[HLS]

OX..
I’ll be waiting for your call shortly after 12 noon on Monday…
and their rate couldn’t have been that good, don’t kid yourself.

[HLS]

OX..
I’ll be waiting for your call shortly after 12 noon on Monday…
and their rate couldn’t have been that good, don’t kid yourself.

[HLS]

Why do people fall for this crap ?
Shop by rate and you will find the biggest liar.

Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.
I continue to be amazed that otherwise intelligent people fall for the belief that “banks & CU’s” are giving away loans for free and using a mortgage broker is going to cost them more.

Cont..
“that Federal good-faith ESTIMATE form…specifying the terms originally agreed to”
Is there some misunderstanding about what the word ESTIMATE means ?? Have you ever read the print on a GFE that CLEARLY STATES these are ESTIMATES and your actual costs may be higher or lower.

For everybody who shops by rate and thinks that they know how to get the lowest rate and are finding the cheapest place to get your loan, you will probably end up with the biggest liar.

Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.
And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.

For 15 & 30 YR Fixed loans, banks are nothing more than mortgage brokers with the same underwriting guidelines.

Why are so many intelligent people so stubborn and foolish ?? Why don’t people want to listen to the truth ?

30 YR rates are available down to 4.25% with a cost again at the moment, if you qualify.

Warms my heart when I hear how great the service is from my competition. Shop for the person to do your loan and you might get the right rate along with service if you know how to shop…. Shop for the lowest rate and refer to the original post of this thread for what you can expect.

[HLS]

Why do people fall for this crap ?
Shop by rate and you will find the biggest liar.

Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.
I continue to be amazed that otherwise intelligent people fall for the belief that “banks & CU’s” are giving away loans for free and using a mortgage broker is going to cost them more.

Cont..
“that Federal good-faith ESTIMATE form…specifying the terms originally agreed to”
Is there some misunderstanding about what the word ESTIMATE means ?? Have you ever read the print on a GFE that CLEARLY STATES these are ESTIMATES and your actual costs may be higher or lower.

For everybody who shops by rate and thinks that they know how to get the lowest rate and are finding the cheapest place to get your loan, you will probably end up with the biggest liar.

Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.
And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.

For 15 & 30 YR Fixed loans, banks are nothing more than mortgage brokers with the same underwriting guidelines.

Why are so many intelligent people so stubborn and foolish ?? Why don’t people want to listen to the truth ?

30 YR rates are available down to 4.25% with a cost again at the moment, if you qualify.

Warms my heart when I hear how great the service is from my competition. Shop for the person to do your loan and you might get the right rate along with service if you know how to shop…. Shop for the lowest rate and refer to the original post of this thread for what you can expect.

[HLS]

Why do people fall for this crap ?
Shop by rate and you will find the biggest liar.

Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.
I continue to be amazed that otherwise intelligent people fall for the belief that “banks & CU’s” are giving away loans for free and using a mortgage broker is going to cost them more.

Cont..
“that Federal good-faith ESTIMATE form…specifying the terms originally agreed to”
Is there some misunderstanding about what the word ESTIMATE means ?? Have you ever read the print on a GFE that CLEARLY STATES these are ESTIMATES and your actual costs may be higher or lower.

For everybody who shops by rate and thinks that they know how to get the lowest rate and are finding the cheapest place to get your loan, you will probably end up with the biggest liar.

Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.
And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.

For 15 & 30 YR Fixed loans, banks are nothing more than mortgage brokers with the same underwriting guidelines.

Why are so many intelligent people so stubborn and foolish ?? Why don’t people want to listen to the truth ?

30 YR rates are available down to 4.25% with a cost again at the moment, if you qualify.

Warms my heart when I hear how great the service is from my competition. Shop for the person to do your loan and you might get the right rate along with service if you know how to shop…. Shop for the lowest rate and refer to the original post of this thread for what you can expect.

[HLS]

Why do people fall for this crap ?
Shop by rate and you will find the biggest liar.

Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.
I continue to be amazed that otherwise intelligent people fall for the belief that “banks & CU’s” are giving away loans for free and using a mortgage broker is going to cost them more.

Cont..
“that Federal good-faith ESTIMATE form…specifying the terms originally agreed to”
Is there some misunderstanding about what the word ESTIMATE means ?? Have you ever read the print on a GFE that CLEARLY STATES these are ESTIMATES and your actual costs may be higher or lower.

For everybody who shops by rate and thinks that they know how to get the lowest rate and are finding the cheapest place to get your loan, you will probably end up with the biggest liar.

Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.
And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.

For 15 & 30 YR Fixed loans, banks are nothing more than mortgage brokers with the same underwriting guidelines.

