Is it possible to buy my own mortgage at a discount?

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I have one of these loans, banks no longer want. This is an interest only ARM 5 years. However, I bought this on purpose, and have the ability zahlen.Meine mortgage company just sold my mortgage (not uncommon). However, given the timing and type of credit, I suppose it is sold at a heavy price. I pay interest payments less than 4% for five years (I paid a lot of points), and after these five years have passed, I have enough credit to refinance and equity markets, or I might just have money. Thus, the new lender is less than 4% interest for children under 3 Jahre.Meine question is whether banks willing to sell my mortgage at a discount, it is a way for me to buy it? Would it help if I beat my first credit -> Adams seems that my question has yet to be Klärung.Ich would be crazy to pay the mortgage now at full price. I am willing to pay less than 4%. I calculated the points I paid, but a yield of 12%, but if I do not hold the loan for 5 years, the important points rippen.Allerdings if my mortgage for much less than my salary could buy balance, I would think about it. In today’s market, would my mortgage be sold to another lender for a substantial discount, so why not sell it to me for a discount (probably small)?
What is the difference between loans and discounts on credit charges start? Both are expressed as a percentage of the loan amount. If a mortgage is 15-year fixed rate has a point, it is the origination fee or discount point?

8 Comments
  1. Reply
    Pojo
    February 8, 2011 at 12:42 pm

    You have already done a couple of bad things, IMHO, by paying points on a interest only loan why futher the irresponsibiltiy by trashing your credit.

  2. Reply
    tina
    February 8, 2011 at 1:32 pm

    no i think its not possible

  3. Reply
    Block B
    February 8, 2011 at 2:02 pm

    Hi,

    Yes, you can get it as the lender might have some soft corner for you. Checkout http://mortgage.creditmortgagepro.com for some useful info and tips on the matter. Good luck!

  4. Reply
    Silly World
    February 8, 2011 at 2:41 pm

    Why would you want to buy it, you can borrow money for less than 4%?
    Keep the mortgage, take your money and invest it

  5. Reply
    William
    February 8, 2011 at 3:29 pm

    It might be possible but I’m betting that the seller of your mortgage discounted it to the buyer due to the points you paid. I doubt that they would be willing to sell it at a discount, I guess let you pay it off at a discount is the proper way of looking at it. Trashing your credit is the absolute wrong thing to do, it won’t help you, it’s a loan with a term and probably not callable so don’t do that. Since you ate the points and are paying what you are I think you should live with it.

  6. Reply
    Skip
    February 8, 2011 at 4:11 pm

    Normally if a document or a saying as you have put it is 1 point origination fee that has to be paid by the borrower.

    You should have your mortgage broker prepare a Good Faith Estimate (GFE) for you this document will reflect all cost that you are required to pay in connection with this loan. If any of the figures change he is required to make another GFE for you until the loan closes

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  7. Reply
    josephcodner
    February 8, 2011 at 4:57 pm

    origination is what your being charged,and discount is when they buy the rate down to get you a better rate. If you qualify for a 6% they can get you a discount by buying it down to a 5.75%. this would be better if your planning on staying in the house for a long time. and a gfe means nothing

  8. Reply
    Kevin H
    February 8, 2011 at 5:02 pm

    Your question has several elements so first I will give you the general rule of thumb. Points add to the closing costs, discounts subtract from the funded amount of the loan. Points are deductable and discounts are not btw. In the end they both add as a discount means less loan so more cash needed if doing a purchase. In refinance situations a discount is often covered by raising the loan amount to cover itself. So a 100K loan costing 1 point will be funded at 100K and closing costs will have the 1,000 dollars added to the rest of the fees. A 100K loan bought down by a discount point will fund at 99K and be amortized at 100K. Many lenders will just make the loan 101K and the cost is built in. A lender will not directly allow discount points for rate buydown to also be financed so the loan is often made higher with the cost hidden as a limited cash out request.

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