do points count???

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Mortgage and Lending with Cherry Creek Mortgage
I recently worked with a customer that claimed she was getting 6% on a 30 year fixed mortgage with $1000.00 in closing costs for a $200,000.00 mortgage at 70% LTV rate term refi... at the time par was at 5.875. I asked the customer for a copy a the Good Faith Estimate. Her other lender has charging 2 points on the front end for origination and claimed that point don't count towards closing costs... needless to say she was not pleased to learn that she really had $5000.00 in closing costs... we closed her loan at 6.375 and a true $1000.00 in closing cost... lets use be honest... and maybe the feds won't continually want to regulate or monitor our YSP. 
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Rainer
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Kim Morrow
Premier Lending Group - Mount Vernon, WA

I agree...this is both ridiculous and sad. How can these people sleep at nite, doing what they do? It just baffles me.

Jan 09, 2008 02:38 PM #1
Rainer
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Jeff Pickering
Pickering Group - Anthem, AZ

 

View Video "over paid mortgage person!"

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Click on the film strip or text link above and turn up your volume to view your video email from Jeff Pickering.

Jan 09, 2008 02:44 PM #2
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Rainmaker
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Rick Kellow

FHA & Reverse Mortgage Expert
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