Help please:my gfe need to make decision by today evening (insurance, loan)

[arun196]

fha 30 year fixed - phoenix, arizona.

total loan amount 221,200$
Interest rate = 5.875

origination fee 1.00% 2179.50
appraisal fee = 300.00
interest for 7 days = 249.23
upfront MIP prepaid = 19.25
hazard insurance premium = 600.00
mip financed = 3,250.00
hazard insurance 2 days = 100.00
county taxes 2 months = 280.88
hoa fee 2 months = 274.00
settlement or closing fee = 350.00
title insurance = 650.00
title insurance riders = 150.00
recording fee = 45.00
hoa transfer fee = 450.00

please let me know if there are any unrequired charges....and/or if this is a good Loan mortgage.

[renriq02]

The item highlighted should be what you should be looking at.

Is there any underwriting fees? processing? Tax cert fee? Administration? lock fee? commitment fee? discount points?

Depending on your score....or if manual underwrite is required...you shouldnt get higher than 5.625%.

Originally Posted by arun196

fha 30 year fixed - phoenix, arizona.

total loan amount 221,200$
Interest rate = 5.875

origination fee 1.00% 2179.50


appraisal fee = 300.00
interest for 7 days = 249.23
upfront MIP prepaid = 19.25
hazard insurance premium = 600.00
mip financed = 3,250.00
hazard insurance 2 days = 100.00
county taxes 2 months = 280.88
hoa fee 2 months = 274.00
settlement or closing fee = 350.00
title insurance = 650.00
title insurance riders = 150.00
recording fee = 45.00
hoa transfer fee = 450.00

please let me know if there are any unrequired charges....and/or if this is a good Loan mortgage.

[westchester]

why are u paying a 1% origination fee...................

[darkblue]

Originally Posted by westchester

why are u paying a 1% origination fee...................

may be that is standard for that lender.
He has not specified is it a 100% loan. or how much down payment he is doing?

[renriq02]

well if it's a FHA loan then it's around 2.25% down payment.

1% origination fee on FHA is standard...as I havent seen any lender that doesnt charge the 1%origination.

[pghquest]

Originally Posted by arun196

fha 30 year fixed - phoenix, arizona.

total loan amount 221,200$
Interest rate = 5.875

origination fee 1.00% 2179.50
appraisal fee = 300.00
interest for 7 days = 249.23
upfront MIP prepaid = 19.25
hazard insurance premium = 600.00
mip financed = 3,250.00
hazard insurance 2 days = 100.00
county taxes 2 months = 280.88
hoa fee 2 months = 274.00
settlement or closing fee = 350.00
title insurance = 650.00
title insurance riders = 150.00
recording fee = 45.00
hoa transfer fee = 450.00

please let me know if there are any unrequired charges....and/or if this is a good Loan mortgage.

only concern I have, which no one seems to have caught on is..

Why do you NEED to make a decision by today? Did they tell you that they need a committment by tonight or the fees will go up? If so, red flags would go up.

[renriq02]

probably because they're buying a home....and need to close in time...or their ARM is adjusting in Feb..

[arun196]

Originally Posted by renriq02

probably because they're buying a home....and need to close in time...or their ARM is adjusting in Feb..

yeah , buying a house, thinking to close jan end, but with mortgage rates going down, not sure if i have to wait longer or just close it now when its down.

[renriq02]

shop around...you can get 5.5% today....but it might be too late.

I dont know many lenders that can close 10days for a fha loan

Originally Posted by arun196

yeah , buying a house, thinking to close jan end, but with mortgage rates going down, not sure if i have to wait longer or just close it now when its down.

[arun196]

Originally Posted by renriq02

shop around...you can get 5.5% today....but it might be too late.

I dont know many lenders that can close 10days for a fha loan

Lender is same as builder khov. Im waiting till this friday or monday for interest rates to go down further. You guys think 30 yr fixed will go down further??