Contract signed!

[Aaron Karp]

Assuming all goes well, we'll be your neighbors in 60 days.

Did anyone on this list use First Meridian for their loan?

[EveL]

CONGRATULATIONS!!!! This is very exciting, hope you're out
celebrating!!!! and 60 days is ample period to get everything in
order!

Haven't used First Meridian - how were they? Did they ultimately
provide financing or they match you with a bank? We had ours at Wells
Fargo. Oh, and also received a note that Fannie Mae purchased the
loan (for whatever it is worth...; the servicer is still Wells
Fargo).

[Aaron Karp]

Submitted the application to FM yesterday and waiting for the commitment letter. They have the lowest rate (4.875 + a negotiable origination point). 

Wells is not currently doing conforming loans while they wait for FHA re-approval. They've been saying they expect the re-approval "shortly" for about a month now and I've given up waiting. Their conforming rate would be basically the same as FM anyway, just with lower fees.

-Aaron

[EveL]

wow, great rate!!! congrats! we closed in may, and i thought rates
around 5.25% were the lowest of the low and had no way to go but
up... :) laughing at myself.

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[OBBPdreamer]

Congratulations!! You made the right decision (of course I am
biased)! :) I used to think I will never like any neighborhood other
than Upper West Side, that is changing now...

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[Cooper Station]

Aaron - can you give any more detail on the "negotiable" origination
point? I didn't think it was negotiable so would love to learn more.

[brooklyncowboys]

Aaron---did you get your commitment letter and have you locked your
rate? Cooper, are you going with First Meridian? we submitted our
loan application with Wellls Fargo and are waiting for our commitment
letter...we have not locked our rate just yet!

[Aaron Karp]

We're actually still waiting on the commitment letter. I submitted our application to FMM two weeks ago today. According to Steve Hartstein the bank contact was on vacation last week. Has anyone else been working with Steve? What has your experience been like?

[Sal Lopes]

Hey Aaron.  We are working with Scott Sullivan from wells Fargo and so far so good.  Our application was submitted two weeks ago tomorrow.  We are still waiting.  What kind of mortgage rate are you looking at?   We are hoping the building gets Fannie Mae approved b/4 closing for the best rate.  Right now were looking at 5.125% for a 30 year fixed.   

Sent from sal's iPhone  

[Aaron Karp]

FMM quoted me 4.875% with an origination fee (30yr fixed). They said that rate is valid up to a $750,000 loan. Wells said they'd be able to match the 4.875% rate up to $729,750 without an origination fee once they get FHA approval. But until then they told me they can only do the high balance loan as a jumbo at 5.625%. So I'm going to FMM.

I have no idea how much the rate quote is affected by credit score, LTV, DTI, etc.

It makes me feel a bit better than Wells is moving just as slowly as FMM on the application process, at least :-)