ReFi a Mortgage

[Dabell]

What a day! I want to ReFi my home in FL. I got 2 people from 2 different Mortgage companies, telling me, How better each one will do for me. I just added everthing up they come out to the samething! O ne will "give me" 1 1/2 points and 6.0 ( but get me on the closing ) and the other will "give" me 3.0 points and 6.125= to the samething! I want to go with the company that told me where my money was going, but the company that quoted me higher on the closing, is a friend of mine ( I know, what kind of friends do I have? ) actually, he was my divorce lawyer that turned into a friend. So, what do you guys think I should do?

 

[Smiling JOe]

Dabell,
Are you aware that effectively, each point is equal to 1/8 a percent on the rate?

This would make the first quote a real rate of 6.25% and the second quote would be 6.5%.

some may not understand, so I will give you the latter quote as an example:

Rate quoted: 6.125
points given 3.0

3.0 points x 1/8 = 3/8, which equals .375

original rate quoted 6.125 + .375 = 6.5% real rate.

 

[Dabell]

SJ- So, what u r saying is go with the one that is charging me the 1 1/2 points?

 

[Bob]

SJ- So, what u r saying is go with the one that is charging me the 1 1/2 points?

Shop those rate quotes w/ some more brokers. Make sure they completely fill out the good faith estimate. It should include all your prepaids[interest and escrows], estimated taxes to the state, and all broker related and wholesale lending fees. Try to avoid any points to the broker. Let the lender pay them.

 

[vaphil]

Dabell,

Is this property a second home or investment property?

I am a mortgage broker in Va., however I do not have a license in Fl.

I would be more than happy to answer any of your questions.

Phil Maas 804.467.2376

 

[Dabell]

Dabell,

Is this property a second home or investment property?

I am a mortgage broker in Va., however I do not have a license in Fl.

I would be more than happy to answer any of your questions.

Phil Maas 804.467.2376

It's a Second home.

 

[hutch]

You can check and compare mortgage rates at www.bankrate.com

 

[Dabell]

I am a up fount person and I do not like when I get half of the full story about my money. I 'm telling you, friend no friend thay all talk crap.

 

[Dabell]

Shop those rate quotes w/ some more brokers. Make sure they completely fill out the good faith estimate. It should include all your prepaids[interest and escrows], estimated taxes to the state, and all broker related and wholesale lending fees. Try to avoid any points to the broker. Let the lender pay them.

Countrywide said that they will not send me out a good faith until I fax them some papers.

 

[Malissa]

Call Sally at 770-437-4100 or E-mail her at sally.hamby@sunshinemortgage.com.
we are in the mortgage biz and do business and own property in sowal. She will be happy to do you a good faith. You really shouldnot be paying any points unless you just want to.