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HLS
ParticipantCS..
In my opinion it makes no sense and may even be illegal. I know that some mtg people have done it, I want no part of it.
When people do finally realize that they got screwed, they will find a lawyer who will want to sue everyone that he can find that was involved, including the FEDEX delivery driver just so the lawyer can make his money.
The mortgage person responsible will probably no longer be in the business, they will be off in another scam.
In the securities industry it would be called churning. My belief is that it is highly unethical
and although might be a short term benefit to a borrower, it screws the borrower in the long run, without them even realizing it.Most mortgage people do not know the meaning of the word ethical.
It’s nothing more than a mortgage person encouraging someone to gamble with their future financial security so they can put commissions in their pocket, with no regard to the clients future.
I equate it to the scheme that goes on with mutual funds, people pay a fund manager who will make money forever regardless of whether or not the client ever makes a penny.
It’s wrong. It’s sick. It’s unfortunately how many people make money, by screwing others with crazy ideas that neither one actually understands.
I always & only suggest what I think is the absolute best option for the borrower that benefits them, not a crazy loan that will benefit me.
People who shop only by rate will get what they deserve. … HLS
Participant[quote=donaldduckmoore]HLS, what is a loan limit as $546250? Is that a conventional loan limit that was $417000?[/quote]
Quack:
The $417K limit still exists for best pricing.Above $417K is the new “Fannie Mae High Balance 30-Year Fixed”
Loan limits are based on county: SD is $546,250,
LA/OC is $625,500, Riverside limit is $417KRates are only a bit higher than $417K
If rates get to 2%-3%, some people will hold out for 1%
Participant[quote=donaldduckmoore]HLS, what is a loan limit as $546250? Is that a conventional loan limit that was $417000?[/quote]
Quack:
The $417K limit still exists for best pricing.Above $417K is the new “Fannie Mae High Balance 30-Year Fixed”
Loan limits are based on county: SD is $546,250,
LA/OC is $625,500, Riverside limit is $417KRates are only a bit higher than $417K
If rates get to 2%-3%, some people will hold out for 1%
Participant[quote=donaldduckmoore]HLS, what is a loan limit as $546250? Is that a conventional loan limit that was $417000?[/quote]
Quack:
The $417K limit still exists for best pricing.Above $417K is the new “Fannie Mae High Balance 30-Year Fixed”
Loan limits are based on county: SD is $546,250,
LA/OC is $625,500, Riverside limit is $417KRates are only a bit higher than $417K
If rates get to 2%-3%, some people will hold out for 1%
Participant[quote=donaldduckmoore]HLS, what is a loan limit as $546250? Is that a conventional loan limit that was $417000?[/quote]
Quack:
The $417K limit still exists for best pricing.Above $417K is the new “Fannie Mae High Balance 30-Year Fixed”
Loan limits are based on county: SD is $546,250,
LA/OC is $625,500, Riverside limit is $417KRates are only a bit higher than $417K
If rates get to 2%-3%, some people will hold out for 1%
Participant[quote=donaldduckmoore]HLS, what is a loan limit as $546250? Is that a conventional loan limit that was $417000?[/quote]
Quack:
The $417K limit still exists for best pricing.Above $417K is the new “Fannie Mae High Balance 30-Year Fixed”
Loan limits are based on county: SD is $546,250,
LA/OC is $625,500, Riverside limit is $417KRates are only a bit higher than $417K
If rates get to 2%-3%, some people will hold out for 1%
ParticipantI currently have 5% down FNMA available to borrowers with 700+ credit scores.
It’s the MI coverage that is the problem, and could be withdrawn at any time.If someone qualifies for a 5% down conventional loan why would they choose to go FHA with 3.5% down and pay 1.75% funding fee ??
ParticipantI currently have 5% down FNMA available to borrowers with 700+ credit scores.
It’s the MI coverage that is the problem, and could be withdrawn at any time.If someone qualifies for a 5% down conventional loan why would they choose to go FHA with 3.5% down and pay 1.75% funding fee ??
ParticipantI currently have 5% down FNMA available to borrowers with 700+ credit scores.
It’s the MI coverage that is the problem, and could be withdrawn at any time.If someone qualifies for a 5% down conventional loan why would they choose to go FHA with 3.5% down and pay 1.75% funding fee ??
ParticipantI currently have 5% down FNMA available to borrowers with 700+ credit scores.
It’s the MI coverage that is the problem, and could be withdrawn at any time.If someone qualifies for a 5% down conventional loan why would they choose to go FHA with 3.5% down and pay 1.75% funding fee ??
ParticipantI currently have 5% down FNMA available to borrowers with 700+ credit scores.
It’s the MI coverage that is the problem, and could be withdrawn at any time.If someone qualifies for a 5% down conventional loan why would they choose to go FHA with 3.5% down and pay 1.75% funding fee ??
ParticipantPoway seller..
I must have missed your confession that you were a bank employee in your original post. I’ll put on my glasses the next time I read one of your posts so I can read between the lines…Another 6 clueless victims… while you are quoting 5.375% today with your “incidental business” I was quoting 4.75% well worth it for most people to pay a point to save .625% for 30 years…
Your claim of having the best rates with no broker fee is just PURE CRAP.
Because you have no broker fee, your rates are much higher, in most cases screwing the clueless borrower who is giving up the opportunity to get a historically low rate because they fall for “no fee”
I cannot imagine what you tell people in your “main business”
You validate my belief that bank employees are clueless about options that are best for the borrower, and foolish people go to banks to get their loans.
ParticipantPoway seller..
I must have missed your confession that you were a bank employee in your original post. I’ll put on my glasses the next time I read one of your posts so I can read between the lines…Another 6 clueless victims… while you are quoting 5.375% today with your “incidental business” I was quoting 4.75% well worth it for most people to pay a point to save .625% for 30 years…
Your claim of having the best rates with no broker fee is just PURE CRAP.
Because you have no broker fee, your rates are much higher, in most cases screwing the clueless borrower who is giving up the opportunity to get a historically low rate because they fall for “no fee”
I cannot imagine what you tell people in your “main business”
You validate my belief that bank employees are clueless about options that are best for the borrower, and foolish people go to banks to get their loans.
ParticipantPoway seller..
I must have missed your confession that you were a bank employee in your original post. I’ll put on my glasses the next time I read one of your posts so I can read between the lines…Another 6 clueless victims… while you are quoting 5.375% today with your “incidental business” I was quoting 4.75% well worth it for most people to pay a point to save .625% for 30 years…
Your claim of having the best rates with no broker fee is just PURE CRAP.
Because you have no broker fee, your rates are much higher, in most cases screwing the clueless borrower who is giving up the opportunity to get a historically low rate because they fall for “no fee”
I cannot imagine what you tell people in your “main business”
You validate my belief that bank employees are clueless about options that are best for the borrower, and foolish people go to banks to get their loans.
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