Ask your HomeStart loan officer about our home consolidation loan and start saving money today. I've been told that the lender will pay all third party fees on my cashout. Is that true. YES and NO. First off, in Texas, this is true only for subprime cash-out deals. Secondly, although eastwest personal loan lender is technically paying for all third party fees (title, insurance, reserves, attorney fees, etc) the lender is typically charging your loan 2 discount points (2) to buy down the rate and pay all third party vendors.
This is called a third party buy-out fee. Sometimes this works in your favor. In a situation in which third-party fees are greater than the discount points charged to your account this would make sense. However, the difference is sometimes nominal.
79 Loan amount: 3,000 to 100,000. Loan terms: One to five years; can go up to 10 years. Minimum credit score: Not provided, but generally 680 or higher. Time to funding: Typically same day. Fees: No origination fee for unsecured loan; 75 for secured loan; 39 late fee and returned payment fee. Credit unions.
My LO asked for a statement as to how important this land is to me. I think she asked that of me to ease the concern that I'd cash out with this loan and then try to sell the land sometime in the future. Why would selling the land at a later date and paying off the loan early ,be a bad thing for them. I tend to believe she asked you that because you could take the money and then let the bank have the land back in forclosure.
Not suggesting you would in any way. It's just that this whole housing and land fiasco over eastwest personal loan last couple of years, left alot of banks with uncompleted houses and building lots from builders and contractors that the banks are having to complete and or sell. Talking to some LO's with some local banks 1000 credit line cash advance the area.
Their eastwest personal loan talk about local builder's walking in and literally throwing the keys to 3 or 4 and even 6 uncompleted houses on there desk and leaving (future building lots as well).