newbie question
Hi all, newbie here.Can y'all help me decide between two mortgage packages?Total Borrowed: $325,0001) BOA no-fee mortgage30 years at 6.125%All closing fees paid (except one for $177)No PMI2) Wells Fargo 80/10/10Primary 30yrs at 5.875%Secondary 15yrs at 8.75% (can pay at a 30yr amortization, but due within 15yrs)$725 origination fee for the 80/10/10Additional $1400 in feesI can't be sure, but it looks like the break-even for the Wells Fargo is some 10 years down the road.Anything I need to consider here? Does one seem better?Any advice would help , thank you... by ironcitybeer from Pittsburgh, Pennsylvania. Oct 23rd 2009
Sales Manager Matthew Boyce (bestlender)
#8 ranked lender in New Jersey - 19 contributions
Those interest rates are extremely high. I know our no closing fee loans haven't gone above 5.5% so I don't know where they are getting 6.125%?? I also am not a big fan of the 80/10/10 especially with the 2nd at 8.75%. There are better programs available to you. Give me a call if you would like on Monday at 888-327-7121 or email me at mboyce@emmloans.com. I'll be able to better break down your options for you. Thanks. Matt
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