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Mortgage Rates are DROPPING. I am a Loan Officer - Any Questions?

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BlackNMild2k1:
Freddie Mac Loan Look Up Tool:
https://ww3.freddiemac.com/loanlookup/

Fannie Mae Loan Look Up Tool:
https://www.knowyouroptions.com/loanlookup


If you or someone you know has been put in a situation that paying your mortgage may be become a problem, these last two post are for your benefit.

BlackNMild2k1:
So as you probably heard, all major lenders are doing some sort of Mortgage Moratorium.
All but 1 are doing a flat 90 Day Deferment.
1 (BofA) is doing a 30 Day Deferment, every 30 days as long as necessary.

Now I sat in my office today with a client who was on the phone with Mr. Cooper, who while on speaker phone explained how their Mtg Deferment worked....

you could apply and you would not have to make a payment for 90 days.
BUT..... and this is a big but, your payment will not delay the payoff of your loan by being tacked on to the back, instead, once the 90 days is up, you will be expected to make a lump sum payment and make your currently due Monthly Mortgage Payment.

Meaning, once that 90 day deferment is up, you could owe 4 months of Mortgage payments due in that 4th month.... I'm not really sure how that helps except to defer your panic of foreclosure and/or ruining of your credit for 90 days as well....
If you weren't working, and can't make the payment for those 3 months, how are you suddenly supposed to come up with those 3 months of payments, and then make your now due monthly payment while only receiving a single stimulus check of $1200 and possibly unemployment that went to buy food and keep the utilities on...?


The BofA deferment is tacked on to the back of the loan, so that once the crisis is over, you will just pick back up like usual, and it will just take you that many extra months that you were deferred to pay off the loan.

So when you are signing up for your deferment, please check to see if they are doing a lump sum or delayed payoff. /PSA

Kairon:
Random question I was wondering about: people are always talking about regular mortgage rates, but what about mortgage rates for an investment property? How much higher are those expected to be in general compared to the comparison to the "primary home" type of mortgage that gets front-page placement?

BlackNMild2k1:
In this environment, it depends on who you go to, and the different factors of the loan, but I'd guess anywhere from .5% to 1% difference from the rates you are seeing for primary residence.

Credit Score, Loan to Value, Property Type, Loan Amount, Loan Type, and Loan Program all are factors.

and for us, we are matching all offers, so I invite customers to shop us if they want, and just bring me back a legit quote and get your loan secured a major lender for the same rate and in lots of cases less cost.

Kairon:
What amount is too low for it to be worth the bank's time to do a mortgage or refinance? For example, I've been been toying with online "get a quote" tools for a refinance in that amount (50k balance + 50k cash out) and I keep getting ZERO results.

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