Why are so many intelligent people so stubborn and foolish ?? Why don’t people want to listen to the truth ?

30 YR rates are available down to 4.25% with a cost again at the moment, if you qualify.

Warms my heart when I hear how great the service is from my competition. Shop for the person to do your loan and you might get the right rate along with service if you know how to shop…. Shop for the lowest rate and refer to the original post of this thread for what you can expect.

[HLS]

Why do people fall for this crap ?
Shop by rate and you will find the biggest liar.

Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.
I continue to be amazed that otherwise intelligent people fall for the belief that “banks & CU’s” are giving away loans for free and using a mortgage broker is going to cost them more.

Cont..
“that Federal good-faith ESTIMATE form…specifying the terms originally agreed to”
Is there some misunderstanding about what the word ESTIMATE means ?? Have you ever read the print on a GFE that CLEARLY STATES these are ESTIMATES and your actual costs may be higher or lower.

For everybody who shops by rate and thinks that they know how to get the lowest rate and are finding the cheapest place to get your loan, you will probably end up with the biggest liar.

Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.
And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.

For 15 & 30 YR Fixed loans, banks are nothing more than mortgage brokers with the same underwriting guidelines.

Why are so many intelligent people so stubborn and foolish ?? Why don’t people want to listen to the truth ?

30 YR rates are available down to 4.25% with a cost again at the moment, if you qualify.

Warms my heart when I hear how great the service is from my competition. Shop for the person to do your loan and you might get the right rate along with service if you know how to shop…. Shop for the lowest rate and refer to the original post of this thread for what you can expect.

[HLS]

There is some truth to this, but it’s a complicated explanation. Fannie Mae pricing is based on a matrix of credit score and % down for a purchase (or % of equity in a refi). It applies to all of their loans.

The lowest rates are available to all who qualify, BUT the upfront cost to get the lowest rate changes OR a higher interest rate can be taken to offset the upfront cost.
With a credit score above 740, the pricing from 60.01% up to 90% is the same. Lower scores have different pricing hits.

It is true that with a score of 680-699 the hit is less for a 90% loan than an 80% loan; but the 90% loan will have mtg insurance, and it may not even be available in CA, NV, AZ, FL. There are 42 different pricing “boxes” that a borrower can fall into up to a 90% loan. 95% financing is still avail in some states with a score above 680.

When you go above 80% mortgage insurance is required, and it may not be tax deductible to everyone. Most ppl are better off without any MI.

Only the middle credit score of the 3 bureaus is used. The highest and lowest is ignored. (The average of the 3 scores is NOT used as some ppl think) From a score of 620 to 739 every 20 points
can make a difference.
It is often easy to raise a credit score quickly.

With 10% down and a credit score of 740 a FNMA loan is better than FHA if you qualify..in other cases with a lower score, FHA is the only option for many. With only 3.50% down required, FHA isn’t much different than a subprime lender.

It’s truly become more complicated to qualify for a loan and explain the options quickly…HLS

[HLS]

There is some truth to this, but it’s a complicated explanation. Fannie Mae pricing is based on a matrix of credit score and % down for a purchase (or % of equity in a refi). It applies to all of their loans.

The lowest rates are available to all who qualify, BUT the upfront cost to get the lowest rate changes OR a higher interest rate can be taken to offset the upfront cost.
With a credit score above 740, the pricing from 60.01% up to 90% is the same. Lower scores have different pricing hits.

It is true that with a score of 680-699 the hit is less for a 90% loan than an 80% loan; but the 90% loan will have mtg insurance, and it may not even be available in CA, NV, AZ, FL. There are 42 different pricing “boxes” that a borrower can fall into up to a 90% loan. 95% financing is still avail in some states with a score above 680.

When you go above 80% mortgage insurance is required, and it may not be tax deductible to everyone. Most ppl are better off without any MI.

Only the middle credit score of the 3 bureaus is used. The highest and lowest is ignored. (The average of the 3 scores is NOT used as some ppl think) From a score of 620 to 739 every 20 points
can make a difference.
It is often easy to raise a credit score quickly.

With 10% down and a credit score of 740 a FNMA loan is better than FHA if you qualify..in other cases with a lower score, FHA is the only option for many. With only 3.50% down required, FHA isn’t much different than a subprime lender.

It’s truly become more complicated to qualify for a loan and explain the options quickly…HLS

[HLS]

There is some truth to this, but it’s a complicated explanation. Fannie Mae pricing is based on a matrix of credit score and % down for a purchase (or % of equity in a refi). It applies to all of their loans.

