PS. What is it exactly that you do? As soon as I get my day job situation squared away, I'll probably start looking again to buy a place. And I'd rather throw business toward my friends than strangers if possible.
I work for a wholesale lender. Basically the bank that funds the loans. We deal with brokers who are the ones that deal with borrowers. We're not allowed to talk to the borrowers unless it's a retail deal, which we will do on occasion. In your case, you'd deal with a broker/retail loan officer and they'd send the loan to either us, or whoever had the best rate for the best rebate. Keep in mind, the rebate goes to the broker so, if you get some jackass making a mofo of a rebate and your rate seems high, tell him what for. Then again, I think they can credit the borrower the rebate. The industries gone weird in the last 6 months so, I don't know for sure what's what at the moment
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OK, so let me ask you this: with the interest rate drops from the Fed lately, is now a good time to try to shave a point or so off of our current mortgage rate? Assuming that we stay at a fixed rate, of course.
Y'know, I don't really know because the market is in such a state that the lenders are freaked out to the point where everything costs a LOT more and the hits to the rebates are burly depending on your situation. You might have to come in with a lot of money to go lower even with a good credit score, how high of a loan to value you'll have, your ratios as far as debt to income... ...what I'm saying is rates are lower but they're not free in this scramble to save everybody's ass
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Comments 6
I've got another contact somewhere (a friend of a friend) that I'll dig up for ya.
-n
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