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Answers (3)
Best Answer
- Maria Avellaneda, "MAvellaneda"
- Contributions:274
Ask for a good faith cost estimate from both. Then compare line by line and them you can make a more informed decision.
- Ryan Halset, "RyanHalset"
- Contributions:730
What's the loan amount?
I would challenge them to give you the $10k closing costs & use the credit union. Seriously. That's your best option.
At $10k closing costs - do you have enough extra money left over to buy the rate down to the same as the credit union? If not - 4.50 vs. 4.60% is so minor...I would take the closing costs.
If the rate difference is bigger than that - maybe you take the $10k closing costs, then refinance with the credit union at the lower rate.
I would challenge them to give you the $10k closing costs & use the credit union. Seriously. That's your best option.
At $10k closing costs - do you have enough extra money left over to buy the rate down to the same as the credit union? If not - 4.50 vs. 4.60% is so minor...I would take the closing costs.
If the rate difference is bigger than that - maybe you take the $10k closing costs, then refinance with the credit union at the lower rate.
- Ana Martinez
- Contributions:284
$10k does seem like a lot of help. But it will depend on the total loan amount. In this economy, it would probably be a good idea to take the extra closing help over a long term lower interest rate.
It will come down to the loan amount and actual interest rate difference. Also, are the closing costs inflated with one bank over the other?
It will come down to the loan amount and actual interest rate difference. Also, are the closing costs inflated with one bank over the other?
Closing cost
If I use the prefered lender, they will help me $10,000 closing cost.
But if the credi union gives me better rate for example 4.50% vs 4.60%, should I use the credit union?
$10,000 closing cost help is really good deal?
Any information are appricated. Thank you.
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