Hi everyone, I finally signed a contract--just put in my 10 percent deposit. All this after a 13-month search, which included scores of Open Houses and 7 previous, failed bids in bidding wars So I'm ecstatic and relieved and also exhausted. Now on to the mortgage application. Please answer the following questions, if you can 1)In another thread, someone alluded to the "Big 4 banks" in NYC (for... [more]
Hi everyone,
I finally signed a contract--just put in my 10 percent deposit. All this after a 13-month search, which included scores of Open Houses and 7 previous, failed bids in bidding wars
So I'm ecstatic and relieved and also exhausted. Now on to the mortgage application. Please answer the following questions, if you can
1)In another thread, someone alluded to the "Big 4 banks" in NYC (for mortgage financing). Which are they: Bank of America, Wells, ???
2)What's up with the Bankrate and Streeteasy (Zillow) mortgage search engines? When I go on bankrate.com to research typical rates for the loan I"m looking for, I get "sorry: no products are available for you." I get this message, even though I've selected many different loan products: 30 year fixed, 15 year fixed, 7 year ARM.
Here's the thing: I'm a fairly safe applicant (financially). Im looking for a non-Jumbo loan. 60 percent down on a 1.266m property; 810 CREDIT SCORE; no debts; stable job with salary in the top 3 to 5% for NYC; after closing, will have almost enough in liquid reserves to pay off my mortgage early.
I'm not too worried about getting a mortgage, because I've already been pre-approved for Wells, and my banker just quoted me a rate of 3.865 % for 30-year-fixed (and 2.875 for 7-year ARM). I'm just curious why no results come up for me when I go on Bankrate.com.
Similarly, when I check Streeteasy's search engine, the results that pop up for me are few and far between. Sometimes just 3 lenders, and the rates are much higher than what my banker at Wells Fargo quoted.
What's going on? I feel like I"m in the Twilight Zone? Does Streeteasy's search engine return results only from their sponsors--and that's why the lenders are names I've never heard of before? But why does Bankrate give me to total diss--no results! LOL
3)Also, how important is it to get a mortgage from a Big 4 or Big 7 or Biggie Big (may he R.I.P.) bank--as opposed to a Joe Schmo Small Village Community Bank?
I just visited another site, LendingTree.com, to research typical rates. The results that came up always include 2 or 3 banks whose names I've never heard of. If one of these smaller, less prestigious banks ends up giving me the best overall product, shouldn't I just go with them?
Thanks so much for any feedback.
CoyWolf
[less]
I don't understand. How or why did anyone go to contract with you without you already having a mortgage pre-approval? You are very late to the game...
Ignored comment.
Unhide
Response by crescent22
over 11 years ago
Posts: 953
Member since: Apr 2008
I had the same situation and experience with Wells that you have had so far. It's likely you won't find another bid close to Wells. You might try First Republic. Don't bother with the national sites you have referenced- mortgage markets are highly local and any rate you are quoted from there could become meaningless if you are buying a co-op.
Ignored comment.
Unhide
Response by Lz3
over 11 years ago
Posts: 75
Member since: Jul 2014
Just realized I missed part of your post... Reading comprehension is clearly not my strong point! As someone who recently got a mortgage I will tell you that the 30 year fixed rate you have been offered will be very difficult to beat.
Ignored comment.
Unhide
Response by CoyWolf
over 11 years ago
Posts: 124
Member since: Jul 2007
Thanks, everyone, for the feedback. LZ3: that's very comforting words regarding Wells F. The banker at WF pre-approved me last year and has provided impeccable service through all my bids. So I'm secretly rooting for him to get my business. In other threads it seems as if Wells F really does have much lower rates than those offered by any other banks. Thanks again for responding, everyone.
Once I finish with this, my first purchase, I want to give back to the SE community by ANSWERING questions instead of just asking. "Give back to the SE community"--that really sounds like a Miss America Pageant platform. Yes, I, Mr. New York (who's suddenly entering a female beauty pageant!) would like to raise awareness about…. flood zones! And any possible pre-payment penalties for mortgages based in New York! FOgghetabout breast cancer awareness or world peace! It's all about real estate!"
