Quote:
Originally posted by Amputate Your Head
Ok, let me ask you this Drew, are you getting a 5% ARM or fixed? If it's an ARM, not a bad rate. And is it conforming or jumbo? There is NO ONE offering a 5% 30 year fixed, NO ONE. Unless you are willing to pay about 3 points for it. So this is where the "1/2 point buydown" doesn't make sense. Is the rate really 5.5% and you are paying 1/2 point to buy it down? Bad idea to pay to buy down the rate, as you can't write off that buydown on your taxes. Plus, I don't know any lender who will let you buydown the rate 1/2 percent. It's always in whole percentages, and no one does this any more. You need to clarify if you want anyone to think you know what you are talking about.
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5% fixed is a kick ass deal amp (if you can find it)
also your right about the buydowns, except wells fargo lets me buy it down in quarters, but it costs you a point ... complete rip off so i never EVER do it.
1pt in the fee will get you .25 off rate, that just sucks ass! lol
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