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Victor remember this is the HomePath loan, not just a regular 30-year fixed. HomePath is no PMI, buying a Fannie Mae REO, no appraisal either.
Still, with 5% down, 790 scores, on the 30-year fixed HomePath loan, 5.375% shouldn't cost any points. If you were paying 1.5 points you should be able to get about 4.875%.
Victor remember this is the HomePath loan, not just a regular 30-year fixed. HomePath is no PMI, buying a Fannie Mae REO, no appraisal either.
Still, with 5% down, 790 scores, on the 30-year fixed HomePath loan, 5.375% shouldn't cost any points. If you were paying 1.5 points you should be able to get about 4.875%.
Maybe I wasn't clear in my earlier earlier post. The rate is 5.25% without any points and 4.875% with 1.5 points (approx. $5,500).
Are the normal fees for a home path(no renovation)loan for a 99,000. 00 30 year loan based on 10% downpayment. I have a FICO score of above 770 and excellent income debt ratio.
The lender is trying to charge us:
Loan origination fee over 4,000.00
Loan discount fee over 1,700
APR 5.78%
The total closing charges,(will close on the middle of the month) includying title, escrow ffes and the above origination fees are close to 10,000.00 or 10% of the loan amount. Are these fees and APR rate normal for this type of loan? I feel I am being ripped-off
Today's par rate on a 30 year conventioal rate mortgage is 4.375%. You would have to pay all the lender and title fees and one point loan origination. Seems like you are not getting a good deal.
I would suggest you call a broker. Most people think going directly to the lender they get a better deal, but that isnt the case. Right now i am doing a refinance for a lady that works for Bank of America. She is a loan officer, said she cant get any where near the rate i locked her at with similar costs. She also referred her son to me.
I am also doing a refinance for a Bank of America employee who even with the employee program can't get the same rate/fee combination I can.
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Fair deal
