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 » Higher Mortgage Rates May Hamper Obama's Housing Plan

Higher Mortgage Rates May Hamper Obama's Housing Plan

Topic: Mortgage

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Ccpet
Great question, Dana. That loan amnuot is small, and most closing costs are fixed costs, not a percentage of the loan amnuot. So, as a percentage, to get the Par rate, or the lowest going without paying points' to buy the rate down, you would be about 3.5% of the loan amnuot in this case.What I recommend for most, is to bump the rate up by .25% and eliminate the Origination fee, which is the single largest fee in the closing costs.I also like to increase the rate by a bit more for larger loan amnuots, and do a complete Lender Paid Closing Cost Loan , or No Closing Cost loan . However, on a small loan amnuot such as yours it would be too much of an increase in rate to have enough Yield for me to pay all your closing costs. It would not make sense for you.But the second option would, and if I can help, feel free to contact me at the phone number above, or at
read more... 05/01/2012

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