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01-30-2007, 12:25 AM
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Hummer Authority
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Join Date: Dec 2003
Location: New Braunfels/Canyon Lake, TX
Posts: 1,357
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Mortgage question
We're applying for a jumbo loan. Can anyone offer advice on going with an established bank versus a private mortgage company?
Stacy
__________________
2003 yellow Lux, 12" Bulletproof lift, 42" Pitbull Rockers, 20" Ultra Predators, Corsa sport exhaust, painted interior
2004 Cadillac Escalade, white diamond, dual tip chrome exhaust, 20" chrome 9-spoke rims, altezzas - TOTALLED!!!! Replaced with a nondescript 2009 Chevy Tahoe
1970 VW Karmann Ghia, black with a flame job and too many mods to list
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01-30-2007, 12:32 AM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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Re: Mortgage question
Quote:
Originally Posted by devilsfan
We're applying for a jumbo loan. Can anyone offer advice on going with an established bank versus a private mortgage company?
Stacy
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What kind of advice? Why would it matter? Are you talking about being able to qualify or what?
__________________
<({O})>
Fishing Again.
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01-30-2007, 01:41 AM
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Hummer Authority
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Join Date: Dec 2003
Location: New Braunfels/Canyon Lake, TX
Posts: 1,357
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Re: Mortgage question
No problems qualifying. We've always gone with bank financing in the past because of the stability of banks. We got a good deal with Bank of America, but we've been offered slightly better deals (3/4 %) with 2 private lenders who specialize in jumbos. I was wondering if there are any negatives with going with a private company versus a bank - ie, if the company folds, is bought out, etc.
Stacy
__________________
2003 yellow Lux, 12" Bulletproof lift, 42" Pitbull Rockers, 20" Ultra Predators, Corsa sport exhaust, painted interior
2004 Cadillac Escalade, white diamond, dual tip chrome exhaust, 20" chrome 9-spoke rims, altezzas - TOTALLED!!!! Replaced with a nondescript 2009 Chevy Tahoe
1970 VW Karmann Ghia, black with a flame job and too many mods to list
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01-30-2007, 02:23 AM
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Hummer Messiah
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Join Date: Apr 2003
Location: Virginia Beach
Posts: 37,474
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Re: Mortgage question
Contact Adam. I'm sure he'll set you straight.
__________________
"My reading of history convinces me that most bad government results from too much government."---Thomas Jefferson
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01-30-2007, 02:24 AM
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Hummer Messiah
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Join Date: Nov 2002
Location: PDX
Posts: 2,367,817
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Re: Mortgage question
Yes!! Contact Brother Adam.
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01-30-2007, 03:28 AM
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Hummer Authority
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Join Date: Oct 2006
Location: Cape Canaveral
Posts: 1,808
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Re: Mortgage question
Wheres Adam when you need him... Most def get with Adam in CO
Oh and I went with a private company over BOA Military branch.. Not a problem and I still have a great banking relationship with BOA
__________________
Theres a hole in my head, where the rain comes in
Last edited by K9sH3 : 01-30-2007 at 03:32 AM.
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01-30-2007, 03:33 AM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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Re: Mortgage question
X1000 on the Adam thing. But deal only with Amanda and the hot babe he sends to your house to sign the paperwork.
Who cares if you get money from a shaky lender? If they go out of business, what's the worst that can happen? You don't have to pay 'em back?
Wow. First I put DRTY out of business, then Adam. What's next?
__________________
<({O})>
Fishing Again.
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01-30-2007, 03:36 AM
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Hummer Authority
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Join Date: Oct 2006
Location: Cape Canaveral
Posts: 1,808
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Re: Mortgage question
Quote:
Originally Posted by CO Hummer
Wow. First I put DRTY out of business, then Adam. What's next?
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Loan me some money so I can put the guy I work for out of business, and build a better business than his......
That way you can have that credit too.....
__________________
Theres a hole in my head, where the rain comes in
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01-30-2007, 03:38 AM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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Re: Mortgage question
Quote:
Originally Posted by K9sH3
Loan me some money so I can put the guy I work for out of business, and build a better business than his......
That way you can have that credit too.....
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I've been thinking about getting into the helicopter business. Right now, it's only a hobby.
__________________
<({O})>
Fishing Again.
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01-30-2007, 03:46 AM
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Hummer Messiah
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Join Date: Nov 2002
Location: PDX
Posts: 2,367,817
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Re: Mortgage question
Quote:
Originally Posted by CO Hummer
X1000 on the Adam thing. But deal only with Amanda and the hot babe he sends to your house to sign the paperwork.
