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Old 08-02-2010, 07:43 PM
 
3 posts, read 9,919 times
Reputation: 11

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We locked at 5.125% 2 weeks ago. Details are:
Sale price - 220K with 5% down.
Our FICO scores - 780 /760

For the 209K loan amt at 0 points, here's the GFE:
Origination - 880
Recording Charges - 100
Transfer Tax - 250
Title service/insurance - 1500

Is this a competitive rate for a Homepath loan?
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Old 08-04-2010, 01:44 PM
 
Location: Loveland Colorado
91 posts, read 145,194 times
Reputation: 79
Awa the the blessing of a good credit score. You have a good loan for only 5% down.
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Old 08-04-2010, 04:33 PM
 
16,700 posts, read 18,913,643 times
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Mine was 4.75% with zero down, no points, and no closing costs (closing costs were entirely paid by seller)... I think rates dropped down even lower 2 weeks ago but I guess it depends on the bank... if that's their rate, that's their rate... I guess the rate is a bit higher because of the 5% down for this particular bank.... better bet is to check your HUD on closing, then you'll really know... I can't believe how much realtors are paid, no wonder they were multimillionaires during the housing boom...
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Old 08-06-2010, 02:25 PM
 
Location: New York
2,251 posts, read 4,161,023 times
Reputation: 1607
Quote:
Originally Posted by zgar View Post
We locked at 5.125% 2 weeks ago. Details are:
Sale price - 220K with 5% down.
Our FICO scores - 780 /760

For the 209K loan amt at 0 points, here's the GFE:
Origination - 880
Recording Charges - 100
Transfer Tax - 250
Title service/insurance - 1500

Is this a competitive rate for a Homepath loan?
The actually fees for the closing agent are not listed. Some states require an attorney to be present at your closing. In some states - a notory can witness your closing.

Are your taxes and insurance going to be included in your payment? Will anything be applied for an escrow account?

Depending on the time of year when taxes are due for your town/county, you might be required to pay enough into your escorow account, so when they become due, there is enough in the account to pay them?.

The same thing might apply for your home owners insurance, depending on how much they want up front to set your home owners policy.

I assume you are getting a conventional loan, only 5% down, you will have to pay mortgage insurance.

Here's the break down

Sales price = $220,000
5% down = $11,000 (bringing to the closing table)

Financing = $209,000

Payment = 360mths x $209k x 5.125% = $1138.00

To calculate your mortgage insurance month payment -
$220,000 (price) x 209,000 (loan amt) x 5.125% x 360mths = $164.00

Do not know?

Monthly insurance escrow payment = $___________
Monthly taxes escrow payment = $___________


**** An important note regarding your mortgage insurance - you will have this until you have 20% or greater equity in the property.

It is important to remember - it is up to you to notify the lender when your value goes up. Then you can have the mortgage insurance payment dropped.

Good Luck



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Old 08-07-2010, 12:16 PM
 
3 posts, read 9,919 times
Reputation: 11
@evilnewbie - That's a great rate. I think mine's higher because it's a Homepath loan.
@ModificationSpecialist - I'm getting a Homepath loan, so even tho I only put 5% down I'm not paying PMI. But thanks for reminding how much I'm saving not having them :-)

Just saw a copy of the HUD1 and add-ons are:
Closing and Escrow Fees - 800
Title Insurance - 800
Notary - 150
Re-key Fee - 150
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