Looks like the Shop is a go

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    Author Topic: Looks like the Shop is a go  (Read 3869 times)

    Offline moparnut

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    Re: Looks like the Shop is a go
    « Reply #30 on: January 16, 2005 - 11:54:42 PM »
    Quote from: 1973challenger360 on January 16, 2005 - 08:51:50 PM
    I agree 1973challenger360,no worries just miscommunication and my having a bad day and jumping to conclusions,we are all good,sorry i stirred it up
    Have a nice evening
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    Offline Street_Challenged73

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    Re: Looks like the Shop is a go
    « Reply #31 on: January 17, 2005 - 01:10:34 PM »
    That is definitely some good news for you, Moparnut!!  Glad you'll soon have a place to work on your Mopars! :thumbs:
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    1973 Dodge Challenger......................The ongoing project. (00/----\00)
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    Offline rnsykes

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    Re: Looks like the Shop is a go
    « Reply #32 on: January 17, 2005 - 03:03:40 PM »
    Should I bring up the difference between primary and secondary lenders?? :outtahere:
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    Offline moparnut

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    Re: Looks like the Shop is a go
    « Reply #33 on: January 17, 2005 - 03:27:45 PM »
    Quote from: rnsykes on January 17, 2005 - 03:03:40 PM
    Should I bring up the difference between primary and secondary lenders?? :outtahere:
    You could just for educational purposes,the only thing i really car about is interest rate,doesnt matter to me who i make the payment to and i imagine my loan will be sold off to another bank just like the last one was
    thanks
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    2012 Subaru Forester
    70 D100 Adventurer 383 pickup
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    Offline 4Cruizn

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    Re: Looks like the Shop is a go
    « Reply #34 on: January 17, 2005 - 04:15:29 PM »
    Yeah they probably will sell your loan . . and alot of times I see them sell the loan before you even close on it or "close escrow" as they call it in California.  There are a few banks that will shelve loans and service the loans themselves . . . Standard Federal for one is good for that.    :grinyes:
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    lemonboy69

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    Re: Looks like the Shop is a go
    « Reply #35 on: January 17, 2005 - 06:22:30 PM »

    Mortgage Lender's Network services their own loans too... and that enables me to have employment!! :thumbs: :grinyes:

    LB
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    Offline moparnut

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    Re: Looks like the Shop is a go
    « Reply #36 on: January 17, 2005 - 07:43:02 PM »
    Quote from: LB69 on January 17, 2005 - 06:22:30 PM

    Mortgage Lender's Network services their own loans too... and that enables me to have employment!! :thumbs: :grinyes:

    LB

    See LB now i feel really stupid since you are in lending and i know less than nothing about it :dupe:
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    70 Barracuda Gran Coupe,383-4bbl,# Match
    2012 Subaru Forester
    70 D100 Adventurer 383 pickup
    02 F250 S'cab Powerstroke 7.3 4x4 6 speed Manual
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    Offline rnsykes

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    Re: Looks like the Shop is a go
    « Reply #37 on: January 18, 2005 - 08:57:10 AM »
    the consumer rarely sees the difference between the Primary and Secondary.  the interest rate is almost always the same, but if its a questionable loan, thats when the difference is noticable.  A secondary lender can dazzle you with their promise of a low rate, fast closing, low fees etc. etc.  But unless they have an investor to take the loan, then it's a no go.  A Primary lender services their own loans, so they don't have to rely on the investor to pick up the loan.
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    Offline moparnut

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    Re: Looks like the Shop is a go
    « Reply #38 on: January 18, 2005 - 09:07:40 AM »
    Quote from: rnsykes on January 18, 2005 - 08:57:10 AM
    the consumer rarely sees the difference between the Primary and Secondary.  the interest rate is almost always the same, but if its a questionable loan, thats when the difference is noticable.  A secondary lender can dazzle you with their promise of a low rate, fast closing, low fees etc. etc.  But unless they have an investor to take the loan, then it's a no go.  A Primary lender services their own loans, so they don't have to rely on the investor to pick up the loan.
    Thanks for the info.This company has always done right by me.Hopefully they wont let me down this time.
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    70 Barracuda Gran Coupe,383-4bbl,# Match
    2012 Subaru Forester
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    Offline moparnut

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    Re: Looks like the Shop is a go
    « Reply #39 on: January 19, 2005 - 07:37:06 PM »
    They told me i was Fannie May Approved,what does that mean?
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    70 Barracuda Gran Coupe,383-4bbl,# Match
    2012 Subaru Forester
    70 D100 Adventurer 383 pickup
    02 F250 S'cab Powerstroke 7.3 4x4 6 speed Manual
    06 Honda VTX1800S Spec 3

    Offline 4Cruizn

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    Re: Looks like the Shop is a go
    « Reply #40 on: January 19, 2005 - 09:16:08 PM »
           
    Fannie Mae is a private, shareholder-owned company that works to make sure mortgage money is available for people in communities all across America. They do not lend money directly to home buyers.  :nono:  They work with lenders to make sure they don't run out of money, so more people can buy houses.

    They are the country's second largest corporation and the nation's largest source of financing for home mortgages. The Federal government established Fannie Mae to expand the flow of mortgage money by creating a secondary market. Fannie Mae was authorized to buy Federal Housing Administration (FHA)-insured mortgages, thereby replenishing the supply of lendable money. Then Fannie Mae became a private company operating with private capital on a self-sustaining basis. Its role was expanded to buy mortgages and not just government based laons. 

    So when they say your approved for Fannie Mae, its a good thing.  Money may just show up at the closing since they are the ones that will be funding it!!   :beer: 

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    Offline moparnut

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    Re: Looks like the Shop is a go
    « Reply #41 on: January 19, 2005 - 11:54:26 PM »
    Thanks Bud for clearing that up,great info and it is appreciated.Just got the price of the shop with everything i want on it.30x40,12' rollup door,1 man door,roof insulation,4 skylights,2 ridge vents for 12,600 delivered to my door,the concrete will be about 5-6k and erection of the building will be 4k.
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    70 Barracuda Gran Coupe,383-4bbl,# Match
    2012 Subaru Forester
    70 D100 Adventurer 383 pickup
    02 F250 S'cab Powerstroke 7.3 4x4 6 speed Manual
    06 Honda VTX1800S Spec 3

    Offline whitesatinmopar

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    Re: Looks like the Shop is a go
    « Reply #42 on: January 21, 2005 - 09:42:58 AM »
    Sounds like a nice package at a reasonable price, now..........just keep it uderbudget for the interior treatment, that will take your utmost willpower,lol. Congratulations and have fun. Keep us posted : translation = PICS !  :thumbs:
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    Offline moparnut

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    Re: Looks like the Shop is a go
    « Reply #43 on: January 22, 2005 - 05:13:58 PM »
    the saga continuues,I signed loan Docs today so i am one step closer to the refi check and funding the shop.Itwas nice to know on the appraisel my property went up 200k since i bought it in july of '01,did better than my retirement account for sure!Gotta love calif,NOT!
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    70 Barracuda Gran Coupe,383-4bbl,# Match
    2012 Subaru Forester
    70 D100 Adventurer 383 pickup
    02 F250 S'cab Powerstroke 7.3 4x4 6 speed Manual
    06 Honda VTX1800S Spec 3
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