Posted on: 17th Jan, 2008 07:43 am
need some advice on a lender. we purchased our home four years ago with an arm that is due to adjust in march. we are looking to refinance asap. i contacted some companies on the internet. the trouble i'm running into is the ltv%. my current mortgage is roughly $200,000 and i think my home will only apprasie in the 215000 to 220000 range. the best rate and payment we were quoted was from a company called quicken. they offered us a payment of $1238 on a 30 year fixed at 5.9%. we were all ready to sign the loan until we saw the closing costs. they are charging us $9000 in closing. isn't this a little high? $9000 just to refiance a loan? our middle credit scores are close to 700 and we have an annual combined income of $110,000. any advice or suggestions on what we can do? can anyone recommend any companies for us to look at that we might be able to secure a refinance loan? oh and quicken told us they only needed our home to appraise for $210,000 that was another reason we were looking to finance with them unitl we got the good faith estimate.
It really depends in the state that you're in.....some states have high closing costs...like FL.
There are other things to look at besides the rate....like PMI (private mortgage insurance)
BTW Quicken is known to have high costs.....
There are other things to look at besides the rate....like PMI (private mortgage insurance)
BTW Quicken is known to have high costs.....
without knowing how those costs were calculated, and the location of your property, as banker said, it's hard to say if they are reasonable or unreasonable.
it would seem that they are trying to do this as an fha loan, which is smart, inasmuch as rates on those products are quite good.
bear in mind, also, that your good faith estimate also incorporates escrows and legal fees - so not everything on there is going in quicken's pockets.
as for recommendations, many of us are in the business of writing mortgages, and i feel certain that we all work for the best company of all, even though we all work for different companies. you may want to discuss this also with a friend or family member who may have had a good experience and can make that recommendation, too.
it would seem that they are trying to do this as an fha loan, which is smart, inasmuch as rates on those products are quite good.
bear in mind, also, that your good faith estimate also incorporates escrows and legal fees - so not everything on there is going in quicken's pockets.
as for recommendations, many of us are in the business of writing mortgages, and i feel certain that we all work for the best company of all, even though we all work for different companies. you may want to discuss this also with a friend or family member who may have had a good experience and can make that recommendation, too.
Hi kyfishin,
Welcome to the forum.
I do agree with Banker and George that closing costs varies from state to state and the amount $9000 will not go only in the pocket of your mortgage company.
I think you can shop a bit for lenders and after adding closing costs and interest rate, decide which option will be more favorable for you.
As far as recommendation is concerned, I can say that even in this community there are hundreds of lenders from all over the US as George has already mentioned. You can talk to them.
You can get information regarding lenders at http://www.mortgagefit.com/unitedstates/
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
I do agree with Banker and George that closing costs varies from state to state and the amount $9000 will not go only in the pocket of your mortgage company.
I think you can shop a bit for lenders and after adding closing costs and interest rate, decide which option will be more favorable for you.
As far as recommendation is concerned, I can say that even in this community there are hundreds of lenders from all over the US as George has already mentioned. You can talk to them.
You can get information regarding lenders at http://www.mortgagefit.com/unitedstates/
Feel free to ask if you have any further questions.
Best of luck,
Larry
Closing costs varies by state as the guys mentioned. For example, in my state Virginia, closing costs is normally around 10,000.00. Shop around to see if you can get the loan with lower closing costs. Maybe not, but at least you can say you tried. You have great rates so consider just locking into that and getting out of that ARM.
God Speed,
Jean
God Speed,
Jean
Hi Kyfishin,
The points being charged are too high. Right now can get a rate that is around 5.50 to 5.75% with zero points. Do shop around and compare. You can definately do better.
The points being charged are too high. Right now can get a rate that is around 5.50 to 5.75% with zero points. Do shop around and compare. You can definately do better.