Talk about loans.... (relocation company, mortgage broker, new house)

[socketz]

Guys,

There seems to be alot of people on the board that are moving here from other areas, so I was wondering if anyone was interested in sharing what types of loans they are finding out there....

I'll share the best one I've found thus far....

Etrade
=====

20% down (Etrade doesn't do 2nds in TX, so no option for 80-10-10)
6.125 (extra 1/8 point off normal rate if you keep a certain amount in your Etrade account)
$3300 total lender costs (not including pre-pays, which is moot because all lenders require these)

Anyone come up with anything better than this ?

I checked out the BoA loan that promises no Closing Costs, but it appears that they make you buy a point vs. paying the closing costs, which really is better because the point is deductible on taxes. Their rate was still 6.25, which was higher than Etrade.

[onrway2clt]

Originally Posted by socketz

Guys,

There seems to be alot of people on the board that are moving here from other areas, so I was wondering if anyone was interested in sharing what types of loans they are finding out there....

I'll share the best one I've found thus far....

Etrade
=====

20% down (Etrade doesn't do 2nds in TX, so no option for 80-10-10)
6.125 (extra 1/8 point off normal rate if you keep a certain amount in your Etrade account)
$3300 total lender costs (not including pre-pays, which is moot because all lenders require these)

Anyone come up with anything better than this ?

I checked out the BoA loan that promises no Closing Costs, but it appears that they make you buy a point vs. paying the closing costs, which really is better because the point is deductible on taxes. Their rate was still 6.25, which was higher than Etrade.

I talked to someone and they sent me what the closing costs would be on a loan that I would do with them and the closing costs were 2200. I cannot give you the rates because the rate was based on a no doc loan.

[scyogi]

I am working with my husbands relocation company--which sent us to their mortgage company and we will close our loan at 5.75. It is a conventional 30 year with 20% down. I am thinking we are getting this great rate due to the fact that it IS a relocation.

[socketz]

5.75 is incredible.

That's 2004 rates. The relo company must be buying down the loan with points for you guys. 6.35 is pretty standard for a 30 year fixed.

Aren't you the one they are giving 25k to move as well - and they bought your old house ?

Is your husband an exec of some sort ? This may be the best relo package I've ever seen.

[Spree]

Relo companies will give cash incentives if you sell your house on your own through them rather having them buy you out and keeping the house on the market. They also pay realtor fees. That's a huge savings right there. They sometimes will pay some closing costs on your new house.

We've found a 6.125 through Wachovia - with no points or origination.

[socketz]

Originally Posted by gulf5driver

Relo companies will give cash incentives if you sell your house on your own through them rather having them buy you out and keeping the house on the market. They also pay realtor fees. That's a huge savings right there. They sometimes will pay some closing costs on your new house.

We've found a 6.125 through Wachovia - with no points or origination.

What were the total closing costs (minus the pre-pays, which are the same for any loan) ?

[scyogi]

No we did not get 25K. Our company did a mixture of cash (1 month salary + generous travel expenses) then picked up all cost of our moving and all realtor and mortgage fees. They were very generous to us which always makes saying yes to a move easier.

[cdelena]

PM me if you want the number of a good mortgage broker. I did substantially better (5.75 and low costs) on my recent mortgage using him.