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We are putting 5% down on a 30 year fixed. Interest rate @ 5.875%. Both our credit scores are in the 780's. Annual house hold income of $180,000. This will be owner occupied. We are using the builder approved lender so we don't have much of a chance to shop. I was able to talk the broker into lowering his loan origination fee and waiving the 808 fee whatever that is?? Home is in Sacramento, Ca.
801- $1,000
802- $0
804- $11
809- $45
811- $895
1101- $880
1105- $50
1106- $150
1108- $1,252 (what is title insurance fee)
1111- $225
1201- $125
1203- $400
Does anything look out of place or too high? I know nothing about what the fair price of these fees should be.
780 scores and a 5.875% rate? Do you have private mortgage insurance or are you doing a lender paid mortgage insurance loan? Today, in Texas where i live, for the same scenerio you would be getting a rate in the low 5's.
There are many CA. mortgage people on here that can give you better advice. None of the fees look out of line to me.
YEs, we have to pay mortgage insurance because we are putting less than 20% down. the interest rate was locked in almost 1 month ago. At the time it was a good rate, rates may have come down since.....
Location: central, between Pepe's Tacos and Roberto's
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Quote:
Originally Posted by my2ndhometown
YEs, we have to pay mortgage insurance because we are putting less than 20% down. the interest rate was locked in almost 1 month ago. At the time it was a good rate, rates may have come down since.....
That's what it is. Rates have gotten substantially better since then.
FHA has a very good monthly payment for PMI (MIP), and you're only required to put 3% down.
Rates will probably be 0.5% lower than 5.875%
Lender Paid PMI (LPMI) are around 5.875% with 10% down...and there's no monthly PMI
of course these figures dont account for credit scores or fees.
Make sure to shop around....
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