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#1 | |
Hold mah beer!
Join Date: Feb 2008
Location: 80 Miles South of Moto Heaven
Moto: 08 R1200GS
Posts: 23,268
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There has been some local talk about these guys out of texas. They apparently sell fixed rate loans with no closing costs. Anyone know what their scam is?
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#2 | |
Designated Drinker
Join Date: Jul 2008
Location: shitville
Moto: 2009 ZX6R
Posts: 1,661
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Now, some companies will say "no out of pocket closing costs" = the costs are rolled into the principal amount of your new loan. You pay it, just not up front I guess the question should be, "Who pays the closing costs?" If there are truly no closing costs to the borrower, then it has to come out of the bank's pocket. Not likely
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#3 |
Yuppie Prick
Join Date: Nov 2008
Location: Austin, TX
Posts: 223
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its either rolled into the cost of the loan in terms of a dollar figure, or they charge you a higher rate for the loan and get payment when they sell it to a big bank. Either way, you will be paying. Nothing in life is free.... certainly not in the banking industry.
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#4 | |||
Hold mah beer!
Join Date: Feb 2008
Location: 80 Miles South of Moto Heaven
Moto: 08 R1200GS
Posts: 23,268
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#5 |
Yuppie Prick
Join Date: Nov 2008
Location: Austin, TX
Posts: 223
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the average 30 year fixed rate is like 5.15% according to cnnfn this AM.
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#6 |
Designated Drinker
Join Date: Jul 2008
Location: shitville
Moto: 2009 ZX6R
Posts: 1,661
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You are prob correct
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#7 | |
Hold mah beer!
Join Date: Feb 2008
Location: 80 Miles South of Moto Heaven
Moto: 08 R1200GS
Posts: 23,268
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Can't hurt to see what's up. I am going to ask for a good faith, they have a local office here.
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#8 |
Serious Business
Join Date: Nov 2008
Location: New York
Moto: 1993 ZX-11 2008 CBR1000rr
Posts: 9,723
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Lenox?
I got Lenox crap in my China closet. the mother in law loves the lenox store when we go to the outlets. I guess they are expanding to fine crystal morgages. |
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#9 |
Cassolicious!
Join Date: Nov 2008
Location: Austin, TX
Moto: SV
Posts: 1,377
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Just don't drop it!
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#10 | |
Hold mah beer!
Join Date: Feb 2008
Location: 80 Miles South of Moto Heaven
Moto: 08 R1200GS
Posts: 23,268
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It was a higher interest rate type thing. You pay more in interest to pay no closing costs. I just barely didn't meet the cut for it to be a good deal for me though since interest rates have hit the floor. Someone with a really high rate could probably save some with this type of refi.
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