Colli Real Estate

Continuation to previous quest: Home Mortgage Interest Rate…Pls all of you’s who have answered pls re. Thank

I really don’t know much about mortgages and I appreciate you guys helping me out with my question but I have another one. When you guys refer to points and how many points I want to pay what does that mean? I dont know what points are and how they work so can you guys pls help with this????? Also, what is a good amount of liquid assets to have when purchasing a $150,000 home? Must you need liquid assets or is it not necessary? is $20,000 Okay? We make about $75,000 yearly probably a little more, we will put down 5%, my credit history is okay I have a few late charges from a few months back but for the past half a year I have made all payments on time and actually just bought a new car. We pay $1250 a month for rent and figure that we should rather buy a single family home and spend $1250 on a mortgage instead of spending so much money renting. thanks for the replies…..

ok ill tell you they are asking you how much you are willing to pay to get a loan 1 point +1% the national average is aprox 4.5% now most brokers and lenders will tell you i only charge 1.5 to 2 points but what they dont tell you is they get an average of 4 how you ask simple

they ad more to the interest rate you are getting to get a refund from the lender its called rebate or yield spread! even more scarey its common on most loans and the fact is you will never know what the yield spread is because they dont have to tell you! kinda crooked isnt it that you could wind up paying almost 3/4 of a percent more so a broker or bank makes an extra 1500.00

the most distresing is the fact that that 1%would cost you for ease of math 100,000 home 30 year loan
1000 x 30 years 30k oh yea remember the intrest paid on a mortgage is put in front of the mortgage meaning you pay mostly the first 10 years mostly interest !!

this is the only company that doesnt charge back end money i refinaced with them and saved huge on my 300k refinance. and i found out haw bad i had been screwed on my last loan.

someone here told me about them and they are great
go to directlendingplanet.com i just went to them with my best offers and they blew them away. read the articles and it will open your eyes!

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