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On the website, Provident Funding Mortgage seems to have the best rate. Those who have used Provident Funding Mortgage recently, could you shed some lights? E.g. Do they have origination charges or administrative fees or document fees? If yes, how much? How easy and smooth is the transaction (given it is an online service)? What to watch out for? Is the APR on their website just an example or is it close to what is in GFE? ..... Thank you very much.
On the website, Provident Funding Mortgage seems to have the best rate. Those who have used Provident Funding Mortgage recently, could you shed some lights? E.g. Do they have origination charges or administrative fees or document fees? If yes, how much? How easy and smooth is the transaction (given it is an online service)? What to watch out for? Is the APR on their website just an example or is it close to what is in GFE? ..... Thank you very much.
Are you ready for some serious brain damage? Provident generally does offer the best rates in the wholesale market but they are very tough on underwriting and extremely "picky" so it can make the whole process very stressful. I'm saying this as a mortgage professional who has used Provident quite a bit, I can't imagine how a consumer would fair with their retail division.
Provident Funding is awesome if you meet their criteria.
You have to be an the upper end client (high credit scores, cash money in reserves, all your documentation available, big downpayments). You can't have alimony checks, social security checks, pensions etc if you want to close fast. You can do it, but Provident will delay your underwriting.
We went through Provident Funding last year at the height of the credit crunch in the Winter of 2009. They took less than 21-28 days to underwrite the loan. And I even had another home I was already paying for at the time and was applying for another mortgage with Provident.
If you are the ideal client, you shouldn't have any issues.
The only bad thing I have to say about Provident is they want the money transfer into the accounts by 4PM at the close of business day at the time of closing. That means they want all the essential paperwork signed off by 330PM. Because I am working all day and not usually available until 4pm, the closers actually went to my place of business to let me sign off on the paperwork. I didn't even have to go to the closer's office to sign off.
Our current bank does not wire fund to third party (title/settlement company). We asked this question specifically. So we started to transfer fund to our basic checking. Does Provident Funding take certified check? Thank you so much.
Not sure what is considered upper end client; but our down payment will be 30%, regular wages, over 800 credit score before all the pre-approval credit checks. Also how strict are they concerning the DTI? We have no other debts beside current mortgage. Our potential loan plus the current mortgage together would be near 30/35. Would that be a problem? In addition, do you fax documents to them or email the documents? What are the essential documents they need? How do you wire fund when banks do not wire to title company on your behalf. Thank you!
Last edited by onlooker123; 06-10-2010 at 07:00 PM..
Reason: add a question
You sound like a Provident borrower. Find a broker in your area. Not everyone is approved with Provident. (You will have better rates on the wholesale side).
Like the other poster said, they can be picky but I have dealt with them and found them to be fast, fair and good to deal with if it's a good loan. It sounds like your loan is one of the Provident loans.
Their rates are the best!
Last edited by Bette; 06-11-2010 at 09:00 AM..
Reason: Added word
Thank you so much, Bette. I only know two ways: bank or direct online. I am not sure I know how to find a mortgage broker. Are they listed somewhere? Thanks again.
Thank you so much, Bette. I only know two ways: bank or direct online. I am not sure I know how to find a mortgage broker. Are they listed somewhere? Thanks again.
Thank you so much, Bette. I only know two ways: bank or direct online. I am not sure I know how to find a mortgage broker. Are they listed somewhere? Thanks again.
What state are you in? Many brokers/bankers do all 50 states. I do not.
(only Florida)
You can find a broker through the state website or try nmb30 - you will find it much easier going through a broker or banker. They will navigate the waters for you.
Thank you so much, Bette/nmb30. I got a GFE directly from a bank for 15 years
rate 4.25%; APR close to 4.31%
Adjusted origination fee $140; appraisal $400, credit check $20, LOL flood cert $10
plus tax service $85, survey $300, pest inspection $45
I have not asked for 30 years yet.
Do you think Provident Funding Mortgage could better this? Thanks again.
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