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1st and 2nd combine question

Profile picture for Hydrasport201
Hi, I am in the process of joining my first (169,000) - arm 5/1 @4 7/8 and 2nd (63,000) - 7%. Value - 250,000-265,000. Waiting on appraisel. Credit 649. Certainly my choices are limited to FHA, and i have begun that. The question is why there is so much disparity between the points? Secondly - certainly the peace of mind of a fixed at 5% is my main objective, but aside from that - considering the PMI plus all the closing costs (about 12K total) makes this decision really difficult to determine if it is the right thing to do. I know everyone has their own opinion on my action - and that is what I want - different opinions so that I can understand the decision  am making from people with much more experience. Don't flame each other... there is enough of that on here. I enjoy everyones input, Lender,Broker,, Agents....

Thanks guys! 
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March 29 2009 - US
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Answers (3)

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who is a good FHA lender in florida?
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March 31 2009
Profile picture for DebtFreeDave
12k in fees, that seems to be out of the park.

Mortgage Closing Costs Explained
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March 30 2009
Profile picture for New Start Home Loans
To be honest with you its all about whatever lender the loan officer sends the loan to..  On FHA, you'll have the upfront MIP and the cost to set up your escrow account. THe other fee's that are charged will be tied to your broker and the lender they send the loan to. Also, 3rd party Title and escrow costs. Based on the loan amount, 12k in fee's is on the high side..

You might want to see what else is out there. Put a quote on Zillow...
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March 30 2009
 

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