Quote:
Originally posted by DrewKole
Quote from the hubbie Amp?
Its a 30 year fixed streamline. With ideally half a point buydown, possibly 1 point, depending on when I lock it.
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So again, are you paying 1/2 to 1pt to buy down the rate OR are you paying 1/2 to 1pt FOR that rate. They are very different things.
Quote:
Originally posted by DrewKole
Always in whole percentages? Umm, I don't think so. =) Just because your husband's company does it in even points, doesnt mean shit. I guarantee you, any company wanting your business, will let you buydown or work out a buydown to your liking. Just a little FYI, points are NOT the same as PERCENTS.
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Ummmm.... a POINT is a percentage of the loan amount. 1pt = 1 percent of the loan amount. You can write off on your taxes any points you pay, but you cannot write off a buydown. And yes, you probably can get the deal you think you want, any lender or mortgage broker or mortgage banker will tell you what you want to hear to get your business. But it doesn't mean its the best deal out there and the smartest thing to do.
Quote:
Originally posted by DrewKole
Bad idea to buydown the rate? You've got to be kidding me. This is a rental property, its not a short term investment.
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Who cares what kind of property it is... if it's an investment property, you are automatically going to pay more in POINTS because of secondary market requirements. Additionally, most investors DON'T want the best deal because the more you lose, even if it's just on paper, the more you get to write off on your taxes.
Quote:
Originally posted by DrewKole
Do yourself a favor, have your hubby quote more realistic info here... as both of us know you know jack shit about the business. =)
Thanks for the entertaining read though. =) Think he pulled enough keywords out of his raw ass? shit.
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Before you flap your lips any more and bury yourself any deeper Drew, you might want to weigh 16 years experience in banking and mortgage against your 6 months of being a bank teller in some drivethru window.