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Really, I thought state law forbids it...rolling back into the loan amount or slightly higher interest rate do count because you paid for it anyway. I don't like people get too creative with mortgage.
If you have been in the military or have any relatives that have you can do business through USAA https://www.usaa.com/inet/ent_logon/...directjsp=true. They are a great bank/insurance company in San Antonio. Unlike so many banks they'll actually continue to service your mortgage and not sell it which will make the title work a lot easier if you ever try to sell your house and need to have kept track of the title and all the filings at City Hall. As current events have shown and so many big banks having a moratorium on foreclosures, when it comes to paperwork, they aren't the most consciencious about doing a good job or even capable let alone very bright. Whoever you go with, I'd try to get assurance that they won't sell it to someone else.
So how does he makes money? Who pays the originating fee and lawyers which is required in SC. It is usually around 1%...if he offer the same interest at 0 point just not possible. Btw, the original poster was saying he/she is not allowed to lock the rate until closing...I already smell a rat.
There are good mortgage companies out there and I always suggest to my current clients (seeking a first mortgage), and my former clients (wanting to refinance), to check at least 2 or 3 and do a comparison.
Most of the honorable companies will be fairly close in what they are offering. If you find a lender that is too far from the norm...beware.
Also, with mortgage rates at all-time lows, I don't think that I would gamble that they will be going any lower. You may want to lock it in as soon as you can.
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