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SilentBob

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  1. How are they for used car loans? I am thinking about applying with them as I am nervous about getting financing through the dealership. I just have a feeling that every dealership will try and screw me over. Any info on them? They are offering a 4.3% for a 2007.
  2. Well it actually is $745. The remaining balance is due at closing. She said it was standard on a 2 family.
  3. I got am email from my agent and she asked today for $350 for the appraisal. Not sure why it changed so much. But I guess in general the numbers look good?
  4. This is a Rehab(203k) loan. $410k Purchase price + $20k sellers concession + $50k estimated repairs. Its actually going to be more but I wanted to see a GFE based on these numbers. Loan Amount - $471,306 Term - 30 Years Origination Charge - $1099.00 Initial Interest Rate - 5.250% Initial Monthly Payment: $2,813.51 Interest payments rise: NO Prepayment Penalty: NO Balloon Payment: NO Escrow Account: Yes Adjusted Origination Charges: $5,812.06 Your Charges For All Other Settlement Services: 27,575.69 Total Estimated Settlement Charges: $33,387.75 Payment to reduced interest rate to 5.250% : $4,713.06 Mortgage Insurance: $8,106.00 Credit Report - $25.00 Appraisal Fee - $745.00 Consultant Fee: $700.00 Title Services and Lenders title Insurance: $2,728.00 Estimated Total Settlement Charges: $33,387.75 Thanks
  5. I am in NYC and my plan is to do just that. Use it to pay for some of my closing costs.
  6. I found out that the house that I put a bid on needs a pre-approval for a 203k rehab loan, not just a pre-approval. You would think that the realtor would have knew that ahead of time, right? Guess its time to look for another home.
  7. Well I just put in my first offer on a house. I thought it would be harder to do. I know this is only the first step The house is a foreclosure. It originally listed at 433k(july 09) and then 422k 2 months after that. 4 days ago they dropped the price to 374k so I figure they are having issues selling it. Well I put in an offer at 340k with 16k sellers concession. One of the requirements was that I get a pre-approval thought BOA. I did and qualified for 434k loan amount. I was working with a loan broker and he became concerned with this turn of events. He said BOA is terrable to get loans through. They make people jumps through hoops and do crazy things. At first I was thinking he was really concerned but now I am wondering if he just didnt want to lose the loan. What are your guys experience with BOA? My loan officer said Citibank has better rates than anyone right now(im in NYC). We will see what happens. They have until 10/22 to respond to the offer. Its going to be submitted on Monday. I have a ex-Realtor friend who thinks it will be accepted. There is a house identical to the one I am bidding on that sold the first of this month at 470k. It was ina little better condition but lets see what happens.
  8. He said his firm has a float down policy that allows the borrower to have the lowest rate available during the processing period up until 5 days before closing. He said if we were to close today the rate would be 5% with 1 point and 5.5% with no points. Make sense to anyone?
  9. I just sent him an email asking why his rate is so high and why he is charging a point. I have a friend who closed on a 2 family at 5.5% with no points. I have asked him for the name of his broker. Thanks for the advice so far.
  10. This is just a pre-qualification. Noting more. I just mentioned my credit score over the phone which is high 600's. The loan will be for a 2 family at around 445k. Probably less. He said the current rate was 5.5 plus 1 point. Not the rate I will be getting. Just what the current rate is.
  11. I have finally started the process of looking for a house. I talked to a mortgage broker about doing an FHA loan and he stated the current rate is 5.5 plus 1 point. Does that sound right? When I received a pre-approval it listed a "rate not to exceed 4.875. Can someone explain this? Where do you guys get a Realtor? I dont have any friends that can recommend one. Should I just walk in to a Realtors office and start talking to him? I also understand that if I go to an open house without my Realtor that makes the Realtor showing the house mine. I want to avoid this.to Is there a check list or a link someone can send me in regards to things I should ask a perspective Realtor? Thanks.
  12. Thanks. You answered all of my questions.
  13. I am starting to look at getting into an FHA mortgage. I am new to the whole process but have been looking around. Questions: Currently I have CC payments of around $300 a month. BUT the interest is low and will be going up in a few months. What part of the payment will they look at? The higher(in a couple months) or the current payment? Can you use a FHA on a Short Sale or foreclosure? I have no car payments or any other reoccurring payments, minus cell phone, cable..etc. Will they just use the CC for the 43% or will they add all the payments I make? I may get a co-signer, She owns a house, would that affect me getting an FHA? Thanks
  14. I have a 24k+ CL on this card and obviously they like me. I think they are just trying to see what they can get away with. Just pisses me off because I do all of my banking with them. Oh well time to look around and see who else I can bank with.
  15. Well I log onto my account to pay January's bill(always early) before I get the physical statement. What do I find??? My APR has more than doubled. I went from a fixed 6.74 all the way to 14.99%. I call retentions and I got the best response. They said that I was a great customer for more than 12 years, no lates no issues on my account. "The cost of borrowing money has gone up so and the situation of the economy has caused them to have to move my rate up." After complaining to them they started offering me discounts off the 14.99%. 10.49% then 5.99 till Oct then at the standard APR. Then when I continued to protest she saw a 3.99 till Oct. and then Prime plus 4.99(I think) which would be 8.24%. Now I am waiting for a supervisor to call back. There goes 12 years of speaking well of Citibank. They want me to bail them out twice. One the govt gives them money and now they try and take even more in the form of interest. Screw them.

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