"Thank you, Mr. New York. Good luck in the, ahem, evening gown competition."
SE and NY represent,
CoyWOlf
Ignored comment.
Unhide
Response by feelhong
over 11 years ago
Posts: 62
Member since: Nov 2009
Agree with Lz3 - your 30y fixed rate is pretty damn good. If you really don't plan to hold on to this place for long term, the 7y ARM might make sense too for extra savings.
I had an excellent experience with Wells - automatic 90-day lock for co-ops, best rate, and my banker actually floated my rate down 25bps for no charge
Ignored comment.
Unhide
Response by Lz3
over 11 years ago
Posts: 75
Member since: Jul 2014
For full disclosure, my mortgage was with through my relationship at Citi Private Bank and my 30 year fixed was 3.95% so you beat me! I also have impeccable credit, etc. so looks like Wells beats Citi on this one!
Ignored comment.
Unhide
Response by CoyWolf
over 11 years ago
Posts: 124
Member since: Jul 2007
@ LZ3,
Actually I haven't locked in anything yet, and it looks like your 3.95% is the best one yet. The 3.865% rate (for a 30 year fixed) that I quoted in my original post was quoted to me on July 18th or so. ... Today my Wells banker just updated his quote, and it was 4.00 for a 30 year-fixed. (I had no idea that rates fluctuate that much, and that often) . I really couldn't lock in the rate on July 18th, because my lawyer was still doing due diligence on my apartment. Oh well, maybe the rates will go down next week.
Cheers!
C
Ignored comment.
Unhide
Response by NYCMatt
over 11 years ago
Posts: 7523
Member since: May 2009
"my mortgage was with through my relationship at Citi Private Bank and my 30 year fixed was 3.95% "
Wow. Disappointing that that's the best a "private" bank could do.
Ignored comment.
Unhide
Response by Lz3
over 11 years ago
Posts: 75
Member since: Jul 2014
NYCMatt, are you always this rosy? No points and other than a $75 UCC-1 filing fee, all other fees were waived (not sure why that particular one as not waived but I am not complaining).
Ignored comment.
Unhide
Response by NYCMatt
over 11 years ago
Posts: 7523
Member since: May 2009
I should hope there would be no points and fees waived ...
Ignored comment.
Unhide
Response by aboutready
over 11 years ago
Posts: 16354
Member since: Oct 2007
That's rich. On so many levels.
Ignored comment.
Unhide
Response by front_porch
over 11 years ago
Posts: 5316
Member since: Mar 2008
Sounds like the two banks that you are missing are Citi and Chase. Wells has quoted you a very aggressive rate; do us a favor and post the rate you get when you close so we can compare.
ali r.
{downtown broker}
Ignored comment.
Unhide
Response by CoyWolf
over 11 years ago
Posts: 124
Member since: Jul 2007
Hi Ali,
Sure thing: i'll update everyone on this thread once I lock in a rate.
Lz3: can you tell me which banker you worked with at Citi?
Thanks
Khoi
Ignored comment.
Unhide
Response by disgruntledbuyer
over 11 years ago
Posts: 7
Member since: May 2008
try Mortgagemasters. A friend got an even lower rate than Wells 6 months ago.
Lz3, Can you say where you got your mortgage and if there was a loan officer you recommend?
Ignored comment.
Unhide
Response by CoyWolf
over 11 years ago
Posts: 124
Member since: Jul 2007
Hi, This is for Ali (Front Porch): I ended up getting the best rates from Wells Fargo. I locked on Wed 8/6. Wells actually ended up blowing all the other banks out of the water. I was offered a 3.875% for 30-year fixed (0 points). But I decided to go with the 7-year ARM instead. The rate was 2.875 % (0 points), but I bought 2.75 points to get the rate down to 2.0%.
Although it looks like rates might go down even more, I'm totally happy and relieved to have gotten a good rate. Now I just have to wait to make sure that I get approved for the mortgage LOL.
