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Current Poll Results

Most Important Criteria on a Loan

Program Type (30 fixed, 2 Year ARM)7 %7 %7 % 7.32 % (21)
Discount Points (1point 2points)3 %3 %3 % 3.48 % (10)
Rate (8%)17 %17 %17 % 17.07 % (49)
LockTime (15 days, 30 days)3 %3 %3 % 3.14 % (9)
Documentation (Stated Income, No Doc Loans)20 %20 %20 % 20.56 % (59)
LTV (80%, 95% financing)48 %48 %48 % 48.43 % (139)

Total Votes: 287


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"Most Important Criteria on a Loan" | Login/Create an Account | 9 Comments
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Re: Most Important Criteria on a Loan (Score: 1)
by AdamR61 on Wednesday, May 07, 2003 @ 11:46 PM EDT
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I think it is important to look for things that would require the least amount of cash out of your pocket. This would mean Low down payment. Min 10% down on NOO. Low or No Points and then a good rate.

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Re: Most Important Criteria on a Loan (Score: 1)
by verne_j on Thursday, May 08, 2003 @ 10:38 AM EDT
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How I see getting lending is your ability to obtain the loan. Not how much it cost/points or interest rate, but the "ability" to get. Be it by stated income, W2, etc.

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Re: Most Important Criteria on a Loan (Score: 1)
by hibby76 (hibby76@yahoo.com) on Friday, May 09, 2003 @ 03:40 PM EDT
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It would be great if we could enter the criteria that we needed and the lenders/programs that matched would come up. I realize that loan programs change quickly and that this could be hard to maintain. Here are the things that I look at:

LTV

LTP (Loan to Purchase). True LTV loans are rare. Most lend off of the price, not the value. But when they do lend off of the appraised value, it allows you to get into 100% financed deals

CLTV-

Seasoning of the Down

Seasoning required for a refinance

Rate

Loan Ammoratization period

fixed/variable

Calls (balloons)

I know that's a long list, but those are the things that I look for in a lender who will work with me on a highly leveraged project. Thanks.

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Re: Most Important Criteria on a Loan (Score: 1)
by IsaacFineman on Tuesday, May 27, 2003 @ 12:14 PM EDT
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As a Mortgage Broker, I would feel comfortable saying that the most important variable of those listed would be LTV! With a High LTV your down payment is less, there is a possibility that your closing costs may be wrapped into the loan, and there may be mandatory MI' however with a low LTV, there is a better chance at being approved, a lower interest rate, and most likely no MI!

For answers regarding your questions, please feel free to email me at IsaacFineman@yahoo.com. You are also welcome to call 864-422-9656. Please note, I am licensed to do business in South Carolina, and am affiliated with agents licensed in North Carolina. Also, be sure to ask about our 100% Purchase loans!!!

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