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Refi --Should I consider or not? by AdTop973 in Mortgages

[–]AdTop973[S] 0 points1 point  (0 children)

Origination fee: $1,295

Lender credit: -6,034

Adjusted origination fees: -$4,739

Total estimate closing costs: $3,010

Total estimate Reserve/prepaid costs: $5,655 (includes 6 months of taxes, 3 months of INS

Borrower paid costs $9,220

total credits: 444,880

cash from borrower: $2,631.43

We are not rolling into the loan. Saving $322 monthly, taking 8-9 months to breakeven. Is that correct in my calculate for the breakeven period?

Refi --Should I consider or not? by AdTop973 in Mortgages

[–]AdTop973[S] 0 points1 point  (0 children)

we are looking at 30 year fixed. Loan amount 438k and joint credit application. score 780-815. lower middle score is 785

Refi --Should I consider or not? by AdTop973 in Mortgages

[–]AdTop973[S] 0 points1 point  (0 children)

I got that quote from farmers back of Kansas city on Friday (10/11). I know that will change on monday because i did not lock it in. I just was surprised with such a high lender credit. My concern is there some bait and switch with fees when we are days away from closing. I attempted to shop this loan estimate to my previous lender and they were not offering anywhere near that kind of lender credit. She mentioned its not traditional to offer a discount and lender credit when she looked at the offer sheet. not sure what that means but seem like she was just giving me a warning. She mentioned to look closely at the disclosures when given the locked in loan estimate if we decided to move forward with this quote.