APR 5.672% GOOD??? BAD??? OK???

[fueloveskhou]

Hi. I just got paper back from my broker at the end of last week. Everything is good to go and closing this friday. My APR is 5.672 (VA Fix), is this good considering the economy is the way it is right now?

 

Is it good considering my credit? mid 600s, 4/5 collections about 6 years old (200 tops), 3 medical bills about 3/4 year old (2300 tops), everything else is paid on time for the last 5 years.

 

Thanks.

[resqume1]

Not enough information. You need to post your GFE #'s and purchase price.

[DallasLoanGuy]

loan amount?

total of fees in the 800s section excluding appraisal?

[fueloveskhou]

Sorry new to this.

 

GFE is 87,000

Total is for 88,870 (1870 for VA funding fees, 87,000 for House) 30 year fix.

I will pay 321.25 towards closing cost, seller is covering everything not to exceed VA guidelines.

APR 5.672%

[DallasLoanGuy]

seller may be covering those fees.... but they are financed by you.

[DallasLoanGuy]

also.... you are talking about apr.

what is the rate?

[fueloveskhou]

intestrate is 5.5%

 

We offered 84k. The house wwas being sold by the original owner (43 years old) and other poeple started looking at the house too. The seller said he would had accepted the offered but other poeple was looking at the house when we were offering to so he decided to counter us. This was mid oct when the 1st time home buyer rebate was about to end (extend for military)

 

I am wondering if my interest is a good deal, bad, or ok? Opinions?

[fueloveskhou]

Any inputs? Is this a good rate or should I expected something lower? I was expecting lower 5.25 or lower.

[Brian B The Loan Professor]

There is a lot that goes into a rate

The loan amount being the buggest factor

If that quote was from last week it is probably accurate

if is is from this week it is a little high

 

Good Luck

B

[fueloveskhou]

There is a lot that goes into a rate

The loan amount being the buggest factor

If that quote was from last week it is probably accurate

if is is from this week it is a little high

 

Good Luck

B

 

Oh ok. It's probably good. Well locked in mid oct.

 

Fue

[Brian B The Loan Professor]

If you are already locked then you either have to start over with a different bank or stay with what you have

nothing wrong with that rate and only in the last few days have we seen a big drop

B

[Bloody but Unbowed]

Drop ... did you say drop, how big????

[Brian B The Loan Professor]

.25-.375% drop

[fueloveskhou]

Thanks. I don't want to go though this again. I am closing friday. I did a little playing on the mortgage calculator and saving $50 more a month I would be needing to be in the 4s. I am happy either way.

[fueloveskhou]

Ok. Today we went in to sign and updated GFE. Got the interest rate to drop a little 5.3% saved 7 dollars a month

[fueloveskhou]

We closed just!!! Got the keys. They credit us 594 to pay for the utilities once the bill comes in for this month. They also gave us 2400 for tax and if it cost a little more when we get the bill we would just have to come up with it (IF). Took about 1 hour and 15 minutes.

[staranyway]

Congratulations on your new house.