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Wisconsin

HARP 2. Underwater Refinance Program changes announced

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FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers

Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants.

“We know that there are many homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach,” said FHFA Acting Director Edward J. DeMarco. “Building on the industry’s experience with HARP over the last two years, we have identified several changes that will make the program accessible to more borrowers with mortgages owned or guaranteed by the Enterprises.

Our goal in pursuing these changes is to create refinancing opportunities for these borrowers, while reducing risk for Fannie Mae and Freddie Mac and bringing a measure of stability to housing markets.” Fannie Mae and Freddie Mac have helped approximately 9 million families refinance into a lower cost or more sustainable mortgage product, approximately 10 percent of those via HARP.

HARP is unique in that it is the only refinance program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits. This program will continue to be available to borrowers with loans sold to the Enterprises on or before May 31, 2009 with current loan-t0-value (LTV) ratios above 80 percent.

The new program enhancements address several other key aspects of HARP including:

  1. Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
  2. Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
  3. Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac;
  4. Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises; and
  5. Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009.

An important element of these changes is the encouragement, through elimination of certain risk-based fees, for borrowers to utilize HARP to refinance into shorter-term mortgages. Borrowers who owe more on their house than the house is worth will be able to reduce the balance owed much faster if they take advantage of today’s low interest rates by shortening the term of their mortgage.

The Enterprises plan to issue guidance with operational details about the HARP changes to mortgage lenders and servicers by November 15.  Since industry participation in HARP is not mandatory, implementation schedules will vary as individual lenders, mortgage insurers and other market participants modify their processes.

Borrower Eligibility

In general, borrowers must meet the following criteria:

  1. The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  2. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  3. The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  4. The current loan-to-value (LTV) ratio must be greater than 80%.
  5. The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.

Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:

FANNIE MAE LOOKUP or calling 800-7FANNIE (8 am to 8 pm ET)

FREDDIE MAC LOOKUP or 800-FREDDIE (8 am to 8 pm ET)

What came first, falling home prices or a slumping market?

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What came first, falling home prices or a slumping market?

Chicken or the Egg?

St Paul, MN: While pundits galore will claim many different views, the answer is rather simple in economic terms. After years and years of record home price increases, the market simply couldn’t support the increases anymore. Buyers could no longer afford the prices. House prices started falling first simply because no one was willing to pay the price anymore.

Most loan programs like to see debt ratios no higher than around 40% of income. FHA for example is 43%.  Simple economics apply here. If the average wage in Minnesota is $784 per week ($40,784 per year), assuming no other debt (not likely), 5% down, PMI, taxes and insurance, this person could buy around a $180,000 home. Start throwing in debt, car loans, credit cards, etc., and the maximum home price starts sinking as fast as a rock in water.

As home prices increased, buyers started switching to high risk, short-term loan products to make homes more affordable. As we can see by today’s market, that was a short sighted plan that didn’t work out well for many.

Therefore there really is only one way to get demand up and people to start buying again. Affordable home prices. Simple supply and demand economics. Too much supply because of too little demand forces prices to drop. As unsold inventory clears, higher prices will return (but fewer sales).

Starting around 2000, the normal supply and demand cycle was dramatically upset as people threw caution to the wind and kept demand artificially high. Everyone wanted in, and they were willing to pay whatever price was asked. Everyone figured you could make a killing in the housing market. This was especially evident in the investment property market.

A killing has occurred. Just not the one most people expected as the house of glass broke in 2007.

So what do we do now?

BUY A HOME! Housing affordability has returned for most people, interest rates are near historic lows and there are deals to be had everywhere. First time home buyers should be running in masses to buy a home!

Home lost value? Yes you can refinance

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(edited: New rules took effect 10/24/2011 – Click here to view new rules)

HARP – Special Affordable Refinance Program

Has your home LOST VALUE?

THIS IS YOUR BAILOUT!

The funds the Obama Administration has made available for this program come from YOUR tax dollars. Take advantage of this program while it is still available!

