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HLS
Participant[quote=Sandiagon] you will get better deal with direct lenders like Wellsfargo, Bofa, etc… Direct lenders never charge origination fee.
[/quote]The above statement is ignorant and incorrect.
You will NOT “always” get a better deal from a direct lender. You will get a higher rate, and higher monthly payment for the life of the loan, that can cost you tens of thousands of dollars over the life of a loan for not paying an origination fee.
Banks are nothing more than mortgage brokers, except banks have fewer options.
Shopping around is fine, but have a clue what you are shopping for.
It’s often a foolish borrower that falls for a no point loan, esp at today’s rates.
For the OP, it’s impossible to know what closing costs are without knowing if you want to buy the rate down, what the title & escrow costs will be, and whether you are required to have an impound account for taxes and insurance.
It also depends on loan amount. Total closing costs of around 2% for a loan up to $400K, and bit less than 2% above that.
With a no point loan your cost should be less.
What is your rate with a no point loan ??Participantperhaps at BofA…
FHA loans are still available with 3.50% down.
FNMA loans are available with 5% downLooks like BofA isn’t a good place to get a loan.
Your comment based on what a “banker at BofA” said just isn’t accurate. This is what the media does. Makes generalizations based on poor information. Then it gets repeated like it’s gospel.
Banks are nothing more than mortgage brokers, but they usually have less flexibility in getting loans done.
Participantperhaps at BofA…
FHA loans are still available with 3.50% down.
FNMA loans are available with 5% downLooks like BofA isn’t a good place to get a loan.
Your comment based on what a “banker at BofA” said just isn’t accurate. This is what the media does. Makes generalizations based on poor information. Then it gets repeated like it’s gospel.
Banks are nothing more than mortgage brokers, but they usually have less flexibility in getting loans done.
Participantperhaps at BofA…
FHA loans are still available with 3.50% down.
FNMA loans are available with 5% downLooks like BofA isn’t a good place to get a loan.
Your comment based on what a “banker at BofA” said just isn’t accurate. This is what the media does. Makes generalizations based on poor information. Then it gets repeated like it’s gospel.
Banks are nothing more than mortgage brokers, but they usually have less flexibility in getting loans done.
Participantperhaps at BofA…
FHA loans are still available with 3.50% down.
FNMA loans are available with 5% downLooks like BofA isn’t a good place to get a loan.
Your comment based on what a “banker at BofA” said just isn’t accurate. This is what the media does. Makes generalizations based on poor information. Then it gets repeated like it’s gospel.
Banks are nothing more than mortgage brokers, but they usually have less flexibility in getting loans done.
Participantperhaps at BofA…
FHA loans are still available with 3.50% down.
FNMA loans are available with 5% downLooks like BofA isn’t a good place to get a loan.
Your comment based on what a “banker at BofA” said just isn’t accurate. This is what the media does. Makes generalizations based on poor information. Then it gets repeated like it’s gospel.
Banks are nothing more than mortgage brokers, but they usually have less flexibility in getting loans done.
ParticipantThe best advice that I can give is get into a 4.50% 30 YR fixed mortgage, IF you qualify.
Have a low minimum payment, and hoard CASH until you have a 12-24 month cushion of living expenses.
I do not encourage 15 YR mortgages for most people.Having a low minimum payment with the option of making a higher payment if you want to, is a better scenario than being obligated to a higher monthly payment.
4.50% are available again at a reasonable cost!
I see days ahead of 6%-10% interest on CD’s…
ParticipantThe best advice that I can give is get into a 4.50% 30 YR fixed mortgage, IF you qualify.
Have a low minimum payment, and hoard CASH until you have a 12-24 month cushion of living expenses.
I do not encourage 15 YR mortgages for most people.Having a low minimum payment with the option of making a higher payment if you want to, is a better scenario than being obligated to a higher monthly payment.
4.50% are available again at a reasonable cost!
I see days ahead of 6%-10% interest on CD’s…
ParticipantThe best advice that I can give is get into a 4.50% 30 YR fixed mortgage, IF you qualify.
Have a low minimum payment, and hoard CASH until you have a 12-24 month cushion of living expenses.
I do not encourage 15 YR mortgages for most people.Having a low minimum payment with the option of making a higher payment if you want to, is a better scenario than being obligated to a higher monthly payment.
4.50% are available again at a reasonable cost!
I see days ahead of 6%-10% interest on CD’s…
ParticipantThe best advice that I can give is get into a 4.50% 30 YR fixed mortgage, IF you qualify.
Have a low minimum payment, and hoard CASH until you have a 12-24 month cushion of living expenses.
I do not encourage 15 YR mortgages for most people.Having a low minimum payment with the option of making a higher payment if you want to, is a better scenario than being obligated to a higher monthly payment.
4.50% are available again at a reasonable cost!
I see days ahead of 6%-10% interest on CD’s…
ParticipantThe best advice that I can give is get into a 4.50% 30 YR fixed mortgage, IF you qualify.
Have a low minimum payment, and hoard CASH until you have a 12-24 month cushion of living expenses.
I do not encourage 15 YR mortgages for most people.Having a low minimum payment with the option of making a higher payment if you want to, is a better scenario than being obligated to a higher monthly payment.
4.50% are available again at a reasonable cost!
I see days ahead of 6%-10% interest on CD’s…
ParticipantYep..
I know several dishonest ex-loan originators that are now dishonest loan mod advisors…..They screwed people on their original loan and are now screwing them by taking money from them for a mod….
People should be thrilled that it’s their family, friends and neighbors that they deal with that got them that free loan to start with and can now offer them a mod!@
ParticipantYep..
I know several dishonest ex-loan originators that are now dishonest loan mod advisors…..They screwed people on their original loan and are now screwing them by taking money from them for a mod….
People should be thrilled that it’s their family, friends and neighbors that they deal with that got them that free loan to start with and can now offer them a mod!@
ParticipantYep..
I know several dishonest ex-loan originators that are now dishonest loan mod advisors…..They screwed people on their original loan and are now screwing them by taking money from them for a mod….
People should be thrilled that it’s their family, friends and neighbors that they deal with that got them that free loan to start with and can now offer them a mod!@
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