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what should it cost me to do a streamline va refi. closing cost and points mortgage currently 410000

BOA WANTS TO CHARGE 3800 FOR CLOSING AND 8300 FOR POINTS. WE HAVE A GOOD CREDIT SCORE MY HUSBAND HAS 700-800 AND MINE IS 680-720 . WE CURRENTLY ARE AT 5.75 AND WOULD LIKE TO GO TO 5.75-5.875

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November 25 2009 - Hamilton
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SERGE11, that is such a bad deal, a Broker couldn't even get away with quoting it to you.

Wells Fargo Wholesale is paying about 2.625 at 5.00% for 15 days. There are over 2.000 in front end points. Thereby, my nearly 5 points estimate. I know Banks don't know what it will yield when it is sold (BS!), but it will yield something. My guess is about another point. I was being kind at 5.00 total.

I wish I had a thousand of those to close. The problem is that I would do them for about a quarter of that. I don't have stockholders to feed, or TARP to repay either. I don't like being predatory either. Add the fact that any wholesalers wouldn't let me charge that much.

But, I've heard it said on Zillow that Banks are always better on pricing. I guess I will continue to disagree with that blanket statement, and continue to say that anyone who doesn't price their loan with at least one Broker is asking for it. Just my humble opinion. I will slam a predator, to their face.
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November 25 2009
LOL, yes Clay, I now see it.  I was just reading the small details.  I always miss that when the details are in the title. 

That's, well, it's high :)  I try not to slam other people if necessary.  Heck, I bank with Bank of America. 

However, there's no question that's high. 

Nic, do you lend in MA?  Thread author, Nic is the Zillow VA expert.



I try my best to help veterans too but only do loans in WA state.  I would contact Nic and see if he can help you.

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November 25 2009
I believe his balance is $410,000 as stated in his thread. He does not need to go up in rate to 5%, he just needs the same offer without the $8300 slam in points, or better.  
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November 25 2009
What is your loan amount?  It's hard to gauge how good/bad/ugly the quote is unless we know the loan amount.  Since most VA loans are $417k or less, it's likely a little expensive.

I'm not sure if the loan officer mentioned it to you, but VA loans price better in even .5% increments (4.5%, 5%, 5.5%).  I don't want to get too loan geeky, but it has to do with the way they sell the bonds on the secondary market.  Even though the rate is higher, you may want to see what the points/fees look like at 5%.  It should be a lot less.

As for where to get a good deal, all banks and brokers control their margins to some level, so there is no answer to that question.  I do know that the pricing on Zillow's market place always looks strong and the high ratings for lenders who quote regularly show the loan officers are delivering.  That's a good sign.  Seeing the "Top Lenders" ratings with lenders getting 50+ positive reviews with 5-star averages and strong pricing shows they are delivering.  Not sure if Zillow rolled out their VA pricing yet.
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November 25 2009
I would guess 4 points profit but I dont really know, it could be 5 like you estimate. Either way it's ugly. I have seen some very competative quotes over the years from B of A and this one sort of shocks me. Maybe it is just the LO being very greedy or maybe the profit margin is widening there.
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November 25 2009
Actually Hamp, it is generally the loan officers who have the most silly acronyms behind their name that claim to have the best deals.  Apparently the banks reward their creativeness of ways to dupe consumers into thinking the initials mean anything with superior rates.  CMPS, UFMB, etc...
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November 25 2009
Clay, Can I make sure I understand this? Bank of America is a Bank and not a Broker, right? I thought you always got a better deal from a Bank than from a Broker. This seems incredible, or either the statements made on Zillow regarding Bank pricing always being better than Broker pricing is incredible. Wonder which it is?

The reason I ask you, is that seem extremely credible, and upfront, in all your disclosures. It seems to me like this Bank is making about 5 points on this Veteran's loan.
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November 25 2009

As it stands today, you should be able to get rid of all $8300 in points.  Give Rich Shapiro a call.  Well respected lender in Mass.

http://www.zillow.com/profile/shapiroamg/

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November 25 2009
that's a rip off
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November 25 2009

You should not have to pay that much in fee's....you can get this with low fee's and no points...

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November 25 2009
You should be able to do better than that SERGE.  Put in a request on Zillow and make sure to indicate you have VA eligibility and put in the notes section that you are looking for a VA IRRL.

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November 25 2009
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they are offering 4.875

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November 25 2009
You can get that rate with no points.....$8300 for points ??? That's crazy!
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November 25 2009
We only charge $520 plus title fee's..and the funding fee....the fee's with BOA sound very high. What is the rate..I'm thinking you meant to say 4.750-4.875
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November 25 2009
 
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what should it cost me to do a streamline va refi. closing cost and points mortgage currently 410000
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Latest answer by Hamp Yonce
November 25 2009 | 14 answers
  • Asked by SERGE11
  • In Refinance
  • November 25 2009
Mortgage Rates
 
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