I fail to get your point.

Apr 27, 2015
6:08:02pm

TonyStark

The APR on a mortgage was designed to give consumers an easy way to look at 2 loans and tell which of them costs more given the rates are the same.

Indulge me Mr bulletproof, what per chance do you do for a living?

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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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