Do you have a Fannie Mae or Freddie Mac loan and cannot refinance due to declining property values or a loss of income?

Would you like to reduce the cost of your monthly mortgage payments or move into a stable fixed rate mortgage? We may be able to assist through the Homeowner Affordability and Stability Plan.

A special HARP Affordable Program, which is designed to help up to 9 million American families refinance their loans to a payment that is affordable now, and into the future.

One of the initiatives in this program is aimed at helping responsible homeowners “refinance” their loans to take advantage of historically low interest rates.

Here are some common Questions and Answers about the Refinancing Initiative in the program.

Who is eligible?
You may be eligible, and we can assist you if:

  • You own and currently occupy a one- to four-unit home.
  • Your mortgage is owned or controlled by Fannie Mae or Freddie Mac.
  • You are current on your mortgage payments.
  • The amount you owe on your first mortgage is about the same or slightly less than the current value of your house.
  • Your first mortgage is 105% or less
  • And, you have a stable income sufficient to support the new mortgage payments.

How do I know if my loan is owned or controlled by Fannie Mae or Freddie Mac?
Simply call or email me. I’ll help you determine if your mortgage is backed by Fannie Mae or Freddie Mac.

If I am delinquent on my mortgage, do I still qualify for the Refinance Initiative?
No. But the good news is, you may qualify for the Modification Initiative. Contact the company you currently make payment at to discuss your situation and review your options.

I have both a first and a second mortgage. Do I still qualify to refinance under Making Home Affordable?
Maybe. As long as the amount due on the first mortgage is less than 125% of the value of the property, borrowers with more than one mortgage may be eligible for the Refinance Initiative.

Will refinancing lower my payments?
That depends. If your interest rate is much higher than the current market rate, you would likely see an immediate reduction in your payment amount.

However, lowering your monthly payments isn’t the only criteria to think about. If you have an adjustable mortgage (ARM) or are paying interest only on your mortgage, you may not see your payment go down. BUT… you will be able to avoid future mortgage payment increases and may save a great deal over the life of the loan.

What are the terms of the refinance and what will the interest rate be?
All loans refinanced under the plan will have a 30- or 15- year term with a fixed interest rate. The interest rate will be based on market rates at the time of the refinance. Currently, interest rates are at historical lows, which makes this a good time to examine your refinancing options.

Will refinancing reduce the amount that I owe on my loan?
No. Refinancing will not reduce the principal amount you owe. However, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

Can I get cash out to pay other debts?
No. Only transaction costs, such as the cost of an appraisal or title report may be included in the refinanced amount.

How do I apply for the Special HARP Refinance Initiative in MN or WI?
Call 651-70-LOAN1 (651-705-6261) or E-mail us today to discuss your specific situation and to examine your options. If this plan is right for you, we can begin working on your refinance immediately. You can help us help you by filling out out ONLINE APPLICATION. Remember, we lend in MN and WI only.

As part of the discussion, we may need to look at the following information:

  • Recent pay stubs to help determine your gross (before tax) household income.
  • Your most recent income tax return.
  • Information about any second mortgage on your house.
  • Account balances and minimum monthly payments due on all of your credit cards.
  • Account balances and monthly payments on all other debts, such as student loans and car loans.

As always, if you have any questions or would like to discuss how this may specifically impact you, I’d be happy to sit down with you. Just call or E-Mail me to set up an appointment.

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.

Do I qualify for an Affordable Refinance? Answer these questions:

  • Is your home your primary residence?
  • Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:
  • Are you current on your mortgage payments?
    • “Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.
  • Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?

Average closing costs by state

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I’m not a big fan of this chart, but it shows the "average" closing costs by
state, and where each state ranks. My issue with the chart comes from multiple
front…  Regardless… take a peek.


Mortgage Market Guide – Closing Costs by State.

The map and table are based on data from Bankrate. They rank the states from
most expensive closing costs to least expensive*. Bankrate surveyed one city in
49 states, two cities in California — Los Angeles and San Francisco — and the
District of Columbia.

