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I had 2 choices for my home purchase mortgage. One is a local bank I work for and the otther a national mortgage broker. I chose the broker since they had done a loan for me before and it was a great experience.
I am closing in 10 DAYS with an 80/10/10 loan on a property that is a leasehold- meaning I will not own the land. The mortgage broker tells me yesterday that the bank that does their 2nd loans ( the 10% HELOC loan) won't do it on a leasehold property.
Now my options are to go to a 90% loan and pay PMI of $133 a month or
try to get a 3 week extension on closing and jump over to my bank who has confirmed they can do an 80/10/10 on a leasehold or
just close this loan with the broker and refi it with my bank in 6 months.
If I do decided to close with the broker since rates are low now I can take a higher rate and get about $5,000 in lender credit. towards my closing costs. Which may be the best option if I now I am going to refi out of the loan ASAP. Plus if I refinance with my bank since I work there they will waive their application, processing fees and give me an 1/8 point discount.
that lender credit will get charged back to the lender(loan officer commission) if you pay off too early. usually 6 months or 6 pmts whichever is longer.