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"Mark" <anon@crl.com> writes:
> We're looking at a new house in NC. The builder uses a specific mortgage
> company and is offering up to 10k in incentives off the price of the house
> if we use their lender.
Generally these are worth it PROVIDED there is no early payment
pentalty.
> We're all approved at our bank to do this but we'd pay 10k more for the
> house. We have not signed or done anything yet but if we were to 'bite' at
> the builders offer and there were no restrictions for early payoff then
> would it be worth it to get the mortgage from them, then refinance in a
> month or two? Even if they had a higher rate, still worth it for a couple of
> months ?
>
> With standard closing costs we'd still end up 6 or 7k ahead if we the took
> the deal and refinanced. We have good credit and shouldn't have a problem
> refinancing.
>
> Almost seems to easy and there has to be a catch somewhere. I am thinking
> that you have to commit to at least 6 months or something. I am going to chat
> with the lender on Monday but looking for advice on what questions
> to ask
This scenario is fairly common. So long as your real estate attorney
reviews the paperwork and verifies that there is no fee for early
payoff hidden anywhere, these are generally worth it to do for a
little bit.
--
Todd H.
http://www.toddh.net/
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Re: Mortgage lender incentives, worth it?
