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Am I getting hosed?

I got quoted a 170,000 loan with a 3.5 % interest rate. I have a 712 Fico score and my wife has a 720. We are using a VA Loan with funding fee waived. Our annual salary is 45,000 with no debt. Am I getting a bad deal? Any advice would be appreciated.
  • May 07 2013 - Sinking Spring
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Answers (10)

That seems like a fair interest rate to me.  Keep in mind that rates change daily so you can always keep checking.   I have a fabulous lender that I would gladly refer you to.  Let me know if you have more questions.

  • May 08 2013
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If that is the case then your rate is too high.  The reason you would take the lender credit over the seller's concession is that without the seller's concession you could conceivably lower the price of the home.  Also depending on your property taxes a 4% concession may not cover all of your closing costs/prepaids.
  • May 08 2013
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Yes I am a disabled vet. No funding fee for that. If I can get the seller to pay closing cost, why would I take a lender credit?
  • May 08 2013
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Is the funding fee being waived b/c you are a disabled vet or is it actually being offset by a lender credit for the higher rate.  If the later, you may want to consider the pro/cons of financing that fee and using the credit to wipe out any remaining closing costs not covered by the seller's concession.
  • May 08 2013
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As it's been stated, government loans have the lowest rates available.  3.5% seems right and you're financing 100% of the purchase price.  Good deal.  
  • May 08 2013
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Hello, VA rates are at a record all time low. 3.5% is a good rate but definitely not the lowest available for your particular criteria. If you have questions regarding your particular situation, feel free to contact me at any time. Best of luck
  • May 07 2013
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What info on closing costs do you need? I have listing breakdown.
  • May 07 2013
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You should be getting excellent lender credits with the rate that you were quoted.  I would need more information regarding your closing costs.  
  • May 07 2013
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Term is 30 years. Closing costs 3900 including 4%seller assist. House value not determined yet.
  • May 07 2013
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There are a few other factors that would determine if a 3.5% is a good rate or not.  House value, term, closing cost, etc. 

  • May 07 2013
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