Can anyone suggest some good lenders out there based on experience (for credit score 770+ and loan amt about 480k+ after 20% down). The IP preferred lender wells Fargo seems to have higher rates. Though, I feel they can facilitate smooth closing on the house being in bed with IP. I checked amerisave, last few days they really bumped up their closing costs... Any other suitable recommendations appreciated.
Suggestion for good lenders on new Irvine pacific home
- Thread starter vikas420
- Start date
sgip
Well-known member
First question: When is your closing date?
If it's greater than 60 days out, any rate comparison at this stage is not going to yield any results worth acting on. Once your 60 days from closing - verified by the builder - put calls out to Wells retail, not the builders rep, and see what's being offered. Then check with the builder, Amerisave, and a couple of other companies about their 60 day rate lock terms. With over 30% of all loans flowing to Wells, you aren't going to find that great of a difference between the lenders out there. Most Internet companies have very narrow margins, giving them a price advantage. That model works great for refinances. With 10,000 refi's flowing through some companies, ask yourself if your 1 purchase loan is going to receive the right amount of attention during the remainder of your escrow.
Once you've decided on a company to work with, stick with them. The builder is going to freak out about a lender change and do what they can to bring you back into the fold. If you've made a compelling case why you want to use another company, and kept the sales office well informed along the process, you should keep things pressing ahead with less trouble than the builder thinks this is going to be.
My .02c
If it's greater than 60 days out, any rate comparison at this stage is not going to yield any results worth acting on. Once your 60 days from closing - verified by the builder - put calls out to Wells retail, not the builders rep, and see what's being offered. Then check with the builder, Amerisave, and a couple of other companies about their 60 day rate lock terms. With over 30% of all loans flowing to Wells, you aren't going to find that great of a difference between the lenders out there. Most Internet companies have very narrow margins, giving them a price advantage. That model works great for refinances. With 10,000 refi's flowing through some companies, ask yourself if your 1 purchase loan is going to receive the right amount of attention during the remainder of your escrow.
Once you've decided on a company to work with, stick with them. The builder is going to freak out about a lender change and do what they can to bring you back into the fold. If you've made a compelling case why you want to use another company, and kept the sales office well informed along the process, you should keep things pressing ahead with less trouble than the builder thinks this is going to be.
My .02c
usctrojancpa
Well-known member
+1 SGIP handled my loan when I purchased my home so you'll be in good hands going with him.qwerty said:
changm55
New member
any advice/suggestions on no-doc loans?
close december, 782k home (750k sticker price, 32k upgrades), looking for loan of 385k... if push comes to shove, willing to down pay up to 450k... if interest rate beats my current cathay bank 4.67% 30 yr fixed, id definitely entertain switching lenders if rate is significantly different... but if rate is not significantly different, then i gonna stick with cathay cause my loan processor has been pretty helpful to me thus far... what do u advise?
close december, 782k home (750k sticker price, 32k upgrades), looking for loan of 385k... if push comes to shove, willing to down pay up to 450k... if interest rate beats my current cathay bank 4.67% 30 yr fixed, id definitely entertain switching lenders if rate is significantly different... but if rate is not significantly different, then i gonna stick with cathay cause my loan processor has been pretty helpful to me thus far... what do u advise?
usctrojancpa
Well-known member
I had no idea no-doc loans were back but I guess your interest rate reflected the added risk. Any reason why you can't do a full doc loan to get an interest rate in the mid 3s?changm55 said: