First of all, I only post when I have something worth while to say. I believe that this is worth while information.
I am a mortgage broker in Walnut Creek, CA (30 miles east of San Francisco). I found a lender that is offering very UNDER MARKET RATES on a particular purchase scenario. More specifically, I found a lender that is offering 4.5% (or lower) rates, at par, on the following deal:
- Owner-occupied purchase (no refiís)
- Full doc only (no stated income)
- At least 720 credit
- California only
- Up to 80% LTV and up to 95% CLTV
I just went to docs on a purchase today and I half expected the lender to pull the deal. The client got 4.375% FIXED FOR 3 YEARS (with a 3 year prepay Ė year 1 hard, years 2-3 soft). In my humble, but experienced, opinion this rate is about 1.3% (at least) UNDER market. The next best deal (on the same loan type) was 5.75%, with the same points.
You can check it out if you want. The specifics of my deal today are shown below:
(The details below are just one of the qualifying scenarios!)
- 770 FICO (high, but not needed)
- SFR purchase
- $2.35 Million price
- $1.41 Million loan amount (60%)
- Full doc
- 4 months of reserves required
- California property
- This was actually a 45 day lock!!!
This borrower got 4.375% and paid 1 point only. Every deal is a little different so I cannot promise specifics here. I can promise, however, that if you are:
- Full Doc eligible
- Have at least 720 FICOs
- Are buying a residence to live in
- Have at least 4 months of reserves
I promise that I CAN GET YOU a 3 Year Fixed mortgage from 4.5% to 4.875% with one point + normal closing fees.
This is not a scam and I am a legitimate loan broker in California. I'll be happy to give you my license number so you can check me out and I do have references. The bottom line is that I found a lender who, for now, is OFFERING WAY UNDER MARKET RATES. These great rates do require a 3 year pre-pay penalty, which I normally hate, but at these rates I think it is OK.
So, if you are looking to get a great deal on your home purchase, please give me a call or send me an email. If you are a loan officer, perhaps we could work out some type of referral.
My name is Chris McCartney and I can be reached at firstname.lastname@example.org
or at 925-944-6291.
Email : email@example.com