I am also confused about the difference between the interest rate and the APR. I was quoted 6.125 interest rate but the APR is 6.803. I don't get it. Kara
Kara The APR takes into account your closing costs and other fees that are subtracted from the loan amount that you receive and what the interest rate would be based on the lower amount with the payment staying the same. Your interest rate is just that, the rate that you are being charged. The greater the diference between the interest rate and the APR, the more you are paying in fees and other costs. fla-tan
Thank you so much fla-tan and everybody. I will shop around for the rate. As I understand within 14 days, the mortgate inquiries will be counted only 1. I am still looking for the house.
Overnight Averages Today +/- Last Week 1 month ago 30 Yr Fixed Mtg 5.96% 5.95% 6.03% 15 Yr Fixed Mtg 5.42% 5.38% 5.49% 1/1 ARM 4.24% 4.18% 3.97% 30 Yr Jumbo 6.22% 6.20% 6.25% 30 Yr FHA Mtg 6.45% 6.43% 6.59% 5/1 ARM 4.96% 4.88% 4.92% 5/1 Jumbo ARM 5.02% 4.91% 5.00% 3/1 ARM 4.45% 4.39% 4.43% 7/1 ARM 5.41% 5.30% 5.42% 10/1 ARM 6.01% 5.94% 6.14% â?¢ Mortgage Rates Inhouse Capital Inc 800-304-7334 Aug 22 (DATE of QUOTE) 5.50 (RATE) 2.75 (DISC POINTS) 0.00 (ORGINATION POINTS) 5.75 (APR) 30 (LOCK DAYS) Purch. Special for bankrate.com. BMI Financial Services 800-263-5001 Aug 22 5.50 2.75 0.00 5.80 30 100% CASH-OUT FINANCING. NEW HOME PURCHASES INCLUDED. Discount Funding Associates Inc 866-200-9276 Aug 22 5.50 3.00 0.00 5.80 30 6.125% w/ 0 pts. on Refi's & Pur. Call us on 0 pt 0 Cost Loans! Federated Home Mortgage 800-395-4909 Aug 21 5.50 3.45 0.00 5.84 30 Rated one the Nation Largest Lender $250 appraisal refund/closing AApex Discount Mortgage 800-344-2739 Aug 22 5.50 3.00 0.00 5.85 30 Purch. Special Bankrate.com! 200k+ 700 Credit+. Jeff or Rich. A-1 @ Homebound Mortgage 800-914-2604 Aug 21 5.50 3.00 0.00 5.85 30 How low can our rates be? Click and see! Lowestloan.com Inc. 800-569-3785 Aug 20 5.50 3.50 0.00 5.86 30 Low Rates. Low Fees. Fast Approvals and Personal Service. Performance Funding 866-888-2158 Aug 22 5.50 3.00 0.00 5.87 30 ***Todays Special**** 6.125% @ -.25 pts ************* NationsChoice Mortgage 866-507-0030 Aug 21 5.50 3.50 0.00 5.88 30 6.0% 1 point! 5.75% 2 points! 6.25% 0 points! LOCK IN NOW! Empire Funding 877-534-4300 Aug 22 5.50 2.50 1.00 5.89 30 Remember to ask us about our 0 point loans TOLL FREE 877-534-4300 Amerimax Realty Financial Inc. 800-974-5626 Aug 21 5.63 1.25 1.00 5.90 30 EXPERIENCE AND SERVICE WITH INTEGRITIY!! PricelineMortgage 800-920-8040 Aug 22 5.75 1.44 0.00 5.92 60 $200K-$300K loans 6.125% ZERO pts! Name your price CLICK HERE! American Interbanc Mortgage 800-724-0004 Aug 16 5.63 2.50 0.00 5.94 30 Beware of quotes you can't lock in.It's misleading E-RATE 800-587-3333 Aug 21 5.63 2.75 0.00 5.94 30 LOCATED IN SILICON VALLEY SPECIALIZING IN NO POINTS AND NO FEES. Cal Fam Financial 877-550-1548 Aug 21 5.75 1.00 0.70 5.96 30 Ln/Credit 25-500K Pur & Refi. GreenPoint Mortgage 800-676-0642 Aug 21 5.75 0.88 1.00 5.97 30 Call us today for full loan information! Premier Mortgage Group, LTD 888-909-9385 Aug 22 5.75 1.50 0.00 5.98 30 Today's ZERO point qoute is 6.125. Call to lock in GREAT RATES. Florida Bank, Inc/RBMG 888-853-0616 Aug 22 5.75 2.00 0.00 5.98 45 No Origination Fee -- Apply Now! -- This Offer Ends Soon. MortgageSelect.com 888-562-6948 Aug 21 5.75 1.00 1.00 5.99 30 NASDAQ: AHMH..Nat'l lender open Sat&Sun..Great service since 1988 E-LOAN 877-483-4357 Aug 22 5.75 2.20 0.00 6.00 30 30 day closing and a direct lenderClick Here or 877-483-4357 East West Mortgage Company, Inc. 800-844-1015 Aug 22 5.75 1.00 1.00 6.01 30 Click Here for more quotes and programs ! Lincoln Mortgage Group 877-614-1880 Aug 16 5.75 2.00 0.00 6.02 30 6.250% 0 POINTS I can't understand why you are having a problem getting an APR under 6.8 ? Call some of these lenders and give us an update. JohnM Rates from Bloomburg website http://www.bankrate.com
cLOSING COSTS HI AUX-HERE'S MY BREAKDOWN Here is the Good Faith Estimate of Settlement Costs breakdown : -Conventional 5/1 arm at 4.75% for $140,000-30yrs. -with zero down -Principle & Interest $730.31 -Homeowners Insurance $ 40.00 -Mortgage Insurance Premium $184.00 this is way to high -Property Tax $ 90.00 Total Estimated Payment $1044.31 again seems to High ESTIMATED CLOSING COSTS -loan orig $1400 this seems really high -disc points paid by borrower $1400 -appr Fee $ 325 -credit report $ 56 -closing &Doc prep $ 250 -Title Ins/Mortgage policy $ 775 -special assesment search $ 35 -recording/conservation fees $ 135 -plat drawing &/survey $ 60 -committment fee $ 150 -underwriting fee $ 250 -flood certification $ 12 -mortgage registration fee $ 336 -arm endorsement $ 50 -realtor admin/broker fee $ 195 total estimate $5429.-- PREPAID CLOSING COSTS -Interest adjusted based on closing Sept 25 $110.00 -one year homeowner's insurance $ 480.00 -escrow homeowners 3 months $120.00 -escrow taxes 6month $540.00 TOTAL ESTIMATE OF PREPAID EXP $1250.88 TOTAL CASH NEEDED TO CLOSE LOAN Total est.of settlement due at closing $6679.88 Less cost paid by seller -$5000.00 (if can find a seller to due this) Estimate of cash needed at closing $1679.88
