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countrywide doesnt disclose YSP.....neither does any direct lenders or banks.
matrices dont disclose rates......they only discuss the 'guidelines of a product'
stick to telling the truth especially with mortgage professionals around.
the average joe will believe your story, but the professionals will laugh.
countrywide's rates are higher than bank of america...and bank of america's rates are higher than taylor bean.
it sounds like you had a bad experience with 1 broker, and you think everyone is bad.
over 60% of the loans funded in the US are made through brokers....and most brokers dont use countrywide.
40% of the loans funded with those 'creative financing' were made by countrywide. Most ppl blame brokers, but they dont even do research to form an opinion. They listen to individuals like yourself, and think they have a graduate's degree in financing.
Countrywide has ruined this economy, and will continue to do so when all those NegAm loans catch up in 1-2yrs from now.
Havent you read about the president/ceo of countrywide?
did you know he sold more than 2/3 of his stock options in the last 2-3months. gee i wonder why he did that.
Quote:
Originally Posted by Pimpy
You're wrong about Countrywide. I saw the broker's matrices, the number of lenders he works with is in the triple digits, and Countrywide was right in line with everyone else as far as rates. We went with them because they have a reputation for closing fast and seamlessly.
I have no interest in building a "relationship" with a mortgage broker. As long as the guy gets me or my buddies the lowest rate possible with no yield spread, I could give two flying rats asses what he thinks about me. Just give me the low rate and get the loan closed.
I don't have the time to read all of the posts here, heading out to work. I do have a question:
By paying 13 mortgage payments per year, am I knocking off on the back end of the schedule? Is this a quicker way to pay off sooner? Any advice aside from pay more than the schedule due amount?
Thanks!
are you asking for an interest rate?
fico score, 30yr fixed or not, 100% financing?, etc have to be disclosed.
Please remember that you can have a 850 score....and this doesnt mean you will get the best financing at 100% financing.
A lot of borrowers dont realize that the bank owns your house at 100% financing, and you can EASILY walk away from this house. You're at a HIGH risk with no money down.
The best rates come with High credit scores, and 20% down.
Most borrowers complain about getting a higher rate due to their 'No Money Down', and they rant & rave about they dont care ...they have a 780 credit score, etc.
Believe it or not........when it comes to making a mortgage payment on a upside down mortgage...you wouldn't care about your 'credit score' but you would care if you lost your 5, 10, 20% down payment.
Quote:
Originally Posted by NY62
What is the rate ? and under 3% closing costs with over 1% of that being a broker fee seems a little farfetched, even in tennessee.
are you asking for an interest rate?
fico score, 30yr fixed or not, 100% financing?, etc have to be disclosed.
Please remember that you can have a 850 score....and this doesnt mean you will get the best financing at 100% financing.
A lot of borrowers dont realize that the bank owns your house at 100% financing, and you can EASILY walk away from this house. You're at a HIGH risk with no money down.
The best rates come with High credit scores, and 20% down.
Most borrowers complain about getting a higher rate due to their 'No Money Down', and they rant & rave about they dont care ...they have a 780 credit score, etc.
Believe it or not........when it comes to making a mortgage payment on a upside down mortgage...you wouldn't care about your 'credit score' but you would care if you lost your 5, 10, 20% down payment.
HUH?? I was asking the pimp guy what rate he got from countrywide. I know all the crap that plays into rates. I do mortgages. every scenario is different. Credit scores drive rates, you take less hits with high scores. You know that as well as I do.
oh sorry i get a lot of borrowers asking me for interest rates haha.
Quote:
Originally Posted by NY62
HUH?? I was asking the pimp guy what rate he got from countrywide. I know all the crap that plays into rates. I do mortgages. every scenario is different. Credit scores drive rates, you take less hits with high scores. You know that as well as I do.
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