Current Loan rates/closing costs, Wells Fargo

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penumbra

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I'm currently pre-approved with Wells Fargo for a $360K conventional loan for a $450K condo (20% down) at 3.75%, 30yr fixed.  Is that a pretty good deal?  What's typically the closing costs for this kind of loan?

Also, I hear the lender will ask for documentation for inbound cash over $500? is that true?  If so, what happens if they are just me moving money from trading accounts, or when grandma decides to be generous.  why would they care about that?
 
The Agencies add .75 in fee (approximately .125% in rate) for Condo purchases less than 25% down. This indicates that your base rate was 3.5 to 3.625% which is market competitive for a zero point loan. Most banks charge $1,500 in lender fees. You might find for example 3.50% and $1,500, 3.625% at -0- fees, + .125% for condo loans with less than 20% down.

Every bank has overlays to Agency guidelines. FNMA wants any deposit that isn't clearly sourced on a bank statement greater than 20% of your net take home pay to be verified where it came from. (ex: $2,000 gross = $1,500 net x 20% = $300 or greater)

Any transfer from Trading Account A to Bank account B will show up on both statements if it's wired. If you get a check from Trading Account A and deposit into Bank ATM Y, then you've got to send the deposit receipt and check stub - a messy way of handling things.
 
I got a quote from a different preferred lender (Standard Pacific Mortgage) associated with a different builder (Standard Pacific Homes) for a $520K on a $650k condo with a 20% down for 3.875% with zero points.

I believe my loan falls into a different category of a "conventional high balance loan", so you might not be comparing the same thing.
 
Irvine_RC said:
I got a quote from a different preferred lender (Standard Pacific Mortgage) associated with a different builder (Standard Pacific Homes) for a $520K on a $650k condo with a 20% down for 3.875% with zero points.

I believe my loan falls into a different category of a "conventional high balance loan", so you might not be comparing the same thing.
Click to expand...

Wow.. Assuming our credit ratings are similar, rates have risen for sure. I had similar loan and down payment numbers ..got the same interest rate with about $8K credit towards closing from Stan Pac Mortgage. This was in Dec 2012.

 
To clarify from my original post, there are attached condos and site (detached) condos.

The Agency price hit recognizes the difference between these two property types. Fannie Mae does not hit the rate for a site condo, but Freddie Mac does for both types.

The rebates for Jumbo Conforming loans have been reduced significantly because of the restrictions placed by the Agencies on the percentage of Jumbo Conforming loans lenders can provide. I don't know the percentage but it's fairly low and easy to hit here in SoCal. The other reason why rebates have become stingier is that Congress has been hiking the Agencies delivery fees, knocking up the spreads by about .50 point since last year. This is nothing more than a mortgage tax. The higher delivery fees have not gone to reduce FNMA/FHLMC's debts or wind either of them down. The higher fees have been stolen by Congress to pay for things other than their original intent. (not that any of this is new....)

SGIP
 
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