Mortgage Rate with FICO 769

Discussion in 'Credit Talk' started by Aux, Aug 18, 2002.

  1. Aux

    Aux Well-Known Member

    Hi all,

    I just applied for the mortgage with mortgage broker and got rate 6.25% no point. $9000.00 closing cost 30 years fixed.

    Do you think it's the good rate for my score?

    Thanks
    AUX
     
  2. dep_tx

    dep_tx Well-Known Member

    I was offered virtualy the same thing a month ago FHA, but my scores are lower. see below
     
  3. G. Fisher

    G. Fisher Banned

    What's the loan amount?
     
  4. charlieslex

    charlieslex Well-Known Member

    I think you should be getting alot better rate. What is the loan amount? How long do you plan on living in the house? Charlie
     
  5. AustinGuy

    AustinGuy Well-Known Member

    With a score like that, you might want to examine all of your options. 769 is EXCELLENT by any standard. If you're not going to be in the house forever, consider a 3/1, 5/1 or 7/1 ARM. They're adjustable rate mortgages that are fixed for 3,5 or 7 years. For example, you can get about 5.25 + 0 on a 3/1. You could pay extra on the loan as if it were a 30 year fixed and build up some equity.
     
  6. kustomkat

    kustomkat Well-Known Member

    Those closing cost are way to high no matter what loan you are doing....


    Kev
     
  7. GEORGE

    GEORGE Well-Known Member

    I thought I was getting RIPPED OFF with $2,405.00!!!
     
  8. JohnM

    JohnM Well-Known Member

    Your broker is killing you. Go to the Bloomburg web site :http://www.bankrate.com/blm/graphs/main_graph.asp and check average rates, points and closing costs for your area.

    Todays best i saw was
    http://www.bankrate.com/blm/rate/mtg_home.asp

    5.50 +1.88p=5.72apr

    They listed 22 lenders at less than 6.25 (9k in closing is 1500 to lender 7500 to your friend the broker plus he is getting a few grand more for upping the rate- Get rid of that chump now)


    JohnM

    ps with those scores you can get the BEST anyone will lend you money----SHOP AROUND!!!!
     
  9. suedan217

    suedan217 Well-Known Member

    Right now the average mortgage rate is 6.22. The least that you would want to expect is 6.0. A month ago my wife closed on a house where the broker offered 6.0 for a 30 yr or 5.75 for 15. We took the 5.75. So if that were one month ago, I know the rates have moved lower now.
     
  10. sirrowan

    sirrowan Well-Known Member

    What does the $9,000 of closing costs entail. How many points, etc.

    The rates are pretty good out there, you could probably find better.

    I am not good at posting threads but there is a post that has a link to a good site with good rates. The post is about 100% financing for a mortgage.

    Hope that helps.

    Good Luck!

    Sirrowan
     
  11. fla-tan

    fla-tan Well-Known Member

    AUX

    You have gotten alot of responses to this post. However, to give you an accurate response, a lot more information would be needed. What is the loan size and where are you located are just 2 of the questions that beg an answer. Also, if this a purchase or refi? If a purchase, is it a new home or an existing? I try not to answer to ambiguosly and so I would need to know a lot more before I could give you my opinion.

    fla-tan
     
  12. Aux

    Aux Well-Known Member

    Hi all,

    Thanks for the input.

    Here are some information:

    Loan for Purchase existing home
    Loan Amount : 180,000
    House price : 230,000

    My score:
    EXP: 763
    TU: 756
    EFX: 769

    My husband:
    EXP: 746
    TU: 737
    EFX: 743

    I decided to apply with the mortgage broker on August 16 and got the rate: 6.25% w/ no point. After that applied with http://www.indymacmortgage.com and got rate 6.125 w/1.625 points.

    I tried to shop around but the rates are almost the same, wondering why can't I get the good rate with that kind of score?

    Thanks
    AUX
     
  13. Dani

    Dani Well-Known Member

    I think your rate is good. Does anyone has a lower rate? I am not referring to what banks "say" they are offering, but has anyone received a 5.75 or 6% rate for a 30 year fixed home?

