Mortgages

Quote from niteflite:

i have a fico score of 785 according to countrywide when i spoke about a refi to a 5 yr ARM IO. they gave me the my current int rate (5.75%) and closing costs of 4500.

i do'nt think this is a good deal, is it? this was just three days ago.
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Ask them for a GFE and you might notice that they have a 1 point fee as a discount point

if you were in NC and you qualified - I could re-fi you at no closing costs ---i.e -- your loan amount would not go up and you would not bring a checkbook to the closing table
 
Quote from Reaver:

Why would someone use a mortgage broker? No offense, I have just always wondered that.

I'm an originator and counselor, and I have brokers call me from time to time, but always wondered why the buyer doesn't just call us directly. Many buyers/borrowers do, but some want to use a broker and I'm not sure why....

It would save them a lot of money to just call the company directly.

I mean really though for the most part, brokers are just going to suggest what gets them the most commission right? Why wouldn't they?

Seriously no disrespect meant and I hope it doesn't sound that way, but I don't get it.
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Not at all -- we encourage people to shop around - and they can always call the lender directly.

We have access to the wholesale product lines of most of the originators - and we are not compelled to pitch any particular product ----

no disrespect on my part either - but I often see the loan offers in originators shops pitching a particular product to capture a certain yield spread

We don't do that and we only write A paper
 
Quote from mgabriel01:

lol
30 year fixed
700 FICo or better
5.5%
no points

yield spread is about 1 3/8 - so the brokers are doing a happy dance
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time to get back in the game!!!

all I sold was the MTA Option ARM w/ 3.75yspd. :)
 
Quote from Bigpipn:

time to get back in the game!!!

all I sold was the MTA Option ARM w/ 3.75yspd. :)
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Yeah - we have been writing no-cost refis at a mile a minute pace--- the partner in my shop had 28 on the board last week


I original posted as food for thought since the guts of the sub-prime problem are the 2million odd ARMs that are 'supposed' to reset in 08


now if Im a guy sitting on a 6 3/8 arm thats gonna hit 8 this year and 9 next --- and somebody comes along and offers to refi me at 5.75 --------


of course -- thats only the 85% of the market that is 'not' subprime


just food for thought


similar thing happened in 2002/2003
 
Quote from mgabriel01:

Not at all -- we encourage people to shop around - and they can always call the lender directly.

We have access to the wholesale product lines of most of the originators - and we are not compelled to pitch any particular product ----

no disrespect on my part either - but I often see the loan offers in originators shops pitching a particular product to capture a certain yield spread

We don't do that and we only write A paper
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No I see what you mean man. I work at a Federal Credit Union, so we do things a little different. I just wasn't sure what the benefits would be for using a broker....

You're right though, I am sure there are plenty of LO's out there that have to pitch certain products, except they probably don't even get commission for it. lol

I have talked to some shady brokers and some ignorant LO's in my day...ha ha yeah but theat's anywhere in life..doesn't reflect on the business itself...just some sharks and weasels to be found in any market. lol

Thanks for the info.
 
Quote from Reaver:

No I see what you mean man. I work at a Federal Credit Union, so we do things a little different. I just wasn't sure what the benefits would be for using a broker....

You're right though, I am sure there are plenty of LO's out there that have to pitch certain products, except they probably don't even get commission for it. lol

I have talked to some shady brokers and some ignorant LO's in my day...ha ha yeah but theat's anywhere in life..doesn't reflect on the business itself...just some sharks and weasels to be found in any market. lol

Thanks for the info.
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Sure - and I have only ever banked at the local credit union - my wife started the account when she was in graduate school ---- much better than the commercial banks -- I a dare say probably in better financial shape at this point
 
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