The lowest rates are available to all who qualify, BUT the upfront cost to get the lowest rate changes OR a higher interest rate can be taken to offset the upfront cost.
With a credit score above 740, the pricing from 60.01% up to 90% is the same. Lower scores have different pricing hits.

It is true that with a score of 680-699 the hit is less for a 90% loan than an 80% loan; but the 90% loan will have mtg insurance, and it may not even be available in CA, NV, AZ, FL. There are 42 different pricing “boxes” that a borrower can fall into up to a 90% loan. 95% financing is still avail in some states with a score above 680.

When you go above 80% mortgage insurance is required, and it may not be tax deductible to everyone. Most ppl are better off without any MI.

Only the middle credit score of the 3 bureaus is used. The highest and lowest is ignored. (The average of the 3 scores is NOT used as some ppl think) From a score of 620 to 739 every 20 points
can make a difference.
It is often easy to raise a credit score quickly.

With 10% down and a credit score of 740 a FNMA loan is better than FHA if you qualify..in other cases with a lower score, FHA is the only option for many. With only 3.50% down required, FHA isn’t much different than a subprime lender.

It’s truly become more complicated to qualify for a loan and explain the options quickly…HLS

[HLS]

There is some truth to this, but it’s a complicated explanation. Fannie Mae pricing is based on a matrix of credit score and % down for a purchase (or % of equity in a refi). It applies to all of their loans.

The lowest rates are available to all who qualify, BUT the upfront cost to get the lowest rate changes OR a higher interest rate can be taken to offset the upfront cost.
With a credit score above 740, the pricing from 60.01% up to 90% is the same. Lower scores have different pricing hits.

It is true that with a score of 680-699 the hit is less for a 90% loan than an 80% loan; but the 90% loan will have mtg insurance, and it may not even be available in CA, NV, AZ, FL. There are 42 different pricing “boxes” that a borrower can fall into up to a 90% loan. 95% financing is still avail in some states with a score above 680.

When you go above 80% mortgage insurance is required, and it may not be tax deductible to everyone. Most ppl are better off without any MI.

Only the middle credit score of the 3 bureaus is used. The highest and lowest is ignored. (The average of the 3 scores is NOT used as some ppl think) From a score of 620 to 739 every 20 points
can make a difference.
It is often easy to raise a credit score quickly.

With 10% down and a credit score of 740 a FNMA loan is better than FHA if you qualify..in other cases with a lower score, FHA is the only option for many. With only 3.50% down required, FHA isn’t much different than a subprime lender.

It’s truly become more complicated to qualify for a loan and explain the options quickly…HLS

[HLS]

There is some truth to this, but it’s a complicated explanation. Fannie Mae pricing is based on a matrix of credit score and % down for a purchase (or % of equity in a refi). It applies to all of their loans.

The lowest rates are available to all who qualify, BUT the upfront cost to get the lowest rate changes OR a higher interest rate can be taken to offset the upfront cost.
With a credit score above 740, the pricing from 60.01% up to 90% is the same. Lower scores have different pricing hits.

It is true that with a score of 680-699 the hit is less for a 90% loan than an 80% loan; but the 90% loan will have mtg insurance, and it may not even be available in CA, NV, AZ, FL. There are 42 different pricing “boxes” that a borrower can fall into up to a 90% loan. 95% financing is still avail in some states with a score above 680.

When you go above 80% mortgage insurance is required, and it may not be tax deductible to everyone. Most ppl are better off without any MI.

Only the middle credit score of the 3 bureaus is used. The highest and lowest is ignored. (The average of the 3 scores is NOT used as some ppl think) From a score of 620 to 739 every 20 points
can make a difference.
It is often easy to raise a credit score quickly.

With 10% down and a credit score of 740 a FNMA loan is better than FHA if you qualify..in other cases with a lower score, FHA is the only option for many. With only 3.50% down required, FHA isn’t much different than a subprime lender.

It’s truly become more complicated to qualify for a loan and explain the options quickly…HLS

[HLS]

TRY..
I’m a mortgage consultant and may be able to help.

Are both spouses on the condo loan ?
It doesn’t sound like both of your incomes were needed to qualify and you should NOT have both been on that loan. Credit profiles of spouses are separate, unless you have joint debt.
Spouses can still be on title/deed to a property without being on the loan. This is routinely done for various reasons. Consult an attorney for legal advice.

A foreclosure could whack your credit scores 100 to 200 points, and disqualify you for financing regardless of down payment for a few years.

Your broker committed fraud and you were complicit in buying a rental property as a 2nd home.
You can get the same rate as an owner occupied home by paying a pricing hit, and then you’re not committing fraud. That’s 4.875% today.

