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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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No points mortgage???
Good or bad?...interest rate 6.0%
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Posted 10/2/08 5:30 PM  |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: No points mortgage???
Posted by Sandy55
Good or bad?...interest rate 6.0%
that's what we got, last week. 10% down.
I was happy.
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| Posted 10/2/08 5:32 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: No points mortgage???
Posted by Ophelia
Posted by Sandy55
Good or bad?...interest rate 6.0%
that's what we got, last week. 10% down.
I was happy.
From what bank?
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| Posted 10/2/08 5:34 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: No points mortgage???
Posted by Sandy55
Posted by Ophelia
Posted by Sandy55
Good or bad?...interest rate 6.0%
that's what we got, last week. 10% down.
I was happy.
From what bank?
Chase
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| Posted 10/2/08 5:36 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: No points mortgage???
Posted by Ophelia
Posted by Sandy55
Posted by Ophelia
Posted by Sandy55
Good or bad?...interest rate 6.0%
that's what we got, last week. 10% down.
I was happy.
From what bank?
Chase
Weird...we got 6.5% no points...with 20% down with Chase.
Message edited 10/2/2008 5:37:31 PM.
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| Posted 10/2/08 5:37 PM |
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JML83
LIF Adolescent
Member since 12/07 540 total posts
Name:
Lauren
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Re: No points mortgage???
sounds like a good deal to me. How are the closing costs compared to other banks?
Message edited 10/2/2008 5:48:21 PM.
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| Posted 10/2/08 5:47 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: No points mortgage???
Posted by JML83
sounds like a good deal to me. How are the closing costs compared to other banks?
He told me an estimated $6500 for closing costs.
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| Posted 10/2/08 5:53 PM |
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JML83
LIF Adolescent
Member since 12/07 540 total posts
Name:
Lauren
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Re: No points mortgage???
Posted by Sandy55
Posted by JML83
sounds like a good deal to me. How are the closing costs compared to other banks?
He told me an estimated $6500 for closing costs.
Sounds great! I'd say go for it!
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| Posted 10/2/08 6:13 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: No points mortgage???
Posted by Sandy55
Posted by JML83
sounds like a good deal to me. How are the closing costs compared to other banks?
He told me an estimated $6500 for closing costs.
$6500 sounds very low for closing costs. I don't know the amount you will be mortgaging, but that number sounds low to me.
6.5% with no points sounds like a good rate to me.
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| Posted 10/2/08 7:20 PM |
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ready2ttc
LIF Toddler
Member since 8/08 383 total posts
Name:
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Re: No points mortgage???
Posted by SweetTooth
Posted by Sandy55
Posted by JML83
sounds like a good deal to me. How are the closing costs compared to other banks?
He told me an estimated $6500 for closing costs.
$6500 sounds very low for closing costs. I don't know the amount you will be mortgaging, but that number sounds low to me.
6.5% with no points sounds like a good rate to me.
$6500 sounds way too low if you are putting down 20% and the home is in the $400,000 (average) range. Most closing costs for homes on LI are over $10,000. Did you get a written breakdown of the closing costs? I would shop around and compare the breakdown to make sure they aren't hiding any fees to make sure you go with them.
Message edited 10/2/2008 7:55:15 PM.
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| Posted 10/2/08 7:54 PM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: No points mortgage???
$6500 could be her closing costs without adding the escrow account in that is about what mine is... its what I have to escrow that makes it so $$$$
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| Posted 10/2/08 8:55 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: No points mortgage???
btw..we haven't locked into anything yet.
The rates i'm discussing are for Chase and Wells Fargo
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| Posted 10/2/08 9:47 PM |
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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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Re: No points mortgage???
Posted by Sandy55
Posted by JML83
sounds like a good deal to me. How are the closing costs compared to other banks?
He told me an estimated $6500 for closing costs.
Just be careful about this...i got a quote from TFCU for $7900, and was so happy, but then when my realtor looked at it, so many things were left out....if you are buying a house soon, you will most likely be expected to put up 6 months of taxes in advance...the bank only charged for 2...that was about another $3200---then for homeowners, they only put $200--2 months, where everyone is telling me homeowners will want a year in advace--so an extra $1000.
It sounds like a great price, but when things seem too good to be true, I get nervous. I have heard that most average costs will be between $10,000-$20,000
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| Posted 10/2/08 10:26 PM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: No points mortgage???
when i got my GFE from chase he was within a few hundred dollars.
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| Posted 10/2/08 10:29 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: No points mortgage???
Be careful with people quoting you low numbers on closing costs. Closing costs are going to be ultimately the same # when you close no matter who you go through, (with maybe a couple hundred dollars in difference).
The costs for the title search etc, are going to be a set #, whatever your lawyer gets it for. The costs that might be off by 50 bucks or so might be the lawyer fees for the banks.
We went with Wells Fargo, and the guy we used estimated on the high side, so that we weren't surprised at closing. It could come down.
As for a mortgage with no points, I think right now 6 or 6.5 with no points is pretty good. It depends if you plan on being in the house for 7-10 years and want a lower rate. If you can do 6.25 with 1 point, it might be worth it to you, but the bank should be able to help with that.
We got 5.5 with .122 of a point a couple of weeks ago, but that was on a VA mortgage.
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| Posted 10/3/08 9:03 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: No points mortgage???
Update:
We just locked in a rate with Chase.
I worked with a guy named Ramon...very helpful.
Woo hoo!
We are on our way! 
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| Posted 10/3/08 5:13 PM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: No points mortgage???
Posted by Sandy55
Update:
We just locked in a rate with Chase.
I worked with a guy named Ramon...very helpful.
Woo hoo!
We are on our way!
yay Ramon!
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| Posted 10/5/08 9:19 AM |
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JML83
LIF Adolescent
Member since 12/07 540 total posts
Name:
Lauren
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Re: No points mortgage???
Happy to hear! Good Luck to you!
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| Posted 10/5/08 9:35 AM |
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