 

Modified Mortgages Ineligible for Refinancing

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Previously Modified Mortgages Under Attack and maybe Ineligible for Refinancing

St Paul, MN: For many reasons, a lot of home owners have attempted and succeeded in getting their current home mortgage loan modified. Modifications come in many forms, including reduced interest rates, both short and long-term, principal forgiveness, etc.

Modifications, and short-sales, terms never heard of just four years ago, are now commonplace. Lenders have struggled on how to deal with this phenomena in terms of underwriting guidelines for future credit. Short-sales for example, are generally treated by lenders as a foreclosure. While there are some exceptions, those doing short-sales generally have no benefit credit-wise over a true foreclosure.

Now lenders are starting to deal with modified mortgages, and the determination isn’t good for the consumer. While it is still the beginning of a new credit requirement, lenders are starting to refuse to refinance any customer who currently has a modified loan. Research with lenders shows significantly more restrictive guidelines for refinancing mortgages that were previously modified for the purposes of assisting the borrower (defined as “restructured loans” by Fannie Mae and other investors).

Simply put, if you have a “modified” mortgage loan, expect that you may not be eligible to get refinanced in the future!

(Definition: A restructured loan is one in which the terms of the original transaction have been changed, resulting in absolute forgiveness of debt or a restructure of debt through either a modification of the original loan or origination of a new loan that results in one or all of the below:

  • Forgiveness of a portion of principal and/or interest on either the first or the second mortgage.
    Application of a principal curtailment by or on behalf of the investor to simulate principal forgiveness.
  • Conversion of any portion of the original mortgage debt to a “soft” subordinate mortgage.
  • Conversion of any portion of the original mortgage debt from secured to unsecured.

Are you a pop tart agent?

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Are you a pop tart Real Estate Agent? Do you instantly jump when a new buyer calls? Stop wasting your time, set proper expectations. Is your buyer really pre-approved for a home mortgage loan? Learn more with Joe Metzler and Dave Harvey of Cambria Mortgage, and the MN Real Estate Daily Show.

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Refinancing? Common mistakes to avoid

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Mortgage Interest Rates are near historic lows. You want to refinance?
Common mistakes, and what NOT To Do

There are a lot of things “not to do”. I will point out only the 3 most common mistakes I see people make.

  1. Setting an unrealistic goal. I always get inquiries from people who say something like, “I have a 30 year fixed rate loan at 5.875% and I will refinance ONLY when rates get to 4.0% with no closing costs”. Sometimes I call people back and say, “Why 4%? why not 3% or 2%? They say, “Well rates are not going to go that low”. Right and they are unlikely to go to 4% with no closing costs also (“no closing cost” loans typically cost anywhere from 1/2% to .75% higher than the going interest rate) You should first succumb to the fact that once you can lower your rate with no out of pocket expense, you should probably refinance. Don’t draw unrealistic interest rate lines in the sand. They get blown away too easily.
  2. The “Once rates start dropping, they are going to continue to drop and I’m smart and I am going to lock when rates hit the bottom of the market” syndrome. It is very hard to guess the interest-rate cycle, and pretty hard to catch the bottom. Remember that rates can rise fairly quickly.
  3. “If the rate goes down just another 1/8th percent, then I’ll lock” This one just kills me! I see people lose all the time over this theory. If your current rate is 5.875% and today’s rate is 4.875%. LOCK & CLOSE! Most people have what I call “interest rate block”. They get a rate stuck in their head, and that is the rate they want, no matter what. Most people fail to realize (and most loan officers fail to show them), that the difference on the average loan over 1/8th a percent is usually less than $15 per month. If you can save $150 per month on your loan at today’s rate, why gamble? Why hold out for another $15 when the odds are against you?

Don’t get piggy. Work with us. Set a goal and lock when it gets there. Are we going to hit the bottom? Probably not. Are we going to save you money? Yes. If you can save money with no out of pocket costs, than you have nothing to lose. If you want to gamble go to Las Vegas. It’s a heck of a lot more fun. Apply Now

Extra Tricks to Save Money When Refinancing

The purpose of most refinance loans is simply to save money. The goal is to minimize your expense over the life of the loan or to minimize your monthly payment in the near future.

