Posted on: 19th Jan, 2008 08:04 pm
Hi everyone.
We bought a house just last year in August. Paid $1.4 mil and took out a $1 mil mortgage - 30 year fixed with a 10 year interest only option at 6.75%. As rates have dropped since then we are already thinking about doing a re-fi. This time to a 10/1 ARM IO. The broker we used last time is quoting 6 1/8% as did another guy I checked with. However I called a company I found on Bank Rate and they quoted me 5.5%. The company is National Mortgage Alliance, owned by Georgia Banking Company. I have never heard of them and can't find any info. Any one know if they are legit? Does the rate 5.5% sound too good to be true? Thanks!
We bought a house just last year in August. Paid $1.4 mil and took out a $1 mil mortgage - 30 year fixed with a 10 year interest only option at 6.75%. As rates have dropped since then we are already thinking about doing a re-fi. This time to a 10/1 ARM IO. The broker we used last time is quoting 6 1/8% as did another guy I checked with. However I called a company I found on Bank Rate and they quoted me 5.5%. The company is National Mortgage Alliance, owned by Georgia Banking Company. I have never heard of them and can't find any info. Any one know if they are legit? Does the rate 5.5% sound too good to be true? Thanks!
Banker0679,
I just isn't out there. Where can you get 5.50% right now without points? Of course it it available if you want to pay for that rate.
I just isn't out there. Where can you get 5.50% right now without points? Of course it it available if you want to pay for that rate.
I just checked on the 5/1 ARM I/O up to 1million 75% LTV
5.5% with no points.
5.75% with no points on 7/1 ARM I/O.
you still need to pay for the lender fees like appraisal, underwriting, processing...probably come in at 1500 for lender fees.
then there's the escrow, and title fees. Probably 5k total lender fees.
You work with 100lenders....I'm sure you can find a lender that offers this.
You need to find a lender that primarily does Jumbos....they offer these low rates.
5.5% with no points.
5.75% with no points on 7/1 ARM I/O.
you still need to pay for the lender fees like appraisal, underwriting, processing...probably come in at 1500 for lender fees.
then there's the escrow, and title fees. Probably 5k total lender fees.
You work with 100lenders....I'm sure you can find a lender that offers this.
You need to find a lender that primarily does Jumbos....they offer these low rates.
Also, you need to watch what you write. Calling someone ridiculous or 'on drugs' is inappropiate for this website. If you dont work with Jumbo lenders or work with Jumbo loans you will not find the 'niche' lenders that offer these rates.
Thanks to all for your posts. It's interesting (maybe strange) that people in the same industry doing pretty much the same jobs can have such wildly different views!
Banker thanks for your posts here and on Citydata. Too bad you can't do a 10/1 IO ARM. I hear what you are saying about not keeping a loan that long and going with the 7/1 ARM - but my husband will never agree to it...he is having a hard enough time with leaving a 30 year fixed rate...a 7/1 or worse 5/1 will make his head explode for sure.
Brad - thanks for your info. Looks like I am in the ballpark.
Banker thanks for your posts here and on Citydata. Too bad you can't do a 10/1 IO ARM. I hear what you are saying about not keeping a loan that long and going with the 7/1 ARM - but my husband will never agree to it...he is having a hard enough time with leaving a 30 year fixed rate...a 7/1 or worse 5/1 will make his head explode for sure.
Brad - thanks for your info. Looks like I am in the ballpark.
Banker, where are you finding the 5.50% jumbo? Why won't you disclose that? If you looked it up, tell me who the lender is and the debate will be over. I will even give you credit here on the post if you can prove that is does exist, with zero points. I just don't think you can prove that it is out there.
As far as saying anyone was on drugs... I was talking about the person that is quoting 5.50% for a jumbo on Bankrate.com. I was not referring to anyone on this forum.
As far as saying anyone was on drugs... I was talking about the person that is quoting 5.50% for a jumbo on Bankrate.com. I was not referring to anyone on this forum.
I will disclose at least 2 lender sources to any moderator.
Just because 'you' think it's not true doesnt make it so.
Just because 'you' think it's not true doesnt make it so.
sunnytimes - 30yr fixed mortgages are around 6.25% same for 30yr i/o.
10/1 arm ...the best i saw was 6.25%...with no points.
ask your lender what would be the rate without the discount points/origination fees.
also....ask some friends/family for a referral. find someone who does jumbo mortgages....they usually have a 'niche list' that they use.
don't pay any points .....the rates might drop in 6months..and you might want to refinance...and the money spent on points would be wasted!
