Posted by dewCO on October 22, 2000 at 21:29:37:
Your loan amount is VERY EXTREMELY low for most lenders. They like to have their 1% loan origination fee be at least $1200-$1500. If it isn’t, that’s when they start adding on the points to make up for it.
Contact Ed Garcia to see if he can help. He’s on the finace board part of this site now I understand.
I would say shop around, but I think you’ve posted in the past you’re in a fairly small town area, but I’d still check with all lenders who do loans in your area.
Seems like I’ve also read here that you have to find the right lenders who understand the LO situation and who iwll treat it more as a refi. However, that only applies to the down payment. The loan costs are pretty much the same whether a refi, or a new purchase.
A loan, is a loan, is a loan, with a traditional lender. They want their loan origination fee, and all other costs need to be covered too.