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Thoughts on this quote

What thoughts do others have on this 100% finance Loan: $245K, 100% finance, 4.5% apr.  Closing Costs: Origination Fee: $2,450, Appraisal: $450, Underwriting: $585,  Doc Prep fee: $200.  

Thanks in advance for your feedback!
Mike
  • June 04 2013 - Augusta
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Answers (6)

Best Answer

There a lot more factors that determine your fees than what you listed. What is your credit score? What type of loan is it? The best way to find out how competitive that quote is, get more than one quote and work with you you feel the most comfortable with.
  • June 04 2013
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you cannot get a 100% accurate quote without ALL of your info...

might look good on the top, usually the better looking on top, the payments are high. Not always but generally.
  • July 02 2013
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You cannot compare the quotes that you may find online because you have just clarified your scenario. Online quotes are simply not built for these types of scenarios. What you have is a specialty loan through a local lender that understands the dynamics of a physicians salary. Likely, a portfolio loan. That said, it sounds like an acceptable option. I don't think anyone else on these boards can offer anything better, unless they also have a portfolio physician loan.
  • June 04 2013
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This is a local bank that offers 100% financing for physicians.  It is to purchase a home, 30 yr fixed.  Credit score is excellent. 

I looked at some quotes online, and the fees seem much lower, so that is the first thing that makes me suspicious, especially the origination fee. 
  • June 04 2013
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Is this a purchase or refinance?
  • June 04 2013
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looks suspicious

100% financing  is possble with VA loan  but  then the junk fees should be there ..

is this  conventional loan ?  30 yr fixed?   purchase ? refi ?  credit score?
  • June 04 2013
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