Help in choosing the best deal
It’s less than 30 days from my estimated closing date and I need to decide on a lender. There is an incentive if I choose the builder's lender which is $3k less in closing costs. Another lender is offering 6.5% for a 95% loan with no PMI while another is saying 6.375%. I am looking at around 3k to 4k in closing costs with lenders outside. Are there better options? by cliffordj999 from El Segundo, California. Dec 23rd 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
ALL mortgage loans have the exact same closing costs, and YOU will always pay them. How you pay them can vary. You pay pay up-front, hide some or all of them in a higher interest rate, or in the case of some builders, they hide them in the interest rate or in the purchase price, then pretend to give you some silly incentive. I'd simply say this. Almost never is the builders lender any sort of a deal. Finally, those rates are super high in todays market for any traditional loan by almost double. heck even high risk NON-QM alternative loans are way less than that... Good luck. I personally lend for properties in MN, WI, IA, ND, SD. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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