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Bank pushing Loan Products on my wife

I was pre-approved Monday last week for $869,500. Buying in Key Biscayne, FL. My loan officer is trying to push a 15-year fixed down our throats! I am using this for second home so I am planning to keep this in the family for ever basically. He said that if I add up all of the the payments for a 30-year mortgage vs all of the payments for a 15-year mortgage, in the 15-year mortgage I will end up paying way less interest. A bank wanting to help me and lose money??? I feel like something is not right. Any suggestions? by dgatwood984 from Rapid City, South Dakota. Feb 5th 2019 Reply


Not right. I have 30 year fixed Jumbo loans,Call me 605-359-1775.Thanks

Feb 5th 2019
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,618 contributions

First, he shouldn't be pushing anything at you.. His job is to give you options.. It is definitely more prudent to do a 15 year vs. a 30 year.. the savings are massive.. but the difference in the rate might be .25% to.50%.. If you do a 30 year mortgage, but pay extra as if you had a 15 year mortgage, then your payoff would still be close to the 15 year mark, difference being is that you are not obligated to make the 15 year higher payment.. As far as the bank losing money.. Nope.. their revenue is made when they originate the loan.. then the loan is sold off, and the investors who purchased the loan profit from the interest made.. Beside maybe the loan officer being a bit too aggressive in pushing you to one product or another, I would say he is doing you right by giving you the option. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Feb 6th 2019
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#135 ranked lender in Florida - 787 contributions

Hi, Just seeing this and I have can help you. I have done many loans over the last 19 years in Florida and especially the Keys, I will give you the best loan to meet your goals and we can close in 10 days if needed. Call me Ralph Guertin at 954-274-7725 or email at ralph.guertin@myccmortgage.com

Feb 6th 2019
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Bill Cook (loanpro)
#664 ranked lender in California - 48 contributions

actually, that's a good loan officer pushing that because it is probably in your best interests and you probably easily qualify. With rents going up in So, Florida when you're away (in the summer months), it might pay for the 15-year fixed mortgage payment too

Feb 18th 2019
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