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Old 05-06-2009, 12:46 AM
Location: San Jose (Willow Glen)
180 posts, read 652,357 times
Reputation: 96


Originally Posted by jjsh View Post
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.
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