if anyone needs a loan, i'm a loan officer now

If I use a direct lender, I can save on your commissions. Please tell us the benny's of your services, as I am ready to refi two properties and have a third in escrow.

 

What kind of a rate could you get someone in a 30 year fixed jumbo loan, say $1,000,000? Assume the person has got good credit, good credentials, good income, etc, etc. I'd like to see you post a few examples of what we might expect. Feel free to make up a few assumptions and case studies, and post them.

 

Very cool info.

I've been thinking about buying my first beach house. Having allot of trouble financing this one. Out of my price range I'm guessing.
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peter: Can you get me PAR pricing at wholesale rates?

 

Pete,

I have a question for you, I own a home and going to sell, however i have found a house i want to buy, i need to buy this other house asap.Can i get a loan say for 1 mill to get this other home, dont care what rate as long as no pre -pay penalty, say for 2 months, sell my home and pay off the loan? I guess something like a bridge loan?

vince

 

Vince, I can answer that for you. Yes, you are talking about a bridge loan. If you have a mortgage on your current home, the bridge loan lender will fund enough to pay off your current loan, will hold back enough funds to pay your new loan for 6 months to a year, and give you enough for a down payment on the new home. You will need to be able to qualify for this situation with appropriate credit and income. A possible easier and cheaper way to accomplish your goal would be to take out a HELOC (home equity line of credit) as a 2nd mortgage (or 1st if free and clear) on your current residence to use as down payment on the new home. You will need to have enough equity in the current res. of course. Max. amount for HELOCs at my office is $1mil. The rates are based on the Prime Rate which is now 5.5%. Payments can be interest only. Payment on $500k would be $2292/mo. On $1mil. it would be $5208/mo. Rate at $500k is 5.5%, $1mil is 6.25%. This would be paid off when the house sells. I've been a loan officer/mortgage broker for 18 years.

Brokers get wholesale rates from mortgage bankers. Or more clearly, we get the same rates for a lower price (points). Today I can offer 5.5% 30 fixed conforming for loan amounts over $200k for zero points because the banker gives me a rebate of 1 to 1.5 points. That's my income. You will still have closing costs of about $4,000 to $6,000 range. If you would accept 6.25% I will pay those costs for you too as my rebate goes up with the rate. You want a rate lower than 5.5%, can do but then you pay point(s). That is called a permanent buy-down. Why would you do that? Because you know you will keep the loan for the long term and the point cost up front will give you a lower rate and lower payment. The savings on that lower payment will equal the cost up front before you sell, refi, or pay off that loan. So you need to know your future if you pay points. I've seen lots of folks pay 2 points to get a super low rate only to refi in a couple of years because the rates dropped so much or they decide to sell for some reason. For them paying points was a bad decision.

If you see rates under 2%,( I have a loan that starts at 1%), it is an adjustable with potential negative amortization. Not a bad thing, but you have to understand it to make an intelligent decision to go with something like this or not.

PM me if you want more mortgage info.

BTW, I offer a special reduction in costs/lower rates for combat vets, active duty military, firefighters, and law enforcement officers. I owe them way more than I could ever pay.

 

Thanks for your help, I ended up doing 2 things. one, line of credit for 200k, then qual for a one million loan (at 5%), so i can go one way or the other. with the line i dont have to sell my house asap, however, i am listing it next weekend, but if i find another house (didnt get the one i bid on) i can do it asap.

thanks again,

vince

 

Anybody? PAR pricing at Wholesale? Beuler?

 

LMAO! Only in Ca . . .

 

That that pitcher was taken in Texas, waren't it?