end today.

The real PAR rate for a 5/1 today is between 5.75% and 6%, you just need to qualify.

Those cold callers must catch a fish now and then, or they wouldn’t continue….

You’d be amazed at what still goes on in the industry.

[Author]

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