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Now that some of us are graduating, what are the rates that you are getting if you have excellent credit? Are you going for 30 yr fixed, ARM, interest only?
Sorry about that but the mods of this forum have taken a stance on name dropping. Yes its great to know the contacts but we ran into issues last year with it and we've had multiple "mortgage" solicitors pop up here. If you have "names" Please offer to have users PM you like you did.I also noticed that my earlier post was edited by the moderator as the contact information was illegal for advertising reasons...whatever...I am not a loan officer, I am a MS IV who wanted to share information (both positive and negative) I find the editing extremely hypocritical as the mortgage sticky has names and phone numbers of reputable and not so reputable loan officers throughout...oh well, if you would like some information please PM me.
I am still 'shopping' but thus far I have found Wells Fargo to offer me the best.
It is a No Doc loan (credit score alone (787 was mine) + 10% down). 6.00% interest with one point, 15 year conventional.
A dude from Compass Bank talked to my class recently; didnt like what he offered me so far, but I have a meeting with one of his satellite people next week to see what they can offer/beat over Wells Fargo. His was a 'doctor loan' 5/1 ARM, 5.75% interest but crazy closing costs including a 1% loan origination fee....
My end goal is to pay the least amount of interest over 4 years and thus have the greatest amount of equity...
I used lending tree and was skeptical, but I am pleased with the 2 lenders referred to me. I plan to put 5% down and have excellent credit, but I have also been offered 100%financing options with 80/20 loans, too (thus no PMI). Do keep in mind, though, that starting this year, PMI is also tax deductible.
Southwest direct mortgage - offering 6.00% on 30 yr fixed, no points, no origination fees, qualified for $200K. Closing cost estimated at $3K total, including the escrow! The loan officer was GREAT, really helpful and pushed hard for the underwriter to accept me wanting to close on the home before starting work, and to accept my loan deferments. I will most likely go w/ this company. They have an actual office in the city where I will be moving to, and customer service in these smaller, local places does seem to be better.
Quicken loans - offering 5.99% on 30 yr fixed, no points, qualified for $200K. Closing cost is $3000, which includes all except your escrow. Very business-oriented loan officer, seemed like he wanted to seal the deal. Certainly not rude, just very business-y. Also very laid-back in terms of documentation needed.
I also contacted my credit union, which offered 5.625% the other day, but with 1% origination fee and fairly high closing costs. Also very stringent on the working before you close thing. Very nice people, though. I would recommend checking into your credit union if you are a member - rates tend to be lower, from what I've read. I did not want to pay points though, and 1% origination is basically 1 point. I have read that at this stage in life, it's not the wisest thing to pay points to buy down your interest rate, ESPECIALLY if you don't plan to stay in the house long b/c you won't recoup that money back in interest saved. (Go to bankrate.com for amortization calculator to see if you're saving money or not). It's usually better to put that money toward down payment.
And finally, Bank of America's Doctor Loan... I was extremely NOT impressed by their customer service, and their rates are definitely not the best... 6.375%. I understand that it might be helpful for those without money for a down payment, but if you do have something to use for a down, then I wouldn't go w/ BofA... even the BofA rep told me (rudely) that it's a bad idea to use the Doctor Loan if you have money for a down. And besides, the other companies are offering 100% financing on larger loan amounts, too...
I would recommend using a mortgage broker of sorts... southwest direct and quicken are both brokerages, and they have definitely offered me better rates than the commercial banks. they just have access to lenders that you may not have access to. I checked out a lot of places (Wells Fargo, BofA, HSBC, Chase, Washington Mutual, ING, some local banks, etc.), and you might have better luck, but definitely shop around.
Is this a conventional loan?Loan offered today by local mortgage broker:
30-year fixed on $250,000 (100% financed)
@ 6.625% (includes lender-paid PMI)
Estimated closing costs of $4,500
FICO score = 800
Think I can do better?
No way we could put more than 5% down.
Now that some of us are graduating, what are the rates that you are getting if you have excellent credit? Are you going for 30 yr fixed, ARM, interest only?
How long ago was this? This sounds too good to be true for today's rates.....We found our best deal through US Bank.
100% financing, no PMI, 0 down, 5.75% on 0 points/5.35 on 1 point, was able to do an interest only, FICO scores around 690.
Not everyone at US Bank knows about the doctor loan though. If you can't google it, let me know and I can link you to the person that helped us.
good luck!
We are so excited to be homeowners!
Rebecca
How long ago was this? This sounds too good to be true for today's rates.....
what about the closing costs wifty? my two cents is just be careful with that because higher closing costs or origination fees can negate a good rate pretty easy. scan that good faith estimate! best wishes.
I think you could do better on the 75/25. I got 6.00/8.00 on a 75/25 on Monday. Fees were roughly $1-1.5k. This was with AAXA and Earth Mortgage, both of whom I found on www.bankrate.com. I was considering a 75/25, but decided to stick with the 80/15/5 instead, since it makes it easier for the second lein to go away. The rates on the 80/20 that you quoted are about what I was getting. Not worth it to take the hit on the 1st lein, IMHO.Just quoted 6.25/8.5 on a 30 year 75/25 loan...without buying the rate down, etc...
We both have > 740 credit scores.
Another person quoted 6.25/8 on a 30 year 80/20 loan, but the "fees" on that were ridiculous, and make me think we were quote a buydown rate.
The good news is our current house went under contract last night...that's a good feeling.
Not necessarily. Strike 1 = 80/20. Strike 2 = No Doc.Wow, it seems like I'm getting ripped off with a $350,000 offer on an 80/20 no doc loan with 6.75%/10% interest rates. This is with Allied Home Mortgage.
I just locked on a mortgage yesterday. I was considering the 80/20, but I am also planning on buying a car and didn't want three loans. I went with the doctor loan instead. Here's what I was offered:
7 year ARM with 6.125%, 0% down, no PMI, no origination or points
- $400k loan, $600 lender fees (total closing costs ~$3100 + reserves)
- FICO 735, 790 for myself + wife
- $160k in student loans, but wife w/1st year attending salary this year
Maybe our income qualified us for a better rate? I'm not sure. I was offered these rates both with SunTrust and Bank of America (specifically the "relocation department"). I was originally quoted 6.0%, but rates supposedly went up this week when I locked in.
FYI, I believe PMI is tax deductible if you're buying this year (and your salary is is lower than a specified limit, I think $150k). That may change your decision analysis.