Quote:
Originally Posted by jjsh
Thanks everyone for all of the info and advice -- it ended up being a hectic afternoon as I juggled different quotes. I was especially surprised to find that some banks were willing to negotiate after hearing about the rate quotes of other banks. I am still waiting on final paperwork, but looks like I was able to get 4.75 WITH 60 day lock, 0 points, 0 origination fee. This was exactly our target rate -- we would have declined locking anything higher, but since we are pretty risk averse we decided to go with the bird in the hand. And from the quotes I was getting, I consistently found that 1 point (or a 1% origination fee) changed the rate by only .25 -- based on my calculations, that would break even after 6 1/2 years in the house.
|
it would actually break even in 4 years.
.25% per year = 1% in 4 yrs.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