Ignored comment.
Unhide
Response by front_porch
over 11 years ago
Posts: 5316
Member since: Mar 2008
Thanks for the update Coy!!! I look forward to the closing update...
ali r.
Ignored comment.
Unhide
Response by crescent22
over 11 years ago
Posts: 953
Member since: Apr 2008
That's a really nice deal on the points - 3.25 year breakeven or so
Ignored comment.
Unhide
Response by MortgageMan787
over 11 years ago
Posts: 96
Member since: May 2008
CoyWolf, I apologize if we are late to the game. First Republic is a Private Bank built on Jumbo Home Loans at low leverage. Depending on some basic relationship requiremetns most of my 7/1 IO's are being locked at 2.60% which is our floor today. The 5/1 Floor is 2.25% Always open to a conversation if you would like more detail. Both No Points.
Mitchell
mcohen@firstrepublic.com
NMLS#20577
Ignored comment.
Unhide
Response by NYC10007
over 11 years ago
Posts: 432
Member since: Nov 2009
CoyWolf, sounds to me like Wells is pricing you as a Jumbo borrower and not a conforming loan, as Jumbo pricing is better than conforming today. Actually, $1.266mm @ 60% is Jumbo territory so they almost definitely are. I'm on round 3 of financing in 4 years with same banker at Wells, each time he's been best price along with great process. (2011 purchase, 2012 refi, 2014 sale/new purchase). I'm going 30 year fixed Jumbo now as well, 47% LTV, closing next week and was locked at 3.875% in mid July. However, 1/8 point brought me down to 3.75% and additional Wells banking relationship reduced another .125% so I'm fixed at 3.625% for 30 years with just 1/8 point. My banker said this is the lowest he's ever closed on a 30 year fixed, my timing on the lock was pure luck. Considering my 2012 refi rate was at the market bottom then, with 3.375% on a 10/1 ARM, I'm pretty happy with only 250 basis points higher on a 30 year fixed.
Ignored comment.
Unhide
Response by PB_Smoretgage
about 11 years ago
Posts: 2
Member since: Nov 2011
Hi All -
@CoyWolf - how did the rest of your mortgage process play out? Hopefully, you closed and have put this process to bed.
Re: the nightmare you had navigating online services (Zillow, SE, BankRate, LendingTree, etc.) for mortgages, we are hoping to fix that problem with Smoretgage. We collect data from mortgages ACTUALLY MADE in NYC and use the data to help homeowners & buyers discover which lenders are lending on their property type and within their local geographic markets. You'll be able to see that actual interest rates and terms that all lenders have been making so you can get a better sense which you may want to connect with.
We are in beta and looking for people to work with as they embark on their next mortgage need. Please drop me a note if you're interested in discussing.
All the best,
PB
pbrowne@smoretgage.com
Ignored comment.
Unhide
Response by iwhite1967
almost 11 years ago
Posts: 12
Member since: Feb 2014
I wouldn't. They take forever to close the loan since there is never any urgency for them. Go to a smaller broker who will hustle on your behalf. Try Reliant Home funding, like Greg Parmiter---631-446-3108.
Ignored comment.
Unhide
Response by jelj13
almost 11 years ago
Posts: 821
Member since: Sep 2011
Don't forget to check on the banks that have been giving mortgages in the selected building. That can help expedite the process. If you're already a customer of one of those banks, they sometimes give you a better deal. Also call the lenders a few times.
My current mortgage is with Wells Fargo since my employer claimed he had a special deal set up with them. I did get a good deal but the branch I had to go to outside NYC that was not efficient. There was no reason for the delays based upon my financials/credit rating and the fact that I was putting 65% down. I should have gone to a NYC branch.
Ignored comment.
Unhide
Response by jelj13
almost 11 years ago
Posts: 821
Member since: Sep 2011
What I meant by calling the lenders a few times is that sometimes you get different answers. I called one bank 3 times on another mortgage. The 3rd time, the customer rep started delving into the accounts I had with them, both then and in the past
Ignored comment.
