Patriotone
New member
Just put down a deposit on a new TIC property and am shopping around for financing. Since I've been out of the market for a few years, does anyone have any good experiences or recommendations they can share?
Lender / Broker Recommendations
- Thread starter Patriotone
- Start date
NEW -> Contingent Buyer Assistance Program
I guess I should have specified a refi vs. new loan. With a new loan, I agree that sometimes it's worth sacrificing the absolute lowest rate for better service. But for refi's it should all be about the rate/fees.
I had a mortgage guy before who I thought had the best rates, but then I found out about these internet loan companies and was shocked about the rate/fee difference (.125-.25). It's a pretty significant number when talking about a jumbo loan. I would even say that the process was smoother for the internet loan companies since there is a nice online system to upload documents and to inform you of updates. With a a traditional mortgage broker, everything was over e-mail and attachments and things sometimes got lost.
I'll check with John when looking at my next refi to see what the true rate/fee difference is.
irvinehomeowner
Well-known member
SGIP is a member here and a link to his site is on the right ("Soylent Corporation").
Many members have used him (including myself) and highly recommend him.
Many members have used him (including myself) and highly recommend him.
lowlyirvinerenter
New member
+1 SGIP.
irvinebullhousing
Well-known member
Highly recommend John Wheaton. There is also a Yelp review on John. Nothing but great stuff from John.
+1 for SGIP/John Wheaton
Had experience with some private small lenders and big banks as well and its amazing how last minute issues come up. For example one company last minute said they don't count rental income in DTI?! John knows his business and there are no surprises.
Had experience with some private small lenders and big banks as well and its amazing how last minute issues come up. For example one company last minute said they don't count rental income in DTI?! John knows his business and there are no surprises.
usctrojancpa
Well-known member
+1 Used John on the loan to purchase my short sale (it was a nightmare but we got it done). I refer him to all my buyer clients, including the folks buying brand new home construction.Compressed-Village said:
irvinehomeowner
Well-known member
And just so the OP is not confused... John Wheaton, SGIP, and Soylent Green Is People is the same person.
woodburyowner
Well-known member
Just curious how John's (SGIP) rates/fees compare to the cheaper online mortgage sites - provident.com, boxhomeloans.com, amerisave.com, etc.
woodburyowner
Well-known member
Roger said:
I guess I should have specified a refi vs. new loan. With a new loan, I agree that sometimes it's worth sacrificing the absolute lowest rate for better service. But for refi's it should all be about the rate/fees.
I had a mortgage guy before who I thought had the best rates, but then I found out about these internet loan companies and was shocked about the rate/fee difference (.125-.25). It's a pretty significant number when talking about a jumbo loan. I would even say that the process was smoother for the internet loan companies since there is a nice online system to upload documents and to inform you of updates. With a a traditional mortgage broker, everything was over e-mail and attachments and things sometimes got lost.
I'll check with John when looking at my next refi to see what the true rate/fee difference is.
Check the closing fees to see if it includes any junk like doc fee and etc or fee required to buydown. For my case it was an refi with no closing fee. It made sense to me at the time because I don't know how soon I will refi again and the upfront closing to either buy down the rate and/or other misc charges didn't justify the length it will take to offset the closing fees. A lot of internet refi gives you rate that require a good amount closing settlement for the rate on their ad and also include lots of hidden misc charges.woodburyowner said:
The Motor Court Company
Well-known member
refi fees are pretty straightforward. here is a break down based on my experience
Lender fees
1. loan origination/underwriting
2. credit report
3. application fee
4. point to buy down the rate (% of the loan amount)
5. fee for lock period (30, 45, 60 day and so on)
These vary from lender to lender; some may have 0 and some may have all listed, in different amounts and names.
3rd party fees
1. appraisal (you paid upfront, non-refundable once done, may get lender credit later to cover)
2. title/escrow charges
title insurance, escrow fees, misc.
3. recording charges (to record the new liens to the new lender and release the old one)
4. notary fees (public notary is required to sign the final docs in person for closing)
5. (condo only) condo certification, varies depending up to the HOA
Interest related fees
1. interest charges for the old loan. you are still responsible for the interest incurred until the loan is paid off
2. interest charges for the new loan, between the funding date and end of a typical billing cycle (partial month).
Prop tax and insurance related fees
1. you may have pay these at closing
Lender credit
for no cost loans, the credit is large enough to cover lender and 3rd party fees (excluding interest charges and prop tax/insurance) above. In some quotes, the credit is only enough to cover just the lender fees, not 3rd party fees. In some quotes, there will be extra credit left after covering both lender and 3rd party fees. The left over credit can be used to pay toward prop tax, insurance and interest charges in the escrow account.
Last tip on choosing a signing day. It may actually make some differences.
For conventional rate and term loans, the interest charge of the old and new loans will usually overlap. For example, the loan is usually funded 1 day prior to the old loan being paid off. On the funding day you pay interests to both loans.
The best day to sign the final docs is Tuesday since there are 3 day rescission day period. The new loan will be funded as early as next Monday, giving some margin in work days. The worst day to sign the doc is Monday because if the new loan is funded on Friday, old loan will not be paid off after the weekend, meaning you will pay interest for both loans over the weekend (3 day overlap compared to best case 1 day overlap).
Lender fees
1. loan origination/underwriting
2. credit report
3. application fee
4. point to buy down the rate (% of the loan amount)
5. fee for lock period (30, 45, 60 day and so on)
These vary from lender to lender; some may have 0 and some may have all listed, in different amounts and names.
3rd party fees
1. appraisal (you paid upfront, non-refundable once done, may get lender credit later to cover)
2. title/escrow charges
title insurance, escrow fees, misc.
3. recording charges (to record the new liens to the new lender and release the old one)
4. notary fees (public notary is required to sign the final docs in person for closing)
5. (condo only) condo certification, varies depending up to the HOA
Interest related fees
1. interest charges for the old loan. you are still responsible for the interest incurred until the loan is paid off
2. interest charges for the new loan, between the funding date and end of a typical billing cycle (partial month).
Prop tax and insurance related fees
1. you may have pay these at closing
Lender credit
for no cost loans, the credit is large enough to cover lender and 3rd party fees (excluding interest charges and prop tax/insurance) above. In some quotes, the credit is only enough to cover just the lender fees, not 3rd party fees. In some quotes, there will be extra credit left after covering both lender and 3rd party fees. The left over credit can be used to pay toward prop tax, insurance and interest charges in the escrow account.
Last tip on choosing a signing day. It may actually make some differences.
For conventional rate and term loans, the interest charge of the old and new loans will usually overlap. For example, the loan is usually funded 1 day prior to the old loan being paid off. On the funding day you pay interests to both loans.
The best day to sign the final docs is Tuesday since there are 3 day rescission day period. The new loan will be funded as early as next Monday, giving some margin in work days. The worst day to sign the doc is Monday because if the new loan is funded on Friday, old loan will not be paid off after the weekend, meaning you will pay interest for both loans over the weekend (3 day overlap compared to best case 1 day overlap).