Thread View: bnr.general
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Started by Mike Warner
Wed, 13 Oct 1993 15:02
What about Abbey Financial?
Author: Mike Warner
Date: Wed, 13 Oct 1993 15:02
Date: Wed, 13 Oct 1993 15:02
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In my local paper here in Raleigh N.C., an ad for mortgage refinancing recently appeared featuring no points and no closing costs. The company is Abbey Financial, originally from the Cambridge, Mass. area, founded about ten years ago. The deal looks pretty good. My question for the net is: Does anyone out there have any info on Abbey that I should know? Are they reputable? They've only been in my area a few months. Have they been in any trouble? Should I go with them? I talked with one of their loan officers - very professional and supris- ingly non-pushy. The numbers look very nice. The question is not about the numbers, but about the company itself. Please e-mail responses to me at mwarner@bnr.ca - Thanks! Related question: A year ago when we got the first mortgage on this house, the PMI situation was this - pay .88% up front, then .49% per year (divided into the 12 montly payments, of course) and put two months worth into the escrow account at closing. We only put about 6% down on the house. With this refinancing, we'll have 10% equity and this guy say there's NO up front charge, .43% per year and put three months worth into the escrow account at closing. Have PMI plans really changed so that there's no up-front charge? Or did I get ripped off last year? Or was that due to the fact I didn't have a 10% downpayment last year? Thanks again! Mike Warner, who likes the idea of getting $65/month for nothing.
Re: What about Abbey Financial?
Author: Christopher F Wroten
Date: Wed, 13 Oct 1993 17:16
Date: Wed, 13 Oct 1993 17:16
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In article <1993Oct13.150244.15970@brtph560.bnr.ca> mwarner@brtph587.bnr.ca (Mike Warner) writes: >In my local paper here in Raleigh N.C., an ad for mortgage refinancing >recently appeared featuring no points and no closing costs. The company >is Abbey Financial, originally from the Cambridge, Mass. area, founded >about ten years ago. > >The deal looks pretty good. My question for the net is: Does anyone >out there have any info on Abbey that I should know? Are they reputable? >They've only been in my area a few months. Have they been in any >trouble? Should I go with them? > >I talked with one of their loan officers - very professional and supris- >ingly non-pushy. The numbers look very nice. The question is not about >the numbers, but about the company itself. I used Abbey Financial (Cambridge, Ma.) this past April to do a refinance. They were fast, upfront, deliberate, factual, etc. It was a good experience. I went from a 15 year fixed @ 9.875 to a 10 year no-points, no-closing-costs fixed @ 7.5. It worked just fine. I didn't pay a dime, except for a postage stamp here and there. There was an upfront $350 application fee which was refunded at the closing. Abbey sells its mortgages to the secondary market and they make SURE you understand that from the start. My mortgage was sold to the same company which was servicing my old mortage, so I experienced no changes in my monthly payment schedule, except for the lower payment! In all honesty (and this is what I told them...), their ad in the Sunday newspaper Real Estate section was what attracted me the most. Very clear, easy to understand, larger than most. My thinking was "Well, if they are willing to spend the time, effort and $$$ to come up with a superior ad, I want to check them out." Not necessarily the best way to shop for a mortgage, but it worked for me. I'd recommend them without reservation. -- +----------------------------------------------------------------------------+ | Christopher F. Wroten, cfw@epoch.com, cfw@world.std.com, 508-836-4711 x339 | | Epoch Systems Inc, 8 Technology Drive, Westboro, Mass. 01581-1751 | +----------------------------------------------------------------------------+
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