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Refi? how much at closing? - http://www.dealmakerscafe.com Forums

Original message

Dee-Texas

"Refi? how much at closing?" , Thu 19 Oct 21:15

Hello All,
I've got a buyer that I have been holding for 1 year on a L/O, he's made all of his payments on time, great guy. He's trying to refi with Austin Mortgage,they told him he's B+ credit...... with rent credits and down payment his finance amount will be $31,400.00. They needed an appraisial, and survey (which I knew they would) but the closing is going to be $5,348.00!!!! for a refi?? I've never done one of these but all of the courses and people always say that a L/O refi is much, much cheaper than a conventional loan. What's the deal? Anybody?
Dee-Texas

Always Learning

Replies:

Arlie

"Re(1):Refi? how much at closing?" , Sat 21 Oct 14:41:

Dee,
If you bought this property a year ago "subject to refinancing" did the payments that the buyer was making on the lease option help to build the credit of an initial distressed seller? This is how I understand it can be done. Am I wrong.
Arlie

Keep Smilin'
http://arlieanderson.homes.com

[this message was edited by Arlie on Sat 21 Oct 14:42]

TJack

"I agree with Jackie!" , Fri 20 Oct 07:54

They are trying to knock a home run.

Jackie

"Re(1):Refi? how much at closing?" , Thu 19 Oct 22:11

Dee

STOP!!!!

Do not order the appraisal or survey with this lender!!!

Those costs are absolutely ridiculous.

Call Denise @ Allied Mortgage 817-467 - 5169
She'll get the job done FAST and for 1/2 as much.

And get this - SHE will even call you to let you know the status of the loan on a regular basis ( rare in the mortgage broker world)

Jackie