[ninaprincess]

ljinvestor,

We will get the keys in March, I guess I will stay with this broker. Our loans are exactly the same except that my rate is 4.99%. Initially I was really upset about the PMI difference ($165 estimate vs. $209 now–and we will pay this PMI for 91 months), but I guess that is a fair cost as I checked on various websites but I wish she would let me know that in the beginning. Adding to that, the bank made an error incorrectly stating the loan amount. But I called her and she explained that will be fixed by the underwriter.

I wonder why your house price and mine are exactly the same in addition to our 10% down. Is it just a coincidence? Is yours also a bank own?

[quote=ljinvestor]How far along are you? Has appraisal been done? You might want to check out aimloan.com and do application online as they are local and pretty easy to work with. They should be able to close in 30 days or less.

I recently used them as a backup on a refi in case my current lender didn’t come through. Their 5% 0pt has low closing costs and payment is almost the same with PMI.

Loan Information February 09, 2011 – 4:25 PM PT
Amount: $405,700
Purchase Price: $450,900
State: California
County: San Diego
City: All
Escrow/Impounds? Yes
Loan Purpose: Purchase
Property Use: Primary Residence
Property Type: Single Family Home
Lock Period: 30 Day

30 Year Fixed Rate

5.000%-rate
0.000%-pts
5.426%-apr
$3,589.57-closing costs
$2,387.50-payment with pmi[/quote]

[ninaprincess]

Hawaii is the best! Many many surfers.

I have never heard or seen a Texan surfer, I wonder why?

[ninaprincess]

Hawaii is the best! Many many surfers.

I have never heard or seen a Texan surfer, I wonder why?

[ninaprincess]

Hawaii is the best! Many many surfers.

I have never heard or seen a Texan surfer, I wonder why?

[ninaprincess]

Hawaii is the best! Many many surfers.

I have never heard or seen a Texan surfer, I wonder why?

[ninaprincess]

Hawaii is the best! Many many surfers.

I have never heard or seen a Texan surfer, I wonder why?

[ninaprincess]

The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

I calculated the payment:
2175.41 * 360 = $783,147.6
209.61 * 91 = $19,074.51
+ fee (~2000?)

I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

(91 payments til reaching 78% of loan/price ratio)

[quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

[/quote]

The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

[ninaprincess]

The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

I calculated the payment:
2175.41 * 360 = $783,147.6
209.61 * 91 = $19,074.51
+ fee (~2000?)

I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

(91 payments til reaching 78% of loan/price ratio)

[quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

[/quote]

The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

[ninaprincess]

The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

I calculated the payment:
2175.41 * 360 = $783,147.6
209.61 * 91 = $19,074.51
+ fee (~2000?)

I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

(91 payments til reaching 78% of loan/price ratio)

[quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

[/quote]

The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

[ninaprincess]

The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

I calculated the payment:
2175.41 * 360 = $783,147.6
209.61 * 91 = $19,074.51
+ fee (~2000?)

I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

(91 payments til reaching 78% of loan/price ratio)

[quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

[/quote]

The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

[ninaprincess]

The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

I calculated the payment:
2175.41 * 360 = $783,147.6
209.61 * 91 = $19,074.51
+ fee (~2000?)

I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

(91 payments til reaching 78% of loan/price ratio)

[quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

[/quote]

The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

[ninaprincess]

OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

[quote=SK in CV]I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.[/quote]

[ninaprincess]

OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

[quote=SK in CV]I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.[/quote]

[ninaprincess]

OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

[quote=SK in CV]I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.[/quote]

[ninaprincess]

OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

[quote=SK in CV]I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.[/quote]

[Author]

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