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      09-03-2013, 09:37 AM   #1
pimp4cheddar
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Anyone here a loan officer? Need some insight on mortgage stuff (buying a home) :-)

I figured I'd reach out and see if anyone here has the low-down on this mortgage process.

I've already submitted everything from W2's to pay stubs to bank statements - everything. I've been approved for the past few months and I'm currently under contract with a home.

I'm about to lock in the rate and scenario and wanted to reach out to see if I could push a little more to get some extra dollars off closing and possibly push to get a lower interest rate.

Is there any flex with these interest rates???
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      09-03-2013, 05:18 PM   #2
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The only flex in the interest rate is based on your credit history, the higher your rating the better the rate you can get. I personally do not pay any sort of closing cost or points on a loan, that is for sucker or people with bad credit. It just another way to extract extra fees out of you. If you working through a broker they sometimes have these points and fees (that is how they make their money, so also get a kick back from the bank on the interest you pay to them) so you might be able to negotiate them away, but it depends on the broker and what they maybe willing to do for you.

Obviously some fee you have to pay like title transfer and such, but again if you shop around you can sometime get the bank to pay those as well. I refinance last years and did not pay a single fee, the bank cover it all.
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      09-04-2013, 05:23 AM   #3
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Don't go FHA, the mortgage insurance rate vs standard PMI is ridiculous and it will stay with you for the life of the loan now due to new rules unless you refinance out of it. If you can pay off the house quickly look at Penfed.org they currently have a 5/5 ARM with them paying all of the closing cost.
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      09-04-2013, 08:21 AM   #4
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Bought my house last year. No closing costs paid, no fees paid, nothing due at closing. I got the lowest interest rate available at the time. It's mostly based on credit history, so if you have good credit you should get the lowest rate. They are usually pretty solid on that, as they do an extensive credit check, so you likely won't get them to budge on that.

The only thing I did have to pay was a "good faith" fee of $500 basically saying that I wasn't going to back out of the deal as the sale was pending. I got that back from the real estate agent when I closed. I think that was more of a company policy though, not sure.

In fact, I got my yard fenced in with a privacy fence and a refrigerator out of the deal at the end. When moving in, the only thing I needed to purchase was a washer/dryer set since I didn't have one in my old apartment.
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      09-04-2013, 10:11 AM   #5
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Nothing is for free. The no closing cost line you're sold doesn't mean its no cost. They hike the rate up to pass a credit back to you so it appears there's now no costs. Over time a loan with a lower rate and closing costs will outweigh the benefits of a no closing cost deal with a higher rate.
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      09-04-2013, 11:26 AM   #6
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Quote:
Originally Posted by Tuned1M View Post
Nothing is for free. The no closing cost line you're sold doesn't mean its no cost. They hike the rate up to pass a credit back to you so it appears there's now no costs. Over time a loan with a lower rate and closing costs will outweigh the benefits of a no closing cost deal with a higher rate.
Not necessary true. I have shopped loans a number of times and the last go around I got the lowest interest, even lower than one's with points and still did not have to pay any costs. I did the loan directly with the bank so they did not have to pay anyone any fees to process or service the loan it was all theirs so they cut the best deal.
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      09-12-2013, 04:14 PM   #7
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I know a loan officer! He very good at his job also. Im also interested in trading my 189 with tires for your wheels.. Text me 352-430-8265 Thanks man.
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      09-12-2013, 06:10 PM   #8
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Quote:
Originally Posted by Maestro View Post
Not necessary true. I have shopped loans a number of times and the last go around I got the lowest interest, even lower than one's with points and still did not have to pay any costs. I did the loan directly with the bank so they did not have to pay anyone any fees to process or service the loan it was all theirs so they cut the best deal.
Interest rates change couple times a day. It might be that, in that last go around the rates were lower, hence you got a better deal.

As another poster said, no free lunch. The easy way to see this is to look at APR rather than rate.
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      09-12-2013, 11:04 PM   #9
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Quote:
Originally Posted by Maestro View Post
Not necessary true. I have shopped loans a number of times and the last go around I got the lowest interest, even lower than one's with points and still did not have to pay any costs. I did the loan directly with the bank so they did not have to pay anyone any fees to process or service the loan it was all theirs so they cut the best deal.
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