[quote=treehugger]I locked last week Thursday at 4.375 no cost all lenders fees etc covered and a $2000 credit I can use to fund my impound account.
I could have locked at 4.25 with no cost (no points) and a much smaller credit, I think it was $400? As we have completely remodeled the house and money is tight I took the higher rate and bigger credit. I think it amounted to 6.6 years to make up the difference and we know once the kids are older (max 10 years) we will sell the big house and move to something smaller.
My dad refused to listen to me and call Sheldon just closed on his refi last week at 4.375 but he paid $1500 for the privlege and they rolled the lender fees into his loan. Can’t believe how stubborn old men can be!
Sheldon and his gang definitely have the best rates and pricing. Sheldon did right by me when I bought the house a few months ago and while I appreciate all his effort, I still shopped around (including calling the clown my dad used), found that nobody beat his pricing and many people are downright stupid. Found some comparable, but nothing worth moving my business away.[/quote]
Keep in mind – what a broker or lender will cover is based in part on the size of your loan.
I talked to Sheldon (and a couple of other brokers) at the same time a few coworkers were also shopping for refi’s (and talking to the same brokers.) Those that had bigger loans were able to get “free” refi’s and/or cash back. All costs, including appraisals, covered. Those with smaller balances had to pony up cash at closing.
I chose to not refi because I’m attacking it a different way – just tossing more money at my already small, low interest loan. (I have a 4.25% 15 year loan from last year – My extra payments will have it paid off in 2015 and save me almost $10k in interest.)
Your dad, if he had a smaller mortgage balance, may not have been able to get everything paid for – even with Sheldon.
