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donRANDOMnumbers
New Orleans Pelicans Fan
Hub City
Member since Nov 2006
14099 posts

Where to look for home loan?
Would like some ideas on who to approach for a jumbo home loan.
Previous house was through chase, but that was years ago.


Only spoke with BancorpSouth so far since they offer physician loans, but I was not to intrigued with their offering. Liked the 3.875% but not sure about ARM. What they sent me:

1. 3/1 ARM - Physician Loan at 3.875% (fixed for three years)
--can finance the full $575,000 and can possibly roll your closing costs into the loan amount
--monthly payments approximately $2,704 principal & interest
--no bank fees (all closing costs to third parties)
--no prepayment penalties

2. 5/1 ARM - Physician Loan at 4.125% (fixed for five years)
--can finance the full $575,000 and can possibly roll your closing costs into the loan amount
--monthly payments approximately $2,787 principal & interest
--no bank fees (all closing costs to third parties)
--no prepayment penalties

3. 30-year fixed jumbo conventional financing around 5.25% - 5.5% (depending on credit scores)
--additional down payment of $12,500 to get the loan-to-value to 90% or less
--monthly payments approximately $3,150 principal & interest
--will have to pay closing costs out of pocket
--customary bank closing expenses apply



Appreciate any and all thoughts.


LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
1678 posts
 Online 

re: Where to look for home loan?
I’m looking at the following:
Prime Lending
GMFS
Neighbors
Citizens

These are just people I’ve dealt with recently, either my current mortgage, friends mortgage, or construction loan process.

Not sure why you are looking at ARMs. Do you need anything special to meet income requirements (I.e. in residency and income is projected to grow substantially)?


donRANDOMnumbers
New Orleans Pelicans Fan
Hub City
Member since Nov 2006
14099 posts

re: Where to look for home loan?
i am not interested in ARM's, that's just what she sent me.

wife out of residency and practicing.


LSU1018
LSU Fan
Baton Rouge
Member since Feb 2007
6513 posts

re: Where to look for home loan?
Standard Mortgage, Nola Lending, Eustis, Assurance just to name a few.

Don't go to the big banks, you will pay way more in fees.


CorkSoaker
LSU Fan
Member since Oct 2008
7790 posts

re: Where to look for home loan?
Look into USAA if you qualify

community bank and Ally have been great to work with and have very competitive rates. Plus awesome customer service.


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Dock Holiday
Member since Sep 2015
671 posts

re: Where to look for home loan?
The 30 year fixed you quote seems high.

[quote]LINK ]


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hawkeye007
LSU Fan
Member since Feb 2010
2870 posts

re: Where to look for home loan?
you need a bank not a lender. jumbo loans are a lenders worse nightmare.

currently my bank offers a physician loan on a 20yr fixed up to 100% financing at 4.5% . you can do a 10/1 arm at 4% on a 30yr amortization also. bank closing cost are $925 so don't take a crappy loan just to cover so little of closing cost.

if you want someone to look at your possibilities shoot me an email..edhawk75@gmail.com


Popths
LSU Fan
Baton Rouge
Member since Aug 2016
1177 posts

re: Where to look for home loan?
Can't you just strip down to your skivvies and do it from your couch like they do on TV?


hawkeye007
LSU Fan
Member since Feb 2010
2870 posts

re: Where to look for home loan?
i meet 80% of my customers for the first time at their closing. Working at a bank you get more customers who want to come in and meet you.


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swanny297
LSU Fan
NELA
Member since Oct 2013
1994 posts
 Online 

re: Where to look for home loan?
We just refinanced with Quicken - 20yr conventional at 3.875.


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USA
Member since 2001
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Barney Rubble
LSU Fan
Hattiesburg MS
Member since Oct 2010
517 posts

re: Where to look for home loan?
quote:

Don't go to the big banks, you will pay way more in fees.


I know Chase will match any fee deal you get. I.E. if a small lender like Nola Lending says they will waive closing costs, get that in writing and bring it to Chase. Chase will also now waive your closing costs.


