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Old 03-18-2010, 08:47 PM
 
Location: Tricity, PL
61,020 posts, read 85,838,736 times
Reputation: 130649

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I closed last year in July at 4.850% and that was pretty darn good, I think.
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Old 03-18-2010, 09:04 PM
 
Location: San Antonio-Westover Hills
6,884 posts, read 20,316,211 times
Reputation: 5175
Quote:
Originally Posted by chris_ut View Post
Actually the origination fee is a point. You can get loans with no origination fee if you pay a slightly higher interest rate.

The origination fee is a fee from the broker to procure the loan. It is a commission. It is not a point (IOW, it does not reduce your interest in exchange for it). Believe me, if you are not paying an origination fee to a loan officer or broker directly, you are paying it somewhere else in the fees (like the processing fee, survey fee, etc will be higher than typical fees). Now, I can see where a mortgage bank would have it set up as you say as a gimmick, but I would never recommend that, it isn't worth it.
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Old 03-18-2010, 09:44 PM
 
Location: SE Texas on the Coast
27 posts, read 136,592 times
Reputation: 13
Quote:
Originally Posted by rightsofar View Post
I know a lot of people - but the rate is going to be close to 10%. If that's too high, go with a bank.
I don't know much about the process. Are they investors? I was hoping for around 8.9-9%, but may have to go up to 10%.
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Old 03-19-2010, 09:30 AM
 
377 posts, read 1,341,195 times
Reputation: 219
If you have a FICO of around 750 and putting a down payment of at least 10%, you should be able to get 4.5 - 4.625 rate from AimLoan.com - Online Rates & Good Faith Estimates. Apply and Lock Online.

I did not use them but dealt with them while buying our house few months back..

They charge a FEE of $2000 - Flat rate. Since you are paying around $5250for points (TOTAL), ie, a difference of $3250 in points (fees). Pay that to aimloan and your rate will be around 4.625. Add another 1000 (if you prefer) and your rate will be 4.5 (total points $4350)

you can compare it online without having to talk to anyone until you decide.

Quote:
Originally Posted by pdouglas View Post
The loan amount is $288K. My loan origniation fee is 1% plus I'm paying 0.8% discount point for the rate. My totla loan orignation fee and discount points is $5248.96.

Does this sound about right?
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Old 05-26-2010, 03:10 AM
 
Location: Richmond
1 posts, read 2,570 times
Reputation: 10
Default Amerisave

How was your experience with Amerisave? We had not considered choosing them until we read your thread. Any comments or word of caution. This will be our first home purchase.
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Old 05-26-2010, 07:19 AM
 
Location: Fondren SW Yo
2,783 posts, read 6,649,187 times
Reputation: 2224
Quote:
Originally Posted by ciebaldor2 View Post
How was your experience with Amerisave? We had not considered choosing them until we read your thread. Any comments or word of caution. This will be our first home purchase.
I closed this week and used a guy named Brian Beatty with Bedrock Lending. I found him on Zillow, he had a number of good reviews. Had a good experience with him, he was very responsive by phone and email, took time to explain things (this was our first home purchase) and the fees, etc. were competitive with the other quotes I got as was my rate. 214-448-4641 direct, brianb@fairwaymc.com.
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Old 05-26-2010, 10:15 AM
 
1,743 posts, read 3,793,419 times
Reputation: 2430
With mortgage rates, the devil is in the details. A lot of people brag about their rate...then you find out they paid it down. (i'm not saying you are bragging PDouglas) Or they have ARM's or were charged outrageous fees. There is no magic rate or silver bullet. Most everyone pays market rate.

The worst thing I hear in my business is "My friend said that......" insert your line there. Real estate and mortgages are real funny. Everyone is an expert.
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Old 05-26-2010, 11:10 AM
 
12 posts, read 43,229 times
Reputation: 27
I refinanced last year at 5.75%. Credit is not too good. original loans were 80% 6.25%, 20% 8.25%
I'm not bragging.
In fact I almost wish I could have kept the 80/20 and paid off the 20. But I was in a position where I needed to lower my monthly payments now.
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Old 05-26-2010, 04:36 PM
 
Location: Fondren SW Yo
2,783 posts, read 6,649,187 times
Reputation: 2224
Quote:
Originally Posted by Houston321 View Post
With mortgage rates, the devil is in the details. A lot of people brag about their rate...then you find out they paid it down. (i'm not saying you are bragging PDouglas) Or they have ARM's or were charged outrageous fees. There is no magic rate or silver bullet. Most everyone pays market rate.

The worst thing I hear in my business is "My friend said that......" insert your line there. Real estate and mortgages are real funny. Everyone is an expert.
I have 5.0% with no points, 30 year fixed, and fees that were in line with other quotes I got. If you have solid credit like I do you can get a great rate right now.
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Old 05-26-2010, 05:19 PM
 
1,743 posts, read 3,793,419 times
Reputation: 2430
That sounds about right at market. Like I said. Good job.
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