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Old 07-14-2016, 04:32 AM
 
Location: Houston, TX
32 posts, read 35,196 times
Reputation: 50

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Quote:
Originally Posted by lbc0815 View Post
Oh wow, the last people I expected to give someone rates that low was Wells Fargo, haha. What type of loan? (FHA, VA, Conventional?)
It is conventional. That rate is with no points. They did ask me to escrow at least insurance. If not it would have been 3.5%.
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Old 07-16-2016, 02:01 PM
 
1,743 posts, read 3,821,369 times
Reputation: 2430
I have found in the many years of selling homes that people's "friends" lie about the interest rate they get. They fail to mention discount points or true APR. Some sort of weird attempt to act like they are shrewd or something.
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Old 07-18-2016, 08:35 AM
 
1,304 posts, read 1,093,969 times
Reputation: 2717
Quote:
Originally Posted by lbc0815 View Post
Good point. When you say fees, you mean the upfront costs at closing? I'm comparing the fees that lenders quoted me, but one lender have different charges than the other(s) and vice versa, so I'm confused haha. Again, I've never purchased a home before so...

Is it okay to tell the lenders what each of them quoted me both on rates and fees? Like making them bid? I'm asking because I'm not the aggressive type and always worry about being out of line *scratch head*.
Definitely tell them what closing costs the other guys are quoting. Basically, use the lowest one you get and pit them against each other. Make them find ways to reduce how much they are taking out of your pocket.

I wouldn't say I'm the aggressive type either, I just want a fair price. What I've learned doing this a few times for investment properties is that their definition of "fair" is ENTIRELY dependent on what the competition is offering. All you're doing is using the market in the way it was designed to be used.
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Old 07-18-2016, 08:54 AM
 
34 posts, read 54,021 times
Reputation: 31
Quote:
Originally Posted by Houston321 View Post
I have found in the many years of selling homes that people's "friends" lie about the interest rate they get. They fail to mention discount points or true APR. Some sort of weird attempt to act like they are shrewd or something.

Hey, that is so true, lol. I saw that so many times.
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Old 07-18-2016, 09:34 AM
 
958 posts, read 2,574,120 times
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Quote:
Originally Posted by quangp View Post
Hey, that is so true, lol. I saw that so many times.
Or they don't even know they are paying points
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Old 07-18-2016, 10:56 AM
 
1,743 posts, read 3,821,369 times
Reputation: 2430
I hear it all the time. "My friend" got 3.25% on a 30 year fixed. So I say, bring me a true written estimate from a lender that shows that rate and I can attempt to get my lender to match it. They never can produce it.
Same thing goes for how much people say they paid for their home. Weird if you ask me.
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Old 07-19-2016, 11:38 AM
 
27 posts, read 30,685 times
Reputation: 18
I locked in last week at 2.8% on a 15yr conventional with no escrow, but was offered a 3.6% on a 30yr
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