Mortgage Blog

7/1 ARM Jumbo Purchase programs

August 15th, 2018 12:03 PM by Eric Fang

I just helped one of my clients to get 7/1 ARM Jumbo 3.625% for the purchase. I would not do the loan, but she got the rate.

Here is the story. She purchases a property from the builder, and the builder lender offered 3.75% for 7/1 ARM loan for the loan amount 1million. With builder's 9k incentive, the lender could offer 3.75% rate. For us, we offered 3.625% to cover all the closing cost. 0.125% better than builder's lender. So the builder lender matched the rate, and I asked the borrower to work with them(though my borrowers would like to work with me). Two reasons for this decision: 1)I will be on vacation for about 15 days. It might not be that convenient while I am out of the country. 2)The whole purpose is to help my clients to get a good rate. And they are very happy about it. 

And I will get similar rates in the future, if the loan amount and LTV works. Please email me for the loan scenario questions.
Posted in:General
Posted by Eric Fang on August 15th, 2018 12:03 PM



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