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annyb27 · Joined: 07 Jul 2009 Posts: 144 -1.08 Dollars($)

If i want to refinance my house and have a prepayment penalty for a year, what is the best option for me to do ,and which lender can pay my closing cost. Are there any lenders who can takeover my loan and i am wiling to pay 10% of the loan amount so that i have equity in the house.

jenkin7 · Posted: Fri Oct 02, 2009 2:46 am Post subject:

Hi annyb,

gmakerley · Posted: Fri Oct 02, 2009 1:54 pm Post subject:

pure drivel anny

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Thee is no escape from prepayment penalty

You need to pay the penalty if you pay in advance

dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

The best option for you regarding your prepayment penalty would depend on what you are trying to accomplish. If you just want to pay down your mortgage with your own money than you can typically pay down your mortgage up to 20% per year without incurring the penalty. As far as getting your closings costs paid, any lender can do that for you. Be careful though, they might charge a higher rate because of it. You should sit down with a certified mortgage planner and go over your options.

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

why did you want to go for Refi? it is very much clear that you can afford the mortgage. infact in a position to do 10% prepayment

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

lee there coudl be several reasons

Pay off the loan and borrow more from the house to invest soem where else etc

gmakerley · Posted: Mon Oct 05, 2009 7:10 am Post subject:

well....with anny nothing is especially clear. go back and read up and you'll find that most of the posts are bogus and completely fabricated. that they make little sense in many cases only adds to the annoyance factor.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You keep it interesting George

gmakerley · Posted: Tue Oct 06, 2009 7:38 am Post subject:

keeping it "interesting" is, of course, beneficial because it keeps the public coming back for more.

that being said, however, it is not my intent to "keep it interesting," especially in regard to the nonsense i see in these forums all too frequently. this site is built upon valuable advice, that which can help someone. i'm not trying to be a nudge, nor am i trying to be "interesting" when i point out that someone's advice is ill-chosen or blatantly incorrect.

having been on here for about 2 years, i have a sense of pride about the output of this site, and i decry the negativity, the incorrect advice and the energy wasted.

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