Sherry Wang from Citi Mortgage is Fantastic!

If you are recently shopping around for mortgages, give Sherry Wang from Citi a try. I just closed escrow with Sherry, and my experience is fantastic. She not only beat all competitors' rates, but also locked the rate for me for extended periods that no one else was able to do. She guided me step by step through the whole process from May to today. She followed up with me almost every week to make sure everything is moving forward and there were no surprises. I am not the only one that uses Sherry for mortgages on this board, and actually I first get to know her from this board. So I wanna post this thread to say thank you to whoever recommended her on this board and share my pleasant experience here.
 
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Completely agree...I guess I was possibly the first one on this board to post about Sherry 😀
She is so responsive, via text or email. And the rates are super best. I
 
no lender/broker and I mean no one, was able to beat Sherrys rate and rebate back. I don't know how she does it but she always puts money back in my pocket each transaction.

Lenders/Brokers even asked me to show them the loan estimate as they thought I was being scammed. Once I showed them the loan estimate, crickets.
 
Originally, I was going with Union Bank because it's a preferred lender of IP, but Sherry gave me better rate, with extended lock, so I went with her for my Bluffs purchase.
 
The big banks always have better pricing for jumbos. Mortgage Brokers/Mortgage Bankers do not. The nice thing about Citi is their more customer friendly "move money to reduce your rate" feature. BAC and WF start in the $250k to $1m range which while attainable for some, is also unreasonable for most. For now Citi has great pricing. 2 years ago it was WF turn to shine. 4 years ago it was BofA with knock out rates. Who knows where the pricing will end up once the Fed pivots in 2023, but one thing for certain is that it will still be the Banks who have more favorable terms than anyone else out there.

On a side note, if you are buying new construction AND you're considering a long term rate lock, I'd execute that long term rate lock ASAP. It's likely - although not certain - that Agency loan limits will rise this year. If your $1m purchase will have a $750k loan today you can fund the loan as a Non-Agency Jumbo with rates less than Agency by about 1.5 percent in some cases. If in late November the Standard Conforming loan limit rises to $775k (for example only) and you haven't locked, you'll either need to put less down to get the Non-Agency rate, or be compelled to take the Agency product because of the higher limit. Banks generally will not offer Non-Agency terms to customers when the loan balance is at or below Standard Conforming Agency limits.

My .02c
 
Sherry was one of the 3 lenders that I was using for my home purchase but unfortunately the appraiser that they ordered crapped the bed with an appraised value of $400k below the contract price while the other two appraisers came in at the contract price. When she attempted to challenge the appraisal with more relevant closed comps, the appraiser basically told us to go pound sand. She was good but their selected appraiser...no so much.
 
It's very hard for a broker to compete with a big bank for Jumbo especially in a rising rate environment.
 
Everyone has 1 year locks today. Some, like WF, can go 2 years out. It's rare however to have something that is going to take 12+ months to build.

The formula is often as shown below:

Base rate for 60 day lock is 9pct at zero points.

A 6 month lock is base, plus .125 to rate.

A 9 month lock is base, plus .25 to rate.

A 12 months lock is base, plus .50 to rate.

The fee to lock varies wildly. You will get 1 opportunity to float down, generally 60 days before closing.

Check with 2-4 different banks for each company's specific formula for cost and "add to rate" expense.

My .02c
 
I highly recommend Sherry Wang at Citi Bank for anyone looking for a mortgage in this high interest rate environment, we are in the process of purchasing a home and Sherry offered us a highly competitive and favorable rate with an extended rate lock and beat out the rates of all of the other lenders that we consulted with including the builders preferred lender, furthermore Sherry has been very responsive and easy to work with throughout the entire transaction and is always looking for the best interests of her clients, I would look no further and consult with Sherry for anyone looking for a mortgage with a competitive and favorable interest rate.
 
Everyone has 1 year locks today. Some, like WF, can go 2 years out. It's rare however to have something that is going to take 12+ months to build.

The formula is often as shown below:

Base rate for 60 day lock is 9pct at zero points.

A 6 month lock is base, plus .125 to rate.

A 9 month lock is base, plus .25 to rate.

A 12 months lock is base, plus .50 to rate.

The fee to lock varies wildly. You will get 1 opportunity to float down, generally 60 days before closing.

Check with 2-4 different banks for each company's specific formula for cost and "add to rate" expense.

My .02c
Are there lenders giving 6 month rate locks now? We can’t find any that are
 
All of the major banks are offering 6 through 12 month rate locks. Wells Fargo can go out a full 2 years if needed - rare, but available. Mortgage Bankers also offer 6 - 12 month locks, but they are using the Banks to fund these loans (Jumbo primarily). Why then work with a middle man? Some builders will pay for the extended lock, but it also is a relatively rare thing. Conforming / Agency products can be locked for up to 12 months, but the pricing is pretty rough relative to what a Jumbo loan cost to lock will turn out to be.

The kicker for these rate locks is not necessarily the "ceiling you lock your rate at", but what your terms are when you float down. Example: Bank X has a 5% rate that you lock for 6 months. 60 days before closing Bank X is able to float you down to 4.750. Bank Y, and Bank Z however are at 4.50% This happens more often than one might thing. When it does, Bank X may be willing to price match. If they cannot, you'll need to add into your cost of the final price your rate lock fee (usually .50 of the loan amount) because if you go to Bank Y or Bank Z, Bank X will keep your lock deposit.

My .02c
 
Thank
All of the major banks are offering 6 through 12 month rate locks. Wells Fargo can go out a full 2 years if needed - rare, but available. Mortgage Bankers also offer 6 - 12 month locks, but they are using the Banks to fund these loans (Jumbo primarily). Why then work with a middle man? Some builders will pay for the extended lock, but it also is a relatively rare thing. Conforming / Agency products can be locked for up to 12 months, but the pricing is pretty rough relative to what a Jumbo loan cost to lock will turn out to be.

The kicker for these rate locks is not necessarily the "ceiling you lock your rate at", but what your terms are when you float down. Example: Bank X has a 5% rate that you lock for 6 months. 60 days before closing Bank X is able to float you down to 4.750. Bank Y, and Bank Z however are at 4.50% This happens more often than one might thing. When it does, Bank X may be willing to price match. If they cannot, you'll need to add into your cost of the final price your rate lock fee (usually .50 of the loan amount) because if you go to Bank Y or Bank Z, Bank X will keep your lock deposit.

My .02c
thank you. If there’s anyone you can recommend, please let me know. Otherwise I’ll try the major banks.
 
I highly recommend Sherry Wang from Citi as other members. I recently completed a loan with Sherry Wang and she is very helpful and responsive. She also provided proper solutions for my own cases and situations.
The rate is also unbeatable from other loaners, especially in this high interest rate environment. Contact Sherry and you won't be disappointed.

Sherry Wang
EMAIL: sherry.wang@citi.com
OFFICE/CELL: (626) 321-2911
 
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I also highly recommend Sherry. She was so responsive to all our questions, and guided us through the loan closing process. We were able to get the lowest rate we could, and had all our loan docs in order well ahead of closing. Again, highly recommended!
 
I honestly wonder how she can beat other big bank loan officers. I feel she is probably taking slightly less on her end in exchange and depends strictly the volume of her closes as well as referrals
 
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