Preliminary "props" to my mortgage broker

I had to call my mortgage broker today to ask him a few questions... and the first thing he said to me was... he was able to get me a 60day rate lock instead of a 30.

I originally locked in for 30 days at 5.375% two weeks ago. But I didn't have a lender picked out yet.

He came across a 5.375% with Bank of America today with a 60 day rate lock and he took it for me. Very nice! And the rate lock starts today... its not retro from two weeks ago. He just saved me $790 buks!

I may have to extended it... but even if I do... i won't have to extend it nearly as long (and as costly) as I would have if I had the 30 day lock.

So... my broker gets some initial props. Lets see if he can get me a committment now... which is the real test.

Nice to see at least SOMETHING is going right in this house process. So much BS I had to deal with (with the house, the co-op, the bank, etc.) up until now.

Re: Preliminary "props" to my mortgage broker

glad to hear something went well...there is so much BS with buying and selling!

Re: Preliminary "props" to my mortgage broker

If you dont mind saying, Im using Bank of America and that is a great rate. Im not getting that. So the question is: Is that a 30yr mrtge and is it fixed, Points. etc.

Just curious beacuse that is a great rate. I got quoted 5.75 today.

Karen

Re: Preliminary "props" to my mortgage broker

I think it depends on your credit history on what type of rates you are offered. Rich who is your broker? they sound really good!

Re: Preliminary "props" to my mortgage broker

Alas.... you have to go through the right "channels" to get the good rates.

I am using GardenCityMortgage.com . They advertise on Bankrate.

My rate is for 30yr fixed... with zero points and about $2100 in lending fees. I HATE paying any sort of lending fees... but i'll deal with this to get that good a rate. Besides... $2100 in lending fees isn't too bad considering that includes the appraisal.

My total closing costs are about $8800 and about $13000 with escrow. Financing 316k.

Thats also for an 80/10/10 loan... i may have gotten 5.25% if I did straight up 20% down.

If you go with BoA directly... they won't give you this rate. The mortgage brokers usually have "wholesale rates" that the lenders don't give out directly.

Re: Preliminary "props" to my mortgage broker

Oh... and I have very optimal credit... so I might be getting preferred rates. Who knows.

But I think anything over 740 you get the best rates anyways.

If you call them... tell them Richard T. sent ya.


The jury is still out on them though. But so far I am liking what I am seeing. They are moving VERY quickly which I like. We will see how fast they get underwriting to go though.

Re: Preliminary "props" to my mortgage broker

Well I just got my committment! Holy speed batman!



This only took them four business days to get my committment.

I am just trying to find out if they want me to have my co-op sold first before I can close this house.

But reading through the committment conditions.... I don't see anything relating to my co-op sale.

Re: Preliminary "props" to my mortgage broker

Congrats. That is great news.

Re: Preliminary "props" to my mortgage broker

Congratulations Mang
Scott

Re: Preliminary "props" to my mortgage broker

Just got the appraisal back... and it appraised for the sales price which is good enough for me. So no issues with PMI or any of the sort.

Things are moving along quite nicely. Its a shame I have this co-op to sell.... or else i could potentially close the middle of October (crazy fast process!).

Still waiting to hear if one of the conditions of the committment was the sale of my co-op. I didnt see it listed there... but it may have just been assumed.

Even if it is a condition and I have to wait... hopefully my co-op sale will move quickly. The buyer of my co-op supposedly signs tomorrow.

Re: Preliminary "props" to my mortgage broker

Looks like my mortgage broker is saying I am approved to carry both mortgages at the same time.

This will prevent a TON of issues with my co-op closing. They are approving me at 51% debt-to-income ratio thanks to great credit scores and liquid funds.

Anyone that buys a house based on 51% DTI is nuts IMO and I don't see how they can approve anyone in that instance. But i'm not complaining. Once the co-op is sold... i'll be back down to 23%/35% DTI.