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Best Pick Home Loans | Your Loan Resource blogs |
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Feds Increase Conforming Loan Limits - Up to $729,750 (more in HI, AL, Guam, Virgin Islands)
Sat, 08 Mar 2008 14:21:58 -0600 In the midst of all the bad, I mean really bad news, this past week, their was some good news for homeowners in the high priced areas of the country. OFHEO, the government agency responsible for oversight of Fannie and Freddie Mac have raised the limit of loans that these agencies can securitize. To find out if your county is affected please visit OFHEO's website: http://www.ofheo.gov/newsroom.aspx?ID=418&q1=0&q2=0 which has a PDF of those counties that are affected: http://www.ofheo.gov/media/hpi/AREA_LIST.pdf Good news, right??? Maybe. There are several important limitations which reduce the availability/usefulness of these loans. read more |
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Shopping For A Loan - Quicken Loans
Thu, 13 Sep 2007 17:36:48 -0500 About a week after I contacted Quicken by submitting their form from the icon located to the right on Best Pick Home Loans, I received a phone call from their representative. The representative came on very strong. He spent a good five minutes telling me that he is glad to be working for a Company that is reputable. He mentioned the affiliation with Quicken and Quickbooks as a source of pride within his Company. He told me that he doesn't make commissions on the loans. He also told me that they are the largest online lender. He also emphasized more than few times how Quicken Loans is a DIRECT LENDER. They are not a broker and therefore they can eliminate middlemen and avoid multiple fees. read more |
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New - RSS feed
Tue, 11 Sep 2007 18:18:56 -0500 Check out our new RSS feed: http://bestpickhomeloans.com/rss.xml |
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Shopping For a Loan - Buyers Remorse
Thu, 30 Aug 2007 23:02:16 -0500 Okay so despite all my research and knowledge about loans that I had gained, I still was wondering if I made the right choice to lock in a 15 year fixed loan at 6.25% today August 30, 2007 with $1733 in closing costs (all in including $33 for buy down). The loan amount was for $100,000. After agreeing to lock down the rate, I received in the mail a Express Mail envelope from Citibank which offered to beat any offer or pay us $100. It was perfect timing and they somehow must have known that we were shopping for loans - I give them kudos for anticipating such a move and sending out the letter when they did. read more |
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Shopping For A Loan - Bank of America - Locking in the Loan
Thu, 30 Aug 2007 22:14:38 -0500 As you know from my previous blog entries, I needed to refinance a $80,000 mortgage taking out about $20,000 to paydown a balance on a 2nd - a $100,000 mortgage. After meeting with several lenders last week, I met with Bank of America on Monday for an introductory meeting. The meeting convinced me to take the next step and so yesterday (Wed, August 29,2007) I turned in the necessary paperwork. read more |
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Shopping For A Loan - Bank of America - Visit 1
Thu, 30 Aug 2007 21:53:03 -0500 After deciding on the loan type this weekend - a 15 year fixed rate - I called on Bank of America today, August 30, 2007. I met the loan representative who was very helpful. I told her my scenario and she was able to quickly tell me the following information. One of the nice things about doing this shopping was that I now knew exactly which loan product I wanted which enables me to quickly get through the clutter. I also could do very good apples to apples comparisons. I knew the product and I knew that I didn't want to pay any points, suffer any pre-payment penalties and minimize my closing costs. read more |
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Shopping For A Loan - Deciding Between a 30 Year Fixed and 15 Year Fixed
Thu, 30 Aug 2007 20:23:23 -0500 Well the weekend went by and I was trying to do the numbers. If we go with the Wells Fargo Loan a 30 year loan would be 6.75% vs 7.75% to stay with Citibank. That is a difference of about $1000 in Year 1. Given our cost to obtain the loan - about $2000 it would take 2 years for that expense to pay itself back. I also had a conversation with my girlfriend. This is a property that we want to hold on to. "Hypothetically" speaking IF we were to rent out the place we would get $1250 per month. When you subtract out property taxes and HOA dues you are left with about $850 per month. The property is located in a very desirable resort like setting close to San Francisco. We are not going to sell this property in any foreseeable future. read more |
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Shopping For A Loan - Wells Fargo
Thu, 30 Aug 2007 20:03:59 -0500 So having been frustrated and a bit discouraged by the conversation with Ditech, I decided that it would be best to go to Portfolio Lenders. These are banks that actually hold the loans they orginate and do not need to sell them off to investors in the secondary market. Being in California the two biggest players are Wells Fargo and Bank of America. I visited the branch in downtown Oakland on August 23 and I received the following information: Wells Fargo's closing costs were $2,193 and they would take off $150 if you opened a Wells bank account. This is lower than either Ditech or Citibank. For us given the size of the loan amount - about $100K and the possible point reduction - 7.75% down to about 6.5% the costs mattered a great deal. read more |
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Shopping For A Loan: Ditech - The Call
Thu, 30 Aug 2007 19:49:25 -0500 So Rocky calls me back and immediately starts quoting some rates. I couldn’t get it all it was so fast but here is what I caught: 7.5% if I want the $395 option, 6.85% if I pay for closing costs, and 6.35% if I pay 2 points. I asked him to repeat it but he insisted that all he was trying to do was explain to me in general terms how the more I paid up-front the lower the rates. I told him several times that I understood that, and asked for specifics. He then told me that the numbers he quoted me earlier were just hypothetical and that it would depend on each person’s individual assessment. So much for the quotes. We then started down the path of entering numbers into their “automated system”. read more |
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Shopping for a Loan - Ditech - The Chat
Thu, 30 Aug 2007 19:42:28 -0500 After getting cut off by Citibank, I decided to give Ditech a call. From the Best Loan Picks section Ditech claims that they are a leading mortage lender and that they have a low closing cost fee - $395. This makes sense to me for a loan of this size since Citibank had quoted me about $2762 in fees. So I first start chatting with the guy from Ditech: As you can see he very quickly wanted to talk to me in person - I guess that is a good way of screening people… Here is the chat: read more |
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