Need loan advice!

Anonymous — Tue, 08 Jul 2008 19:29:47 GMT

I have a question. I just went into contract and my LO through Countrywide gave an offer in the beginning of 6.125% 30yr fixed. Now he is saying the standard is 6.325% and if I want the better rate I need to pay a point through OHFA. I am going FHA the loan amount is 70,000 should I pay the point and get the lower rate. He says it won't be worth it with the 700 point cost. Also there is a grant for down payment assistance and he said it will take too long to process so I should just pay my own down payment (which I can, but free money!). I feel like what I was told in the beginning is not happening now. Also when he "quoted" by closing costs, these costs are now going uo because he said well that didn't include home owners insurance and such. Mortgage guys is he right?!? Thanks in advance!!

Re: Need loan advice!

DallasLoanGuy — Thu, 10 Jul 2008 04:14:06 GMT

melissacmm wrote:
I have a question. I just went into contract and my LO through Countrywide gave an offer in the beginning of 6.125% 30yr fixed. Now he is saying the standard is 6.325% and if I want the better rate I need to pay a point through OHFA. I am going FHA the loan amount is 70,000 should I pay the point and get the lower rate. that is a simple math problem that your loan officer should be able to calculate for you. the lower rate WILL pay off in time. but the biggest question will be this: "how long will you be in the loan?" He says it won't be worth it with the 700 point cost. he is a dum bass(not to be confused with a smart bass) for not letting YOU decide that Also there is a grant for down payment assistance and he said it will take too long to process because he is lazy and it looks like too much work for him so I should just pay my own down payment (which I can, but free money!). I feel like what I was told in the beginning is not happening now. noone can do what countrywide can.... *sigh* Also when he "quoted" by closing costs, these costs are now going uo because he said well that didn't include home owners insurance and such. Mortgage guys is he right?!? there is a difference between costs and prepaids. so if the prepaids werent included before, then it is like the 'costs' went up.... it is more like they baited and switched you into staying with themThanks in advance!!

guys: this is the VERY reason that countrywide is the absolute worst place to get a loan.

they hire people with no experience to 'work the phones'

please get another opinion.

no one can screw up like countrywide can.

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Need loan advice!

Re: Need loan advice!