Posted on: 30th Aug, 2010 02:45 pm
A few brokers have offered a no closing cost (nothing at the table) FHA refi (373,000) at 4.5- closing end of Sept. and first payment due Nov 1. I'd like 4.375, as my credit score is good and I believe it's competitive. If the broker says w/ 4.375 we couldn't miss the inital payment (I know-- arrears), is that his way of charging an "origination" fee?? If I close at the end of Sept, isn't my first payment due Nov 1 regardless of my rate?
Is this 4.375, w good credit and no closing costs, a reasonable request?
Is this 4.375, w good credit and no closing costs, a reasonable request?
Hi Guest!
Welcome to forums!
As far as I know, "origination points" are also known as origination fee which the borrower needs to pay to the person arranging for your new loan. You need to pay this to the lender irrespective of whether or not you get a low interest rate. If you close the mortgage deal by the end of September, your payments will be due on November 1st.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, "origination points" are also known as origination fee which the borrower needs to pay to the person arranging for your new loan. You need to pay this to the lender irrespective of whether or not you get a low interest rate. If you close the mortgage deal by the end of September, your payments will be due on November 1st.
Feel free to ask if you've further queries.
Sussane