Go to Jeff Salisbury LWGate Home Page.From: hic@world.std.com (Howard I Cohen)
Subject: Re: NPNC -more numbers/Reply
Date: Thu, 29 Oct 1998 12:39:55 -0500
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> Well, I want NPNC, which is why I started asking these questions in t > first place. Because my current loan is 7.5%, I was having a really > time getting a bank to refi at no cost since they want to up the inte > rate. Now that the rates on 15 year loans are around 6.5% no points, > can get a NPNC for around 7%. That makes sense financially (~$40/mon > to do. > > Thanks again for the info, and look forward to your responses. Sounds good. But the key is to shop around. I don't really know how the mortgage brokerage business works. But I know that shopping around does two things. It gets you talking mortgage talk to a lot of different people and so you learn some of the trade jargen - like lock in, points, closing, credit history and all that "technical" stuff. But it also gives you a profile of prevailing rates. It would be interesting to make a simple chart for comparison purposes between quotes. List all the interesting stuff. Like rate for 1 point, 2 points, estimated closing costs, etc. Pretty quickly you'll see the pattern and will become an instant 'expert.' Like I am. I suspect that brokers have more choices of banks that a bank, which only has itself to offer a rate for. To me that's a compelling reason to go to a broker. Just be sure they are licensed in your state. If you do get serious, however, be sure to confirm that there is no penalty for early payment, and find out the bank's policy regarding recomputing the amortization schedule if you pay down the principal faster than scheduled. That insures no surprises if you opt for a long term loan but plan to pay it off faster. Look up <mortage-x.com>. Iy's very informative. Good luck, and let us know what you end up with. - -
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