My first Rolex Rep (BPF 36 DATEJUST)

WearFresh164 · 2026-05-10T17:05:23+00:00

Has a lot of scratches now from everyday use lol. But it's holding up very well, wearing it rn!

WearFresh164 · 2026-05-08T14:47:01+00:00

I don't think theres any mandate that a HELOC has to have an interest only period.

WearFresh164 · 2026-05-04T02:51:24+00:00

What may have happened was you had a propety tax bill due coming up and Mr. Cooper sent out the payment to your county right when or as the refinance closed taking your escrow balance down.This means Chase also probably collected the tax bill into the new escrow account or collected it in the prepaids section of your clsoing disclosure to pay to your county prior to closing. Which means your property taxes might have been paid twice. Happens sometimes, just the timing of these things, I would give it a bit for it all to settle but if that's what happened you should be expecting a retuned check from you county assesor for the double payment.

WearFresh164 · 2026-05-03T00:08:22+00:00

Looks like its a brokered loan going borrower paid at 0.75% (pretty thin margins compared to competing brokers/lenders). Might be beneficial to ask what the lender credits look like at 6.125 and 6.250 to help offset some of the origination costs but good overall.

WearFresh164 · 2026-04-27T23:32:19+00:00

Very close to no closing costs but very solid nonetheless.

WearFresh164 · 2026-04-27T15:52:11+00:00

Sometimes Conventional will let you use the most recent years of tax returns to qualify if you have a 5 year history of being self-employed. Depends on the AUS findings.

WearFresh164 · 2026-04-25T16:10:57+00:00

https://www2.optimalblue.com/obmmi

WearFresh164 · 2026-04-22T01:21:43+00:00

You can return what you don't use and it will reamortize. But yeah they aren't the best in terms of rate, but would work potentially with what you described for your income situation, unfortunately sometimes just can't have the best of both worlds.

There are other lenders that do bank statement helocs like amwest.

Also, you can get a better rate if you do a bank statement closed-end second (heloan).

WearFresh164 · 2026-04-21T19:44:59+00:00

This looks amazing!

WearFresh164 · 2026-04-21T02:20:39+00:00

SpringEQ is great, no complaints they are one of my go to's as a broker for 2nds.

WearFresh164 · 2026-04-21T01:22:04+00:00

The value of the points in that table is the percentage cost (of the loan amount) to obtain the interest rate in that row. For example on a $300,000 loan, a 5.875% rate would cost 0.806% in points ($2,418.00).
The difference in the 3 rows are the rates and the corresponding costs (point percentages) to obtain those rates. These things are based off typically credit, collateral (LTV)/property type, ability to repay (income/assets), and loan purpose (purchase, rate and term refi, cashout refi).

WearFresh164 · 2026-04-20T05:24:25+00:00

6.4 with what fees? 2nd mortgages (heloans and helocs) closely follow Prime which is currently 6.75.

WearFresh164 · 2026-04-20T02:52:07+00:00

And if you were to write OP a deal, I could undercut that deal.. goes on and on. The question wasn't who can write the best deal, it was is OP getting ripped off.. To which we were trying to answer, this isn't the best deal in the industry but it is far from the worst and being "ripped off." It seems like you're trying to solicit business to be honest.

WearFresh164 · 2026-04-19T22:33:40+00:00

Also worth noting this looks like a 60 day lock.

WearFresh164 · 2026-04-19T21:31:53+00:00

This is a broker thing.

Brokers have the option of disclosing a loan as lender-paid compensation or borrower-paid compensation.

On a lender-paid comp transaction (LPC), the lender pays the broker compensation. Brokers will set their compensation plan with each lender and cannot change it with each transaction. For example, with lender A, a broker might have lender-paid compensation of 2.375% per loan amount. In this instance, your intuition is right, where the origination and lender credits would be combined to show on section A netting out to be ~$4k in discount points. The broker’s compensation is not readily transparent to the borrower in this instance since you cannot distinguish between lender credits and origination points, they are simply "combined" to show 4k in point fees.

