Irvinehomeseeker
Active member
Try interactive mortgage. Went with them after seein g TV ad. So far been good with process. Rate locked on first day of application. No upfront fees of any.
How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
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Cornflakes
Active member
I have always had rate locked on the day of the application or within 24 hours if lender did not have history with me and wanted to check the docs for credit worthiness. Never have paid a dime out of pocket before rate lock.
So, is it just internal policy that differs from lender to lender as to when will they lock?
So, is it just internal policy that differs from lender to lender as to when will they lock?
Cornflakes said:
Of course any lender can pre-lock you but if for any reason your loan cannot meet Freddie/Fannie guidelines then that lender can be stuck with the loan and cannot sell it. Or if they lock you early and you don't get approved until 20 days later and you just decide to leave for another lender because rates improved then the lender takes a ding in their rating. I would say most lenders won't risk pre-locking someone, especially not a new client.
I'm looking to refinance for the first time...
When Owning's disclosure for their advertised rate says "Minimum 740 FICO credit score, 50% loan to value with no subordinate debt..." what does that mean if my loan to value is around 78%?
Will the rate that they can offer me be drastically different because of my LTV?
When Owning's disclosure for their advertised rate says "Minimum 740 FICO credit score, 50% loan to value with no subordinate debt..." what does that mean if my loan to value is around 78%?
Will the rate that they can offer me be drastically different because of my LTV?
Cornflakes
Active member
John said:
Expect higher rate, don't know how much but higher. Apparently 60.00% LTV is a magic number. Not sure if 50.00% is yet another drop in rates.
Angels_Baseball_2015
Member
Has anyone had experience with mortgage from AmWest group located in Brea, CA? Curious if anyone had experience with them. Many thanks in advance!https://www.amwestfunding.com/Loan-Servicing
eddieuclabruin
Member
I'm in a similar position to you (in regards to LTV) and I just re-financed on my Irvine townhome at 3.5% with no costs out the door to me.John said:
Angels_Baseball_2015
Member
Hi all, Is it a good idea to have two mortgage purchase loans applied at the same time in case one bank is more strict than the other bank?
sgip
Well-known member
Depends on the kind of purchase and what your situation is.
If you're buying you can't make an offer without your data being reviewed by a lender and some letter generated stating you're capable of buying and getting a loan. You can always get one or more of these letters up front, but they aren't all that "genuine" or "deliverable" because most loan officers only scratch the surface and have an Automatic Underwriting System (AUS) approval - not one from a human being. A loan officer could get your neighbors cat or dog an AUS approval since it's a computer program.
If you want certainty that you will get your loan fully approved you will need to go to a bank or credit union and get a fully underwritten approval.
What might be the issues that vary lender to lender:
Self employment.
Rental property income calculation.
Source of down payments.
Recent job changes.
Debt to income ratios.
Settle these questions WEEKS before you put an offer in, not days after you've had an offer accepted as many do and suffer the consequences.
The questions home buyers need to consider first isn't "what rate will I get?" It's "Will I get a loan period given how far lending guidelines have shifted, and how far they may go in the coming months?".
My .02c
SGIP
If you're buying you can't make an offer without your data being reviewed by a lender and some letter generated stating you're capable of buying and getting a loan. You can always get one or more of these letters up front, but they aren't all that "genuine" or "deliverable" because most loan officers only scratch the surface and have an Automatic Underwriting System (AUS) approval - not one from a human being. A loan officer could get your neighbors cat or dog an AUS approval since it's a computer program.
If you want certainty that you will get your loan fully approved you will need to go to a bank or credit union and get a fully underwritten approval.
What might be the issues that vary lender to lender:
Self employment.
Rental property income calculation.
Source of down payments.
Recent job changes.
Debt to income ratios.
Settle these questions WEEKS before you put an offer in, not days after you've had an offer accepted as many do and suffer the consequences.
The questions home buyers need to consider first isn't "what rate will I get?" It's "Will I get a loan period given how far lending guidelines have shifted, and how far they may go in the coming months?".
My .02c
SGIP
Angels_Baseball_2015
Member
Thanks very much!!
eddieuclabruin
Member
I sent you a pm.John said:
Cornflakes
Active member
Cornflakes said:
Yep, very likely a bait and switch. LO never got back to me on the rate lock. Glad I never offered up my cc for appraisal. Little disappointed that I spent all that time for putting together application.
FWIW - the lender in reference is Lofi Direct - apparently, they are subsidiary of AnnieMac Mortgage.
DBtoOC
Member
Cornflakes said:
My refi w/ Owning just funded a couple days ago. I applied on 5/30 and everything funded and funds disbursed on 6/22.
2.5%, 15-yr, no fees and an appraisal waiver. They didn't ask for too much documentation. My only "complaint" would be their customer service is severely lacking. You have to push and prod to get updates on your loan, every step of the way. But other than that, it was very smooth sailing.
Although, I'm still being cautious about getting my reimbursement from the escrow company. Reviews on the escrow company were 2 stars.
usctrojancpa
Well-known member
In general, if a 10-year ARM rate is lower by 3/8% or more than a 30-year fixed rate then the ARM loan should be seriously considered (1/2% or more lower for a 7-year ARM).