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Slow Noob
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Discussion Starter #1
Well, I'm approved. Hopefully I'll be able to close on the deal Thursday. I'm also consolidating a few bills. Gonna have my house, visa, window payment, and home depot credit card put into 1 payment. Gonna save me about $300 a month, so that'll be pretty nice, that and the fact that I won't have to make a payment for 2 months isn't bad either.

Jay
 

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Well, I'm approved. Hopefully I'll be able to close on the deal Thursday. I'm also consolidating a few bills. Gonna have my house, visa, window payment, and home depot credit card put into 1 payment. Gonna save me about $300 a month, so that'll be pretty nice, that and the fact that I won't have to make a payment for 2 months isn't bad either.

Jay
Cool, what did they get you in closing costs and points if you don't mind me asking, and who did you use? I was thinking of doing that myself.
 

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Slow Noob
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Discussion Starter #3
the broker used a bank called Gateway. all the closing costs are in the loan, haven't heard if there are points or not, gonna call again in a little bit and find out. i think it was around $3k or so for the closing costs. i'll be getting a little over $3k cash out also to fund part of my addition project.
 

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Not to rattle your spraycan, but a point is equal to one percent. 6 points is 6%.... when it comes to refinancing it is VERY important you know if they are raising your interest rate (or even if they are switching to a variable rate interest). Too many homes are getting foreclosed (taken back) because the person refinancing their home and bills did not read the fine print. To keep this on track.... DO yourself a favor and findout the details of your refinance terms. Too many lenders are quick to refinance people just to get a quick commission.



Sorry if the warning is harsh but I just helped my girlfriends mom, realize she owes 2x's the house value....all because of a shady refinance.
 

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Just to let you know if you don't already.... If you are not being charged closing costs (points) on your Good Faith Estimate (GFE). Then you ARE being charged a higher rate of interest. Ask them to give you a GFE with YOU paying the closing cost upfront and take a litte extra equity out of your home to pay for it. It will cost you a lot more in the long run if you don't. Ass, gas & grass nobody ride's for free. So don't let them pretend that they are doing you a favor by not charging you any costs. You are paying for it in a higher rate.
I was, and am still licensed as a mortgage banker for 4 years.
 
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