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sagarthakar · Joined: 15 May 2007 Posts: 71 27.67 Dollars($)

Many Lenders are coming up with this feature known as Streamline Refinance Transactions ( Rate / Term Refinance ).

For Example : 2.25 Portfolio LIBOR Arms / 2.25a Portfolio Streamline Refinance.

But the rates for these programs are not available, if we go through the guidelines these streamline refinance are beneficial to borrowers having high LTV/CLTV mostly dealing with only Conforming Loan Amounts.

Even the rate of interest is not too high, so where exactly can we check out their actual rates ?? Can anyone spread light on this ?

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wablola · Posted: Tue May 15, 2007 12:54 pm Post subject:

Hello again sagar.thakar,

Currently the 1 year LIBOR is at 5.2967%. I am assuming that the 2.25% could be the minimum payment or the margin.

Assuming the 2.25% is the margin, then the total interest rate would be 7.5467%.

Not really sure, please provide more info if you can. But that is my guess.

sagarthakar · Joined: 15 May 2007 Posts: 71 27.67 Dollars($)

Hello Wabola,

Well seems you are a Loan Officer, lemme give you some details on this topic.
If its possible for you to check the Loan Program offered by SunTrust Mortgage Wholesale Division they have Portfolio Libor Arms with Streamline Refinance feature.
The guidelines clearly mentions that Streamline Feature will be more cost efficient to the borrowers, but the Lender has smartly not disclosed the Rates for the same, he has just published Portfolio LIBOR Arms rates and adjustments.

I dont think he will disclose the rates unless an until anybody shows interest in the feature and decides to lock it.

So what do u think what must be the scenario

jerry · Posted: Wed May 16, 2007 12:45 am Post subject: RE: LIBOR ARMs

Hi Sagar,

LIBOR refers to the London Interbank Offered Rate which is the interest rate offered by large London banks for US dollar deposits. Rates are quoted for 1 month, 3 month, 6 month, and 12 month deposits regarding LIBOR loans.

I think you should directly approach the lender and ask them about the rates on the loan programs that you have mentioned here.

Thanks,
Jerry.

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Streamline Refinance ( RATES )