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HLS.
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January 15, 2009 at 7:58 PM #330165January 23, 2009 at 11:43 PM #334523
HLS
ParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSJanuary 23, 2009 at 11:43 PM #334851ParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSJanuary 23, 2009 at 11:43 PM #334937ParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSJanuary 23, 2009 at 11:43 PM #334965ParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSJanuary 23, 2009 at 11:43 PM #335050ParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSJanuary 24, 2009 at 6:16 AM #334612moneymaker
ParticipantFHA only allows 1 appraisal anyway so that is a mute point for me. I think there is a common tactic by many brokers to stall the process so that the buyer runs out of time and cannot go with another lender. This would avoid that.I’m sure the process can be streamlined for the larger lenders. The smaller ones seem to always resell the mortgage and perhaps part of that entails nitpicking the borrower. Just my 2 cents from a first time buyer.To answer your question HLS, competition to me is getting 4.875% instead of 5.5%,and or lower fees.
January 24, 2009 at 6:16 AM #334941ParticipantFHA only allows 1 appraisal anyway so that is a mute point for me. I think there is a common tactic by many brokers to stall the process so that the buyer runs out of time and cannot go with another lender. This would avoid that.I’m sure the process can be streamlined for the larger lenders. The smaller ones seem to always resell the mortgage and perhaps part of that entails nitpicking the borrower. Just my 2 cents from a first time buyer.To answer your question HLS, competition to me is getting 4.875% instead of 5.5%,and or lower fees.
January 24, 2009 at 6:16 AM #335026ParticipantFHA only allows 1 appraisal anyway so that is a mute point for me. I think there is a common tactic by many brokers to stall the process so that the buyer runs out of time and cannot go with another lender. This would avoid that.I’m sure the process can be streamlined for the larger lenders. The smaller ones seem to always resell the mortgage and perhaps part of that entails nitpicking the borrower. Just my 2 cents from a first time buyer.To answer your question HLS, competition to me is getting 4.875% instead of 5.5%,and or lower fees.
January 24, 2009 at 6:16 AM #335053ParticipantFHA only allows 1 appraisal anyway so that is a mute point for me. I think there is a common tactic by many brokers to stall the process so that the buyer runs out of time and cannot go with another lender. This would avoid that.I’m sure the process can be streamlined for the larger lenders. The smaller ones seem to always resell the mortgage and perhaps part of that entails nitpicking the borrower. Just my 2 cents from a first time buyer.To answer your question HLS, competition to me is getting 4.875% instead of 5.5%,and or lower fees.
January 24, 2009 at 6:16 AM #335139ParticipantFHA only allows 1 appraisal anyway so that is a mute point for me. I think there is a common tactic by many brokers to stall the process so that the buyer runs out of time and cannot go with another lender. This would avoid that.I’m sure the process can be streamlined for the larger lenders. The smaller ones seem to always resell the mortgage and perhaps part of that entails nitpicking the borrower. Just my 2 cents from a first time buyer.To answer your question HLS, competition to me is getting 4.875% instead of 5.5%,and or lower fees.
January 24, 2009 at 8:02 AM #334632ParticipantTK.. WTF ??
“brokers stall the process” ??
You’re killing me with your generalizations…Are you going to also tell me that a waitress waits to bring you your food, so you won’t leave and go somewhere else. You’ll be so hungry, you’ll just stay and eat it.
The borrower decides when to lock, not the mortgage person. If YOU lock at 5.50% that is your decision.
A lock is COMMITMENT. It’s like buying a stock. You do your homework BEFORE you decide to lock.
If you bought a stock at $20 and it is lower a minute later, you don’t get a lower price.
Why would you lock at 5.50% if you are quoted 4.875% ? I know that people think they can constantly relock loans if rates drop a day or week later. They are called A-HOLES.
Locks are a serious business. Borrowers like you are just looking to play games. You aren’t ready for a loan. Stay home and play Monopoly for a few more years.
You are a “first time buyer” but talk like you are an expert. Are you learning this from some other clueless “experts” on this blog ?
Who told you that “The smaller ones seem to ALWAYS resell the mortgage” ?
The same idiot that told you the “common tactic you refer to?What’s the difference ?? Because of contractual agreements, I was able to get better rates for the borrower at one of the best lenders in the country by going through a company that you refer to as a “smaller one” rather than going directly to the company.
You can pay for as many appraisals as you want to. You are apparently an FHA expert as well ?
I’m glad that it’s a “mute” point for you.The mentality of people like you is beyond belief and foolish. Take a jar of vaseline with you when you get your loan. You’ll need it while you’re getting nitpicked during the tedious process that you will be going through. You deserve it too.
January 24, 2009 at 8:02 AM #334960ParticipantTK.. WTF ??
