Hi All, I am looking for a suggestion to get a loan officer/bank/credit union who can offer good APR terms for financing a home. I think that I will need 2 loans for my case to get better APR in the current market condition (~90% CLTV heloc) Home price: ~$1.4M in San Jose 1st mortgage of 80% of the price for 7/6 or 7/1 or 10/1 or 10/6 ARM 2nd mortgage: ~10% of the price Down payment: ~10% (I heard that it needs to be 10.1% or 10.01% for a heloc loan) Can anyone suggest some reliable and reputable bank/credit union/loan officer with legitimate history and no hidden cost who can offer good terms for my case? If anyone can offer some other package (like 10% down payment and 90% loan with good interest rate/APR and reasonable PMI), I can take that as well. (Currently, I am getting 4.0% Interest rate with relatively good terms from a good bank for the first loan but they can do up-to $1M for the first loan which puts immense pressure for the 2nd mortgage which can vary a lot due to ongoing slaughter of the prime rate increase. Also I have offer for 80% first loan at 4.5% interest rate which is more payment monthly than the 4.0% 1M first loan- need something better) Thanks in advance! #housing #mortgage #homeadvisor #finance #bankersfinancial
I’m not sure you understand what a HELOC loan is.
I’m not sure you understand what a HELOC loan is.
I'm buying a house with 10% down. Just one 90% loan. My lender doesn't lend in San Jose. But look around. Ask all credit unions. You may find one.
If you have other assets you may use those as well e.g. HELOC on the first home to get the second.
What kind of interest are you getting for 90% loan for how many years? Most of the places I know about doesnt even offer 90% loan if the loan amount is more than 1M
Check with KeyBank. In Seattle area, they give jumbo loan with 10% down and No PMI
What's their rate?
As rate change daily, its better to check with them directly. When I took loan last year, with 10% down no other lender was able to beat them.
I use Pentagon Federal Credit Union for all mortgages and home equity loans. They’re usually somewhere between mediocre to bad to work with but their loan pricing is fantastic and they generally service the loans they close so you don’t have to worry about them getting sold off to someone else. They’re really good on the loan servicing front.
Thanks for the quick reply. I currently have a rate from them which is 4.5% for the 80% first loan for 7/6 ARM - was looking for 4% or lower for the first loan.
If you can get 4% right now, take it.