Loan with the builder?

[fatduck]

I'm actually surprised that Citi has some nice benefits when considering a jumbo loan with them. One is 180 lock (need to ask if there is a fee) and the other is no PMI on jumbo loans. BUT they do require you to put 50k in their account until close of loan in order to take it out.

I don't think the 50K needs to stay from time of lock to close of escrow. That 50K - for a .125% reduction should be new money in a citi account at time of closing  as i understand.

they check after closing.  so it just has to be there for a few days for them to check.  it also has to be extra money on top of your cash to close, so not your down payment.  you can take the money out of citi after they check the balance, but you do also have to autopay your mortgage from a citi account to keep the rate benefit, so you will have to keep some money with them.

i worked w/ them a few years ago and their rates were pretty competitive.  they do require at least 85% LTV for jumbo, or they did back then.  i ended up going w/ another lender but not because of the rates.

 

[sleepy5136]

i have a 180 day rate lock at 2.625 for 30 year fixed with lender credit. Jumbo loan. But I need to park some cash with the bank. Otherwise it would have been 2.75 rate.

Did you have to shop around to have citi give you a good rate + credit? I?m noticing that with big banks, they don?t give you the best rate by default and instead make you work for it which is quite annoying.

 

[Irvinehomeseeker]

i have a 180 day rate lock at 2.625 for 30 year fixed with lender credit. Jumbo loan. But I need to park some cash with the bank. Otherwise it would have been 2.75 rate.

Did you have to shop around to have citi give you a good rate + credit? I?m noticing that with big banks, they don?t give you the best rate by default and instead make you work for it which is quite annoying.

I did some shopping around.  But Citi gave me a good rate to beat what I got from BofA.  It's peace of mind you get if do an extended rate lock. As Martin pointed out earlier, one can wait until 60 days of closing if you consider that Jumbo rates are relatively stable. But, who knows what rates will be like 6 months from now....heck, who would have thought home prices in Irvine would go up 20% when looking back 6 months?

 

[sleepy5136]

has anyone had experience with ally for new construction? i know a bunch of people use them for refinance. wonder if they are good for new construction as well. only thing is they can only lock 75 days at most.