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My wife and I are building house and if we go with the builder's mortgage company we get 3 points (3% of the loan amount) as a bonus reward to use to either buy down the rate or pay towards closing. Here are some figures from the GFE I received from the mortgage company. This is for a 30 yr fixed conventional w/ 5% down and a upfront payment of PMI. My credit score is between 700-720. The total loan amount is $192,660;Total Estimate charges: $9,766 (includes PMI upfront fee of $3,949 and ALL other fees in regards to ins. premium, taxes, closing fees, etc)Paid by Lender: $5,779Paid by borrower: $3,987Cash required at closing: $9,127 (includes 5% down payment + closing costs)Interest Rate: 4.99%Monthly payment: 1,034 (principal) + 56 (Haz. Ins.) + 169 (Real Estate Tax) = $1,259.21I just would like to know from some other mortgage professionals if this is a good deal or not.Thanks!
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That looks good for a construction to permanent loan.
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