All Forum Posts by: Zach Wain

What Russell said!

@Ty Suggs - Thank you for your service!  I know a great Mortgage Broker in NC that runs a solid team and knows how to market in todays environment.  I would be happy to connect you to see if its a good fit for you both.

What day did you get that quote and how many points?  Sometimes we get 3-4 different rate sheets a day, so you have to be super specific otherwise you really can not compare.  Rates have gone up 1.25% roughly the past 3 weeks, timing matters!

There are Dr loans that are just meh...  And some true portfolio Dr loans at bigger banks that are killer.  As a Broker, we have meh Dr loans.  Since this is a made up loan program, its not standardized, so you may need to take some time and shop around to find a killer deal.  

You can have more than 1 FHA loan at a time with exceptions. Cosigning being one of them. But yes, that was a bad idea. That is now your monthly debt. If you can document your parents have made the past 12 mortgage payments some lenders may allow you to omit the debt.

The scenario sounds odd because adding a person with higher credit scores does not improve pricing, its always based on the borrower with the lowest scores (not always, maybe 99% of the time).  Did you add income as well?

Rates are higher again today!  They change every single day, just like the stock market.  Tomorrow, they will be different again.  Today, a primary home 30 yr fixed is around 7%, so a rental will be much higher and have high fees

I recommend you call and schedule an appointment.  You may walk in when they have a demanding file or closing, and their attention should be paid towards their clients that need it the most at that moment.

Next, have your docs ready to go.  You do not need to send them prior to the appt, but have them ready.  

3rd - let them talk to you.  You will notice which ones you think are the best fit.  If you find a mortgage broker without anything to say to explain, move on.  Whether its loan products, the market, game planning, there is plenty to talk about.  You do not need interview questions IMO

3% rate???  

Something to keep in mind when talking about your loan terms. There are many factors at play!! What day did you vs the other person lock your interest rate? Rates change every single day, and we have seen some wild swings. What are your credit scores? Loan to value? Property type (SFR vs condo vs 2-4 unit). Most people forget to even mention the amount of discount points they paid, and other lender fees like underwriting or processing fees. (Johanna and Becca did, but so many people forget that part of the equation).

The same person locking in a rate 3 weeks got a 5.75% primary home 30 yr fixed with no points is getting 6.875% today with the same lender.  The timing of your rate lock matters!! 

Anecodatelly, I have heard they are very tough to do. Besides a buyer needing to find the right priced home with the right size mortgage they want to assume so they have the correct amount of downpayment, the loan servicer has to play ball. Many of them do not like assumptions so they tell you to call the VA, then the VA tells you to call loan servicer, and back and forth everyone goes. I have heard of a few success stories, but mostly people chase their tales and miss out on other opportunities in the meantime. That is my 2 cents