10/1 arm ...the best i saw was 6.25%...with no points.
ask your lender what would be the rate without the discount points/origination fees.
also....ask some friends/family for a referral. find someone who does jumbo mortgages....they usually have a 'niche list' that they use.
don't pay any points .....the rates might drop in 6months..and you might want to refinance...and the money spent on points would be wasted!
Thanks Banker. I think you are right about the rates (and I'm sure you are thrilled that a total novice agrees with you)! I just checked Hudson City and they have 5.5% 5/1 Jumbo I/O. The 10/1 Jumbo I/O is 5.875%. Zero points on both.
Can I ask one more question - my original mortgage is with Hudson. I am hoping I can just change the terms without paying for title again...do you think that is possible?
Thanks again.
Can I ask one more question - my original mortgage is with Hudson. I am hoping I can just change the terms without paying for title again...do you think that is possible?
Thanks again.
no..because they will need to do a title search to see if you have any liens on your property. they will also need to reinsure the search in case there's anything they missed.
you should get a big discount if you use the same title company you used to get the mortgage with
you should get a big discount if you use the same title company you used to get the mortgage with
banker0679,
Thats a cop out and you know it.
Thats a cop out and you know it.
I dont release sources to my competitors.
Sunnytimes has also mentioned that she found a 2nd source that was providing the rates I mentioned.
It's real...you need to find it like I did.
I have two lenders that offer great ARM rates...and another one that offers 30yr Jumbo rates in the low 6's....or even at 6%.
I'm not licensed in NJ..so I cant offer my help there. ;)
Sunnytimes has also mentioned that she found a 2nd source that was providing the rates I mentioned.
It's real...you need to find it like I did.
I have two lenders that offer great ARM rates...and another one that offers 30yr Jumbo rates in the low 6's....or even at 6%.
I'm not licensed in NJ..so I cant offer my help there. ;)
I didn't say that that a fixed rate in the low 6's is not possible. I didn't say that 5.50% on a 5/1 was not either. The post was in response to someone on bank rate quoting 5.50% on a 10/1 arm jumbo loan that you had posted was indeed possible. Now you are changing your tune to say that 5.50% is available on a 5/1. Different product.
Okay I'm going to stop bickering with you as you dont want to read the whole post.
Posted: 22 Jan 2008 07:10 am Post subject:
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Lisa....of course it's possible.
5/1 Arm I/O up to 1million is around 5.375-5.5% PAR...I'm sure it's lower today.
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I always said 5/1 ARM .....I'm not sure what thread you're reading!
Posted: 22 Jan 2008 07:10 am Post subject:
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Lisa....of course it's possible.
5/1 Arm I/O up to 1million is around 5.375-5.5% PAR...I'm sure it's lower today.
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I always said 5/1 ARM .....I'm not sure what thread you're reading!
Ok Ok guys chill. I have read the entire thread. Please we are here to help people and I know each one of you want to help the guest honestly. But guys, please keep this a healthy debate.
As a community, we need to respect each other and debate but politely. We should not use words which can give a wrong impression about our community to the guy who's posting. This goes for all and not for any single person out there.
Please co-operate and help us make the community better. I know you all are great human beings with a good intention to help people.
Good luck to all :)
As a community, we need to respect each other and debate but politely. We should not use words which can give a wrong impression about our community to the guy who's posting. This goes for all and not for any single person out there.
Please co-operate and help us make the community better. I know you all are great human beings with a good intention to help people.
Good luck to all :)
Banker0679.
This was your post prior to, that said it was possible. My post previous to that said that 5.50% on 10/1 arm as quoted on bank rate is not possible so I think it was you that didn't read. I just couldn't let you turn it around on me as if I am the one not reading the posts correctly when that is not the case.
Posted by banker0679,
Posted: 22 Jan 2008 07:10 am Post subject:
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Lisa....of course it's possible.
This was your post prior to, that said it was possible. My post previous to that said that 5.50% on 10/1 arm as quoted on bank rate is not possible so I think it was you that didn't read. I just couldn't let you turn it around on me as if I am the one not reading the posts correctly when that is not the case.
Posted by banker0679,
Posted: 22 Jan 2008 07:10 am Post subject:
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Lisa....of course it's possible.
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