Unhide
Response by jelj13
almost 11 years ago
Posts: 821
Member since: Sep 2011
...
Ignored comment.
Unhide
Response by jelj13
almost 11 years ago
Posts: 821
Member since: Sep 2011
... along with my credit rating. The rep waived/reduced some of the fees and gave me a lower rate than the others. I locked into that deal right away.
'/%3e%3c/g%3e%3c/svg%3e)
Last year a broker friend recommended MANHATTAN MORTGAGE. Melissa Cohn. I have no experience with her / them, but you can see there are discussions on StreetEasy about the company.
Here's one:
http://streeteasy.com/talk/discussion/33844-how-is-manhattan-mortgage
And here's a link to Manhattan Mortgage
https://www.guaranteedrate.com/about-us/manhattan-mortgage
I don't understand. How or why did anyone go to contract with you without you already having a mortgage pre-approval? You are very late to the game...
I had the same situation and experience with Wells that you have had so far. It's likely you won't find another bid close to Wells. You might try First Republic. Don't bother with the national sites you have referenced- mortgage markets are highly local and any rate you are quoted from there could become meaningless if you are buying a co-op.
Just realized I missed part of your post... Reading comprehension is clearly not my strong point! As someone who recently got a mortgage I will tell you that the 30 year fixed rate you have been offered will be very difficult to beat.
Thanks, everyone, for the feedback. LZ3: that's very comforting words regarding Wells F. The banker at WF pre-approved me last year and has provided impeccable service through all my bids. So I'm secretly rooting for him to get my business. In other threads it seems as if Wells F really does have much lower rates than those offered by any other banks. Thanks again for responding, everyone.
Once I finish with this, my first purchase, I want to give back to the SE community by ANSWERING questions instead of just asking. "Give back to the SE community"--that really sounds like a Miss America Pageant platform. Yes, I, Mr. New York (who's suddenly entering a female beauty pageant!) would like to raise awareness about…. flood zones! And any possible pre-payment penalties for mortgages based in New York! FOgghetabout breast cancer awareness or world peace! It's all about real estate!"
"Thank you, Mr. New York. Good luck in the, ahem, evening gown competition."
SE and NY represent,
CoyWOlf
Agree with Lz3 - your 30y fixed rate is pretty damn good. If you really don't plan to hold on to this place for long term, the 7y ARM might make sense too for extra savings.
I had an excellent experience with Wells - automatic 90-day lock for co-ops, best rate, and my banker actually floated my rate down 25bps for no charge
For full disclosure, my mortgage was with through my relationship at Citi Private Bank and my 30 year fixed was 3.95% so you beat me! I also have impeccable credit, etc. so looks like Wells beats Citi on this one!
@ LZ3,
Actually I haven't locked in anything yet, and it looks like your 3.95% is the best one yet. The 3.865% rate (for a 30 year fixed) that I quoted in my original post was quoted to me on July 18th or so. ... Today my Wells banker just updated his quote, and it was 4.00 for a 30 year-fixed. (I had no idea that rates fluctuate that much, and that often) . I really couldn't lock in the rate on July 18th, because my lawyer was still doing due diligence on my apartment. Oh well, maybe the rates will go down next week.
Cheers!
C
"my mortgage was with through my relationship at Citi Private Bank and my 30 year fixed was 3.95% "
Wow. Disappointing that that's the best a "private" bank could do.
NYCMatt, are you always this rosy? No points and other than a $75 UCC-1 filing fee, all other fees were waived (not sure why that particular one as not waived but I am not complaining).
I should hope there would be no points and fees waived ...
That's rich. On so many levels.
Sounds like the two banks that you are missing are Citi and Chase. Wells has quoted you a very aggressive rate; do us a favor and post the rate you get when you close so we can compare.
ali r.
{downtown broker}
Hi Ali,
Sure thing: i'll update everyone on this thread once I lock in a rate.
Lz3: can you tell me which banker you worked with at Citi?
