- This topic has 70 replies, 4 voices, and was last updated 15 years, 9 months ago by
urbanrealtor.
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January 2, 2009 at 6:42 PM #322826January 2, 2009 at 6:49 PM #323262
HLS
ParticipantIf you want to call the rate that a wholesale
lender doesn’t pay a penny in commission the PAR rate, then yes.The borrower pays a fee to get the lowest rate OR they can choose a higher rate and have the lender rebate pay all or part of the costs.
It is in most people’s best interest to have a lower rate and lower payment from inception, for the life of the loan.
For those that want to gamble on timing and constantly refinancing, that’s their choice.
There is a national financial guru that tells people to never pay a fee to refinance, and ask for the PAR rate, which HE tells people is a rate that comes with no points. It’s incorrect info fed to average people further confusing them.
January 2, 2009 at 6:49 PM #323341ParticipantIf you want to call the rate that a wholesale
lender doesn’t pay a penny in commission the PAR rate, then yes.The borrower pays a fee to get the lowest rate OR they can choose a higher rate and have the lender rebate pay all or part of the costs.
It is in most people’s best interest to have a lower rate and lower payment from inception, for the life of the loan.
For those that want to gamble on timing and constantly refinancing, that’s their choice.
There is a national financial guru that tells people to never pay a fee to refinance, and ask for the PAR rate, which HE tells people is a rate that comes with no points. It’s incorrect info fed to average people further confusing them.
January 2, 2009 at 6:49 PM #323184ParticipantIf you want to call the rate that a wholesale
lender doesn’t pay a penny in commission the PAR rate, then yes.The borrower pays a fee to get the lowest rate OR they can choose a higher rate and have the lender rebate pay all or part of the costs.
It is in most people’s best interest to have a lower rate and lower payment from inception, for the life of the loan.
For those that want to gamble on timing and constantly refinancing, that’s their choice.
There is a national financial guru that tells people to never pay a fee to refinance, and ask for the PAR rate, which HE tells people is a rate that comes with no points. It’s incorrect info fed to average people further confusing them.
January 2, 2009 at 6:49 PM #322842ParticipantIf you want to call the rate that a wholesale
lender doesn’t pay a penny in commission the PAR rate, then yes.The borrower pays a fee to get the lowest rate OR they can choose a higher rate and have the lender rebate pay all or part of the costs.
It is in most people’s best interest to have a lower rate and lower payment from inception, for the life of the loan.
For those that want to gamble on timing and constantly refinancing, that’s their choice.
There is a national financial guru that tells people to never pay a fee to refinance, and ask for the PAR rate, which HE tells people is a rate that comes with no points. It’s incorrect info fed to average people further confusing them.
January 2, 2009 at 6:49 PM #323245ParticipantIf you want to call the rate that a wholesale
lender doesn’t pay a penny in commission the PAR rate, then yes.The borrower pays a fee to get the lowest rate OR they can choose a higher rate and have the lender rebate pay all or part of the costs.
It is in most people’s best interest to have a lower rate and lower payment from inception, for the life of the loan.
For those that want to gamble on timing and constantly refinancing, that’s their choice.
There is a national financial guru that tells people to never pay a fee to refinance, and ask for the PAR rate, which HE tells people is a rate that comes with no points. It’s incorrect info fed to average people further confusing them.
January 2, 2009 at 7:03 PM #323267NotCranky
ParticipantWho is funding your loans? If I can get a par loan from Wells from my mortgage broker at 1/2 point is your “wholesale” source plus a point beating that? Just trying to get “apples to apples” here.
January 2, 2009 at 7:03 PM #323346ParticipantWho is funding your loans? If I can get a par loan from Wells from my mortgage broker at 1/2 point is your “wholesale” source plus a point beating that? Just trying to get “apples to apples” here.
January 2, 2009 at 7:03 PM #323189ParticipantWho is funding your loans? If I can get a par loan from Wells from my mortgage broker at 1/2 point is your “wholesale” source plus a point beating that? Just trying to get “apples to apples” here.
January 2, 2009 at 7:03 PM #323250ParticipantWho is funding your loans? If I can get a par loan from Wells from my mortgage broker at 1/2 point is your “wholesale” source plus a point beating that? Just trying to get “apples to apples” here.
January 2, 2009 at 7:03 PM #322847ParticipantWho is funding your loans? If I can get a par loan from Wells from my mortgage broker at 1/2 point is your “wholesale” source plus a point beating that? Just trying to get “apples to apples” here.
January 2, 2009 at 7:19 PM #323282urbanrealtor
ParticipantHLS,
I apparently was unclear in my response.
Or perhaps I am confused in my terminology.I was trying to say that all lending retailers, be they BofA or Crazy Sheldon’s House of Paper (that’s copyrighted and you need to pay me a royalty by the way), should have a clear par rate and all lending employees (at least those dealing with borrowers) should know it and it should be stated clearly along with anything on the front or back.
Its not that I think they deserve a break from disclosure but that I think banks should have the same requirements. In that specific regard, they have a point.
January 2, 2009 at 7:19 PM #323361ParticipantHLS,
I apparently was unclear in my response.
Or perhaps I am confused in my terminology.I was trying to say that all lending retailers, be they BofA or Crazy Sheldon’s House of Paper (that’s copyrighted and you need to pay me a royalty by the way), should have a clear par rate and all lending employees (at least those dealing with borrowers) should know it and it should be stated clearly along with anything on the front or back.
Its not that I think they deserve a break from disclosure but that I think banks should have the same requirements. In that specific regard, they have a point.
January 2, 2009 at 7:19 PM #323265ParticipantHLS,
I apparently was unclear in my response.
Or perhaps I am confused in my terminology.I was trying to say that all lending retailers, be they BofA or Crazy Sheldon’s House of Paper (that’s copyrighted and you need to pay me a royalty by the way), should have a clear par rate and all lending employees (at least those dealing with borrowers) should know it and it should be stated clearly along with anything on the front or back.
Its not that I think they deserve a break from disclosure but that I think banks should have the same requirements. In that specific regard, they have a point.
January 2, 2009 at 7:19 PM #323204ParticipantHLS,
I apparently was unclear in my response.
Or perhaps I am confused in my terminology.I was trying to say that all lending retailers, be they BofA or Crazy Sheldon’s House of Paper (that’s copyrighted and you need to pay me a royalty by the way), should have a clear par rate and all lending employees (at least those dealing with borrowers) should know it and it should be stated clearly along with anything on the front or back.
Its not that I think they deserve a break from disclosure but that I think banks should have the same requirements. In that specific regard, they have a point.
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