all day today I've been getting gfe from lenders with 5.375% with no points.  I get theirs and it's 5% with no points.  I go to the mortgageprofessor's site and he's saying whole sale rates are at 5.043%.  how are are they getting better rates than everyone else? 

http://www.hfamerica.com/todaysrates.html

I say it's bait and switch, just trying to get you to pick up the phone and apply.  If they could go that low they would be putting everybody else out of business.

the only way that this is even possible is if you have a loan amount of 400-417K, fico score above 800, and the ltv is <60%.  So in other words, enjoy the chicken flavored cat.

was reading the mortgage professor's site and found several other sites that also offers the 5%.  these are what he calls "upfront lenders".  like aimloan.com and amerisave.com also does the 5%.  I'll have to get a gfe from them.  he seems to promote them?...

Dont be fooled, i have gone up against amerisave and aimloan.com on multiple occasions!  There are points, there is no question about that.  We all have the same rates for the most part.  There is not one lender out there who has 5% with -0- points today.  We, in this forum, are not here to gain your business, rather to help educate and inform the consumers out there looking for the right mortgage and mortgage professional to work with.  Granted i do not know the exact specifics of your transaction, but off the cuff I can tell you, as of today at 915am CST, there is not a 5% No points rate out there.  Buyer beware is all the remaining advice I have for you.

Just a little heads up I would Google Amerisave and see what you get.......may not want to jump in that pool......call a local lender/broker in your area and deal with someone you can sit down with and meet face to face.....

http://www.epinions.com/pr-Online_Stores_Services-Amerisave

gives it 4 out of 5 stars overall.  with 72 reviews.  seems like that's a pretty good rating/reviews.

We're just letting you know that 5% with no points isn't available, as we work with all major lenders across the country.  Some lenders price better than others, but we don't see that large of a discrepancy.  But hey if they've got your interest than give them a shot.

5% is paying 1% of the loan amount. 740 credit rate/term 80%LTV How much are ya'll making on loans?

Thats costing me a .25 as of this morning with my leader???

I have a friend that works for amerisave, they junk fee you to death.  They are going to make you pay for the appraisal (standard) but they charge you a rate lock fee that is like 500-800 that is non refundable.

I would recomend asking for a RESPA package and looking at the official good faith estimate before you give any company a credit card number.   

We too have the 5% with 0 points today. Quoting some loans 4.875%. On loans up to $729,000. cjf@*************.com

Moderator Note: Signatures available to Premium Members. 

some lenders give us a .50 better for a quality account.

I sure have heard of Home Finance of Ametica. I work for Fannie Mae and we refer most of our employess to HFA. Home Finace of America is one of the most reputable mortgage banks in the country. Home Finance is set up as wholesale lender but they do retail business. Buy doing that, they can almost always have rates 1/8% to 1/4% below other lenders. I did my own loan with them and I could have gone anywhere. I highly recommend Home Finace of America. No worries!! 

FNMA recommending one customer over others?  That doesn't sound right to me.

dhn121:

5.375% with no points

I have found that several lenders love to quote NO POINTS, but sometimes charge a 1% origination fee.....what's the difference.  Just be careful. 

On July 7th, Well Fargo Wholesale paid .25 on a 15 day lock, so with a Tier 1 of .25 and a below 60 LTV of a .25, if HFA has a correspondent relationship with them, maybe a little more, but not much....so if all those stars line up.....they are making less than 1 point PLUS whatever processing/admin fees they charge.  If you want more detailed info, post your loan amount, home value, fico score, and type of loan you are doing.....I'm sure plenty of folks will chime in.

like Adam said about Amerisave, google home finance of america.  see what you come up with. 

oh, and check out the BBB and Consumer Complaints site too...I'm sure you'll enjoy dealing with a company with that type of reputation...

Beware of marketing gimmicks!  No points can mean no discount points, and maybe even no origination, but then you might have other fees that total the same as the quotes you get with "points".  Do you really care what the charge is called?  It is money out of your pocket either way.

Another common gimmick:  You ask, "What are your closing costs?"  They tell you that they are 1% or $2,500 or something small.  They are not quoting all of the settlement charges and may not be quoting the 3rd party fees.

I have said many times before, there is no way for you to ensure that you get "the lowest rate and fees."  I couldn't guarantee myself of the "best deal" without having some "insider information".  Shop for an honest professional that is offering you a competative program and then you will not be disappointed with the results.

thanks all.  decided to go with bank of america who matched their rates. 

But it's not like going with a big known bank makes for a smooth, easy, no surprise closing.  read this: http://www.mortgagenewsdaily.com/forums/t/55187.aspx