Quote:
Originally Posted by Steve Carlton
How much lower would your rate be if the loan was full ammo? Sometimes interest-only increases the rate more than it's worth. Are there points in those closing costs? Seems like they should be more like $3K. Can you request the existing lender remove the PMI?
|
Full disclosure, I am a Loan Officer:
On a conforming 30 year fixed, the rate is 1/2% higher for IO.
Today that means 6.375% IO vs. 5.875% full am w/ 0+0 points (over 720 score <80% LTV). IO ARMs are less, but are........ARMs.