Thanks
Khoi
try Mortgagemasters. A friend got an even lower rate than Wells 6 months ago.
or Merrill (they have some interesting products) - http://www.merrillhomeloans.com/mlhl/pages/lending-information.aspx
Lz3, Can you say where you got your mortgage and if there was a loan officer you recommend?
Hi, This is for Ali (Front Porch): I ended up getting the best rates from Wells Fargo. I locked on Wed 8/6. Wells actually ended up blowing all the other banks out of the water. I was offered a 3.875% for 30-year fixed (0 points). But I decided to go with the 7-year ARM instead. The rate was 2.875 % (0 points), but I bought 2.75 points to get the rate down to 2.0%.
Although it looks like rates might go down even more, I'm totally happy and relieved to have gotten a good rate. Now I just have to wait to make sure that I get approved for the mortgage LOL.
Thanks for the update Coy!!! I look forward to the closing update...
ali r.
That's a really nice deal on the points - 3.25 year breakeven or so
CoyWolf, I apologize if we are late to the game. First Republic is a Private Bank built on Jumbo Home Loans at low leverage. Depending on some basic relationship requiremetns most of my 7/1 IO's are being locked at 2.60% which is our floor today. The 5/1 Floor is 2.25% Always open to a conversation if you would like more detail. Both No Points.
Mitchell
mcohen@firstrepublic.com
NMLS#20577
CoyWolf, sounds to me like Wells is pricing you as a Jumbo borrower and not a conforming loan, as Jumbo pricing is better than conforming today. Actually, $1.266mm @ 60% is Jumbo territory so they almost definitely are. I'm on round 3 of financing in 4 years with same banker at Wells, each time he's been best price along with great process. (2011 purchase, 2012 refi, 2014 sale/new purchase). I'm going 30 year fixed Jumbo now as well, 47% LTV, closing next week and was locked at 3.875% in mid July. However, 1/8 point brought me down to 3.75% and additional Wells banking relationship reduced another .125% so I'm fixed at 3.625% for 30 years with just 1/8 point. My banker said this is the lowest he's ever closed on a 30 year fixed, my timing on the lock was pure luck. Considering my 2012 refi rate was at the market bottom then, with 3.375% on a 10/1 ARM, I'm pretty happy with only 250 basis points higher on a 30 year fixed.
Hi All -
@CoyWolf - how did the rest of your mortgage process play out? Hopefully, you closed and have put this process to bed.
Re: the nightmare you had navigating online services (Zillow, SE, BankRate, LendingTree, etc.) for mortgages, we are hoping to fix that problem with Smoretgage. We collect data from mortgages ACTUALLY MADE in NYC and use the data to help homeowners & buyers discover which lenders are lending on their property type and within their local geographic markets. You'll be able to see that actual interest rates and terms that all lenders have been making so you can get a better sense which you may want to connect with.
We are in beta and looking for people to work with as they embark on their next mortgage need. Please drop me a note if you're interested in discussing.
All the best,
PB
pbrowne@smoretgage.com
I wouldn't. They take forever to close the loan since there is never any urgency for them. Go to a smaller broker who will hustle on your behalf. Try Reliant Home funding, like Greg Parmiter---631-446-3108.
Don't forget to check on the banks that have been giving mortgages in the selected building. That can help expedite the process. If you're already a customer of one of those banks, they sometimes give you a better deal. Also call the lenders a few times.
My current mortgage is with Wells Fargo since my employer claimed he had a special deal set up with them. I did get a good deal but the branch I had to go to outside NYC that was not efficient. There was no reason for the delays based upon my financials/credit rating and the fact that I was putting 65% down. I should have gone to a NYC branch.
What I meant by calling the lenders a few times is that sometimes you get different answers. I called one bank 3 times on another mortgage. The 3rd time, the customer rep started delving into the accounts I had with them, both then and in the past
...
... along with my credit rating. The rep waived/reduced some of the fees and gave me a lower rate than the others. I locked into that deal right away.