Real Loans As Of July 31st at 2:00 PM

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New Feature: The Best Loan of Right NOW



30 year fixed rate loan at 6.125%. two point six total points. Assuming a $400,000 loan, APR 6.245 Payment $2398 fixed until you pay it off or change it, AND NO PREPAYMENT PENALTY!



This is neither the lowest rate nor the lowest payment. It is "merely" the best loan for the cheapest price I have right now. This is not an Option ARM but a real loan where the payment causes your balance to decrease. I cannot see how a loan where the real rate is two percent higher helps my clients when their balance increases by $1500 per month.



Here are 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 once they are met, 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

6.125

6.25

6.625

5.625

6.00

6.25
Total Points

2

1

0

2

1

0
Payment

$2430

$2463

$2561

$2302

$2398

$2463
APR

6.356

6.387

6.665

5.848

6.134

6.290




Years fixed is how long the rate is fixed for.

Amortization is how long, in years, the loan is paid off over. Only the last loan is interest only; the others are all principal and interest, fully amortizing payments.

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.



Anybody can quote you a low rate on a loan. This is what I can deliver, on real sustainable loans that you can count upon for a long time, and where your balance owed goes down, not up.



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

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This page contains a single entry by Dan Melson published on July 31, 2006 5:01 PM.

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