Can I avoid origination when securing a mortgage?
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joshia
Apprentice
Joined: 28 Jun 2006
Posts: 4
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 Posted: 06/10/08 - 10:23 Post subject: |
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| Hi there people. My name is David and I would like to ask you something about mortgages. My wife and I are looking for the right mortgage offer. We are not very thrilled with the origination. I would like to know this: can I avoid origination when securing a mortgage? Thank you for the posts. |
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francisco
Apprentice
Joined: 27 Oct 2006
Posts: 3
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| Posted: 07/10/08 - 00:46 Post subject: |
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| Hello David. As you probably know, origination is when you use part or all of your property as a security for the mortgage. Unfortunately, you cannot avoid origination. Mortgage providers must have some guarantee that you will pay back your loan and origination is the best way because people are not willing to give up their property easily. I am not sure, but I think that interest rate is also connected with origination. If the guarantee is more reliable, risk for the lender is lower and so is interest rate. So, it is better to have an origination because it can decrease your interest rate. Basically, that’s it. I hope that your wife and you will find the right mortgage deal. Bye! |
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