If you can swing it, don’t roll every cost of refinancing into your new loan. Most people escrow for taxes and insurance. If you do, your current lender must give you escrow refund within 30 days of paying off their loan. Your new lender, be it us or someone else, must take the equivalent amount of money (or more) at closing to start the new escrow account.

Remember that you always get to skip a month of payments. If you close June 5th, your first new payment is August 1st.

Knowing this, paying some of your closing costs out-of-pocket will save you even more money in the long run. Why roll in $4000 in closing costs, when you really only need to roll in $2000 ($1000 escrow refund + $1000 missed payment = $2000). Paying that $2000 over 30 years doesn’t make sense if you don’t have too.

On the other hand, some people love the fact that they didn’t pay anything out of pocket to refinance, got a nice escrow refund check, then got to miss a mortgage payment. They use the ‘extra’ money to pay bills, go on vacation, etc.

Picking a Lender & Closing Costs

Shopping for a home loan is confusing. No matter what we’re looking for — from cars to refrigerators’ — there’s a built-in element of confusion. Why? Lack of knowledge. An unfortunate rule of thumb is that the less we know about something we need to buy, the more we can expect to pay for it.

Shopping for a mortgage in Minneapolis, St Paul, Duluth, Rochester, Madison, Milwaukee, and throughout all of Minnesota and Wisconsin is complex at best — even for the savvy previous home owner. Daily rate changes, time-sensitive lock-in periods, points, lender’s fees… plus the emotional element of probably the largest financial deal any of us will ever make. Throw in to this already murky stew the ingredients of tricky internet mortgage rate advertising, commissions for every officer, agent and broker who ‘helps’ in your transaction, and the obscure differences between ‘rates’ and ‘fees.’ It’s no mystery that many buyers settle for a home loan that exceeds their monetary means out of sheer exasperation!

Please review our information on closing costs and “BAD Good Faith Estimates“. There is currently a large number of fly-by-night lenders doing some incredibly misleading rate & closing cost advertising. Remember, if it sounds too good, it probably is! Also check out my article “Best Rate or Lowest Cost” for more loan comparison information.

The Bottom Line
Remember, the first rule is that there are no rules. You should refinance if it makes sense for you. Every person & situation is different. What makes sense for one family, may not make sense for you. Call me today to discuss your wants, needs, and goals. Together we’ll determine if refinancing makes sense for YOU.

Click here for more information on the actual loan process.
Click here for 10 Tips to a Smooth Closing
Click here for 10 Mistakes to Avoid

Zero Down Home Loans Are Back

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Zero down payment home loans are back. Actually, some of them never went away. VA and USDA Rural Development are two very popular home loan options. Learn more by watching this ROYAL performance… CG LIVE from London!

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Tough Real Estate Market? What are buyers and sellers supposed to do?

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The real estate market today is one of the toughest in recent history. A large number of foreclosed homes on the market is marking it tough on the traditional home seller. While every market is different, most areas have seen a significant drop in value.

The mortgage industry has tighten lending, with a virtual elimination of all non-traditional financing and “creative” zero down type options (although VA and USDA are still around and great zero down options). Most programs today require 3.5% to 5% down MINIMUM and good credit. Gone are the days of easy lending.

Washington has tried “fixing” mortgage lending, but has essentially failed with bad programs like FHA Secure, Help For Home Owners, HARP, and HAMP. They’ve made industry changes that have cost home buyers more money, like HVCC, and LO Compensation. They’ve created more confusion with the new three page Good Faith Estimate, and the whopper of them all… Only requiring half of the Loan Officers to have a license!

Traditional sellers have the upper hand and an easier time in most cases in the “condition of the property” category versus a foreclosure, but it is still very tough when the banks are liquidating foreclosed properties, and the prices they are giving some of them away at.

