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HLS
ParticipantCA Dream…
I am totally amused by your post, but it wakes me up to the reality of the lack of understanding about mortgage rates..
Rates move like the wind. While PS may have gotten that rate on Weds, he caught a window of opportunity that disappeared within an hour.
That rate isn’t currently available, and if you plan on keeping the loan for 2-3 years or longer, I still think it is completely foolish to get no cost loans.
Poway_seller, what are your closing costs for this loan ? Would you please email me a copy of the Good Faith Estimate for the loan that you mentioned, I’d like to see it with my own eyes.
I’d truly appreciate it.PS: No points and no origination fee is not the same as no points no fees.
ParticipantMortg Insurance depends on which company the lender puts you with, and it is based on a combination of your credit score and LTV.
FHA insurance with low down is the most expensive premium there is.I can’t quote exact premiums, but with a high credit score and a 90% loan, on a $540,000 loan my guess would be $250-$300 a month.
SDE, At this time, I still have one solid lender that offers FNMA 95% financing (5% down) for high credit scores. I think the minimum score needs to be 720.
FHA @ 3.50% down 1.75% upfront fee is a sucker’s bet.
I still believe that many people are fooled into getting FHA loans, incorrectly thinking that it is their only option OR that it is a better loan for them.
It’s sad that consumer ignorance is exceeded by mortgage advisor ignorance.
It’s a feeding frenzy right now, and the hungry mortgage sharks are eating people alive who are shopping only by rate.
It’s a sad statement that people believe lies and are wary of the truth…. HLS
ParticipantMortg Insurance depends on which company the lender puts you with, and it is based on a combination of your credit score and LTV.
FHA insurance with low down is the most expensive premium there is.I can’t quote exact premiums, but with a high credit score and a 90% loan, on a $540,000 loan my guess would be $250-$300 a month.
SDE, At this time, I still have one solid lender that offers FNMA 95% financing (5% down) for high credit scores. I think the minimum score needs to be 720.
FHA @ 3.50% down 1.75% upfront fee is a sucker’s bet.
I still believe that many people are fooled into getting FHA loans, incorrectly thinking that it is their only option OR that it is a better loan for them.
It’s sad that consumer ignorance is exceeded by mortgage advisor ignorance.
It’s a feeding frenzy right now, and the hungry mortgage sharks are eating people alive who are shopping only by rate.
It’s a sad statement that people believe lies and are wary of the truth…. HLS
ParticipantMortg Insurance depends on which company the lender puts you with, and it is based on a combination of your credit score and LTV.
FHA insurance with low down is the most expensive premium there is.I can’t quote exact premiums, but with a high credit score and a 90% loan, on a $540,000 loan my guess would be $250-$300 a month.
SDE, At this time, I still have one solid lender that offers FNMA 95% financing (5% down) for high credit scores. I think the minimum score needs to be 720.
FHA @ 3.50% down 1.75% upfront fee is a sucker’s bet.
I still believe that many people are fooled into getting FHA loans, incorrectly thinking that it is their only option OR that it is a better loan for them.
It’s sad that consumer ignorance is exceeded by mortgage advisor ignorance.
It’s a feeding frenzy right now, and the hungry mortgage sharks are eating people alive who are shopping only by rate.
It’s a sad statement that people believe lies and are wary of the truth…. HLS
ParticipantMortg Insurance depends on which company the lender puts you with, and it is based on a combination of your credit score and LTV.
FHA insurance with low down is the most expensive premium there is.I can’t quote exact premiums, but with a high credit score and a 90% loan, on a $540,000 loan my guess would be $250-$300 a month.
SDE, At this time, I still have one solid lender that offers FNMA 95% financing (5% down) for high credit scores. I think the minimum score needs to be 720.
FHA @ 3.50% down 1.75% upfront fee is a sucker’s bet.
I still believe that many people are fooled into getting FHA loans, incorrectly thinking that it is their only option OR that it is a better loan for them.
It’s sad that consumer ignorance is exceeded by mortgage advisor ignorance.
It’s a feeding frenzy right now, and the hungry mortgage sharks are eating people alive who are shopping only by rate.
It’s a sad statement that people believe lies and are wary of the truth…. HLS
ParticipantMortg Insurance depends on which company the lender puts you with, and it is based on a combination of your credit score and LTV.
