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If your APR is even 1% higher than the rate, then you need to look elsewhere. The APR is what you're charged for on the loan. Banks love to shove fees into the APR to make mo money.
Uh, wrong. Mortgage insurance is the major mover in the APR.
On an FHA loan. 1.75% is being added for UFMIP and .85 for the monthly MIP. VA loans have anywhere from 1.25% to 3% blended into their APR calculations. USDA has 2% + .40 monthly added into the APR calculation. With those kinds of "additions," an increase of 1%+ into the APR is quite likely. All are excellent vehicles to homeownership
FHA loans as of June 2013 now require life time mortgage insurance. A VA loan has no monthly mortgage insurance. You pay a VA funding fee, compared to a minimum FHA down payment. See link
A VA loan could be a better choice even if the interest rate was slightly higher, because 100% of the payment is going to principle and interest (plus taxes and HO Ins).
A FHA loan even with a slightly lower interest rate, adding mortgage insurance could make the monthly payment higher. A portion of the payment is only beneficial to the lender.
In the future going into a FHA loan will cost you in lost equity, to refinance into a conventional loan with out MI/PMI.
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Uh, what? I've never seen or read that anywhere. You have a link for this as I'd like to take a look, thanks.
Hey, Mod Spec is correct, and the tough thing is that there is not one link that will distill the info for you. Your lender should have done that. You should have a fairly clear picture of the differences by now. I might suggest that your lender is running fast and loose with you, maybe using jargon that is foreign to you, and is treating you like "just another one." Shop lenders and see if you can find someone who clicks with you a little better?
In some states you get homestead exemptions if rated 100perm and total I'm lucky georgia is one of them so my paments are more than likely going to be principal,interest, and insurance
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