GFunk
LSU Fan
Denham Springs
Member since Feb 2011
13024 posts

re: Where to look for home loan?
Honest truth, anyone that sends a physician with a Jumbo Loan request 75% adjustable products is someone I wouldn’t really deal with. JMO. YMMV.

You make a fantastic income and I’m guessing you have great scores and a healthy DTI. These are all variables you aren’t really sharing so that makes it difficult.

But before I totally write off the litany of adjustable products you got offered by someone, what’s your goal with your house? Forever home? Are you building? Foresee yourself moving soon? Drastic increase in income coming within a 3-5 year period?


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donRANDOMnumbers
New Orleans Pelicans Fan
Hub City
Member since Nov 2006
14099 posts

re: Where to look for home loan?
is 4.5% for a jumbo good? just seems high.

also, why are jumbo's higher than conventional, or whatever you call something smaller than a jumbo?

just seems the rate wouldn't go up so much as the lending amount goes up.


GFunk
LSU Fan
Denham Springs
Member since Feb 2011
13024 posts

re: Where to look for home loan?
Conventional financing according to Federal Regulations is $417K (in some high cost areas I believe the limit is actually $625K but someone needs to confirm that for me). Anything above that is Alternative A Paper or just Alt-A, or a Jumbo Loan, named for the larger size of the Loan.

Just like anything else where money is being lent on credit to finance a large purchase, risk is expressed in part by the interest rate the borrower is required to pay. One of the stressors to credit matrices that lenders look at to determine interest rates and risk is loan size.

To put it more simply, when a $145,000 starter home’s loan defaults, it’s one thing. There’s is a much thicker market of potential buyers at this price point than properties that are financed with Alt-A sized loan amounts. Even after a default there will be lots of folks hunting for a deal on properties in this range.

When a house north of half a million defaults, it’s another. People who pay that much for a home can easily build a customized home to their liking and not have to search for a foreclosure like the higher loan size property. Which means it could sit longer on the market, require a higher reduction in price to move the property off the books of the lender, or simply just stay there on their books as a bad loan for longer than a smaller sized loan, etc.
This post was edited on 10/5 at 10:59 pm


ellesssuuu
Baton Rouge
Member since Mar 2016
336 posts

re: Where to look for home loan?
Maximum loan amount of conventional loan is 424,100


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hawkeye007
LSU Fan
Member since Feb 2010
2870 posts

re: Where to look for home loan?
jumbo rates are always higher than conventional rates. rates have been on the rise for the last few weeks. 4.5% on a 30yr jumbo fixed doesn't seem high to me.


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tigrbaseball
Houston Astros Fan
Youngsville
Member since Mar 2012
1027 posts
 Online 

re: Where to look for home loan?
I’m a mortgage lender...I can shoot you an email with some information if you would want.


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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
8943 posts

re: Where to look for home loan?
Is this your first home purchase? The whole “physician loans” thing seems kind of gimmicky to me. Any kids? High cost of living area? If not, consider a smaller house on a 15 year loan just to get a feel for home ownership, and roll that equity as well as any money stashed away from the lower note into your next down payment. If you can live on a 2x residency income over the next few years, it will set you up for financial successs for the next thirty years.


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notsince98
Missouri Fan
KC, MO
Member since Oct 2012
6039 posts

re: Where to look for home loan?
If you plan on trying to pay things off early or make extra payments in general, I personally like to have my mortgage with a bank that will allow me to do a re-amortization or re-cast.

For example, say you were making extra principal payments for a few years and you had paid an extra $30k+ off in principal ahead of time. You can then re-cast this to lower your monthly mortgage payment. This can be a useful option to have at your disposal down the road as it essentially is a way to refinance but keep today's current low rates should you need to free up the monthly budget.


LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
1678 posts
 Online 

re: Where to look for home loan?
quote:

If you plan on trying to pay things off early or make extra payments in general, I personally like to have my mortgage with a bank that will allow me to do a re-amortization or re-cast.


I’ve always wondered about this, but wasn’t sure what it was called or if it was a readily available option.


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