if I am understanding you correctly, unless you plan to stay at the place for a really really long time, I wouldn't be paying points up front. 3.8 is way way up there. Staying local really does not give you any advantages at all since chances are the loan will be sold off to a mortgage pool to somebody else anyways at least 2 or 3 times during the life of the loan. I suggest finding a mortgage broker and have them shop the best deal for you.
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Originally Posted by MatriX5
OK financial gurus...
The CEO and I are getting out the silver shovel for the groundbreaking in a couple of weeks and I'm curious if any of you have used any of the online mortgage companies - Countrywide, Lending Tree, E Loan, etc.?
Our local bank has a fairly good rate with low origination fees and points down to 6% APR, but E Loan currently offers a 5.375% APR with about 3.8% in points. That jacks the 'ol closing costs up a bit. I'd like to stay local, but would also like to get the best rate possible and at the lowest fees (don't we all  ).
Any thoughts or suggestions? This will be my first home purchase as she owned our current house when we got married so any advice would be appreciated. |