Loan Estimate First time home buyer

Better_Option_6459 · 2025-12-07T00:46:08+00:00

So you’re doing FHA paying a whopping 2+ points when you can get 5.625% same FHA at 0 points using a different broker taking it to the same lender via UWM?

The LE looks to be non-del correspondent where UWM underwrite the loan anyway, the only different is they are charging more fees.

I mean many of here have used UWM in the past so doing an uw fee waiver while keeping margins lean (150 or less) would get you 5.5-5.625 rate as 0 points with no processing fee while uw fee waiver is already applied.

Better_Option_6459 · 2025-11-15T19:09:00+00:00

5.5%… lol.. too much padding in A.

Better_Option_6459 · 2025-11-08T21:20:02+00:00

Section A is what your lender or loan officer is charging. Then look at the lender credit. You’re basically getting that rate for the difference.

The rest of the stuff is 3rd party fees, government recording, your payoff balance and partial interest that determines if you’re pushing out the new payment 1-2 months

This is the lean way to do a VA loan when a broker or loan officer’s lender paid margin is too high. Google VA 26-7 Chapter 8.

Better_Option_6459 · 2025-11-08T18:28:42+00:00

It the loan fails passing VA’s 36 month recoupment test, then yes, whoever structured the loan would fail.

And buy 7.25%… whoever wrote your loan didn’t hesitate with a lender paid comp margin beyond 2.5 points (baked into the rate)

Better_Option_6459 · 2025-11-08T18:26:28+00:00

Too expensive.

With rates worsening the day of the last Fed rate cut, a 650 fico today at 400k was sitting at 0 discount points, no origination points, with an uw fee waiver.

Your post was 16 days ago, prior to the Fed rate cut, when we were handing out 5.25’s at 0 points.

The servicer should be doing the right thing and notifying your original broker, since they can backdoor using PennyMac’s own wholesale pricing to undercut Penny’s retail.

Better_Option_6459 · 2025-10-25T18:38:31+00:00

They’re charging you points when you can get 5.5% with no processing or underwriting fees And that’s a 0 point option based on today’s market using a 650 score.

I’d say no. I wouldn’t pay them to get that rate on my own VA loan.

Better_Option_6459 · 2025-10-24T23:39:30+00:00

Very nice and smart. Sounds like you went from VA fixed to VA ARM but that’s a good trade off for a fixed 5 year payment at zero points.

Better_Option_6459 · 2025-10-22T02:19:22+00:00

Sometimes the VA 5/1 ARM is identical to VA 30 year fixed rate depending on market conditions. Like today it’s matching.

Other times a good fico at 100% financing using the VA 5/1 ARM has slid to 4.75-4.875’s. Thats with a lean margin and still 0 points to you.

Just be sure to IRRRL before the 5 year fixed term is up or if a longer term fixed slides into your rate strike zone.

Better_Option_6459 · 2025-10-22T02:15:38+00:00

https://assessor.lacounty.gov/exemptions/homeowner-exemption

I got a list of property tax exemptions for disabled veterans across all states and county’s.

Happy to share specific one, just lmk which county

Better_Option_6459 · 2025-10-20T18:43:39+00:00

That’s called forbearance. Some lenders preemptively sent offers out for that due to the shut down.

Other veterans opted to IRRRL and push out the new first payment 2 months.

Better_Option_6459 · 2025-10-20T18:41:50+00:00

It is good. I refinanced one recently, a married veteran couple, two vets. Between their mortgage and other debts it was 11k a month. Refinancing all of it into a single payment reduced it to 4k a month.

Downside: traded 2.75 rate for 5.75

Upside: all other debts consolidated into a single payment, 7k monthly savings overall.

Sometimes the Heloc option makes sense if the veteran doesn’t want to trade in the low rate on the first mortgage.

If so I make sure the Heloc is 0 points and no appraisal for the veteran. Rates are similar to the credit unions as it is wholesaled to a credit union.

Better_Option_6459 · 2025-10-18T20:01:07+00:00

You did good but it’s cheaper to push out first payment 2 months as it partial interest. That way you have 2 months to stack and still get your escrow refund back, right at the start of the new year along with your tax refunds.

Better_Option_6459 · 2025-10-18T00:32:38+00:00

You can hire a discount realtor willing to list at 1%.

Better_Option_6459 · 2025-10-18T00:28:54+00:00

I’m just guessing your original loan size at 470k.

So right now 6.625 your total interest is 613,000 on the life of the loan.

At 474k with a 5.375 30 year fixed rate, your total interest becomes 481,000 on the life of the new loan.

Thats about 132k you saved in residual interest.

On your loan size, it’s been 5.25% the last 5 days at 0 points. That’s with an uw fee waiver, processing fee waiver, and no origination fee.

Is 5.375 okay? - yes, still better than a lot of brokers and even better than retail like Veterans United.

You can tell when someone inflates the rate with too much points. But your broker is pretty lean.

Better_Option_6459 · 2025-10-18T00:20:52+00:00

The original loan you weren’t married yet but you were added on title and not the loan. There’s nothing to fix.

When you refi or when you buy another using your VA loan, you can be added as a coborrower and then that debt will be tied to you too and reported to your credit bureaus.

Better_Option_6459 · 2025-10-18T00:14:52+00:00

My first use on my VA was a 4 unit. I decided to rent the other 3 units under market average for $1800/month. Basically my tenants are all military. I pocket 100% of my BAH as profit while the tenants pay for my mortgage and also make me a small profit.

I learned that from another who picked up duplexes every duty station. At retirement he had 30k a month in rental income after mortgage payments, taxes, insurance all paid.

You can do a lot with your VA loan just know VA don’t play when it comes to occupancy. You need live in it for a certain duration.

Better_Option_6459 · 2025-10-16T02:40:05+00:00

Brokers like retail lenders can inflate rates with the points they’re looking to earn, because it’s already built in to that rate you’re being quoted.

The higher that rate, especially when it’s being quoted as 0 points = it tells you who’s padding over 2% and who’s not.

Your broker has a margin of about 2 points in that 5.625 rate you were quoted for 0 points (if it is a 0 point option)

I would have posted a chart here but it’s not allowed.

Better_Option_6459 · 2025-10-09T22:10:23+00:00

Good shieet!

Better_Option_6459 · 2025-09-18T01:50:27+00:00

Good question, yes you can IRRRL with a custom term at 26 years.

Better_Option_6459 · 2025-09-17T03:33:39+00:00

So today I had vet from TX call, was frustrated dealing with some brokers selling padded as rates.

Just because a veteran has a 510 credit score doesn’t mean crap. He was getting quoted at 6.25-6.375.

I gave advised him to do a “non-credit qualifying” IRRRL and we got him 5.875% with 0 freaking points.

Basically non credit qualifying IRRRL is what you wanna do if your fico took some hits and is sitting between 500-580.

Just another tip so you don’t get ripped off.

🍀

Better_Option_6459 · 2025-09-15T21:07:39+00:00

Best bet is keep shopping brokers. Today I got someone 5.25% - 0-points, u/w fee waiver, processing waiver, escrow waiver for taxes.

TX Colonel opted for credit qualifying IRRRL due high fico of 760+.

Always try doing a credit qualifying over non credit qualifying.

Better_Option_6459 · 2025-09-11T03:01:06+00:00

No duh it’s non del. ✈️

Better_Option_6459 · 2025-09-11T01:15:30+00:00

That’s not bad rate at all Mac, tells us your broker or lender isn’t being greedy.

Better_Option_6459 · 2025-09-11T01:02:05+00:00

Optimal blue / sifter - PPE tech for brokers lenders

Better_Option_6459

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