Profile picture for pmoran777

Quoted 4.75% 30yr fixed FHA loan, 5.795 APR. Have avg 670 credit score. Is this a decent quote?

Quoted 4.75% 30yr fixed FHA loan, 5.795 APR.  Have avg 670 credit score.  Is this a decent quote?
  • December 07 2010 - Wakefield-Peacedale
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Answers (13)

That APR is more in line.  Although you may be able to find 4.5% out there with those fees.  The question I would ask yourself is "Can I trust a person who misses something as simple as an APR calculation with such an important transaction"  What else along the way are they going to screw up
  • December 11 2010
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Profile picture for Steffnie

4.75% on a FHA loan with your score is right on.  The other fees may seem a little high but with new regulations kicking us in the knees all the time, I quote a little higher because I do not want to eat any cost.  Once the title fees, and insurance and property tax fees are actually ordered I am sure they will be a little lower.  Take the APR out of it for now, a lot of people get confused when they see this. It will be corrected as the file is closer to the end or there will be huge problems and loan officers don't want that.




  • December 11 2010
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Profile picture for pmoran777
Figured out the high APR.  For whatever reason, she was computing PMI for the 30yr life of the loan, whereas we will hit 20% equity after only 10 yrs.  Now, it's down to 5.2% APR.  Much better, right?
  • December 10 2010
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Steffnie,

They're not doing them at 4.25%. That's what their quoting, along with many others quoting conforming 30FRM at 4.325% today. We know better, but not the price shopper.

Happy funding, Rudi
  • December 10 2010
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Profile picture for Steffnie
4.75 on a FHA loan is where I am at.  What I don't understand for the rest of the lenders and brokers.  How are you still doing a 4.25% when you can't buy down on points on a FHA loan?  Merry Christmas!!
  • December 10 2010
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Maybe you should have another pre-approval done. Have you already secured the home you are looking to buy? If you are looking in RI I can give you the names of a few great lenders. Let me know I would be glad to help. - Dan
  • December 09 2010
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Profile picture for pmoran777
$757  Origination
$2912  MIP/PMI and Appraisal
$1560  Title services and lenders title insurance
$270  Owners title insurance
$165  Local govt recording fees
$1263  Initial deposit for escrow acct
$480 Daily interest charges ($30x15 days)
$1000 Homeowners Insurance

= $8400 total Settlement charges

She said maybe the 5.795 APR was so high because she errs on the higher side for title/ins fees and that she was factoring in PMI for the 20 yr life of the loan, rather than 10 yrs another lender factored into a lower quote of 5.2%APR.  Any thoughts?
  • December 09 2010
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The rate is OK for today's pricing, closing cost seem a little high.  Do you have a break down of the charges? 
  • December 08 2010
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The rate is good for todays pricing. Looks like you are getting hit with too many fees. Not sure unless I look over your good faith estimate.
  • December 08 2010
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Yesterday, that was too high. Today, that's about right. By next week, who knows?

Happy funding, Rudi
  • December 08 2010
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It's hard to say without knowing all the details but the rates seem good. Closing costs seem a little high though.
  • December 08 2010
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Loan is for $242,000 and closing costs are around $8000 I believe.
  • December 08 2010
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Loan amount? Closing costs?

  • December 07 2010
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