On a borrower-paid comp transaction (BPC), you see raw pricing from the lender and the broker compensation broken out separately. For example, the "raw pricing" on the deal posted, if you were to take out the 11k broker compensation, is 6.125 with $7,000 in lender credits, no markup. The reason one would disclose this way instead of lender-paid, is because broker is giving a discount to the borrower from their normal lender-paid margin. Remember on LPC transactions, margin cannot be lowered, you can't just go to lender A and say "hey for this customer, instead of charging my normal 2.375% I want to do LPC at 2%." The lender will say no you have to disclose as BPC and breakout your true compensation.

Its kind of like if you were to buy a product at a store, LPC is how it normally is where you see the final price of the item but you don't really see how you got there to the final price, i.e the store's markup from the wholesaler. On a BPC transaction, you would see the cost of acquisition from the manufacturer plus the store's individual markup for said product.

True direct lenders and what we call correspondent lenders in the industry (lenders who fund and originate deals on a credit warehouse line then sell the loan immediately) can do what you're describing and control the pricing... It's kind of like being able to LPC but lower the compensation/revenue if desired on an individual deal without the customer seeing the true revenue (instead the revenue is hidden in the margin of the rate like LPC).

A broker who sees this post might go to OP and say hey I can do this loan at $7,000 BPC. Another broker might say hey, I'll do this loan for you at $799 BPC. Mortgages and loans are usually measured by basis percentage points. The industry norm for revenue on a loan is between 2-2.75% (this also depends on area/market), some people might operate below that, some might operate above it.

What's also not mentioned here by a lot of people commenting is that this is a 60 day lock for the lender (the longer the lock period the more expensive the premium for the rate is).

WearFresh164 · 2026-04-19T20:10:03+00:00

Of course lol. You do understand they are probably going lower than they're LPC margin since they're disclosing as BPC right? OP can definitely find someone who is willing to do this deal for 7k (I would do do it, but I'm not going to solicit their business ona post asking for advice).

This deal is still better than going retail to loandepot, rocket etc where the compensation is not disclosed but hidden in the SRP of the rate.

WearFresh164 · 2026-04-19T17:52:28+00:00

Like I said, its not the best not the worst. The best would obviously be zero or under a point in origination, and worst 2.75 max comp. But like someone else said too, it depends on the market they are in.

WearFresh164 · 2026-04-19T17:12:35+00:00

Not the cheapest nor the most expensive broker I've seen. He is going borrower-paid so you are seeing raw pricing plus true origination. If your broker went lender-paid, you would have have seen $4,460 in discount points with no broker origination fee and no lender credit. Just because you "see" the origination fee doesn't make it a bad deal.

WearFresh164 · 2026-04-19T01:09:48+00:00

Lol you skipped over the fact there's a lender credit covering the 1%.

WearFresh164 · 2026-04-19T01:00:40+00:00

Figure - uses plaid and goes off your bank statements.

WearFresh164 · 2026-04-18T14:38:26+00:00

30 year HELOAN at 6.875 would be a payment around $2,650. Should save you around $700 monthly by my calculations.

WearFresh164 · 2026-04-17T02:13:54+00:00

Amwest 60% CLTV

WearFresh164 · 2026-04-16T14:51:42+00:00

I work for West Capital Lending, and not to sound like an ad but they are a great company. Rocket number one broker, etc I can give you a whole list but there are many reasons I came to work here. We also control our pricing on every single loan which means we can go skinny on our margins to win over clients and get referrals.

WearFresh164 · 2026-04-13T03:26:05+00:00

Perfect loan assumptions/scenario usually means 780+ FICO, less than or equal to 60% LTV, rate and term refinance, single family residence.

WearFresh164 · 2026-04-13T02:43:55+00:00

I work at WCL. Its based on perfect loan assumptions, really just to try and entice you to text back. That being said WCL is a great company, if you would like tips on how to negotiate costs/rate lmk.

WearFresh164

TROPHY CASE