Do I have better mortgage options out there? (PMI, loan, escrow)

[vthok]

I am under 30 days from my estimated close date and need to decide on a lender. The builder's lenders (National City, FM Lending, and Fidelity) have the incentive if I go with them I get 3k off in closing costs.

One is quoting me 6.25% for a 95% loan with no PMI and another is saying 6.375% (this is from a GFE on Friday).

I am looking at around 3000-4000 bucks in out of pocket at closing (loan orig fee, attorney fee, prepaids, etc) depending on which of the 3 lenders I choose.

Better optoins out there? Rates even better than they say?

Thanks.

[martinez4]

I would think it would be helpful to know the loan amount, terms...ARM, Fixed, etc. in order to advise you.

Good Luck

[vthok]

Oops forgot that in my message.

Loan: $233700
5% down payment of 12300
Purchase price: 246k

30 yr fixed 95% loan with no PMI

[renriq02]

what are the 'lender fees'. you will find this in the 800 lines..and what is the total amount in closing costs.


a lot of lenders say they will give you 10k off the closing....but the closing costs still come out to 5k.
some lenders say they're not giving anything away but their closing costs is 4 thousand.
it's a sales gimmick

Originally Posted by vthok

Oops forgot that in my message.

Loan: $233700
5% down payment of 12300
Purchase price: 246k

30 yr fixed 95% loan with no PMI

[vthok]

Lender 1 (this is without $3k incentive)

1% loan orig fee: $2337
appraisal fee: $375
credit report fee: $10
commitment fee: $435
inspection fee appraiser: $75
flood cert fee: $5

Total amount in closing (not including escrows/prepaids):

$ 4299 (includes lenders fees above)

So if I use this lender I would have closing costs of $1299 (after $3k off incentive and not counting prepaids/escrows)

Lender 2:

1% loan orig fee: $2337
appraisal fee: $350
credit report fee: $11.50
tax service: $80
application fee: $550
flood cert fee: $16.50

Total amount in closing (not including escrows/prepaids):

$ 4206 (includes lenders fees above)

So if I use this lender I would have closing costs of $1206 (after $3k off incentive and not counting prepaids/escrows)

Originally Posted by banker0679

what are the 'lender fees'. you will find this in the 800 lines..and what is the total amount in closing costs.


a lot of lenders say they will give you 10k off the closing....but the closing costs still come out to 5k.
some lenders say they're not giving anything away but their closing costs is 4 thousand.
it's a sales gimmick

[renriq02]

so it sounds like you're paying about 1700-2700 in prepaids/escrows.

6.25% 30yr fixed No PMI is a great rate.
I just checked it with 4lenders

Originally Posted by vthok

Lender 1 (this is without $3k incentive)

1% loan orig fee: $2337
appraisal fee: $375
credit report fee: $10
commitment fee: $435
inspection fee appraiser: $75
flood cert fee: $5

Total amount in closing (not including escrows/prepaids):

$ 4299 (includes lenders fees above)

So if I use this lender I would have closing costs of $1299 (after $3k off incentive and not counting prepaids/escrows)

Lender 2:

1% loan orig fee: $2337
appraisal fee: $350
credit report fee: $11.50
tax service: $80
application fee: $550
flood cert fee: $16.50

Total amount in closing (not including escrows/prepaids):

$ 4206 (includes lenders fees above)

So if I use this lender I would have closing costs of $1206 (after $3k off incentive and not counting prepaids/escrows)

[jeffselan]

Are you sure you have no PMI or do you have Lender Paid PMI?

[vthok]

well probably lender paid (ie rate higher since have "no PMI")

[renriq02]

he's probably asking in that way because that rate sounds to good to be true.