Mortgage Loans

[tooleman694]

What should the rate be?

We are doing one negative point.

[Mike_B03]

What's a negative point?

[tooleman694]

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

[foofighter74]

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

[JM-AM]

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.

[Mike_B03]

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JM-AM wrote:

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

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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.

[payingoffdebt001]

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!

[tooleman694]

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

[Mike_B03]

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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

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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?

[JM-AM]

Edited to add this is for Payingoffdebt...

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