Jumbo Mortgage

ckalvesmaki · Posted: Fri Jan 11, 2008 5:07 am Post subject:

Ed......Is this going to be a primary residence? If it is then yes there are lenders who will do the loan....the rates will be in the 9's.......but you can refi later if need be.....When are you supposed to close?

banker0679 · Posted: Fri Jan 11, 2008 8:53 am Post subject:

30days is plenty of time to bring up your credit score.
I would start working on it today!

Some companies can bring it up to 680....and you'll be able to get a good rate. 30yr fixed jumbo mortgages are a lot higher than 5/1 ARMs

5/1 Arms are 5.5% par....you might find 1or2 lenders doing this

gmakerley · Posted: Fri Jan 11, 2008 2:27 pm Post subject:

it sounds like ed is in a position to ably suffer the high rates noted, such as the 9% above. as long as he can get that score somewhat repaired, the opportunity to refinance would likely exist later on (next year sometime, of course).

ed, you might want to consider getting a corporate credit card to alleviate the effect of the addition of charges that result from the business.

Guest 0.10 Dollars($)

What type of companies offer corporate cards that dont report to your credit report. I thought they all had to have a personal guarantee and they all reported to the bureau? Having such a list would be an awesome tool to provide to all members of the site. I know when my cards are paid off my score is around a 695. So it is a huge difference.

gmakerley · Posted: Fri Jan 11, 2008 3:26 pm Post subject:

great question, ed; i don't know of any such lists; maybe someone else has that knowledge and can chime in and provide it.

banker0679 · Posted: Fri Jan 11, 2008 7:06 pm Post subject:

if you open a business account with bank of america you may qualify.
i opened up business accoutns for a lot of business owners...they use their social but in a different way.
if their social was 123-45-6789 then they would use it as
12-3456789
A lot of times when i opened up a business account this way...they would automatically receive a pre approval for a business card.
The credit also didnt report to their personal report only their business report

gmakerley · Posted: Sat Jan 12, 2008 1:18 pm Post subject:

i dont quite fathom that social security number thing, banker; but i like knowing that bofa will offer the business card and not report it - it is a definite benefit to someone like ed, it appears.

banker0679 · Posted: Sat Jan 12, 2008 1:21 pm Post subject:

if you open a business you can open a tax ein or you can use your social as the ein. that's what i was told!

gmakerley · Posted: Sat Jan 12, 2008 1:22 pm Post subject:

it looks pretty weird, though; with the same number configuration and only changing the spot in which the hyphen goes...

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

Hi Ed T,

The rate will be higher with a creidit score of 640 than it would be with a credit score over 680, but there are options. Are you able to verify income or do you need a no income verification loan?

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