Posted on: 09th Nov, 2009 04:06 pm
we are in arizona and are considering do a refinance on our home. the home valve is 192,000.00 and we owe 118,000.00 i wanted 14,000 cash out.
the lender is doing a conventional loan at 4.75% & 5.1763 apr. our credit score wasn't very good but we didn't have any late payments.
the lender is charging us 3.00% loan discount required by fannie mae (this is not to buy down our interest rate). the 3.00% comes to 4,275.00 added into the closing cost. is this something all lenders are required to charge if we are getting cash out at 76% ltv and our credit score was around 600?
thank you for your time
the lender is doing a conventional loan at 4.75% & 5.1763 apr. our credit score wasn't very good but we didn't have any late payments.
the lender is charging us 3.00% loan discount required by fannie mae (this is not to buy down our interest rate). the 3.00% comes to 4,275.00 added into the closing cost. is this something all lenders are required to charge if we are getting cash out at 76% ltv and our credit score was around 600?
thank you for your time
If you have a fixed rate mortgage and break it to change to another (lower) rate mid term, you will be charged a penalty. The amount will be determined by the amount of the loan, interest rate and remaining period of the fixed term.