- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (5)
- Joseph Cordova, "Joseph S. Cordova"
- Contributions:42
The interest rate you have recieved seems very low unless you are paying ppoints. What you really need to figure out is your bank fees. For example, appraisal, credit report, commitment, tax service, & flood certification. My bank fees are only $936 (including appraisal). Then you have your title fees ~$1,500. The rest is your escrow account and per diem interest. But your actual rate is going to be in the range of 3%-3.25% with no points.
You can contact me through my profile to receive a gfe.
You can contact me through my profile to receive a gfe.
- Harold Sosa, "HAROLD L. SOSA"
- Contributions:2
With your credit rating and if your ltv is under 80% the lender should be covering all your closing cost. They would get on the rebate. Find another lender. Good Luck
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Harold;
What you are saying is very misleading without mentioning the rate invloved. Fact is no lender can cover any closing costs at 2.75%.
Borrower..The reason that your APR is so high is because you are paying som points. May or may no make sense to do. My suggestion would be to see various rate fee combos. Lower the rate, higher the costs. The title/settlement fees for a loan of your size is probably about $1300 so anything over that is lender fees/appraisal.
Happy to provide a second opinion. Contact me through my profile.
- Clay Branch, "Georgia Loans"
- Contributions:7836
Dittos to Joe's comments, no lender will pay the closing costs at 2.75%.
The reason why the APR looks so elevated is due to the 10 yr term and you are paying 1 origination and 1 discount point, along with an underwriting fee and Title fees.
10 Year at 2.75% with 1 Origination Point / 1 Discount Point - $179,181 in total payments
10 Year at 3.00% with 1 Origination Point ( no discount ) plus other fees - $179,603 in total payment
10 Year at 3.25% No Origination or Discount plus hard costs - $179,988 in total payments
If there is a chance you may sell by 4-5 years you are better off with the 3.25% rate. Contact Joe before committing to a loan.
The reason why the APR looks so elevated is due to the 10 yr term and you are paying 1 origination and 1 discount point, along with an underwriting fee and Title fees.
10 Year at 2.75% with 1 Origination Point / 1 Discount Point - $179,181 in total payments
10 Year at 3.00% with 1 Origination Point ( no discount ) plus other fees - $179,603 in total payment
10 Year at 3.25% No Origination or Discount plus hard costs - $179,988 in total payments
If there is a chance you may sell by 4-5 years you are better off with the 3.25% rate. Contact Joe before committing to a loan.
- jwc2000
- Contributions:6
Thanks all -- I appreciate the feedback.
Having trouble understanding what a reasonable cost is for my refinance..
Does anyone have a sanity check for me?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.