Posted on: 13th Jan, 2008 05:02 pm
I am building a swimming pool and doing some improvements on my home and contacted a pool financing company. I had spoken with them just prior to X-mas and they told me the int rate would be 6.99 and to "hurry up and apply because it was going up". I assumed the were just blowing smoke trying to get me to sign up immediately. Well, I was approved for my requested $37k but the rate went up to 8% and they claim that is the lowest rate they offer after Jan 1. Also, in their "approval email" they claimed the "high" estimate closing costs would be just under $2500 and I just recv'd in the mail a GFE from another bank (which is who they secured the loan through i guess) and the closing fees state $3k.
My FICO is 769 and my wife's is 759, combined income approx $130k, current mortgage $141k, and approx home value around $200k.
Questions:
1. Why are the fees so much and what gives with the 25+% increase in the "high" estimate closing fees?
2. My current mortgage is held by Wells Fargo, would I get a better deal going through them?
4. We have a piece of property which needs to be refinanced because it is on a ARM (owe $20k, prop appraisal $58k) would a lender give me a better deal if i combined the two transactions?
3. Any other lenders recommended?
I understand nobody works for free but $3000 for a $40k loan???
Thanks for any input!
My FICO is 769 and my wife's is 759, combined income approx $130k, current mortgage $141k, and approx home value around $200k.
Questions:
1. Why are the fees so much and what gives with the 25+% increase in the "high" estimate closing fees?
2. My current mortgage is held by Wells Fargo, would I get a better deal going through them?
4. We have a piece of property which needs to be refinanced because it is on a ARM (owe $20k, prop appraisal $58k) would a lender give me a better deal if i combined the two transactions?
3. Any other lenders recommended?
I understand nobody works for free but $3000 for a $40k loan???
Thanks for any input!
go to BofA they have no closing cost helocs that are like 8%.....
This loan may not be a mortgage....I'm not sure why they're charging a lot of fees...this can trigger the high cost loan mark for your state. It's normally at 5%.
I would try with Wells...and try to get a HELOC. The rate maybe high but it maybe tax deductible for you.
I wouldnt recommend the other property.....sounds like an investment property and the rates are much higher
This loan may not be a mortgage....I'm not sure why they're charging a lot of fees...this can trigger the high cost loan mark for your state. It's normally at 5%.
I would try with Wells...and try to get a HELOC. The rate maybe high but it maybe tax deductible for you.
I wouldnt recommend the other property.....sounds like an investment property and the rates are much higher
hi jvt,
closing costs are too high for a home equity loan. as far as wells fargo offering a better deal, i would say no. the reason is that wells fargo is just not that competitive in relation to other lenders out there. i would suggest going through a broker that has access to many lenders and knows how how to get the best terms for you.
closing costs are too high for a home equity loan. as far as wells fargo offering a better deal, i would say no. the reason is that wells fargo is just not that competitive in relation to other lenders out there. i would suggest going through a broker that has access to many lenders and knows how how to get the best terms for you.
