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Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Going Crazy

What should the rate be?

 

We are doing one negative point.

Valued Contributor
Mike_B03
Posts: 1,141
Registered: ‎11-30-2012

Re: Going Crazy

What's a negative point?

Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Going Crazy

They raise the rate .1 and give .75 percent cash credit back to help with closing costs.

Established Contributor
foofighter74
Posts: 828
Registered: ‎12-09-2012

Re: Going Crazy

[ Edited ]

Our lender's rate at the moment for FHA is 3.25 with no points, assuming all applicants have a 640 score. 

 

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Going Crazy

[ Edited ]

I cant say what the rate is based on your Lender.

 

If I wrote the Loan today for someone qualified, no points 3.375 Edited to add : and a 3.45 APR  with a 620 mid score

 

We are a different type of company. We dont charge for many added on things that many Lenders, LO's, and Brokers charge (application fees, credit report pulls, processing fees, as a few examples), and we "try" to give all our clients the par wholesale rate. We work more on volume.

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Mike_B03
Posts: 1,141
Registered: ‎11-30-2012

Re: Going Crazy


JM-AM wrote:

 

 

If I wrote the Loan today for someone qualified, no points 3.375 Edited to add : and a 3.45 APR

 


That number looked awfully familiar haha so I pulled out all my paperwork and we were actually quoted at 3.375% as well, not 3.125% as I previously said.

Frequent Contributor
payingoffdebt001
Posts: 406
Registered: ‎04-15-2011

Re: Going Crazy

[ Edited ]

We were quoted at 3.25% when we began this process in January.  Pending credit score hitting a mid of 640.   I knew I'd hit this since all my cards were near max at the first pull. Friday, she sent me a draft GFE with 3.50% with no locked in date.  She said she'd send me  one after she gets the signed contract from realtor, which she just got yesterday.  I also see she pulled my credit again yesterday so I hope to find out soon what my rate is.  She did email me just now to say that for me not to worry my mid hit  647 - so I'm in!  Now cant wait to see what my locked in rate will be - I'm sure she's preparing everything now so I hope to hear back soon.

 

UPDATE ALREADY:  just got GFE and it is at 3.50% and came with ALL kind of documents for me to sign and I also need to prepare LOE.  So here I go!

 

Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Going Crazy

I should get all the numbers here shortly I hope. Im going CRAZY

Valued Contributor
Mike_B03
Posts: 1,141
Registered: ‎11-30-2012

Re: Going Crazy


tooleman694 wrote:

We are going back into DU today, can't wait to see what my scores are at. We gotta lock in the rate, and they have gone up


I just noticed you said "going back into DU"...so you mean they put you back through Desktop Underwriter again? Like you're doing this for the first time? I thought on the second go-around, they were just looking to update your bank statements and such to make sure nothing has changed, I didn't know they actually run DU again. DU can ask for all kinds of new conditions, no?

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Going Crazy

[ Edited ]

Edited to add this is for Payingoffdebt...

 

Congrats and good luck... your almost there...

Good Luck
May all your dreams and wishes become a reality!

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