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

To: GraceZ who wrote (14942)	11/10/2003 1:40:41 AM
From: Spekulatius	Read Replies (1) \| Respond to of 306849

Grace and all - the lender in CA (where I live) is indeed obligated to break down the cost of a loan. Of course a higher interest rate loan will mostly have a higher cost over the total life of the loan but even that does not make a no cost refinance a bad deal if the interest rate of the new loan is lower than the one from the old one and you don't need to put your own money on the table to get there. Theoretically one could repeat the no cost refinance game for every 1/8% point if there is a lender who offers that. WThis is why i believe that there is no reason nowaddays to pay high loan fees or points unless you "know" that you go the lowest interest rate at the current interest cycle and you keep the house for a long time. In my case Loan to value was about 70% and the mortgage balance 260000$; I have not been a customer of W&F before. I heard that Wells&Fargo makes this offer only when the mortgage balance is substantial and the customer has an above average credit rating.