So, what is a seller and buyer to do? How does a seller sell and a buyer buy in today’s market?

First, understand that because of the large volume of foreclosed properties, it is a great time to be a buyer, whether you are a move-up buyer or a first-time buyer.

For sellers, now is not the time to try and sell your own property. You need the help of a FULL-TIME, experienced Realtor to help guide you through the process. Buyers need the same help to guide them through the maze of properties, both traditional and bank-owned. Having a good agent is extremely important. Take some time to interview your Realtor. How long have they been in business? How many sales have they completed? How many buyers have they helped? Can you get references? Don’t just pick your agent from an open house, or use your sisters best friend who got her license last month.

For move-up buyers, you may have to give in to a lower than you like selling price, but you should reap a nice reward on any new home you buy. This is especially true if you are moving from the low $200k to the mid $300k range, as homes that were selling in the $400k range are now in the $350k. Therefore, even if you have to give up a little on your current sale price, you should more than make up for it on the buy side. Remember, a house priced right, and realistic, will sell even in today’s market right away. Furthermore, with today’s standard fixed rates hovering around 5%, you can still lock in historically great rates!

For first-time buyers, it is a great time to find aggressively priced homes, whether it is a bank-owned foreclosure, or a motivated traditional seller. Not all buyers are ready, or want to tackle “AS IS” foreclosures, so be sure to be honest with yourself about what you are doing to avoid a potential disaster down the road.

Today’s prices are again extremely affordable in the first-time buyer starter home category. Even though most zero down programs are no longer available, with proper negotiation, you can get the seller to pay most, if not all of your closing costs.

This means you can buy a $150k home for just $5250 out-of-pocket. With programs like FHA, the entire down payment can be a gift from family members, or community assistance programs. That is how it was always done prior to about 1999… and somehow people bought houses then, so don’t sit back waiting. NOW is the time to buy!

Finally, one of the first things you should do is get pre-approved with a quality lender who will discuss with you your qualifying ability and program options in today’s market. Someone who has the knowledge, expertise, and full range of programs (like FHA) to bring you to a successful no surprises closing. This is never the guy on the internet posting the lowest rate, or the unlicensed bank representative at the 1-800 number bank call center.

A word of caution. If you are shopping for a lender based on rate, be prepared to get screwed. Be sure to read these informative articles for more information: “Rate Shopping – How to do it right“, and “Lender Shopping – How to do it right“.

No matter what your real estate needs are, buying or selling, with the proper guidance of full-time professional Realtor and Loan Officer, you should be able to have your dreams come true.

Fannie Mae HomePath offers 3.5% in closing costs (temporarily)

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Fannie Mae temporarily offers 3.5% in closing cost incentive to home buyers purchasing a Fannie Mae HomePath eligible foreclosed home.

But wait,  beware of the small print… this is a limited time special incentive offer…. Watch to learn more

Cambria Mortgage is a HomePath Lender in the Minneapolis and St Paul area, and for all of Minnesota and Wisconsin.

Search for HomePath Homes in MN and WI

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Fed Rule on Compensation – The insanity explained

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CONSUMERS: The Federal Reserve just made loans more expensive…

The Federal Reserve Bank (which is NOT a government agency, but a PRIVATE BANK) was able to convince the Courts to allow their asinine sweeping new lender rules to take effect (April 5th) while the case winds it’s way through the court system. Below is simple video from TBWS Daily which puts the rule into perspective.

Buying bananas, or buying a home… Consumers don’t care what the seller makes, they just care that they shopped, and got the best possible deal in the market. But take away competition (can your hear me Washington?), and everyone suffers.  In July, the Dodd/Frank Financial Reform law will come into play making mortgages even more expensive and costly to consumers with even less options, except going to the overpriced banks!


What are your thoughts?

No Closing Cost Mortgage Refinance? Good or Bad?

