Pre-approved - good/bad?

[Smash255]

Originally Posted by ZenMaster2008

My credit is excellent with a score (middle score) over 800 and no debt besides a small student loan payment.

I'm tempted to "shop around" but I don't want too many hard inquiries into my credit. Is it even possible to go to two different banks this close? Not sure how this all works.

And with my credit might it be better to try and go traditional with more down?

4.25% is pretty much where the market is right now for a 30 year fixed on an FHA loan. Can't rule out 4.125%, but that would be hard to find without having to pay points for it.

PMI & MIP is mortgage insurance. All FHA loans require it, its 1% of the loan amount.

You will also have to pay monthly mortgage insurance on any FHA loan, and any Fannie loan over 80 LTV.

Putting more down won't do much if you are going FHA, if you are going Fannie Mae you would need to put down at least 20% in order for it to be beneficial (so you can avoid Mortgage Insurance). The prepaid items are generally daily interest charges (you pay for the portion of the 1st month you will be in the home at closing), these are generally estimated at 15 days until you have a closing date set. Escrows can also be included in this (depending how everything is worded).

All in all 4.25% on a 30 year fixed is a great deal, you likely aren't going to find much better than that by shopping around.

[Shawn MacAnanny]

i would suggest you try td bank, they have the best rates i could find around here.

[foxywench]

the apr will increase with a lower down payment so as ofters said it sounds like your about right for a 3.5% down fha.