30 Year Fixed Rate Loan at a Cost of One Point: 3.99%*
Some rates got worse yesterday and early today, as the market reacted to positive news on the manufacturing front. But overall rates remain low – especially 30 Year Fixed Rate Conforming Loans at MetLife Mortgage; they are aggressively buying that market.
A former colleague who now owns a “Loan Mod” company told us this week that some lenders/servicers are now much faster and more willing to accept loan mod requests. Examples he gave were American Home Mortgage, IndyMac, and GMAC. It sounds like some of the larger banks are still tough to work with. We have heard numerous horror stories involving Chase, for example. Some of our former borrowers literally spent over a year and hundreds of hours of time working with Chase, only to have Chase say “no” in the end.
In any case, if you or people you know have given up hope on the loan mod front, you or they may want to try again, as it appears some lenders are now more flexible (finally).
If you just need a “loan mod” (and not consulting), our former colleague can be reached at Adam@americanloanexperts.com. He is experienced and honest, and most importantly he well understands what lenders will and will not do, so you won’t spin your wheels.
*The above rate quote has the following assumptions: $400,000 Loan Amount; 20% down payment; credit score above 740; property is SFR; borrower has sufficient income to qualify; APR is approximately 0.20% higher than quoted rate for a $400,000 loan. Estimated closing costs affecting the APR include $4,595 for Origination and Processing Fees, $850 for other Lender Fees; $1,400 for Escrow Fees, and $1,000 for Prepaid Interest.
Call Jay Voorhees or Heejin Kim at (925) 855-4491
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