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Old 03-10-2011, 11:03 AM
 
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When searching for mortage, what does it mean "Fee in APR"? It looks like different banks charges different rate and some no charge at all. Please explain?
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Old 03-11-2011, 05:46 PM
 
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You have interest rate and APR. They put their fees in the APR. So when you get a GFE look at the APR. The interest rate is just a smoke screen to say "hey look how low our rates are". If you pay less closing costs more than likely the APR will be higher. If you pay a lot in closing fees the APR will be lower. It comes down to if you want to pay more upfront or finance it over 15 or 30 years and pay 5x what you would have if you paid it upfront.

When you get a GFE look at the APR since it's what your note is based on. I'm going to take a stab and say if shouldn't be over 1/2% more than the interest rate is. If it is get another GFE from another place.
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Old 03-12-2011, 11:12 AM
 
Location: MID ATLANTIC
4,032 posts, read 8,732,468 times
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Quote:
Originally Posted by danieloneil01 View Post
You have interest rate and APR. They put their fees in the APR. So when you get a GFE look at the APR. The interest rate is just a smoke screen to say "hey look how low our rates are". If you pay less closing costs more than likely the APR will be higher. If you pay a lot in closing fees the APR will be lower. It comes down to if you want to pay more upfront or finance it over 15 or 30 years and pay 5x what you would have if you paid it upfront.

When you get a GFE look at the APR since it's what your note is based on. I'm going to take a stab and say if shouldn't be over 1/2% more than the interest rate is. If it is get another GFE from another place.

Sorry, but that is far from correct. APR allows the consumer to compare one lender to another. That's all it's designed for. There's no such thing as a measurement of where the APR should be in relation to the interest rate. If lender A has 4% and 3 points and lender B has 4.5% with 0 points, which is the better deal? The one with the lowest APR. However, financing is not one size fits all. The transaction could have an employer paying relo and a seller paying closing costs. In this case, the higher APR makes sense.

Also included in the APR calculation are courthouse recording fees, points, mortgage insurance, both monthly and upfront. If you ever have someone touting Lender Paid MI, this is one time you REALLY want to get an APR.

I've uploaded something to help you with your Truth In Lending. We can't upload pdf files anymore, so I'm hoping this is legible by putting it in a jpeg.
Attached Thumbnails
Fees in APR-til-explanation.jpg  
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Old 02-21-2013, 12:11 AM
 
1 posts, read 22,474 times
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Default Buying a home in ca- help!

I'm trying to buy a house in Ventura co. Ca. Does anyone know the exact tax petecentage for that counting when it comes to buying a home . In trying to buy a condo around 300,000 with 10 percent down . And want to know if I will be able to stay afloat after taxes! Thanks
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Old 02-21-2013, 10:57 AM
 
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Originally Posted by Lauracm View Post
I'm trying to buy a house in Ventura co. Ca. Does anyone know the exact tax petecentage for that counting when it comes to buying a home . In trying to buy a condo around 300,000 with 10 percent down . And want to know if I will be able to stay afloat after taxes! Thanks
Look it up, specific to a prospective address:
  • County Tax Assessor's Website
  • Taxes are listed in about 65% of the listings on Realtor.com
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