“brokers stall the process” ??
You’re killing me with your generalizations…Are you going to also tell me that a waitress waits to bring you your food, so you won’t leave and go somewhere else. You’ll be so hungry, you’ll just stay and eat it.
The borrower decides when to lock, not the mortgage person. If YOU lock at 5.50% that is your decision.
A lock is COMMITMENT. It’s like buying a stock. You do your homework BEFORE you decide to lock.
If you bought a stock at $20 and it is lower a minute later, you don’t get a lower price.
Why would you lock at 5.50% if you are quoted 4.875% ? I know that people think they can constantly relock loans if rates drop a day or week later. They are called A-HOLES.
Locks are a serious business. Borrowers like you are just looking to play games. You aren’t ready for a loan. Stay home and play Monopoly for a few more years.
You are a “first time buyer” but talk like you are an expert. Are you learning this from some other clueless “experts” on this blog ?
Who told you that “The smaller ones seem to ALWAYS resell the mortgage” ?
The same idiot that told you the “common tactic you refer to?What’s the difference ?? Because of contractual agreements, I was able to get better rates for the borrower at one of the best lenders in the country by going through a company that you refer to as a “smaller one” rather than going directly to the company.
You can pay for as many appraisals as you want to. You are apparently an FHA expert as well ?
I’m glad that it’s a “mute” point for you.The mentality of people like you is beyond belief and foolish. Take a jar of vaseline with you when you get your loan. You’ll need it while you’re getting nitpicked during the tedious process that you will be going through. You deserve it too.
January 24, 2009 at 8:02 AM #335046ParticipantTK.. WTF ??
“brokers stall the process” ??
You’re killing me with your generalizations…Are you going to also tell me that a waitress waits to bring you your food, so you won’t leave and go somewhere else. You’ll be so hungry, you’ll just stay and eat it.
The borrower decides when to lock, not the mortgage person. If YOU lock at 5.50% that is your decision.
A lock is COMMITMENT. It’s like buying a stock. You do your homework BEFORE you decide to lock.
If you bought a stock at $20 and it is lower a minute later, you don’t get a lower price.
Why would you lock at 5.50% if you are quoted 4.875% ? I know that people think they can constantly relock loans if rates drop a day or week later. They are called A-HOLES.
Locks are a serious business. Borrowers like you are just looking to play games. You aren’t ready for a loan. Stay home and play Monopoly for a few more years.
You are a “first time buyer” but talk like you are an expert. Are you learning this from some other clueless “experts” on this blog ?
Who told you that “The smaller ones seem to ALWAYS resell the mortgage” ?
The same idiot that told you the “common tactic you refer to?What’s the difference ?? Because of contractual agreements, I was able to get better rates for the borrower at one of the best lenders in the country by going through a company that you refer to as a “smaller one” rather than going directly to the company.
You can pay for as many appraisals as you want to. You are apparently an FHA expert as well ?
I’m glad that it’s a “mute” point for you.The mentality of people like you is beyond belief and foolish. Take a jar of vaseline with you when you get your loan. You’ll need it while you’re getting nitpicked during the tedious process that you will be going through. You deserve it too.
January 24, 2009 at 8:02 AM #335073ParticipantTK.. WTF ??
“brokers stall the process” ??
You’re killing me with your generalizations…Are you going to also tell me that a waitress waits to bring you your food, so you won’t leave and go somewhere else. You’ll be so hungry, you’ll just stay and eat it.
The borrower decides when to lock, not the mortgage person. If YOU lock at 5.50% that is your decision.
A lock is COMMITMENT. It’s like buying a stock. You do your homework BEFORE you decide to lock.
If you bought a stock at $20 and it is lower a minute later, you don’t get a lower price.
Why would you lock at 5.50% if you are quoted 4.875% ? I know that people think they can constantly relock loans if rates drop a day or week later. They are called A-HOLES.
Locks are a serious business. Borrowers like you are just looking to play games. You aren’t ready for a loan. Stay home and play Monopoly for a few more years.
You are a “first time buyer” but talk like you are an expert. Are you learning this from some other clueless “experts” on this blog ?
Who told you that “The smaller ones seem to ALWAYS resell the mortgage” ?
The same idiot that told you the “common tactic you refer to?What’s the difference ?? Because of contractual agreements, I was able to get better rates for the borrower at one of the best lenders in the country by going through a company that you refer to as a “smaller one” rather than going directly to the company.
You can pay for as many appraisals as you want to. You are apparently an FHA expert as well ?
I’m glad that it’s a “mute” point for you.The mentality of people like you is beyond belief and foolish. Take a jar of vaseline with you when you get your loan. You’ll need it while you’re getting nitpicked during the tedious process that you will be going through. You deserve it too.
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