[moneymaker]

What price range are you in? When I talked to B of A a while back I would get one quote online then a different quote on the phone, I guess they think Californians are risky.I would recommend you try Countrywide.If you are looking for jumbo,I don’t know, as I was looking around for sub 417K.Funny thing is that even though B of A owns Countrywide they operate differently, atleast for now.

[moneymaker]

What price range are you in? When I talked to B of A a while back I would get one quote online then a different quote on the phone, I guess they think Californians are risky.I would recommend you try Countrywide.If you are looking for jumbo,I don’t know, as I was looking around for sub 417K.Funny thing is that even though B of A owns Countrywide they operate differently, atleast for now.

[moneymaker]

What price range are you in? When I talked to B of A a while back I would get one quote online then a different quote on the phone, I guess they think Californians are risky.I would recommend you try Countrywide.If you are looking for jumbo,I don’t know, as I was looking around for sub 417K.Funny thing is that even though B of A owns Countrywide they operate differently, atleast for now.

[moneymaker]

FHA 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.

[moneymaker]

FHA 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.

[moneymaker]

FHA 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.

[moneymaker]

FHA 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.

[moneymaker]

FHA 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.

[moneymaker]

There are 3 reasons to do it,ok maybe 4.

1.interest free loan
2.if you default it does not affect credit score and the repayment may not show on credit report hence may not affect debt/income ratio.
3.not sure about refi but on purchase loan may extend out to 30 years.
4.if the market goes down with house prices, pay back will be buying stock @ cheaper price.Obviously this will not be true over 30 years.

[moneymaker]

There are 3 reasons to do it,ok maybe 4.

1.interest free loan
2.if you default it does not affect credit score and the repayment may not show on credit report hence may not affect debt/income ratio.
3.not sure about refi but on purchase loan may extend out to 30 years.
4.if the market goes down with house prices, pay back will be buying stock @ cheaper price.Obviously this will not be true over 30 years.

[moneymaker]

There are 3 reasons to do it,ok maybe 4.

1.interest free loan
2.if you default it does not affect credit score and the repayment may not show on credit report hence may not affect debt/income ratio.
3.not sure about refi but on purchase loan may extend out to 30 years.
4.if the market goes down with house prices, pay back will be buying stock @ cheaper price.Obviously this will not be true over 30 years.

[moneymaker]

There are 3 reasons to do it,ok maybe 4.

1.interest free loan
2.if you default it does not affect credit score and the repayment may not show on credit report hence may not affect debt/income ratio.
3.not sure about refi but on purchase loan may extend out to 30 years.
4.if the market goes down with house prices, pay back will be buying stock @ cheaper price.Obviously this will not be true over 30 years.

[moneymaker]

There are 3 reasons to do it,ok maybe 4.

1.interest free loan
2.if you default it does not affect credit score and the repayment may not show on credit report hence may not affect debt/income ratio.
3.not sure about refi but on purchase loan may extend out to 30 years.
4.if the market goes down with house prices, pay back will be buying stock @ cheaper price.Obviously this will not be true over 30 years.

[moneymaker]

By origination I mean appraisal,underwriting,lock one loan, float the other. Sorry if I’m using the wrong terminology.

[moneymaker]

By origination I mean appraisal,underwriting,lock one loan, float the other. Sorry if I’m using the wrong terminology.

[Author]

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