Quote:
Originally Posted by Modification Specialist
6.375 -1.381 -1.131 -1.006 -0.756
6.250 -1.011 -0.761 -0.636 -0.386
6.125 -0.729 -0.479 -0.354 -0.104
6.000 -0.409 -0.159 -0.034 0.216
5.875 0.023 0.273 0.398 0.648
5.750 0.679 0.929 1.054 1.304
Today's rates - 5.75% will cost you .0679%
Tell your broker you want to buy down your rates!!!!
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Once again... recommending with ZERO knowledge of the situation. A great advisor. If you were a doctor, attorney or financial planner it would be called MALPRACTICE.
1) Is that a 7, 10 or 15 day lock? What about if I want a 30 day lock?
2) What credit score do I need for these rates?
3) What downpayment?
4) What debt to income ratio?
5) What state is this in?
6) What is the min loan amount?
7) Is this FHA, Conventional, USDA?
8) Is there mortgage insurance or is it LPMI?
9) What will the APR be for this rate?
You are telling someone to buy down a rate to 5.75%... when you dont even know if he has a 5.5% rate!!! You are advertising rates without proper disclosures and corresponding APRs. It has been mentioned several times that this is a violoation of ECOA and other regulations.
Please, before you keep posting generic advice learn to read the rate sheets and how to properly qualify and advise clients. Greed and bad advice is what ended up causing this mess in the first place.