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Phil,
If they aren't smart enough to figure out how to do it look for another lender. It is much easier dor the lender to do this on a $300K loan than it is on a $80K loan as closing costs are fixed for the most part (with the exception of title insurance). On a $300K loan they would need about .875 of "premium" or "over par" pricing to cover the closing costs - that equates to about 1/4 in rate, but on an $80K loan they would need over 3 points of "over par" pricing which would probably send your rate up near a full 1% above the going rate. I run a mortgage company for a living and this option makes good sense for a lot of situations.
Bill
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Bill
87 911 Targa
06 Toyota Sequoia
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