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Originally Posted by 4RE KLR
Jamo,
NOPE:
Mortgage company writes down appraisal 20%
Home now appraises for $80K (cost more than that much to build)
Mortgage company will finance 80% of appraisal amount or $64K
Client has to put $34K down payment and pay TWO points.
The guy walks and Says "Now is not the time to buy a new home."
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So what kind of rate would he be getting for all that?
Good for them for finally figuring out that they need to restrict things a bit, but they are just going to hurt themselves by being ridiculous about it.
I refinanced from 7% to around 5.6% fixed, and I plan to stay right there. I also have a line of credit that I don't use. It costs me nothing unless I use it. And I have no plans to use it, despite what my wife says...
Steve