MOST people get irresponsible mortgage advice from friends, neighbors and Realtor referrals and end up paying too much for the wrong loan, especially when it’s free.

You can DEFINITELY rebuild a credit score, however,you will probably never recover the money that you are losing monthly to “protect” your credit score.

Another option is to try and find a qualified buyer who cannot qualify for a new loan, and give them an option to buy the condo from you for $1000 a month payment or $800 or $900 or whatever you are willing to cover. Many ppl have plenty of income but cannot qualify by today’a guidelines.
A bit of risk, but could help your situation.

When people shop for a mortgage, they truly don’t understand what they are actually shopping for.

Feel free to contact me privately for honest advice.,,, HLS

PS: I hardly ever recommmend that anybody buy a condo for rental purposes anywhere, and per your #2, things ARE turning around. They have turned to the direction of reality and will continue for some time, esp in AZ. My guess is that condo will never be worth $140K in today’s dollars. (Inflated dollars, maybe) I laugh everytime the experts talk about things turning around… they don’t want to admit that the turn around has occured because they don’t like the direction it’s headed.

[HLS]

TRY..
I’m a mortgage consultant and may be able to help.

Are both spouses on the condo loan ?
It doesn’t sound like both of your incomes were needed to qualify and you should NOT have both been on that loan. Credit profiles of spouses are separate, unless you have joint debt.
Spouses can still be on title/deed to a property without being on the loan. This is routinely done for various reasons. Consult an attorney for legal advice.

A foreclosure could whack your credit scores 100 to 200 points, and disqualify you for financing regardless of down payment for a few years.

Your broker committed fraud and you were complicit in buying a rental property as a 2nd home.
You can get the same rate as an owner occupied home by paying a pricing hit, and then you’re not committing fraud. That’s 4.875% today.

MOST people get irresponsible mortgage advice from friends, neighbors and Realtor referrals and end up paying too much for the wrong loan, especially when it’s free.

You can DEFINITELY rebuild a credit score, however,you will probably never recover the money that you are losing monthly to “protect” your credit score.

Another option is to try and find a qualified buyer who cannot qualify for a new loan, and give them an option to buy the condo from you for $1000 a month payment or $800 or $900 or whatever you are willing to cover. Many ppl have plenty of income but cannot qualify by today’a guidelines.
A bit of risk, but could help your situation.

When people shop for a mortgage, they truly don’t understand what they are actually shopping for.

Feel free to contact me privately for honest advice.,,, HLS

PS: I hardly ever recommmend that anybody buy a condo for rental purposes anywhere, and per your #2, things ARE turning around. They have turned to the direction of reality and will continue for some time, esp in AZ. My guess is that condo will never be worth $140K in today’s dollars. (Inflated dollars, maybe) I laugh everytime the experts talk about things turning around… they don’t want to admit that the turn around has occured because they don’t like the direction it’s headed.

[HLS]

TRY..
I’m a mortgage consultant and may be able to help.

Are both spouses on the condo loan ?
It doesn’t sound like both of your incomes were needed to qualify and you should NOT have both been on that loan. Credit profiles of spouses are separate, unless you have joint debt.
Spouses can still be on title/deed to a property without being on the loan. This is routinely done for various reasons. Consult an attorney for legal advice.

A foreclosure could whack your credit scores 100 to 200 points, and disqualify you for financing regardless of down payment for a few years.

Your broker committed fraud and you were complicit in buying a rental property as a 2nd home.
You can get the same rate as an owner occupied home by paying a pricing hit, and then you’re not committing fraud. That’s 4.875% today.

MOST people get irresponsible mortgage advice from friends, neighbors and Realtor referrals and end up paying too much for the wrong loan, especially when it’s free.

You can DEFINITELY rebuild a credit score, however,you will probably never recover the money that you are losing monthly to “protect” your credit score.

Another option is to try and find a qualified buyer who cannot qualify for a new loan, and give them an option to buy the condo from you for $1000 a month payment or $800 or $900 or whatever you are willing to cover. Many ppl have plenty of income but cannot qualify by today’a guidelines.
A bit of risk, but could help your situation.

When people shop for a mortgage, they truly don’t understand what they are actually shopping for.

Feel free to contact me privately for honest advice.,,, HLS

PS: I hardly ever recommmend that anybody buy a condo for rental purposes anywhere, and per your #2, things ARE turning around. They have turned to the direction of reality and will continue for some time, esp in AZ. My guess is that condo will never be worth $140K in today’s dollars. (Inflated dollars, maybe) I laugh everytime the experts talk about things turning around… they don’t want to admit that the turn around has occured because they don’t like the direction it’s headed.

[Author]

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