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With the bank we had to have a two week extension so closing date is Jan 31. He says we are ahead of schedule and doing fine. I'm passing things really quickly considering I have a good savings account and really high credit scores. The interest rate with the bank is also locked.
My only concern is how much fees will I be paying the other lender?
Right now the quote for loan costs says
Services I can't Shop For $2,720
Appraisal Fee- $550
Condo Questionnaire Fee- $75
Credit Report- $75
Final Inspection $150
Flood Certification $9
Would I really be responsible for all these costs for switching? I know I have to pay an appraisal. Can I have my bank cover some of these? My bank is not charging for most of these costs it seems when I compare.
Gosh no. you'll owe the credit report fee and appraisal, which I assume you used with the new lender so you aren't out anything. All those other costs are for the mortgage going through with the first guy.
Mortgage insurance is what people have to pay for when they don't put down at least the 20% downpayment. I am only putting down 5% and I want to stay at my place for a short while so I don't see the benefit of paying the insurance. The insurance only benefits the bank because it protects them in case I can't pay it off anymore.
My rate is locked.
Home owner insurance is different. I'm only paying $30/month for that from State Farm.
I just want to know if I'm making the smarter decision to not pay insurance going towards nothin... even though I could possibly lose out on a grant and have to pay the fees for the lender.
you are doing the right thing based on what you have said here.
It's with OHFA in Ohio. My lender says I can use it for LPMI but I thought it was for FHA. I guess my main problem is I wish I could've gone to my bank in the first place and not have wasted time. I too think LPMI is good for not paying insurance since I plan on staying about 7 years and I've actually got it for a really good rate compared to what other lenders quoted me at which was .25 higher!
For my next home I want to save more money for 20% down payment to go conventional and avoid any insurance because I think it's a waste. At the very least pay insurance for a short amount of time as I could.
I just need to stop worrying and move forward. I feel like I dumped someone (the broker) and they won't leave me alone and try to change my mind. I feel bad but it's what's best for me...now I learned my lessons.
He shouldn't be bothering you. I went back and forth over re-fi or assumption loan? And the assumption loan lady moved at the speed of light I was like hold on, I may want to do this other thing, is that going to be a problem? she said, right up to the end, NO. you do what is right for YOU.
I mean right up to the END, end. They were drawing up the contracts. This broker is getting a profit and doesn't want to lose it. Yes, he wasted some time with you. It's part of his business. Same for all salespeople, and that is what he is.
He shouldn't be bothering you. I went back and forth over re-fi or assumption loan? And the assumption loan lady moved at the speed of light I was like hold on, I may want to do this other thing, is that going to be a problem? she said, right up to the end, NO. you do what is right for YOU.
I mean right up to the END, end. They were drawing up the contracts. This broker is getting a profit and doesn't want to lose it. Yes, he wasted some time with you. It's part of his business. Same for all salespeople, and that is what he is.
Plus my bank gave me an even lower rate saving $83 per month now.
Plus my bank gave me an even lower rate saving $83 per month now.
Yes. Absolutely take that deal. The other guy will live! I used to do sales and I never got upset at my time being 'wasted'. Time with people who choose another option is built-in. It's expected. It sucks for a minute but you move on and he will be fine!
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thanks
