Q&A: Mortgage refinancing 5 ,1arm??????

Question by nite a: Mortgage refinancing 5 ,1arm??????
Guys, I was talking to my consultant on refinancing my loan and I was getting a good deal. The bank was. Supposed to give me .5% credit on my closing. Then I said I would like to write a check for closing amount and suddenly consultant said , rates have changed and so they could give only .375% credit now. Is it a trick cuz I decided not to add closing to loan or does rates changed as he was saying? I am thinking about not going forward with this guy and might be call another consultant and check what he says?I haven’t done any paperworks yet, so will they have records of all these phone/email conversations?

Best answer:

Answer by NaturesDoctor
No they are making less by you paying closing costs so they are giving less.

What do you think? Answer below!

This entry was posted in Q&A and tagged , , . Bookmark the permalink.

One Response to Q&A: Mortgage refinancing 5 ,1arm??????

  1. Cheryl G says:

    The whole loan scenario is not a good one for you. Don’t go for an arm in a declining market. You can end up owing more than your house is worth. Also, interest rates are probably going to go up. You need to be sure there’s a cap on the increase, or you’ll wind up with a rate that will increase your payments to the point that you can no longer afford them.

    This is exactly the banking practice that got us in the pickle we are not experiencing.

    Find a lender who will refi your home at a fixed rate with a reasonable interest. Check online to see what averages are today. Then go to a lending site such as LendingTree and see what the competition is offering.

    Whatever you do, do not fall for this variable interest rate, no matter how low. It is a recipe for financial disaster.

Leave a Reply

Your email address will not be published. Required fields are marked *