All Forum Posts by: Ed Wood

Banks, lenders and brokers use SAME information quoting rates so if you know what they need to calculate rates you'll get quick accurate quotes. This makes calling around MUCH easier. Here's what you'll need to know before calling;

1. Loan program you want quoted (FHA, VA, Conventional, Jumbo)

2. Type of loan (Purchase, Refinance or Cash-out Refinance)

3. Term you want (30yr Fixed, 5yr ARM, etc)

4. Property Type (SFR, Condo, 2 unit, 3 unit, 4 unit)

5. Occupancy (primary, second home, investment property)

6. Loan Amount (how much you want to borrow)

7. Property value (approximation or sales price is ok)

8. FICO Score (if you know all three ALL lenders use middle FICO, not average)

9. Impounds (do you want taxes and insurance billed with your mortgage statement)

10. Lock period (15, 30, 45, 60 day)

Keep things simple when getting a quote follow 1 & 2 below:

1. Stick with asking for a "no point rate" keeps things simple. You can fine tune things later.

2. Get lender fees (underwriting, processing, appraisal. NOT 3rd party fees like escrow, title, transfer tax, etc) Most will be $995 - $1,495.

@Roy N.

That's not a common one rider for 1-4 unit residential conventional. This one is (link below) since 2001 so I don't know what you guys are signing...

https://www.fanniemae.com/content/legal_form/3170.pdf

@Roy N.

What kinda of loans are you guys doing hard money, commericial?

I noticed that too, didn't pay though but I get a email daily form them of some new person without their contact info wanting to loan money.

Submit your estimate to the sellers lender requesting the discount and see if they offer it. I had a short sale where we got 3 estimates for termite damage averaged 14k we gave the sellers lender all 3 estimates and they did not care said the price was the price take it or leave it.

1. Yes, but not nessarly in the agent remarks section there is usally a dropdown menu which agent select "REO", "Short Sale", "Standard", "Probate" etc

2. Short sales are generally listed low because the agent generally needs a offer to stall foreclsure. If the agent receives multiple offers they should ask for highest and best from all the buyers, then they should take the highest and best offer and submit it to the sellers lender.

3. Unapproved price means she could have listed it for $1 and and accepted your offer of $1 but that doesn't mean the sellers lender is going to accept that offer. The sellers lender will send out a appraiser/BPO and seeing the true value of the property then counter your offer to the market price.

4. Listing agent is obligated to show offers to the seller, the seller chooses the best offer and the listing agent submits that one to the bank.

5. It shouldn't matter if you deal directly with the listing agent or have a buyers agent, unfortunatly ethics asside it probably will matter.

Well at least in Calif they're all close to the same using Farmers, State Farm, etc if it's 1-4 unit investment property with a conventional loan make sure to get 6 months rent loss coverage it's a standard requirement.

+1 Bull and I wouldn't respond they're shotgunning these messages out waiting for a sucker to reply.

Fannie, Freddie, HUD etc if they list a property on the MLS they're trying to give opportunity to owner occupied buyers this is why.

@Chris Adams

Sorry my bad. I'm just familiar with the standard rider, is this for 1-4 residential unit property conventional loans? If so maybe they should be using this form (noted on very bottom of page) and attached;

"MULTISTATE 1-4 FAMILY RIDER -- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT 32.14 Form 3170 1/01"

https://www.fanniemae.com/content/legal_form/3170.pdf