2bdebtfree Posted March 15, 2004 Report Share Posted March 15, 2004 first time homebuyer. 30 year fixed @ 4.500no va funding fee(40% diability)$151,766 financedorigination fee $1,517.66discount points $1,517.66appraisal fee $350.00flood cert $20.00title insurance $650.00recordng fee $30.00interest for 5 days @ $18.9708 per day $94.85hazard insurance premium $531.24hazard insurance premium for 2 months @ $44.27 per month $88.54taxes and reserves for 6 months @ $107.50 per month $ 645.00no pmi(va)total closing cost $ 5,509.95Is this a fair gfe?, Are the fee's legit?First time home buyer! Link to comment Share on other sites More sharing options...
herauntsis Posted March 15, 2004 Report Share Posted March 15, 2004 Are you sure this is a thirty-year fixed? 4.5% sounds too good to be true. Link to comment Share on other sites More sharing options...
2bdebtfree Posted March 15, 2004 Author Report Share Posted March 15, 2004 Yes, I am sure this is a 30 year fixed loan.359 payments @ $ 768.98, 1 @ $ 765.97. Link to comment Share on other sites More sharing options...
almostthere2 Posted March 15, 2004 Report Share Posted March 15, 2004 Did you buy down your rate to be 4.5%? We are going VA right now and being quoted 5.65% Link to comment Share on other sites More sharing options...
herauntsis Posted March 18, 2004 Report Share Posted March 18, 2004 Something seems fishy about this -- the going rate for VA loans is around 5.625% at one point. You are paying two points, but rate buydowns don't work on a 1:1 basis. Usually, for every point you pay you get a reduction of .5% off the interest rate, give or take.Do you know if the seller is paying any costs for you? Maybe they are paying a point to get you a lower rate. Link to comment Share on other sites More sharing options...
amortgageman Posted March 19, 2004 Report Share Posted March 19, 2004 Inter First @4.5% paying .125 out the back.Everything looks good and fair to me. The broker gets to earn a paycheck and you get a great rate. Simply the difference between paying the broker and seeing what you are paying the broker, vs. not paying any closing costs and broker earning his wages through a higher rate. There are several circumstances that can be argued between the two differences as to which one is best.Both of you are getting very decent terms. Link to comment Share on other sites More sharing options...
herauntsis Posted March 20, 2004 Report Share Posted March 20, 2004 Wow, no kidding? Then you are absolutely right, those are both great rates! Link to comment Share on other sites More sharing options...
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