FHA insurance with low down is the most expensive premium there is.I can’t quote exact premiums, but with a high credit score and a 90% loan, on a $540,000 loan my guess would be $250-$300 a month.
SDE, At this time, I still have one solid lender that offers FNMA 95% financing (5% down) for high credit scores. I think the minimum score needs to be 720.
FHA @ 3.50% down 1.75% upfront fee is a sucker’s bet.
I still believe that many people are fooled into getting FHA loans, incorrectly thinking that it is their only option OR that it is a better loan for them.
It’s sad that consumer ignorance is exceeded by mortgage advisor ignorance.
It’s a feeding frenzy right now, and the hungry mortgage sharks are eating people alive who are shopping only by rate.
It’s a sad statement that people believe lies and are wary of the truth…. HLS
ParticipantYou will pay 1.75% up front fee for an FHA loan.
$8750 for a $500K loan.
You have mandatory mortgage insurance for at least 5 years, regardless of LTV.With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.
For FNMA.
Max loan amount $546,250 in SD county.You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
>HLSParticipantYou will pay 1.75% up front fee for an FHA loan.
$8750 for a $500K loan.
You have mandatory mortgage insurance for at least 5 years, regardless of LTV.With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.
For FNMA.
Max loan amount $546,250 in SD county.You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
>HLSParticipantYou will pay 1.75% up front fee for an FHA loan.
$8750 for a $500K loan.
You have mandatory mortgage insurance for at least 5 years, regardless of LTV.With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.
For FNMA.
Max loan amount $546,250 in SD county.You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
>HLSParticipantYou will pay 1.75% up front fee for an FHA loan.
$8750 for a $500K loan.
You have mandatory mortgage insurance for at least 5 years, regardless of LTV.With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.
For FNMA.
Max loan amount $546,250 in SD county.You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
>HLSParticipantYou will pay 1.75% up front fee for an FHA loan.
$8750 for a $500K loan.
You have mandatory mortgage insurance for at least 5 years, regardless of LTV.With 10% down and high credit score, I would love for anyone to explain to me why they want a FHA loan.
For FNMA.
Max loan amount $546,250 in SD county.You missed the lowest mortgage rates in history this morning, rates closed the day up quite a bit.
>HLSParticipantI have never seen this happen before..
Rates spiked down this morning with the best lenders, then quickly went right back up, to higher than yesterday. 10 YR bond is down.
I have heard that some lenders that use automated pricing engines have websites that crashed today.
Phone locks can take hold times of an hour on the phone..
Seems like chaos.
30 YR rates seem to still be around 4.875% now..
15 YR rates higher than 30 YR rates.Madoff exposed a useless SEC.
Just another day, another scam exposed.Until you are qualified and approved, rates mean nothing.
Locks are a serious commitment and lenders lose money if they cannot deliver their commitments.
It wont surprise me if some lenders go under due to lock fallout.
Many people don’t understand what a commitment means. They just think it’s a game and want the best of both worlds.
ParticipantI have never seen this happen before..
Rates spiked down this morning with the best lenders, then quickly went right back up, to higher than yesterday. 10 YR bond is down.
I have heard that some lenders that use automated pricing engines have websites that crashed today.
Phone locks can take hold times of an hour on the phone..
Seems like chaos.
30 YR rates seem to still be around 4.875% now..
15 YR rates higher than 30 YR rates.Madoff exposed a useless SEC.
Just another day, another scam exposed.Until you are qualified and approved, rates mean nothing.
Locks are a serious commitment and lenders lose money if they cannot deliver their commitments.
It wont surprise me if some lenders go under due to lock fallout.
Many people don’t understand what a commitment means. They just think it’s a game and want the best of both worlds.
ParticipantI have never seen this happen before..
Rates spiked down this morning with the best lenders, then quickly went right back up, to higher than yesterday. 10 YR bond is down.
I have heard that some lenders that use automated pricing engines have websites that crashed today.
Phone locks can take hold times of an hour on the phone..
Seems like chaos.
30 YR rates seem to still be around 4.875% now..
15 YR rates higher than 30 YR rates.Madoff exposed a useless SEC.
Just another day, another scam exposed.Until you are qualified and approved, rates mean nothing.
Locks are a serious commitment and lenders lose money if they cannot deliver their commitments.
It wont surprise me if some lenders go under due to lock fallout.
Many people don’t understand what a commitment means. They just think it’s a game and want the best of both worlds.
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