[quote=AN][quote=bearishgurl]Um, HLS, how long have these deals been going on?[/quote]
It has been going for for many years. As I’ve stated in the past, I didn’t pay a dime in property tax or insurance for 2-3 years a few years back (around 2011) or so. I’m about to close on another one now, and hoping to start the paper work process on another one in a few months.
1st, I make sure that there’s no prepayment penalty and 2nd, I make sure I ask the mortgage broker how long I have to keep the loan so they don’t have to pay back to credit to the bank/lender. I don’t want to burn them by refinancing too early. I could and the broker can do anything about it, but I don’t want to be a dick.[/quote]Yeah, I was with someone at the dealer who bought a new vehicle from a great and helpful salesman and they said the same thing.
I just asked cuz I was wondering why these lenders don’t insist on prepayment penalties. Up until the “fog-a-mirror, get-a-loan era” (approx 2004) 3-year prepayment penalties were standard fare on fixed rate conventional loan program docs.
It’s a LOT OF WORK for several people to originate just ONE mortgage loan so I don’t understand how lenders can afford to let the opportunistic AN’s of the world “run amok” by repeatedly “working the `system'” as they have been ;=]
