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Old 06-06-2018, 11:20 AM
 
356 posts, read 243,131 times
Reputation: 343

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Quote:
Originally Posted by 191185 View Post
Yep, your right. you are a genius. you are beating the system .. awesome job !
Never claimed to be beating any system, simply want to the best deal I can get. No need to be viciously sarcastic.
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Old 06-06-2018, 11:38 AM
 
4,546 posts, read 11,557,169 times
Reputation: 3068
Quote:
Originally Posted by juggar View Post
I called Chase and you're right. Chase will give $500 and ill need to come up with $2500 which will be easy.

Closing cost are discounted with their "Dream maker" program and $3500 (roughly 3%) would certainly exceed these cost. He said we would apply any extra to pre paid stuff like insurance. If any more were left then buy discount points.

This could end up being very lucrative if im able to effectively lower the interest rate with the sellers money.
That all sounds legit.
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Old 06-06-2018, 12:05 PM
 
Location: The Berk in Denver, CO USA
13,133 posts, read 18,756,894 times
Reputation: 20470
You do realize that $14/115000 = 1.2E-4 ? It just seems outrageous. Hold your ground.
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Old 06-06-2018, 12:13 PM
 
Location: Sector 001
7,154 posts, read 5,961,494 times
Reputation: 8085
Escrow is great.. it allows me to have a single payment I can make online without having to think about it. No separate property tax bill that I forget to mail in because I'm notoriously bad at paying bills to anyone that only accepts checks in the mail, and no separate homeowner's insurance either.. it's good to know the mortgage lender is on top of that. After 20 pages has this topic been beat enough to death yet?
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Old 06-06-2018, 12:55 PM
 
Location: Raleigh NC
7,781 posts, read 6,140,656 times
Reputation: 6905
this is not the kind of guy who admits error. In 20 years, he'll be the CD poster who tells us how ****ty agents are, and he's bought all his life successfully using the listing agent.

To the point ... what makes you feel the house is worth $115K?
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Old 06-06-2018, 12:56 PM
 
10,276 posts, read 6,523,579 times
Reputation: 10857
Quote:
Originally Posted by juggar View Post
I called Chase and you're right. Chase will give $500 and ill need to come up with $2500 which will be easy.

Closing cost are discounted with their "Dream maker" program and $3500 (roughly 3%) would certainly exceed these cost. He said we would apply any extra to pre paid stuff like insurance. If any more were left then buy discount points.

This could end up being very lucrative if im able to effectively lower the interest rate with the sellers money.
Be careful Trump is trying to kick the Dreamers out of this country.
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Old 06-06-2018, 12:57 PM
 
10,276 posts, read 6,523,579 times
Reputation: 10857
Quote:
Originally Posted by davebarnes View Post
You do realize that $14/115000 = 1.2E-4 ? It just seems outrageous. Hold your ground.
$14 is cents a month he can save over a 30 year period. He can't afford to throw away a penny a week. In 30 years a penny will be a collectors item.
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Old 06-06-2018, 01:11 PM
 
855 posts, read 570,075 times
Reputation: 863
Quote:
Originally Posted by chicagoliz View Post
How do you figure the lender will not receive the interest? The lender or its assignee will receive the interest as part of the repayment. That's how loans work. It's why they make loans.

The only reason that the secondary mortgage market exists is because there is something of value that the original lender can sell. Although the majority of loans do get sold on the secondary market, not all of them do. I was quite surprised that on my previous home mortgage, the original lender kept the loan for 13 years (after which time I had paid off the original mortgage when I sold the home). Other people's loans are sold several times a year. But the lender or the subsequent purchaser of the lender's asset that has a determined value will receive the interest. Who cares if the lender services the loan itself or sells it?
Actually there are 2 things of value. The actual mortgage, and the value derived from servicing the loan. MSRís. Lots of cost to originate and service. The costs donít stop at settlement.
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Old 06-06-2018, 01:16 PM
 
855 posts, read 570,075 times
Reputation: 863
Quote:
Originally Posted by ddm2k View Post
Personally, I've walked away from a whole lot more over a whole lot less.

The bank will more than make their money back, especially if the buyer doesn't make any extra principal payments over the life of the loan!
The bank doesnít own ( outright ) very much if any of the loans originated. Mortgage lending is highly / tightly regulated. It would shock you to know what costs are to originate / process and close a loan.
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Old 06-06-2018, 01:31 PM
 
770 posts, read 565,342 times
Reputation: 1475
Quote:
Originally Posted by BoBromhal View Post
this is not the kind of guy who admits error. In 20 years, he'll be the CD poster who tells us how ****ty agents are, and he's bought all his life successfully using the listing agent.

To the point ... what makes you feel the house is worth $115K?
What do you mean ? I'm sure he looked at Comp's in the area ...You know, because he doesn't have/need a realtor, so he did that himself. .. . LOL

because it " needs a little TLC"
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