Refinancing-Mortgage Miles
Mar 25, 2003 | 12:33 pm
#16
Join Date: Mar 2003
Location: SJC
Posts: 132
There is no free lunch.
You will discover there is a difference in cost [either loan origination or other "garbage" fees or note interest rate] depending upon whether/not you demand FF miles and that cost will not be worth the miles. Make sure you ask for ALL the costs one way or the other before you commit.
Also the identity of the lender is immaterial because in today's mortgage market essentially NO ONE is a lender. All the lender does is originate the loan, package it together with other originations, and then sells the package to FNMA or GNMA retaining nothing more than the loan servicing which many times itself is sold off to someone else.
Good luck!
You will discover there is a difference in cost [either loan origination or other "garbage" fees or note interest rate] depending upon whether/not you demand FF miles and that cost will not be worth the miles. Make sure you ask for ALL the costs one way or the other before you commit.
Also the identity of the lender is immaterial because in today's mortgage market essentially NO ONE is a lender. All the lender does is originate the loan, package it together with other originations, and then sells the package to FNMA or GNMA retaining nothing more than the loan servicing which many times itself is sold off to someone else.
Good luck!
Mar 25, 2003 | 4:06 pm
#17
Join Date: Feb 2003
Location: Los Angeles, CA
Programs: Hyatt LT Globalist, Marriott LT Titanium, AA Plat Pro/LT Plat
Posts: 1,205
owl,
I searched for the lowest combination of rates & closing costs through bankrate.com and by calling various lenders. I found that calling sometimes produced slightly better terms than what was published by the lender online. I wanted Amex MR points so I then emailed the best offer I received to PHH Mortgage for them to match. I'm still in the early stages so can't fully comment on their service but so far it's been fine.
I searched for the lowest combination of rates & closing costs through bankrate.com and by calling various lenders. I found that calling sometimes produced slightly better terms than what was published by the lender online. I wanted Amex MR points so I then emailed the best offer I received to PHH Mortgage for them to match. I'm still in the early stages so can't fully comment on their service but so far it's been fine.