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We have several that don't require appraisals. You shouldn't have a problem finding someone.
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[quote user="Deb White"]Clem, I have signed the papers with this broker and appraisal has been ordered. I can't break the contract with this broker to shop some place for a lower interest rate can I?[/quote] Deb, In most states you're not locked in with your broker until you close. The appraisal if completed will be a cost if you were
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[quote user="Bob V-G"]Too high- tell your Broker you're agressively shopping and get a rate closer to 5.25%. Same origination, minimal garbage.[/quote] Of course none of us have seen the good faith estimate and we don't know what state you live in and we don't know the actual closing date to know the term of the lock and the 3rd
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Deb, Your total GFE cost is pretty standard. If you're in a state that requires an attorney and your GFE includes hazard insurance, tax escrows, title, closing, lender fee's your in an acceptable range. Also if everything isn't final number (actual title company costs, daily interest, insurance) then it may go up or down. As far as your
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That's a competitive rate. I don't think you've got time to go through with another lender, on of the big reasons is the new appraisal procedures would require another appraisal from the new lender. Not worth the time. Markets improved today and depending on the lender might not have made it through to mortgage rates. If we open flat or
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I continue to have an issue with the "it's NAMB or the highway" philosophy. I understand the need for a unified voice in our industry but letters like these just rub me the wrong way. No I don't want Marc Savitt's job at NAMB and I would assume that since he applied and was voted into the positition he did. We didn't force
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All of the earlier advice is 100% correct. To expand on the FHA route vs. conventional. With your credit score there is a 3.00% adjustment to the price of your loan. Simply the difference between a rate of 5.500% & 6.500%. Even though the FHA loan will have mortgage insurance and a funding fee the overall cost of the FHA loan will be lower. Example
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I agree. Off the surface 6.00% with a .125% cost seems high if you're a strong borrower. There are of course many reasons your rate could be higher (lower credit, less down, etc) but seems a little high. If you haven't gotten an updated quote today check again to see where you're broker is at. If he's the same as earlier in the week
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In my professional, I caused the whole collapse because I'm a mortgage broker, opinion it's going to be a...... WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW followed by a _____________________________________ Have a great weekend!
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[quote user="Steve Dye"] @ Clem: It's good to know you're getting job of your life [/quote] I'm not sure what that's supposed to mean?