U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-01-2008, 10:32 AM
 
1 posts, read 1,735 times
Reputation: 10

Advertisements

I am familiar with YSP being reported as a point but on the rate lock confirmation I just recieved it is reported at 100.75.

Anyone seen this before? Not sure how it equates to points.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 10-01-2008, 12:41 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,567,260 times
Reputation: 958
100 is par. Anything above that is YSP.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-01-2008, 02:16 PM
 
Location: New York
2,251 posts, read 4,705,626 times
Reputation: 1617
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!!!!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-01-2008, 03:40 PM
 
82 posts, read 309,466 times
Reputation: 14
that is less then one percent 3/4 or a point but they can redisclose later on so...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-01-2008, 03:48 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,003,053 times
Reputation: 1008
YSP is reported on the Good Faith Estimate and on the HUD

you wont know the final YSP until you get the HUD
it will more than likely be the same number on the lock agreement
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-01-2008, 03:57 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,003,053 times
Reputation: 1008
this isn't the place to start placing rate sheets on the forum.

stay on topic please
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-01-2008, 05:56 PM
 
82 posts, read 309,466 times
Reputation: 14
you should post your rate and other charges too..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-01-2008, 07:31 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,003,053 times
Reputation: 1008
everyone can read the posts you placed...even though you may have deleted them.

Quote:
Originally Posted by mortgage king View Post
you should post your rate and other charges too..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-02-2008, 01:58 PM
 
Location: Norfolk, VA
1,036 posts, read 3,840,737 times
Reputation: 515
Quote:
Originally Posted by Modification Specialist View Post
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!!!!

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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top