Has anyone in the area purchased one of these? I spoke with someone there today, and they seem almost too good to be true.

12/12/2011 7:51:38 PM

No rates posted on their website, too good to be true.

12/12/2011 8:07:48 PM

first off i'd recommend posting your query here: message_topic.aspx?topic=550297

also please include details such as what type of loan(s), applicable interest rates and fees involved.

i can only hope you've got some quotes to be this curious...

12/12/2011 8:07:51 PM

one thing to look out for is that there are "no closing cost" loans, that often have origination fees and other various fees that make up the difference...its all rolled into the loan balance in the end.

12/13/2011 7:47:58 AM

I'd much rather pay that 3,500 now and not have to pay interest on it. But I guess if you're already financing 180,000 what's another 3,500?

12/13/2011 11:51:09 AM

I closed on a Randolf no closing cost re-fi about a month ago. There are no closing costs, fees, etc. My rate was 4.75% for a 680 credit score. And regarding those who would rather pay the $4k in closing costs now, do the math. Takes a looong time before you make that up. The staff was knowledgeable and helpful, no complaints there.

The only drawback i found was that you have to front your escrow balance now and get reimbursed for your previous balance from old lender. You also have to cover rest of this months and next months interest. For example, Ill use round numbers to simplify, I had to front $3k to randolf mid october, this covered $1900 in my escrow balance and the rest was to pay interest for mid to end of Oct, and all of Nov. My first mortgage payment wasnt until the first of December. So you skip a payment in Nov, which will essentially pay you back for what you fronted.

12/13/2011 1:22:17 PM