# Mortgage Question



## Ifish (Aug 22, 2008)

We are going to be moving soon and I am wondering about my next mortgage. I hear advertisements on the radio all the time claiming to have no closing costs and no fees, they pay for your appraisal, nothing wrapped into the loan, etc. Just wondering if these things actually exist or if they are too good to be true?

Any reply from anyone with any experience in this would be appreciated? If they do work, any recommendations on lenders?

Thanks!


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## GaryFish (Sep 7, 2007)

Yea,it can happen that way. I refinanced this past summer and ended up with no closing costs, appraisal fees, and none of it got wrapped up. Essentially what happens, is the lender pays the mortgage broker a cut on the loan. That is where they make their money. So in a REALLY competitive business, brokers have found that they can cut out all the "closing costs" and even write you a refund check for any fees you pay, and they will still make money on the loan. So yes, it does happen. I'll shoot you a PM with the name of the guy we used. He is in the Riverton/South Jordan area.


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## Longgun (Sep 7, 2007)

@ GF, could i get that same info from ya?


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## Huge29 (Sep 17, 2007)

I have never dealt with them as I am skeptical too. I know that they can't pay for your appraisal by law, but they can rebate it back to you at closing. Here is a great independent loan officer I highly recommend, Gary Banditson 561-2828. He got me a 15-year 2.75% with $4,500 of costs paid by lender about three months ago, rates have changed a lot since then. He is a customer of mine, I only do commercial loans, I have referred dozens of neighbors and relatives to him and all have raving reviews. Good luck! If I were you, I would get the good faith estimate from up to 5 different lenders and then you can compare them all and see which you like.


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## xxxxxxBirdDogger (Mar 7, 2008)

Travis Carter, First Option Mortgage in Midvale

*Phone: *801-285-9540
*Fax: *801-285-9541
*Toll Free: *866-581-9627
*Email: *[email protected]

Long story short...My wife lost her job, we were upside down in our house from buying during the peak of the housing bubble, and we were having a new baby...Travis got us refinanced in such a way that we completely skipped two months of payments and lowered our mortgage payment and interest rate. That was enough time for my wife to have a six weeks maternity leave and find a new job before we missed any payments on our house. Travis took care of us!


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