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Old 03-14-2007, 01:27 AM
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Default Interest Credit Mortgage

Has anyone heard of this mortgage?

I filled out a lowermybills app to see about a refi, and I was
with calls. One of the brokers gave me this plan as an option. It
goes, that they would charge you a point higher then the market
interest rate, and in return, the will cut you a check for X amount
after you close

i guess the reasoning is that since they get a higher interest loan,
they (the broker) gets paid more in the back end. My loan payment as
a whole goes up like 100 bucks, but i get 3500 back after I close.
The idea is to refi like this and get money back every six months, so
your mortgage as whole goes down

Has anybody heard of this???????????
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