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Originally Posted by diesel007
I am a loan rep. for WAMU. If this is for a HELOC 8.625% still high especially because of your credit score. Prime is at 7.5%, why are they adding so much to your margin. Is you CLTV above 90%?
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I'm an Underwriter for a large mortgage lender and your rate isn't necessarly out of this world but you could probably do a little better. You margin is 1.125%, and you broker is looking to make some $$ by charging a higher margin. Are you going through a retail bank or a mortgage company? A retail bank might offer Prime (-).25% if there's a lot of competition in your market.
Another thing, unlike a mortgage broker, the loan officer at a retail bank usually earns an incentive based upon on the size of your loan not by the margin charged.
What margin would make u happy?
My $.02