1,269,000 cash out refi option arm

[quick2close1]

Heres the scenario

Option arm/neg am
699 Mid
o/oc
stated/verified
917k 1st /151 2nd /150k out
74% CLTV
Duplex
No bk no lates no foreclosures

Beat a 6.8 fully amortized, no pre-pay, and 1.5 start rate and this deal is yours
I would like 1-2 points in the back.

Thanks Give me a call 805-426-7276
Randy James 11am - 7:00 pm

[brendo927]

countrywide, mln, aegis, new century prime will do that....might be tough to get 6.8 fully amortized stated pay-option thou. Just my opinion thou.

[florida man]

Originally Posted by quick2close1

Heres the scenario

Option arm/neg am
699 Mid
o/oc
stated/verified
917k 1st /151 2nd /150k out
74% CLTV
Duplex
No bk no lates no foreclosures

Beat a 6.8 fully amortized, no pre-pay, and 1.5 start rate and this deal is yours
I would like 1-2 points in the back.

Thanks Give me a call 805-426-7276
Randy James 11am - 7:00 pm

isnt the MTA sitting at about 4.9? I didnt know you could get a stable option arm anyway.

You mean if the MTA stays the way it is -or less -then your full rate is 6.8

thats pretty darn good on +70%LTV siva deal.

I dont know who can beat that.

who is giving you this rate btw?

[brendo927]

yea I would love to know I haven't seen a fully amortized rate at 6.8 in a long time.

[brendo927]

especially with yield spread and no ppp.

[florida man]

question for new guy who originally posted:

im just thinking out loud here, but are you a broker or an account rep with a lender?

[quick2close1]

World savings is giving me that rate the index right now is at 4.93 and, the borrower is saying she is getting quoted from someone else, but the other person won't tell her what bank he is using. So I am thinking this other person she is working with is BS'ing her because he is giving her a 6.8 with no points. I had to give up all my rebate to get that rate.

[florida man]

quick

i dont think the borrower should know the lender name. They could do an end run around you and go straight to the lender.

with this loan amount, i am not surprised at the competing. I mean, it sounds to me like this fellow is not above bait and switching to get the deal.

i would get on the horn tomorrow -all day -calling lenders who do jumbo option arms.

[quick2close1]

I got it submitted and found out the other guy was full of it. So yeah, World savings for pay-Options. Oh and the also have another pay-option that is set up almost the same way exept the the fully amortized rate is fixed for 10 years and the start rate is adjustable. Later...