January 31st, 2014 2:51 PM by Eric Fang
Happy Chiniese New Year.
I just locked one loan for 5/1 ARM 3%for the loan amount $500k. Borrower has the rate of 2.875% for 2.5 years with2.5 years left on the program, and he decidedto get a little bit higher rate with the rateextended for another 5 years(much safer this way).
And quoted another 7/1 ARM rental cash-out refi for the loan amount 310k, the rate was4.125% for no closing cost at all. Not bad either.