Anybody have any suggestions on what to look out for regarding a Good Faith Estimate for a home loan? I am familiar with junk fees and what not, but a little confused about the loan origination fee and the actual rate.
Currently our estimate is as follows:
Rate is prime +1 (7.75 +1 = 8.75)
Loan Origination Fee @ 2.000%
Appraisal Fee
Underwriting Fee
Those are the only fees in the Good Faith. All the others are blank.
My question is if the Loan Origination Fee is negotiable? If so, can you elaborate?
All broker fees are negotiable. The origination fee is usually the first thing people ask me to reduce (when people actually do bargain).
Check the bottom to see if there is like 0-3% Yield Spread Premium indicated. If so, they are just making it up on the backend, with broker rebate points.
And uhhh if you are in the state of Florida, I could try to beat the rate for you....
Anybody have any suggestions on what to look out for regarding a Good Faith Estimate for a home loan? I am familiar with junk fees and what not, but a little confused about the loan origination fee and the actual rate.
Currently our estimate is as follows:
Rate is prime +1 (7.75 +1 = 8.75)
Loan Origination Fee @ 2.000%
Appraisal Fee
Underwriting Fee
Those are the only fees in the Good Faith. All the others are blank.
My question is if the Loan Origination Fee is negotiable? If so, can you elaborate?
To say whether it is "good" or "bad" based upon the information provided is stupid, because there are many factors which we do not know based on what he wrote.
If this is a 50% down with 800 credit score, full doc (full income verification) on a primary residence, yes it sucks.
But, if this is like a 100% financed investment property, stated income (no verification) and like a 700 score, that's a good deal.
To say whether it is "good" or "bad" based upon the information provided is stupid, because there are many factors which we do not know based on what he wrote.
If this is a 50% down with 800 credit score, full doc (full income verification) on a primary residence, yes it sucks.
But, if this is like a 100% financed investment property, stated income (no verification) and like a 700 score, that's a good deal.
Yeah, I figured it was something like that. If you want me to actually examine this for you, I will be glad to do so. If so, send me a PM and you can fax me it. If not, well, just ask whatever here and I will try to help.
I hate when fucking people call me up and the first words out of their mouth are "What's the lowest interest rate you can get me?" before I have any idea what the house is, their credit, etc. Those people automatically get shittier service from me than people who just let me do my job.
Essentially we just gave him our assets and let him run with it, got the GFE and want to make sure it's a good deal that's all. I faxed it to V10 RCKT a few minutes ago. I really appreciate it!
Yeah, I figured it was something like that. If you want me to actually examine this for you, I will be glad to do so. If so, send me a PM and you can fax me it. If not, well, just ask whatever here and I will try to help.
I hate when fucking people call me up and the first words out of their mouth are "What's the lowest interest rate you can get me?" before I have any idea what the house is, their credit, etc. Those people automatically get shittier service from me than people who just let me do my job.
Depending on what the CLTV is, that isn't all that bad
I just did a customer's purchase, 1st time home buyer, condo, stated, 100% cltv and the rate was 8.75 and I made nothing on it because it was a 2nd mortgage and I don't charge for those generally............so 8.75 isn't really all that bad most likely
Well, here, I can tell you that my company will put 1 point broker, 1 point origination (so, really two points origination), and $995 processing on our preliminary GFE's. Now, I always try to get about 2 points on the back, which raises the interest rate.
However, I rarely get a "full fees" loan closed like that. Usually something happens where I have to make some sort of concession to get it closed. But it does happen from time to time. 4 points plus $995 makes me happy.
Anaconda have you seen the new product that is coming out where your home loan is tied into your savings/checking and in theory you can pay off your mortgage in around 6 years and just have like a 220,000 line of credit? I have not done one of these yet and was wondering what you thought of them
Anaconda have you seen the new product that is coming out where your home loan is tied into your savings/checking and in theory you can pay off your mortgage in around 6 years and just have like a 220,000 line of credit? I have not done one of these yet and was wondering what you thought of them
haha my customers are nowhere near that level of responsibility.
My typical customer is the 575 credit score guy that just got divorced, and th
Good ol D1 
