You need to take a look at the closing costs, escrow requirements and naturally the rate that you will be paying.
Just be wary of the killer rates at they are usually making it up on the closing costs.
Also, you can NEGOTIATE the rate. Remember that the originating entity is going to make money on all the junk fees that they charge like underwriting, processing etc and they are also making money on what is called the yield spread....in other words....they "buy" the loan at 6% and "sell" you the loan for 6.5% and they get paid a commission based upon that difference in interest rate.
Remember that the vast majority of bank/mortgage brokers/mortgage bankers sell their loans in the secondary market. So there is a very high probability that you will not have your loan serviced by the entity that originated it.
I am speaking from 15 years of residential real estate brokerage experience. Also, try to stay away from the "online" banks. They are just too difficult to deal with.
Should you have any questions that you want to ask me in a more private forum, just PM me.
2009 H2 Silver Ice LE
2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold
2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold
"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
We have quite a few quotes now, we've narrowed it down to 3 and are letting them play out a bidding war, basically.
Stacy
2003 yellow Lux, 12" Bulletproof lift, 42" Pitbull Rockers, 20" Ultra Predators, Corsa sport exhaust, painted interior
2004 Cadillac Escalade, white diamond, dual tip chrome exhaust, 20" chrome 9-spoke rims, altezzas - TOTALLED!!!! Replaced with a nondescript 2009 Chevy Tahoe
1970 VW Karmann Ghia, black with a flame job and too many mods to list
Thread Tools
Search this Thread
Display Modes
Posting Rules