which loan offer to choose? (insurance, interest rate, credit score, 30 year fixed) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

verybadgnome · 09-09-2009, 08:58 PM

I just got these three GFEs for a 30 year fixed conventional with 20% down. I plan to be in the house for awhile. If #1 and #2 are a wash should I ask both of them if they could do better?

Origination Rate APR P&I Closing Costs Monthly
Lender 1 |1% | 4.75 | 4.98 |$826 |$4875 |$1234
Lender 2 |1% | 4.87 | ? |$838 |$3754 |$1266
Lender 3 |1% | 5.00 | 5.23 | $850 |$4103 |$1304

Note: The varying difference between the Monthly and P&I is b/c of the different assumptions for taxes and insurance.

VictorBurek · 09-10-2009, 06:10 AM

Lender 1 is the best option. You could ask for a better deal but that is a fantastic offer and more importantly very fair.

brandy76 · 09-10-2009, 06:58 AM

Quote:

Originally Posted by verybadgnome

I just got these three GFEs for a 30 year fixed conventional with 20% down. I plan to be in the house for awhile. If #1 and #2 are a wash should I ask both of them if they could do better?

Origination Rate APR P&I Closing Costs Monthly
Lender 1 |1% | 4.75 | 4.98 |$826 |$4875 |$1234
Lender 2 |1% | 4.87 | ? |$838 |$3754 |$1266
Lender 3 |1% | 5.00 | 5.23 | $850 |$4103 |$1304

Note: The varying difference between the Monthly and P&I is b/c of the different assumptions for taxes and insurance.

Wow how did you get an interest rate so low? My broker just locked me in for 5.3% saying that's the best I can get. Is it because you're putting down 20%. I'm putting down 10%

brandy76 · 09-10-2009, 07:09 AM

Are you working with a broker? I only received one GFE from my broker. Is he supposed to get me more?

verybadgnome · 09-10-2009, 07:58 AM

Two lenders sent me GFEs and another, the lowest P&I, just sent me numbers in different emails.

Yes it is a 20% downpayment. I made sure to pay off my car before all this and have a 799 credit score.

My calcs say the $12 lower P&I will take 92 months to offset the higher closing costs of #1.

Moonwalkr · 09-10-2009, 11:08 AM

#2 looks best in for the amount you are borrowing and costs.

verybadgnome · 09-10-2009, 04:10 PM

Rates went down from two days ago. Don't think they can go much lower. Got 4.875 with 0.375 points today locked in.