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Looking to help a friend refinance a high balance mortgage at $550K 80% LTV in a county that goes up to $625K. Time horizon is about ten years before property is sold. May need non-occupying owner to sign the note also to get DTI ratios acceptable. Current note is presently in the non-occupying owner's name (brother of home occupant).
I'm looking at PenFed and NFCU so far.
PenFed offers a 5/5 at 2.875% and no origination fees with a 2% cap on adjustment and 43% DTI only needing a 680+ FICO score, however, all borrowers must reside in the house.
I don't know as much about the NFCU rates, so far it appears they offer a 5/5 at 2.5% and 0.25% origination fee but the rate varies with your FICO score, still getting more info on this one.
Other Credit Unions to consider? What about USAA, how good are their mortgage rates?
I've seen it posted throughout the forum, and Houston Lynne has it immortalized in her signature block.
I've opened a Penfed savings account, but have not applied for any of their credit products yet. Is there anything I should be cautious about to avoid the "Pyramid Alert!" with Penfed?
I do have several credit union accounts (NFCU - $30K, $10K, BECU - $8.5K, NASA - $30K) and zero balances.
Any thoughts? (PM me if you are concerned about giving away the farm)
Anyone know much about Suntrust credit cards?
I have an old student loan backed by them but that's my only experience with Suntrust.
Doesn't look like anything too exciting but not too bad either. Not much of anything in credit pulls.
Anyone want to be a GP for one?
The cash back card is 2% up to $6k on gas and grocery then goes to 1%.