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Hi Jeff,
Thank you very much for answering my pleas for help. You were very
nice to reply in such detail. (somehow I deleted your advise after I
read it)
All of your advice was sound and I've basically followed your
advice.
I'm getting a new mortgage on new house for $80,000 for 30 years at
fixed interest of 6.250% and paying 1% points or 800.00. Payments of
$492.58. All locked in for 60 days.
Closing cost will be $3,315.50 which includes points and all costs.
My son is *giving* me $130,000 before closing. I'll *give* my son
$130,000 when my present house is sold. My son is even considering
buying my present house and keep as rental.
Anyway, everything is working out great.
Thanks again for your expert help and advice. You should really write
a book. It is a shame that each lender speaks in their own language
like: appraisal fee; application fee; processing fee; origination fee;
and the price for each is just a little bit different for each lender.
It is a headache to decipher each "Good Faith Estimate" which actually
should be called "Catch The Loophole If You Can".
I fired a bunch of them when they started to talk in the gobble gook
like be sure and take your For Sale sign down before the appraiser
comes out, pay for appraisal up front, etc. etc.
Take care.
Bill Poston
To reply correct [at] and [dot]
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Hi Jeff Thanks for your help
