Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for j5onrf

New GFE for (FHA Refinance) does it look ok?

Lender has a good rep/history
30y fixed, FHA, Refi

Loan Amount: $69,200
Cashout: $9700
Debts to be paid off $56,000

Interest Rate: 5.500%
6.014% APR

Estimated Closing Costs $2,145.00
Total Estimated Settlement Charges $ 3,826.88

Only 3 fees in 800's on gfe...
Bank commitment Fee: $695.00
Application Fee: $595.00
Appraisal($400) already paid

New Monthly Payment: $590
Current Payment: $720
  • October 14 2009 - Tower Grove South
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

5.5% is good enough considering your loan amount.  Lock it up and get it closed.



  • October 15 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for j5onrf
The lender got back to me today about my lower rate request.

He said unfortunately the current market is at 5.500%
If he can improve things he will let me know.

I'm not getting many quotes from zillow. I got 4(from zillow), but none are better GFE than this yet.
 
  • October 15 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for j5onrf
What kind of lender credit toward the closing costs would be worth 1/4th point?

Great Advice Thanks,
I just emailed them asking for a lower rate reduction of 1/4th point(not in those words).
  • October 14 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SunTrust
5.25% is more in line, or keep the 5.5% and get a lender credit towards the closing costs.
  • October 14 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

FHA loans cannot have prepaymnet penalties.  Hit him up for 5.25% and see if he'll give it to you.

  • October 14 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for j5onrf
My fico is 660, 620, 640

What do you think about asking the lender to add a prepayment penalty to bring the rate lower? I can't see myself paying the mortgage down anytime soon(1-6 years).
  • October 14 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

That's better.


  • October 14 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.