Posted by Mike_AZ on 1/27/06 5:09pm
Msg #91882

Are all Centex loans horrible?

Did my first one this weeek. Terms were terrible - as bad as Ameriquest.

Borrowers' credit score over 650 so that wasn't reason for terrible rates and fees.

Have you seen some decent Centex terms?

TIA

Reply by Traci/MD on 1/27/06 8:15pm
Msg #91920

No, I have always found them to be very reasonable. The package is clean and easy to sign.
650 is a fair credit score. How bad did they charge them?

Reply by Mike_AZ on 1/28/06 1:05pm
Msg #92063

Re: Are all Centex loan TERMS bad?

Thanks for asking, Traci.

Adjustable rate starting at just under 9% and rising quickly after 2 years. Cap around 15%.

Lender fees around $12K.

Prepay penalty, two years, $11K.

No credit card payoffs. Little credit card debt on 1003.

Cash out around $10K.

Crappy loan terms, don't you think, for a 650+ credit score?

The TC and docs were fine. No problem printing. I just wonder if Centex loan terms are always this bad.

If they are like Ameriquest, I want to steer clear. I live in a small town where everybody knows everybody. Bad business for me to seen as someone who helps screw people. No such thing as innocent bystanders around here!

Reply by Traci/MD on 1/28/06 1:12pm
Msg #92070

Re: Are all Centex loan TERMS bad?

Wow! What a hit. The Lo made a great commission.

Reply by TitleGalCA on 1/27/06 9:49pm
Msg #91952

No, I don't find that Centex loans are horrible...or any other in-house builder mortgage companies. As a rule, as soon as possible, many new homeowners refi with a permanent lenders when they find out their loan has been sold, as is the habit with builder mortgages. Maybe your BO's just signed up with the most-available loan, and plan to refi later, a common occurance.

Reply by Anonymous on 1/28/06 8:47am
Msg #92000

I do a lot of Centex. Good LO's and clean pacs; swiftview, easy to print.. I never have a problem.