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Sally W. Hamby
"Making the connection"
- 16 Helpful Answers
- 81 Answers
- 3 Blog posts
Locations:
Profile Link:
Experience:
Sr Mortgage Originator for Pine State Mortgage
January 1971—present
As a loan originator, I council with the potential borrower to find the right loan product…
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As a loan originator, I council with the potential borrower to find the right loan product…
Specialties:
All types of FHA loans including 203k streamline
VA loans ... show more
VA loans ... show more
Certifications
& Awards:
& Awards:
Licensed in Tennessee and Florida. Company is licensed in the other states I cover.
Past president of the Georgia Association of Mortgage Brokers ... show more
Past president of the Georgia Association of Mortgage Brokers ... show more
Interests:
Family, reading and gardening. I love the Gulf coast beach. I love Jack Bauer
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About:
I have been a mortgage lender for more than 25 years covering most of the Southeast for purchases and refinances. I am a member of THE SALLY TEAM at Pine
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Sally W. Hamby answered:
Kayava,
A discount point is 1% of the loan amount paid by the buyer or the seller at the closing to lower the interest rate from its base rate. It is not profit to the lender. It is the cost of money. Most loans do not require any discount points for the base rate offer on a specific day by the lender. To go below that rate, a point or a portion of a point is charged. It is usually a little less than 1% in discount point to go down 1/8% in interest rate. The cost spread is established by the bond market.
Origination fee is typically 1% of the loan amount . This is the fee paid to the lender for doing the loan for you.
Rates can and do change all day every day.
Sally W.Hamby
The Sally Team
Gerogia-Atlanta
404 644 7696
A discount point is 1% of the loan amount paid by the buyer or the seller at the closing to lower the interest rate from its base rate. It is not profit to the lender. It is the cost of money. Most loans do not require any discount points for the base rate offer on a specific day by the lender. To go below that rate, a point or a portion of a point is charged. It is usually a little less than 1% in discount point to go down 1/8% in interest rate. The cost spread is established by the bond market.
Origination fee is typically 1% of the loan amount . This is the fee paid to the lender for doing the loan for you.
Rates can and do change all day every day.
Sally W.Hamby
The Sally Team
Gerogia-Atlanta
404 644 7696
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