Is this a reasonable rate? (PMI, loan, real estate, credit score)

[qw_phish]

Hi All,

I am purchasing my first house for $877k. It is a single family home and will be my primary residence. I have a credit rating of 720. The rate my broker has come back with is 3%(3.043% APR) with a $3802 rebate. Is this reasonable? I can only afford 15% down but the PMI is only $93 a month which seems pretty fair.

Also the loan estimate says I can shop for the below fees but I think nobody ever actually does this right? Are the Title fees below pretty reasonable/normal for this kind of purchase? Is closing coordination fee just a junk fee? The other loan fees looks small ($700ish including appraisal fee and no loan origination fee).
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Title - Closing Coordination Fee $480.00
Title - Deed Preparation Fee $75.00
Title - Endorsement Fee $25.00
Title - Lender's Title Insurance $2,152.08
Title - Settlement Fee $75.00
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Thanks!

[adjusterjack]

If you go through other posts in this real estate section you'll find that borrowers are averaging 2.75%.

On a big loan like that you might want to use this amortization calculator to see how much of a difference a quarter point would be.

Mortgage/Loan Calculator with Amortization Schedule

Your 720 credit score is good but not excellent. That might account for the 3%. Or, there could be other factors.

The title fees look fine. I sold a house recently for $385,000 and the lender's title policy for the buyer was $989. You're at double the loan and a little above double the cost of the title policy. Wouldn't hurt to call around just for giggles.

Make sure you get an owner's title policy for yourself.

[SmartMoney]

The scores getting 2.75% are in the high 700's. That is likely the reason. Also, length of lock, and now, even specific ratios can impact the rate (we see it pretty much in the PMI rates). See if you can find a free float down. Many are offering due to the competitiveness - we did it so we wouldn't lose our locked pipeline. It's been a lifesavor from losing loans in my pipeline.

You are getting about 1/2 point back - did you ask about LPMI - put the PMI in the rate?