NECPA in NEBRASKA Posted November 30, 2020 Report Share Posted November 30, 2020 Has anyone dealt with Blue Brick Financial or had dealings with their mortgages? I am asking, because it seems too good to be true. Does anyone refinance a mortgage with no fees? My son just bought a home in September and is looking at refinancing. I am seeing good and some really bad reviews. I just don't want him to make a huge mistake when he has a huge mortgage and is so young. Thanks to anyone that may know something. 1 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted November 30, 2020 Report Share Posted November 30, 2020 The only way to find out is to compare the good faith estimate with the final HUD statement, also it would be a good idea to shop around, he might get a 2% plus closing fees vs 2.5% with no closing fees, .5% difference makes a huge differences. Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted November 30, 2020 Author Report Share Posted November 30, 2020 Thank you! Quote Link to comment Share on other sites More sharing options...
Lee B Posted November 30, 2020 Report Share Posted November 30, 2020 While I haven't seen any no fee offers, I have seen several very low fee offers i.e. $275 with a higher interest rate, no free lunch. Or it's teaser offer, where things change as you get closer to closing. Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted November 30, 2020 Author Report Share Posted November 30, 2020 Thank you. I've been checking reviews and I am going to try to get them to look around. Quote Link to comment Share on other sites More sharing options...
Lee B Posted November 30, 2020 Report Share Posted November 30, 2020 There a number BBB reviews to look at. Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted November 30, 2020 Author Report Share Posted November 30, 2020 I saw them. Thanks! Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted November 30, 2020 Report Share Posted November 30, 2020 I did a quick amortization calculation 2% vs 2.5% on a 30yr loan, for simplicity I used $100K as the principal amount: $33,063 of interest at 2%, $42,243 at 2.5%. If I were to add $3K to the 100K to finance the closing cost, financing $103K you would pay $993 more in interest totaling $34,056. 1 1 Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted November 30, 2020 Author Report Share Posted November 30, 2020 I appreciate the help. They are going to do more research. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.