the point being that if one APR is way higher than another

Apr 27, 2015
5:25:36pm

TonyStark

The closing costs are higher. No matter who you close with, you will be charged the same per diem depending on what day you close. So per diem is irrelevant as long as the same number of days is disclosed on the GFE.

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TonyStark

Previous username: CougarBroker
Bio page: TonyStark
Joined: Nov 6, 2006
Last login: Feb 6, 2020
Total posts: 18,337 (4,208 FO)

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Messages

Author

Time

POLL: 3.0% on a 15 year mortgage (no points)

newey-west

4/27/15 5:01pm

is there an origination fee?

RexIdaCoug

4/27/15 5:03pm

Nope

newey-west

4/27/15 5:04pm

What does no points mean to you?

bulletproof

4/27/15 5:04pm

I'm not prepaying to reduce the stated rate below par.

newey-west

4/27/15 5:06pm

How do you know what is "par"?

boogers

4/27/15 5:06pm

It's all relative, right?

newey-west

4/27/15 5:09pm

You should care about two things. Rate, and total closing costs.

bulletproof

4/27/15 5:10pm

Yeah, I just added the no points caveat to indicate that I'm getting their "par"

newey-west

4/27/15 5:12pm

just compare the APR

TonyStark

4/27/15 5:14pm

Not exactly true. There are other things that change the APR

bulletproof

4/27/15 5:17pm

the point being that if one APR is way higher than another

TonyStark

4/27/15 5:25pm

ahem...

bulletproof

4/27/15 5:42pm

I fail to get your point.

TonyStark

4/27/15 6:08pm

Consumers shouldn't look at APR if they want exact numbers.

bulletproof

4/27/15 6:15pm

Not what I said either, it is just a quick and DIRTY

TonyStark

4/27/15 6:39pm

What about processing, underwriting, admin fees, etc.

bulletproof

4/27/15 5:08pm

RE: POLL: 3.0% on a 15 year mortgage (no points)

TonyStark

4/27/15 5:12pm

there is a lot more that go into it like loan to value, credit score, purchase,

TonyStark

4/27/15 5:16pm

2.5 on 10 year.

SEABYU1

4/27/15 5:34pm

In CA, 3.0% is competitive for 15-yr mortgages on loan values of $2M+

argus

4/27/15 5:46pm

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