    Aux, my concern is not the rate, but the extremely high closing costs/prepaid reserves. Way too much for a $230K home. Sounds like a couple garbage fees were thrown in.

    Dani
     
  14. karak

    karak Well-Known Member

    I am wondering the same thing as far as a rate lower than 6%. My good faith estimate I received last week was for 6.125, 30 year fixed. No points.
    Details as follows:

    Price of home $280,000 new construction home
    Down payment 10%
    Loan Amount $252,000
    Scores:
    TU 622
    EQ 748
    XPN 664

    One paid judgement 1997, 2 old collections from 1996 and 1 late CC in March.


    LOAN FEES
    Origination fee $2520.00
    Appraisal 350.00
    Tax related service 75.00
    processing fee 400.00
    underwriting fee 260.00
    wire transfer fee 35.00
    flood certificate 16.50

    TITLE CHARGES
    Escrow fee 250.00
    Document processing 100.00
    Notary fees 60.00
    Title insurance 1000.00

    Recording fee 75.00
    County/City stamp 308.00

    Closing costs $5499.50

    PREPAID ESCROW COSTS

    Interest (15 days) 643.13
    Hazard premium 540.00

    Resereves:

    Hazard Insurance (3 mo) 135.00
    Mortgage Ins (2 mo) 176.40
    School Tax (5 mo) 380.00
    Taxes (5 mo) 1458.35

    Prepaid/Reserves TOTAL 3332.88

    Total closing costs $8832.38

    Fla-Tan- does this look like a good deal to you?

    Kara

    P.S. I am in California
     
  15. karak

    karak Well-Known Member

    does anyone have a comparison for me or any opionions on my good faith estimate.
    thanks

    Kara
     
  16. charlieslex

    charlieslex Well-Known Member

    Kara, I'm not in the mortgage biz, but I think that the costs are way too high given your scores. What part of the country are you in? Look at this thread it may help you. Charlie
     
  17. rond1234

    rond1234 Well-Known Member

    I would look around, you are getting nailed on the costs. The rate is fine but the cost are out of line. The good faith estimate I got last week shows my closing costs to be $1,423 and the reserves/prepaids to be $1,523.44.

    When I compare what you are paying the biggest differences is in the origination fee which is zero on mine where you are paying $2,520. The other fees are minor differences compared to that.

    I am using a broker as well. My scores are also lower than yours so that is not the reason either. I would do some more shopping.
     
  18. fla-tan

    fla-tan Well-Known Member

    AUX

    I don't know what state you are in. But based on some very preliminary research, it sounds like the closing costs are a bit high. Do you know if they are including prepaid items as well as broker and title fees? Also, are they including state and county tax fees as well?

    I just looked at a couple of my lenders and they both would enable me to give you a slightly lower rate with no points. Again, this is just preliminary and without having more specific details I can't give better info than that.

    Good luck with the mortgage.


    fla-tan
     
  19. fla-tan

    fla-tan Well-Known Member

    Kara

    While I don't think that the closing costs are outrageous, I would question underwriting and processing fees since there is an origination fee, but that is not a major problem. I don't see anything about PMI and since you are only putting 10% down there should be something concerning it. Why are you going for a 90% 1st? There are other better mortgages to get.

    What part of CA are you in?

    Good luck with your mortgage.


    fla-tan
     
  20. karak

    karak Well-Known Member

    Fla-tan,

    I am in Sacramento. I got a comparison between an 80/20 to save on PMI and a 90 and it wasn't worth the few dollars it saved since we will be at 80% LTV in no time with the way houses are rising. It is a new construction and has already raised in price 11,000 since we signed the purchase agreement. What would you suggest instead of a 90%. We have about 35,000 to work with. The only reason I went with this broker is they gave a$1000 incentive towards upgrades because they are affiliated with the builder. So I would have to save more than $1000 elsewhere to make it worth it. Are you saying the underwriting and processing fees are just another name for broker fees like the origination fee?
    Thanks for your input.

    Kara
     

Share This Page