Originally Posted by yyyccclll

Thanks for sharing your experience.

Questions:
1. "...no point, no fee ..." Do you mean no closing cost at all?

Yes - No closing cost at all. They absorb the appraisal, title fees etc.

2. If you have first mortgage going on, are you able to do so?

Yes if you have equity in the house. They will loan to 85% of the appraised value so if you have a $200K house they will loan to $170K less the first mortgage.

3. Is there any prepayment penalty since you pay off right away?

There is no prepayment penalty.

4. Is there any early closing account penalty?

No

5. How long does it take for the whole process, on-line only without live person contact?

I did the application with a live person. I don't think they have an on-line application. I also wanted to ask the questions that you asked in #1-4 above. They application took 15 minutes and they fed ex the application and I had to supply copies of my tax returns (2 years), proof of insurance, and copy of my existing loan.

6. How soon will the miles be posted in you acct?