jumbo 30 year fixed at 6.00%

everyone run and take a mortgage and buy an apartment before 30YR jumbo rates jump to 6.1%

whats a 30 yr fixed on a 2.5m loan look like?

Mr. Chow,

What is the loan to value and the credit looking like?

value is 3.520m. credit is perfect. reserves probably on lower side than optimal.

Mr Chow,

I would prefer not to go over all of your specifics over a message board. Please feel free to email me so we can discuss this matter in more detail. Shaun_Mirza@Countrywide.com

Countrywide, what's your nonjumbo rate now? Is $729k still the cutoff for non-jumbo loans?

Hi Bklyngal,

Our conforming 30 year (up to $417,000) is 5.875% and our agency jumbo (up to $729,000) is at 6.00%.

So your non-agency jumbo is more than 6.00% I take it?

I think thats right smallmj. Listen I don't mind the advertising, in fact I think its a service but please don't label loans up to 729k as jumbo (if thats what you did), its misleading. thanks

I agree with ccdevi.

I'll be very surprised if the real jumbo rate is below 6.625%.

Countrywide/Mirza, what say you?

Our non agency jumbo(over 729k) currently starts at 6% which just happens to be the same rate as our agency jumbo. I only point this out because this is a pricepoint ratewise that we haven't seen in ages and has generally only been available on ARMS recently. Shaun_Mirza@Countrywide.com

Wow. That's quite a rate for a straight jumbo. I assume we're talking 750+ FICO and an LTV under 80.

Thanks, Countrywide. Assume the non-agency jumbo rate starting at 6% has a couple points attached to it? If so, how many?

The original post said "zero points". There has to be a catch. Something involving first-born children, perhaps? ;o)

CW- Id like to know the scenario in which one could obtain 6% for a 729k 30yr fixed.

check that 729k+

^^^ Me too. CW could you specify the scenario?

$729k...how about $900k or $1 million? Let's put a real example out there and see what happens. I sense a giant catch, too!

I would love if someone could verify personally whether or not this is a "advertise + get the call" sales tactic, or a legit offer.

Please find the following scenarios:

$1,500,0000 Loan Amount
70% Loan to Value
Full Doc
6.00% on a 30 year fixed
No pre payment penalty

$1,500,0000 Loan Amount
75% Loan to Value
Full Doc
6.125% on a 30 year fixed
No pre payment penalty

$1,500,0000 Loan Amount
80% Loan to Value
Full Doc
6.25% on a 30 year fixed
No pre payment penalty

Obviously these are rates are subject to credit and documentation verification.

I wonder too, digs. Our active clients are cash clients. The scuttlebutt that we are hearing about the loan market is that currently investors have to put 40% skin in the game. If you're buying a primary and need a jumbo, I'm hearing about rates much closer to 10% than to 6%.

ali r.
{downtown broker}

Very helpful, CW...question: what would the estimated closing costs be for a $825k refi on an apartment that's worth around $1.2? My current rate is 6.875 for a 30-year fixed and I'm trying to figure out if it's worth it to do it now. Problem I have is that I can get the loan down to 729k, but not til next bonus in March, and my understanding is that this $729k jumbo business expires at the end of the year and then it becomes something like $625k. Am I off base on this jumbo expiration issue?

Ali R and Urbandigs,

I assure you that this it not a "advertise + get the call" gimmick.

Jumbo 30 Year Fixed staring at 6.00%

Shaun_Mirza@Countrywide.com

Hi Bklyngal,

First in regards to the refinance it all depends on whether the property is a coop or condo. If we could exercise a CEMA to save you the cost on the mortgage tax your closing costs would run between $5,000 and $6,000. In addition we could structure the transaction with a closing cost credit given to you at closing.

With the rates on the jumbo 30 being so low you would not need to pay it down to $729 now in order for the refinance to make fiscal sense. On a 6.00% rate your payment on the $825 would drop to around 4900, it would only take you around a year to recoup your closing costs.

You are correct that that agency jumbo limit of $729 will expire on 12/31/08 and the new conforming loan limit will increase from $417 to $625k in the high cost areas of the country.

Shaun_Mirza@Countrywide.com

countrywide,
How difficult is it to get a CEMA done?

Hi SteveF,

It really all just depends on who holds your current mortgage and what requirements they have. In some instances the bank that holds your current note may charge you a fee.

To answer your question directly, it is not that difficult to incorporate a CEMA into a transaction.

Shaun_Mirza@Countrywide.com

Thanks, CW...it's a condo in Bklyn

Countrywide, thx,
If I call my current mortgage holder would they provide me with the info as to whether or not they would do a CEMA?
Appreciate the advice...

SteveF,

You can email me your current lender and I can contact our counsel to find out the specifics of how a CEMA may work with them.

Shaun_Mirza@Countrywide.com

Hey CW, what are rates today?

Hi Brad,

The conforming rates today are fairly flat and the jumbo rates above $729k are up .125%

Shaun_Mirza@Countrywide.com

I talked to Shaun personally. The rates he posted are for real. He is also very pleasant to deal with.

Im sorry but im not buying it Shaun. Im not trying to bash you but these numbers don't add up. 5k-6k closing costs on 800k loan amount? Never going to happen even with a cema and closing on the last day of the month. Thats a very lowball quote.

I'm in the middle of trying to execite a CEMA on a propery in Brooklyn - I will tell you that not all banks will entertain the idea in today's environment. Be prepared to do a lot of leg work with potential lenders

MbrokerNY,

The title bill on that scenario with a reissue rate and CEMA would be in the low $3,000 range. Factor in minimal bank fees, appraisal, bank attorney fee and a fair estimate would be in the $5-6K range.

Shaun_Mirza@Countrywide.com

Shaun,

How are rates doing today?

Ads,

Rates are flat so far today.

Shaun_Mirza@Countrywide.com