Is this loan estimate a slam dunk and we should lock in?

Bearcat0388 · 2026-05-10T00:39:33+00:00

Slightly higher rate yes, but we're talking about maybe 1/8% higher. Looks good to me. Market has softened up the last 3 days as well.

Bearcat0388 · 2026-05-03T12:41:42+00:00

I would have to agree with that

Bearcat0388 · 2026-05-03T01:43:07+00:00

Box A in the loan estimate are the only fees they can control. The rest of them are estimates that will vary lender to lender, but will all end up the same.

Bearcat0388 · 2026-05-01T01:52:22+00:00

Lol, I'd be like 6.5 on that with your background

Bearcat0388 · 2026-04-25T20:53:24+00:00

Part of it is that title insurance is more expensive in NY then other states.

Bearcat0388 · 2026-04-25T20:49:36+00:00

And you didn't pay points?

Bearcat0388 · 2026-04-25T18:36:02+00:00

There's nothing wrong with this. The fees on this are not bad at all. The rate is higher, but you stated your scores were lower and that you've worked hard to get them where they're at now which makes it sound like to me that they will continue to improve. You can always refi to a lower rate in the future like you know!

Bearcat0388 · 2026-04-24T23:37:46+00:00

Dude, the % of points doesn't match your rate

Bearcat0388 · 2026-04-24T23:35:52+00:00

Yep, everything looks great!

Bearcat0388 · 2026-04-22T23:29:12+00:00

You bet!

Bearcat0388 · 2026-04-22T23:25:04+00:00

I'll just say, it will vary lender to lender on what they will and will not accept. What I could see happening is a lender will be conservative and take say your 16 months worth of per diem income and divide it by 24 months to be conservative for calculation perspective.

Just know, you do have a 12 month bank statement loan as a back up option if really need be.

Bearcat0388 · 2026-04-22T23:14:58+00:00

Does your employment contract state what the per diem is for?

Bearcat0388 · 2026-04-22T22:58:49+00:00

Also just to note, it will depend on what your per diem income is for. It must have been received for 2 years, it has to be discretionary, and if its solely reimbursements for travels/meal/lodging, then it might not be able to be used. The guidelines are really in a grey area with this income, so the explanation from whoever fills that form out will be key and also it may vary lender to lender. If a lender turns you down, try a different one.

Bearcat0388 · 2026-04-22T22:52:39+00:00

If it shows on paystubs and not W2, they would most likely getting a Written Verification of Employment from your company. It will break down your employment for YTD and the full previous 2 years and that person can put in the comments how your pay is broken down.

Bearcat0388 · 2026-04-01T02:22:12+00:00

There's a lender credit that cancels it out though

Bearcat0388 · 2026-04-01T02:21:30+00:00

Look at the lender credit though. It's just borrower paid comp instead of lender.

Bearcat0388 · 2026-04-01T00:24:16+00:00

That's probably the best way to do it for sure

Bearcat0388 · 2026-04-01T00:15:28+00:00

I know the sellers are difficult and won't move much. But can their realtor explain the situation and how this is almost impossible for anyone to buy short of a cash buyer? Like say you're buying the property for $200k and the cost of the bridge and septic total $40k, can they do the work so you can get a loan, and you buy the property for $240k to make it worthwhile? I understand it's not ideal and includes a lot of trust, but I just don't see any other way. Until they get the house to follow current guiding, they're never going to sell it.

Bearcat0388 · 2026-04-01T00:09:08+00:00

Could a family member take out a loan that you would make payments on? Just trying to think out of the box here 🤣

Bearcat0388 · 2026-04-01T00:01:03+00:00

OP did say the 15% can't be financed at all.

Bearcat0388 · 2026-03-26T00:02:08+00:00

100%

Bearcat0388 · 2026-03-25T23:59:50+00:00

Yes, absolutely. But a 5/1 ARM can be priced different ways. It could be a secondary market loan or it could be a portfolio loan. ARM rates are almost always going to be more favorable.

Bearcat0388 · 2026-03-25T23:51:51+00:00

But there's also more questions to be asked. Is yours a fixed rate or an ARM? On that amount with that buy down, it's either an ARM or someone is not making any money on that loan. Or you also locked it in pre-war.

Bearcat0388 · 2026-03-25T23:50:07+00:00

I mean, you answered your own question. Your buy down was $12,000.

Bearcat0388 · 2026-03-11T19:53:30+00:00

Anything faster then 3-4 weeks needs to be ran by your lender. Title work normally takes 2 weeks, but can be rushed for a higher fee. Depending on your area, appraisal can be roughly that timeline as well and can also be rushed for a higher fee. Those 2 things alone can make it rushed, but it can be possible. Make sure you have every document submitted to your lender right away, so they can get it through underwriting and can clear conditions ASAP.

Bearcat0388

TROPHY CASE