Real Loans As Of 11:40 AM July 10th 2006

By Dan Melson on July 10, 2006 2:57 PM | Permalink | Comments (1)

Here is this weeks first examples of real loans that can be done. These can really be done here in San Diego, California, as of the time I post them. Being A paper, these are rates that will vary at a minimum every business day, and potentially several times per day, but should not usually be too divergent within a few days. Exact closing cost will vary with the precise lender, which (for tolerably obvious reasons) I am not posting here. Requirements to lock also vary with the lender, but if you can meet them, I can (or could, at the time I posted) lock it, and once locked, deliver within thirty days.

These rates are retail rates, net to the consumer, based upon a loan amount of $400,000, at a loan to value ratio of 80%. If your balance is higher or lower, this would be reflected in your payment. These rates do assume full documentation loan and a credit score of 720, which is approximately the national average. This is a no cash out rate term refinance on an owner occupied single family residence. "Cash out" rates will usually be higher, purchase loans will vary by comparison. This includes a 30 day lock, and it is subject to underwriting constraints. You know, the usual stuff: On approved credit, this is not a credit decision or a commitment to lend, not all borrowers will qualify, some restrictions apply.

It is important to note that there are no prepayment penalties on any of these; rates with prepayment penalties will usually be somewhat lower than those without.

Years Fixed

30

30

30

5

5

3

3

3

Amortization (years)

30

30

30

30

30

30

30

30

Rate

6.375

6.625

6.875

6.25

6.625

5.75

6.25

6.75

Total Points

2

1

0

1

0

2

1

0

Payment

$2495.48

$2561.24

$2627.72

$2462.87

$2561.24

$2334.29

$2462.87

$2594.39

APR

6.597

6.752

6.893

6.387

6.669

5.952

6.375

6.795

Years fixed is how long the rate is fixed for.

Amortization is how long, in years, the loan is paid off over. None of the above loans are interest only.

Rate is the interest rate at the start of the loan, fixed for the number of years indicated on that line in the first column.

Total points is the total number of points a consumer would have to pay for that rate. These are neither the highest nor the lowest possible rates, only the lowest rate at which I can do that loan type for that cost at that time.

Payment is the monthly payment at the start of the loan, through the fixed period.

APR is required because I'm giving you a quote on a real loan. You might want to read this article before you take it for more than it is worth.

Call me. EZ Home Loans at 619-449-0070, ask for Dan.

NOTE: A couple of my best lenders missed their price updates this morning. I may be able to do better than this, and I'll try to get another update later in the week.

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1 Comments

Norb said:

Hello Dan,

I have a quick question about line 1202 of the GFE - city/state tax/stamps. One lender is telling me that no where in the west coast should there be a value there; another lender put $490 on that line. Who's telling the truth? The new property I'm buying is in San Jacinto, CA.

Thanks for your time.

Norb

DM: The guy who told you that there shouldn't be any on the west coast is closer to the truth. I know of some municipalities that have them, but in California as a rule they are not charged, and as far as I know San Jacinto (Riverside County) isn't one of the municipalities that charges them.

July 13, 2006 5:25 PM

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