Who cares if you get money from a shaky lender? If they go out of business, what's the worst that can happen? You don't have to pay 'em back?
Wow. First I put DRTY out of business, then Adam. What's next?
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You forgot how you put Aubs out of business. You really are creative with those self portraits of yourself & the feather-dusters.
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01-30-2007, 04:57 AM
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Hummer Authority
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Join Date: Oct 2006
Location: Cape Canaveral
Posts: 1,808
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Re: Mortgage question
CO, These guys are my spotters and I want to keep them in business.
__________________
Theres a hole in my head, where the rain comes in
Last edited by K9sH3 : 01-30-2007 at 03:37 PM.
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01-30-2007, 03:25 PM
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Hummer Guru
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Join Date: Dec 2002
Location: Anywhere you're not!
Posts: 5,006
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Re: Mortgage question
Stacy,
I like what the retailers do business-wise, but it is expensive. Using a retail bank usually means less headache, lower costs and higher rates. Using a wholesale broker usually means more costs and paperwork, but far better rates. That's really the big difference between wholesale and retail in this business.
We usually find a break point of about 30 months. So, depending on how long you're going to keep the property or the loan is what should make up your mind about using a banker or a broker.
In a jumbo scenario, you'll probably save hundreds each month by getting 0.75% better in rate and get a far better long-run deal from a broker than you can from a bank. It would probably be worth using a wholesaler for that kind of savings.
If you want me to peruse any info and give you an objective expert opionion, don't hesitate to ask. I would always prefer that people get good data so they can make informed decisions.
Good luck.
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01-30-2007, 03:35 PM
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Hummer Authority
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Join Date: Oct 2006
Location: Cape Canaveral
Posts: 1,808
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Re: Mortgage question
See we told you he would come through for ya!!!
__________________
Theres a hole in my head, where the rain comes in
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01-30-2007, 04:31 PM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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Re: Mortgage question
Quote:
Originally Posted by K9sH3
CO, These guys are my spotters and I want to keep them in business.
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Clearly they need some training. I mean, if you look at that pic you'll see that many factors contribute to the total lift produced by an airfoil. Increased speed causes increased lift because a larger pressure differential is produced between the upper and lower surfaces. Lift does not increase in direct proportion to speed, but varies as the square of the speed. Thus, a blade traveling at 500 knots has four times the lift of the same blade traveling at only 250 knots. Lift also varies with the area of the blade. A blade area of 100 square feet will produce twice as much lift as a blade area of only 50 square feet. Angle of attack also has an effect on the lift produced. Lift increases as the angle of attack increases up to the stalling angle of attack. Stall angle varies with different blades and is the point at which airflow no longer follows the camber of the blade smoothly. Air density is another factor that directly influences lift.
__________________
<({O})>
Fishing Again.
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01-30-2007, 04:48 PM
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Hummer Authority
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Join Date: Oct 2006
Location: Cape Canaveral
Posts: 1,808
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Re: Mortgage question
Quote:
Originally Posted by CO Hummer
Clearly they need some training. I mean, if you look at that pic you'll see that many factors contribute to the total lift produced by an airfoil. Increased speed causes increased lift because a larger pressure differential is produced between the upper and lower surfaces. Lift does not increase in direct proportion to speed, but varies as the square of the speed. Thus, a blade traveling at 500 knots has four times the lift of the same blade traveling at only 250 knots. Lift also varies with the area of the blade. A blade area of 100 square feet will produce twice as much lift as a blade area of only 50 square feet. Angle of attack also has an effect on the lift produced. Lift increases as the angle of attack increases up to the stalling angle of attack. Stall angle varies with different blades and is the point at which airflow no longer follows the camber of the blade smoothly. Air density is another factor that directly influences lift.
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Why do I feel like I am listening to a "RedBull" comercial...
At this point the guy would say "Simple little man, Redbull gives you wings".
__________________
Theres a hole in my head, where the rain comes in
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01-30-2007, 05:41 PM
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Hummer Messiah
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Join Date: Apr 2003
Location: Virginia Beach
Posts: 37,474
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Re: Mortgage question
Quote:
Originally Posted by CO Hummer
Clearly they need some training. I mean, if you look at that pic you'll see that many factors contribute to the total lift produced by an airfoil. Increased speed causes increased lift because a larger pressure differential is produced between the upper and lower surfaces. Lift does not increase in direct proportion to speed, but varies as the square of the speed. Thus, a blade traveling at 500 knots has four times the lift of the same blade traveling at only 250 knots. Lift also varies with the area of the blade. A blade area of 100 square feet will produce twice as much lift as a blade area of only 50 square feet. Angle of attack also has an effect on the lift produced. Lift increases as the angle of attack increases up to the stalling angle of attack. Stall angle varies with different blades and is the point at which airflow no longer follows the camber of the blade smoothly. Air density is another factor that directly influences lift.
