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URL:  https://boards.fool.com/hi-ip-it-took-him-all-of-15-minutes-to-find-the-30806679.aspx

Subject:  Re: Finally refinanced Date:  8/1/2013  10:41 PM
Author:  Dwdonhoff Number:  125911 of 129273

Hi IP,

It took him all of 15 minutes to find the no down payment 5% 30 year FRM with zero points and 6% cash back, (vs the 80/20 ARM at 7.5/11.75% and 3 points,)

I get the gist of the story... but, in all market realities, there has *never* been a single 100% loan, on a 30 FRM chassis, at 5%, paying a 6% rebate (let alone the 'cash back' comment, which I trust was just a mistatement from someone unfamiliar with purchase mortgage financing.)

In fact, I'd venture to say during the period when it was even possible to get a single-loan at 100%, on a 30 FRM... interest rates on those loans *INCLUDING* down payments were never as low as 5% (though that's a calculated guess... if the era of 0% down loans *and* 5% loans comingled, they were never available on the same deal.)

Dave Donhoff
Leverage Planner
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