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Answers (7)
- Timothy Sutherland, "SunTrust"
- Contributions:619
just to point out also, I see you are in Virginia. In Virginia, if you refinance through your original lender, you do not have the pay the county and state mortgage taxes, a savings of about 0.33% (about $330 on every $100,000)of your loan amount. you do not get this exemption if you go through a different lender.
- Greg Darlin, "Greg Darlin"
- Contributions:3238
Traphouse,
Being charged 3 points to do a VA loan is mighty steep? Why would you even consider such a quote? You can't have a VA Jumbo or your closing costs would be much higher.
Please go on Zillow and post a loan request. I am positive you will get a much better quote than you had posted here.
Being charged 3 points to do a VA loan is mighty steep? Why would you even consider such a quote? You can't have a VA Jumbo or your closing costs would be much higher.
Please go on Zillow and post a loan request. I am positive you will get a much better quote than you had posted here.
I did nothing against the Good Neighbor Policy. I simply stated what is in the VA handbook about Orignation Points. You should not have implied that my company is doing something that is not general practice. Maybe you could explain to me how you have total closing costs, VA funding Fee, TITLE expenses and all other fees involved in a VA refi for under $1000. I wasn't saying that your practices or Nic's were bad just simply stating what the actual facts are and I wasn't even saying that my company charges over 1% to cover some of those fees, only that it has been done. and did you not just say that "TPAHOUSE, lenders do not charge an extra 1% or 1 point to cover these cost." is that not suggesting for this customer to call you? I should not have told him to call me, I apologize but if I did something wrong Zillow will let me know. www.va.gov will give you all the rules of VA.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
"There are also fees that VA does not let you as a Veteran pay, someone has to and the lender is not going to pay for it, so they will put an extra 1%, or 1 point fee to cover those cost."
TPAHOUSE, lenders do not charge an extra 1% or 1 point to cover these costs. Maybe Steffnie's company does, but this is not general practice.
Steffnie, you also may want to read Zillow's good neighbor policy about spamming on threads. Bad advice and spamming...not a good combo.
TPAHOUSE, lenders do not charge an extra 1% or 1 point to cover these costs. Maybe Steffnie's company does, but this is not general practice.
Steffnie, you also may want to read Zillow's good neighbor policy about spamming on threads. Bad advice and spamming...not a good combo.
3 Points is the max that VA will allow a lender charge. There are also fees that VA does not let you as a Veteran pay, someone has to and the lender is not going to pay for it, so they will put an extra 1%, or 1 point fee to cover those cost. Depending on the time of the rates, 4.57% today may cost the lender to get that rate for you. For closing cost, it looks like this lender is showing you all fees assocaiated with the loan, Reserves, insterest days, title charges, and if he is a broker then there are lender fees. Remember 3 points is allowed but most lenders will not let you get away with charging it. They will make him cut his fees. 3 points is not added to your interest rate. I do 100% VA refi's and as of Friday rates were at a 4.75% with 1 point. [self-promotional post, removed by moderator]
- Jeff Schoen, "Patriot Mortgage"
- Contributions:2
the first place I would check is your current lender. The should be able to keep your costs down to under $1000 in closing costs at about 5% interest rate and net your current escrows for you. In addition to lender closing costs, VA will charge a funding fee of .5% unless you're a disabled vet.
Keep calling around to brokers/lenders until you find one that gives you the best deal.
Keep calling around to brokers/lenders until you find one that gives you the best deal.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
4.57 or 4.75%? Three point to get to 4.75% is way too much.
Which lender will give me fair closing costs on a VA Streamline Refinance on my VA loan?
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