Opportunity From Real Estate Crisis

Who can complete with a 4.35% interest rate?.....Anyone and Everyone that doesn't have integrity and ethics.

JUST READ THE FINE PRINT nad the exhorbnant fees and discount points are there. Here is one example i foundon the internet today.

**Refinance at 4.375% Fixed. Example assumes a $200,000 loan amount with a fixed interest rate of 4.375% and Annual Percentage Rate (APR) of 4.748%. Terms of the payment are based on a 15 year term fixed rate loan with principal and interest payments of $1,517 per month with 1.875 loan points due at closing. The example assumes a credit score of 720 or greater with a loan to value (LTV) of 80% or less on a primary residence. Rate and terms offered may vary depending on your credit history and other qualifications, amount of equity in the property, location, type of property, and other factors. This program is available as of August 6, 2009 from a participating Service Provider.

Some of these unscrupulous national brokers who call themselves lenders are just allowing you to buy down the rate. Then they add an additional 1.875%  for a fee at closing. ($3750 on a $200,00. loan) 

The Ditechs Television ads are always good for a laugh now that we all have pause and rewind on our remotes. They are very good at quoting a rate 1/4 point below the national average and charging you 3.5% (points) to actually close. WHat amazes me the most is that they are getting away with telling borrowers that there are no closing cost. Then what is the 3.5%? It is $10,500 on a $300,000. loan, and that is a significant amount of closing cost. Not to mentio title and escrow fees.  

The next time you see that commercial call you trusted loan officer and ask for that rate. Offer him the 3.5% and you will make his month;;)