06-09-2004, 11:25 PM
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Confirmed User
Join Date: Aug 2003
Posts: 3,042
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Quote:
Originally posted by Veterans Day
It works like this:
say todays lender XYZ sends out rate sheets and they are paying the broker 1% of the loan amount if you give the consumer a 30 yr fixed FHA loan at 6% BUT if the loan officer manages to get the consumer to take it at 6.50% XYZ is now paying 1.375% of the loan amount
So we do the math:
Loan amount 150,000
1% paid to the broker @ 6% rate is 1500 bucks
But he got you to take that .50% bump cause you dont know any better now he is making
150,000 @1.375% paid to broker for the 6.5% rate = 2,062.50
He made an extra 562.50 cause you dont know any better and you are payin more than you need every month cause you didnt buy my book or use my consultation services 
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So I was right?
LOL |
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