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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (14921)	11/9/2003 12:20:19 PM
From: Spekulatius	Read Replies (3) \| Respond to of 306849

Tradelite & Steve - there were no loan fees added to the principal. The loan was free, my total cost was 15$. My principal remained the same after taking into account the escrow adjustments. Appraisal, recording fees and loan fees all paid by the lender. I did indeed select this loan because it was free for me. Before the refinance my loan was a 5 7/8% loan and with my loan balance the payback period for a 5 1/4 or 5 1/8 would have been longer than 3 years based on the usual fees. My loan was a 5 3/8% but who cares when you don't have to pay anything. The whole loan process was sort of incredible, I go the complete loan package sent to me by Fedex (unsolicited), had to call them for 5-10min questionaire and then go to the notary with all the necessary documentation (paystubs, insurance etc.) and sign the thing. Several others on SI have received a similar offer back then (this was in March/April). Mo catch, no nothing. A free loan to the borrower.