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No Closing Cost Mortgage Refinance? BUYER BEWARE?
Good or Bad Idea? YOU DECIDE after reading thisJoe Metzler, MMS - (651) 552-3681…

St Paul, MN: Mortgage interest rates are currently at historic lows. Your mailbox and the airwaves have become full with mortgage companies competing for your business. Many of these advertisements are for “No Cost” or “No Lender Fee” loans.

Are No Cost Loans a Deal? For most people, usually not.

One of the most confusing areas for consumers in a mortgage loan transaction are closing costs. Here I’ll explain the advantages and disadvantages of the highly advertised “no closing cost” or “low cost “loans.

First and foremost, there is no such thing as a NO Closing Cost Loan! Everyone knows there are costs associated with getting a mortgage loan; appraisal, credit reports, state taxes, county recording fees, title companies fees, lender fees, escrows, and more. Someone has to pay these fees, and it is always YOU. How you pay them is what this article tries to explain.

Homeowners in Minneapolis, St Paul, Madison, Milwaukee, and throughout all of Minnesota and Wisconsin need to understand that in a no lender fee or no closing cost mortgage loan, the lender simply uses “negative” points to offset your costs. In the example below, by having the 5.00% rate (versus the 4.5% rate), you can reduce (or offset through interest rate) $5,000 of closing costs. By choosing this option, it appear as if you saved thousands in closing costs. GREAT! But while lower costs always sounds good, you now have a significantly higher interest rate! OK, now what?

No matter what anyone says, a zero cost, or no lender fee loan is NOT automatically a great deal. Although it may sound so much better than adding thousands in closing fees to your principal balance, you have to analyze each individual loan and client situation to determine the benefits. Many lenders speak highly of the “thousands of dollars” you save in fees. They never discuss the fact that you may spend significantly more in interest over the full life of the loan than you ever saved in up-front closing costs! In the example below, you can pay $12,578 MORE for your no cost loan!

FACT: In a refinance loan, the vast majority of people roll the closing costs into the new loan.

View the following chart, then call us. We’ll run your personal numbers. Then you can decide if a no closing cost home loan is right or wrong for you.

Deal or No Deal? Most Common /
NORMAL		 OK short-term
BAD long-term
Most CommonLow Cost Option		 OK short-term
Very BAD long-term
Loan Amount $205,000 $203,000 $200,000
Interest Rate 4.50% 4.75% 5.00%
Principal & Interest Payment $1,038 (+$20) $1,058 (+ $45) $1,073 (+$60)
Closing Costs On Estimate $5,000 $3,000 $0
Out of Pocket Closing Cost Paid $0 – all rolled in loan $0. $2k in rate, $3k in loan $0. $5k in rate
Interest Paid over 5 years $48,192 $50,271 $52,054
Interest Paid over 15 years $121,743 $127,744 $133,002
Interest Paid over 30 years $172,932 ($373,935) $182,215 $190,491 ($386,513)

OK, so you are looking at the math, and maybe say “this isn’t so bad”, especially if you are in the home under 5-years.

But wait, here is a giant “Gotcha”

ANY LENDER who sells the no cost mortgage simultaneously sells a client into becoming a “serial refinancer,” which is not looking out for the client. They are “churning” the client and raking in fees year after year by fooling you into refinancing constantly at “no cost”, but always moving you BACKWARDS into a new 30-year loan. How many times have YOU gone backwards?

Factor in the monthly payments on all those additional “backward years” on all those “no cost” refinances, and that “biggest no brainer in history” no closing cost loan has actually cost you dearly.

Churning of home owner mortgages is illegal in most states

I hope this article has helped you to understand the varied measures used to determine the advantages and disadvantages of zero cost loans. Each borrower is different, and the evaluations must be made on a case-by-case basis. As you can see, there are many factors to consider when looking at the available options. With us as your personal Mortgage Consultants, we will be able to answer all of your questions, outline the costs and benefits, and even give you a few new ones to consider!

While everyone’s individual financial situation varies, let us show you the math so you make the correct choice. Of course, if a zero cost loan makes sense for your case, we will be happy to do one for you.