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Old 04-20-2015, 10:34 AM
 
4 posts, read 3,683 times
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DTI ratio is 26%
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Old 04-20-2015, 11:27 AM
 
203 posts, read 198,502 times
Reputation: 404
Based on all of the information you've provided, either rates have significantly increased within the past few weeks or you are getting screwed.
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Old 04-20-2015, 12:09 PM
 
12,404 posts, read 9,244,216 times
Reputation: 8869
Quote:
Originally Posted by Saory View Post
DTI ratio is 26%
I think you're not getting a good deal on the loan.
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Old 04-20-2015, 01:32 PM
 
2,409 posts, read 2,499,596 times
Reputation: 1807
Quote:
Originally Posted by Saory View Post
Thank you for all the replies.

Our downpayment is 20% of the selling price, it's all saved money.
Credit Score is 696 (My husband's is 718, but they are using mine because of some middle point rule)
Source of income is our daytime jobs
Type of property is single home
our assets are our cars and saving account(where the downpayment is saved)
The lender is paying $4k of the closing costs and the Title.
You probably got a 25 basis point rate increase due to the lender paying closing costs.
The credit score penalty is probably another 12.5 or 25 basis points.
So overall you get an approximate 50 basis points penalty which would explain the high interest rate.
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Old 04-23-2015, 02:16 PM
 
165 posts, read 268,015 times
Reputation: 83
Was this a lender that works in your realtors office?

They pay marketing agreements, and usually have higher rates.

Always shop at least 3 lenders
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Old 04-23-2015, 03:38 PM
 
Location: LA/OC
1,060 posts, read 1,650,378 times
Reputation: 565
Quote:
Originally Posted by AmFest View Post
You probably got a 25 basis point rate increase due to the lender paying closing costs.
The credit score penalty is probably another 12.5 or 25 basis points.
So overall you get an approximate 50 basis points penalty which would explain the high interest rate.
That sounds about right. My credit union posted a rate of 3.75% today with no points. That's with a $500 credit (not $4000) and 740+ credit scores.
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Old 04-24-2015, 07:33 PM
 
Location: Southern California
4,350 posts, read 4,956,415 times
Reputation: 2129
Back to the OP's question, is 4.25 a good rate with 2 points rebate, anyone?
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Old 04-24-2015, 07:36 PM
 
12,404 posts, read 9,244,216 times
Reputation: 8869
Quote:
Originally Posted by thelopez2 View Post
Back to the OP's question, is 4.25 a good rate with 2 points rebate, anyone?
Again, it depends on LTV, DTI, and credit.
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Old 04-24-2015, 07:52 PM
 
Location: Southern California
4,350 posts, read 4,956,415 times
Reputation: 2129
Quote:
Originally Posted by Saory View Post
Thank you for all the replies.

Our downpayment is 20% of the selling price, it's all saved money.
Credit Score is 696 (My husband's is 718, but they are using mine because of some middle point rule)
Source of income is our daytime jobs
Type of property is single home
our assets are our cars and saving account(where the downpayment is saved)
The lender is paying $4k of the closing costs and the Title.
It has been given.
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Old 04-30-2015, 05:11 PM
 
Location: Greater LA area
15,747 posts, read 11,822,172 times
Reputation: 30622
That's a really bad rate.

The average is 3.75% right now.
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