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Answers (7)
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
Hi Wally. There are some scoundrels out there so be sure to research who you do biz with. BBB.org, Google, etc.. Also remember that a quote without being qualified means nothing. Many Lenders will give you their absolute best price (even if it's a zero profit loan) if you refuse to complete a full application.
Ever see those $299/mo BMW commercials? Ever try to actually buy one,.....yeah RIGHT! ; )
Ever see those $299/mo BMW commercials? Ever try to actually buy one,.....yeah RIGHT! ; )
- DiamondFundingCorp
- Contributions:454
I agree. The 4.875% with a point is reasonable. Lock it. The 5.5% rate is a ripoff, don't even give that person a second chance to be honest.
Best way to shop is to place a loan request here on Zillow.
Best way to shop is to place a loan request here on Zillow.
Wally, what you have been offered sounds correct ... If you had a property I would suggest locking, but that's probably not possible.
- wally_09
- Contributions:3
Thanks for your help and advice. I appreciate it. Forgot to include before I hit submit. :)
- wally_09
- Contributions:3
Just looked at the GFE and it says loan orig fee 1% + $425 loan processing fee and $425 underwriting fee.
- RedRach09
- Contributions:2
When I called Bank of America on 8/19/09, looking into a FHA loan, they gave me a rate of 5% (720 score and higher), with the required for FHA 3.5% down, and lender fees of $75. The $75 lender fees were discounted from $575 because of going through my employers discount plan website. The guy I spoke to on the phone was very nice and gave me all this information (plus more) without pulling my credit or even getting my contact information.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
4.875 will most likely come with an origination fee or broker fees. To compare, I would put in a Zillow loan request and see what you get back.
Yes, 4.875 does exist but not without paying discount points, origination fees, or a broker fee.
Yes, 4.875 does exist but not without paying discount points, origination fees, or a broker fee.
FHA Loan - rates?
(My credit score is 760 - 805 depending on which credit agency is reporting.) The broker I'm using gave me a price of 5.5 two weeks ago. Granted I know a lot can change but was surprised to see such a difference. I didn't have a property yet so we didn't lock in. What's the best way to shop around? What kind of rates/costs should I expect?
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