03-14-2007, 01:27 AM
| | 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???????????