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Replies (9)
- carmen25
- Contributions:128
Also,
I recieved another estimate but for rate 4.75% and total closing costs are $15,262.99. (1% origination and 1.25% loan discount fee)...
Also this lender does NOT offer the float down option...
I recieved another estimate but for rate 4.75% and total closing costs are $15,262.99. (1% origination and 1.25% loan discount fee)...
Also this lender does NOT offer the float down option...
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Rate is OK you may be able to get 4.75%
Loan Discount should vanish
Appraisal is in the ballpark
Underwriting Fee is way too low
Loan Processing Fee is low
All others are OK except Escrow & Title is questionable (high?)
Loan Discount should vanish
Appraisal is in the ballpark
Underwriting Fee is way too low
Loan Processing Fee is low
All others are OK except Escrow & Title is questionable (high?)
- Hamp Yonce, "Zilluminati"
- Contributions:3463
I agree with Mr. Hofmann.
This is not real competitive unless your score is lowish. You should be able to get that rate without the half point discount. You seem a little deep into the procedure to be making demands, but you could ask to have that discount waived. The Lender is still in the 5K revenue range without it.
Of course, it sounds like your file has been a babysitting exercise, so the source may be compensating themselves for the drawn out nature of it. I know that it seems like their fault to you but it probably isn't. You picked the house, with the issues. Are there no move-in-ready houses in Cali? Are they all trashed?
This is not real competitive unless your score is lowish. You should be able to get that rate without the half point discount. You seem a little deep into the procedure to be making demands, but you could ask to have that discount waived. The Lender is still in the 5K revenue range without it.
Of course, it sounds like your file has been a babysitting exercise, so the source may be compensating themselves for the drawn out nature of it. I know that it seems like their fault to you but it probably isn't. You picked the house, with the issues. Are there no move-in-ready houses in Cali? Are they all trashed?
Carmen, I thought your issue was getting it closed and not the rate. If you truly have a rate issue and can do something about it then what you are posting is too high. There is no reason that you should be paying that for 4.875%. You can do 4.875% with no discount, no origination, no broker fees. The YSP should pay more than enough for the commission and if not, they need better sources! Since you have a 12k seller credit you would be wasting it.
As I posted in your other question, based on rates as of 12/2/09, you can close it at 4.625% and the 12k seller credit will cover ALL closing costs and that includes an estimated 15 days of prepaid interest.
As I posted in your other question, based on rates as of 12/2/09, you can close it at 4.625% and the 12k seller credit will cover ALL closing costs and that includes an estimated 15 days of prepaid interest.
- shapiroamg
- Contributions:3058
rates have been creeping up since Tuesday Afternoon.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Who cares about pissing the other guy off? Go with Greggorio's deal and save yourself a ton of money.
- carmen25
- Contributions:128
Whats up with the rates?!...........I KNEW IT!! I knew when it was time for me to lock, the rates will go up!! But I think they will go back down again...
How does this estimate of closing costs sound?
Sales price: $600k
Loan: $480k
Rate: 4.875% 30 yr fixed cov
SFR, first time homebuyer
Estimated Closing Costs:
Loan Orig fee: 1% = $4800.00
Loan Discount: 0.500%= 2400.00
Appraisal fee: 450.00
Credit Report fee: 16.50
Underwriting fee: 175.00
Loan Processing fee: 350.00
Document Preparation: 250.00
Tax Service Processing: 20.00
Flood Cert Processing: 7.50
Wire Processing fee: 15.00
Escrow fee: 1200.00
Tax Research fee: 57.00
Title Insurance: 850.00
Title Company Sub-Escrow: 65.00
Recording fee: 70.00
Prepaid Interest 15 days: 961.64
Total: $11,687.64
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