Real Loans As Of 4:00 PM July 3rd 2006
Here is the first in my series of sample loans. 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 day or so. 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 5 | Amortization (years) 30 30 30 30 30 30 | Rate 6.25 6.625 6.875 5.625 6.25 6.625 | Total Points 2 1 0 2 1 0 | Payment $2462.87 $2561.24 $2627.72 $2302.63 $2462.87 $2561.24 | APR 6.489 6.769 6.922 5.855 6.387 6.669 |
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.
Bookmark this on Delicious
Stumble It!
2 TrackBacks
Listed below are links to blogs that reference this entry: Real Loans As Of 4:00 PM July 3rd 2006.
TrackBack URL for this entry: http://searchlightcrusade.net/mt/mt-tb.cgi/2931
Because most loan providers will not guarantee their Federal Good Faith Estimates or California MLDS forms, I've been telling folks that the best suggestion (other than doing their loans myself, of course!) that I can give them is apply for... Read More
Because most loan providers will not guarantee their Federal Good Faith Estimates or California MLDS forms, I've been telling folks that the best suggestion (other than doing their loans myself, of course!) that I can give them is apply for... Read More
Want San Diego MLS?
Add to Technorati Favorites
Not in San Diego?
My other site is here
Logical failures (straw man, ad hominem, red herring, etcetera) will be pointed out - and I hope you'll point out any such errors I make as well. If there's something you don't understand, ask.
Nonetheless, the idea of comments should be constructive. Aim them at the issue, not the individual. Consider it a challenge to make your criticism constructive. Try to be respectful. Those who make a habit of trollish behavior will be banned.
Leave a comment