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3% fee cap on Texas A6

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Gabby Guest	Posted: Thu Oct 09, 2008 1:47 pm    Post subject: 3% fee cap on Texas A6 Like 0 Dislike 0 Hi - I'm seeking some advice and a little education. I'm giving a lot of info which may be immaterial, but would rather give more than not enough. Here goes... I was just approved for a loan to refinance my home and will be financing 79k. I owe 40, have equity of 85k, will cash-out with 35k for home remodeling, plus 4k for closing costs. I received a call from a loan officer who advised me about the 3% fees cap, but told me that I could pay a "little higher" interest rate because he couldn't lose money on the deal. Is this a standard operating procedure by lenders? Are there other options that I can request or suggest in order to have negotiating power? I have excellent credit, so is a 1% increase in the interest rate considered a "little higher"? (5.75% to 6.75% before the rate drop yesterday) Would appreciate some insight or creative ideas! Thanks, Gabby
Mortgage_Man_X Guest	Posted: Thu Oct 09, 2008 3:43 pm    Post subject: I can Help with Your Mortgage! Like 0 Dislike 0 That is not standard, Look elsewhere. Marty [Email address and promotional text deleted as per forum rules. Thanks.]
Gabby Guest	Posted: Thu Oct 09, 2008 6:35 pm    Post subject: Refinance with Texas A6 Like 0 Dislike 0 Hi Marty, I appreciate your response, however at this time I am seeking help with the questions I currently have and am hoping for an exchange of information from a mentor on my present situation. Thank you for your offer. Gabby
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Oct 10, 2008 12:55 am    Post subject: Like 0 Dislike 0 Hi Gabby! Welcome to Forums! You can try to negotiate on the fee cap but 3% is minimum required. I do not think lenders will approve anything less than this. Sussane

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