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Unfortunately, there is no simple equation to compute the lift generated by a helicopter rotor in hover like there is for forward flight. Instead, we must rely on substantially more complicated methods like the Blade Element Momentum Theory or the Actuator Disk Vortex Theory. Both approaches involve complex jargon and even more complex mathematics that would require far more explanation than we have the time or space to discuss here (to emphasize the point, I have a 1,000 page book on the subject of helicopter theory!). In either case, we are not concerned with computing the lift so much as we are the power required to maintain hover and the thrust force generated by the rotor.
Air being accelerated through a hovering rotor In order to generate this thrust, the rotor pulls air down through it, as illustrated above, acting just like an airplane propeller that has been turned 90?. The spinning rotor accelerates the air as it goes through the rotor disk creating a force that acts in the opposite direction. This upward force is the rotor thrust. If you think about it, since this "thrust" points straight up and is the only force counteracting the weight of the helicopter, this force is the lift.
__________________
"My reading of history convinces me that most bad government results from too much government."---Thomas Jefferson
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01-30-2007, 06:28 PM
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Hummer Authority
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Join Date: Oct 2006
Location: Cape Canaveral
Posts: 1,808
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Re: Mortgage question
they have added a new driving light up front and can see in the dark.
__________________
Theres a hole in my head, where the rain comes in
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01-30-2007, 08:42 PM
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Hummer Authority
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Join Date: Jul 2005
Location: FLORIDA
Posts: 1,055
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Re: Mortgage question
Quote:
Originally Posted by Adam in CO
Stacy,
I like what the retailers do business-wise, but it is expensive. Using a retail bank usually means less headache, lower costs and higher rates. Using a wholesale broker usually means more costs and paperwork, but far better rates. That's really the big difference between wholesale and retail in this business.
We usually find a break point of about 30 months. So, depending on how long you're going to keep the property or the loan is what should make up your mind about using a banker or a broker.
In a jumbo scenario, you'll probably save hundreds each month by getting 0.75% better in rate and get a far better long-run deal from a broker than you can from a bank. It would probably be worth using a wholesaler for that kind of savings.
If you want me to peruse any info and give you an objective expert opionion, don't hesitate to ask. I would always prefer that people get good data so they can make informed decisions.
Good luck.
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Stacy i heard this guy was a scammer and does not have any mortgage info but rather makes a fortune by selling your personal info to lendingtree.com and ditech.com...this is just what i heard
One other advantage Adam did not mention that a broker has over a bank is a variety of lending options. Generally speaking, retail banking institutions have their money and can only lend their money. This means they are limited to their product guidelines. Most brokers have access to over 300 banks money (ie, countrywide, wells fargo, bank of america) but on a wholesale level so they can be very competitive in rate and VERY creative in suiting your financing needs/goals. Your best brokers learn how to think outside the box(banks are stuck within the box) and can offer very creative terms. That being said, Adam knows his stuff--give him a call and i think youll be amazed at his abilites as a broker vs. a banker.
__________________
\'05 Black LUX SUV,air, nav,roof
20in Kaotik NT-1s with 35x13.50Pro Comp Xtreme All terrain
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01-30-2007, 09:09 PM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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Re: Mortgage question
Quote:
Originally Posted by Boss Hoss
One other advantage Adam did not mention
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Adam,
He's forgetting the main advantage....
This is who Adam sent to my house to sign the paperwork:
http://www.jurgita.com/models-id29789.html
__________________
<({O})>
Fishing Again.
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01-31-2007, 12:11 AM
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Hummer Expert
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Join Date: Jan 2005
Location: easbumfuk
Posts: 859
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Re: Mortgage question
Quote:
Originally Posted by devilsfan
No problems qualifying. We've always gone with bank financing in the past because of the stability of banks. We got a good deal with Bank of America, but we've been offered slightly better deals (3/4 %) with 2 private lenders who specialize in jumbos. I was wondering if there are any negatives with going with a private company versus a bank - ie, if the company folds, is bought out, etc.
Stacy
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Stacy in your first question you said private mortgage company , and in another you said private lender. I just wanted to say , make sure your dealing with a licensed in your state "private mortgage company". If you go with a "private lender" as in a person, you run more risk of getting hosed. If you did go with a private lender "person" make sure your attorney reviews the contract. You dont want some language in the contract that slyly says if the lender gets a hair across there ass they can call the note for no reason. I am not a banker , but i have done alot of loans for deals and been to the school of hard knocks. Good luck.
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