Posted on: 09th Oct, 2008 01:47 pm
hi -
i'm seeking some advice and a little education. i'm giving a lot of info which may be immaterial, but would rather give more than not enough. here goes...
i was just approved for a loan to refinance my home and will be financing 79k. i owe 40, have equity of 85k, will cash-out with 35k for home remodeling, plus 4k for closing costs.
i received a call from a loan officer who advised me about the 3% fees cap, but told me that i could pay a "little higher" interest rate because he couldn't lose money on the deal.
is this a standard operating procedure by lenders?
are there other options that i can request or suggest in order to have negotiating power?
i have excellent credit, so is a 1% increase in the interest rate considered a "little higher"? (5.75% to 6.75% before the rate drop yesterday)
would appreciate some insight or creative ideas!
thanks,
gabby
i'm seeking some advice and a little education. i'm giving a lot of info which may be immaterial, but would rather give more than not enough. here goes...
i was just approved for a loan to refinance my home and will be financing 79k. i owe 40, have equity of 85k, will cash-out with 35k for home remodeling, plus 4k for closing costs.
i received a call from a loan officer who advised me about the 3% fees cap, but told me that i could pay a "little higher" interest rate because he couldn't lose money on the deal.
is this a standard operating procedure by lenders?
are there other options that i can request or suggest in order to have negotiating power?
i have excellent credit, so is a 1% increase in the interest rate considered a "little higher"? (5.75% to 6.75% before the rate drop yesterday)
would appreciate some insight or creative ideas!
thanks,
gabby
That is not standard, Look elsewhere.
Marty
[Email address and promotional text deleted as per forum rules. Thanks.]
Marty
[Email address and promotional text deleted as per forum rules. Thanks.]
Hi Marty,
I appreciate your response, however at this time I am seeking help with the questions I currently have and am hoping for an exchange of information from a mentor on my present situation. Thank you for your offer.
Gabby
I appreciate your response, however at this time I am seeking help with the questions I currently have and am hoping for an exchange of information from a mentor on my present situation. Thank you for your offer.
Gabby
Hi Gabby!
Welcome to Forums!
You can try to negotiate on the fee cap but 3% is minimum required. I do not think lenders will approve anything less than this.
Sussane
Welcome to Forums!
You can try to negotiate on the fee cap but 3% is minimum required. I do not think lenders will approve anything less than this.
Sussane