REAL ESTATE LOANS

[felician0j]

How is it possible for someone with a credit score of 545 to get a rate of 8.0 on a refi???? What is the trick????

[DACMAN]

The same reason it is possible for a person with 700 score to get 8%. There are many more variables that you are missing.

 

Was this fixed or adj.

Did they verify income or go stated

Was it conventional or FHA/VA

How much did they put down

etc.

 

With out all of the facts there is no way to answer the question excpet to tell you it is possible

[willtygart]

Dac Man comes across as a grump but he's got SOME personality.......just doesn't wanna spend it all in one place. 'tis tru about the rate though, a 30 year fixed,30/15,7/23,5-1,2/28,cofi arm, and about 50 other kinds of loans all have different rates..........example...had a borrower buying a home......and 80/20 loan (two loans..same lender....basically the lender is puting its money on the line at 100%) and the first loan was at a rate of 6.25%.........so what does my borrower do? They call all the brokers in town and found a guy that would go 6.0% for a 30 year fixed.......which is the same product as far being a 30 year fixed. Problem is........sure, the 6% rate is a going rate BUT when a lender has a lkoan that is over 95%ltv they almost always up the rate on the first because there is more risk involved.

 

I have to admit, I was a lil peeved that i was being shopped and they are supposed to close this thursday and this is the 5th house they are shopping for.......5 sets of GFE's, 4 loan packages, and three realtors i have had to deal with. :shock: I could rip my hair out (if I had any) but they are a lovely couple that i have had the joy of meeting in person that are from the Seattle area and i will wish them the best of luck...........brb my tounge i sbleeding. :wink:

 

Dac Man's "pretty Fly for a Buck- eye" 8)