6 replies to this topic

[Debt Slayer]

I got this GFE back in June 2011 however the deal fell thru because my score had dropped.
Can someone please review this so I can figure out whether I should go back to the same lender?


Estimated Rate: 4.750%
Estimated APR: 5.721%
Estimated Loan Type: FHA
Estimated Sales Price: 165,000.00
Estimated Base Loan: 159,225.00
Estimated Total Loan: 160,817.00


Principal & Interest: .................$ 838.90
Hazard Insurance:....................$ 30.00
Property Tax: ..........................$ 153.00
Mortgage Insurance:................$ 151.52
HOA Dues:..............................$ 50.45
Total Est. Monthly Pmt:........$ 1,223.87


CLOSING COSTS

Origination Fee $1,320.00
Appraisal Fee $475.00
Credit Report $65.00
FHA Mortgage Insurance Premium (Financed) $1,592.25

Flood Certification $15.00
Points $0
Government Recording $365.00

Total Title Company Charges $1,254.25
Owners Title Insurance $370.75
TOTAL CLOSING COSTS $3,865.00

PRE-PAID ITEMS:

Daily Interest Charges for 1 days $20.93
1 Year of Homeowner's Hazard Insurance Premium $600.00
Reserves Deposited with Lender:
3 Months of monthly Hazard Insurance Payments $150.00
5 Months of monthly Tax & Assessment Payments $1,750.00
TOTAL PRE-PAID ITEMS: 1,235.93
SUBTOTAL OF CLOSING COSTS PLUS PRE-PAID ITEMS: $5,100.93

[Brian B The Loan Professor]

I got this GFE back in June 2011 however the deal fell thru because my score had dropped.
Can someone please review this so I can figure out whether I should go back to the same lender?


Estimated Rate: 4.750%
Estimated APR: 5.721%
Estimated Loan Type: FHA
Estimated Sales Price: 165,000.00
Estimated Base Loan: 159,225.00
Estimated Total Loan: 160,817.00


Principal & Interest: .................$ 838.90
Hazard Insurance:....................$ 30.00
Property Tax: ..........................$ 153.00
Mortgage Insurance:................$ 151.52
HOA Dues:..............................$ 50.45
Total Est. Monthly Pmt:........$ 1,223.87


CLOSING COSTS

Origination Fee $1,320.00
Appraisal Fee $475.00
Credit Report $65.00
FHA Mortgage Insurance Premium (Financed) $1,592.25

Flood Certification $15.00
Points $0
Government Recording $365.00

Total Title Company Charges $1,254.25
Owners Title Insurance $370.75
TOTAL CLOSING COSTS $3,865.00

PRE-PAID ITEMS:

Daily Interest Charges for 1 days $20.93
1 Year of Homeowner's Hazard Insurance Premium $600.00
Reserves Deposited with Lender:
3 Months of monthly Hazard Insurance Payments $150.00
5 Months of monthly Tax & Assessment Payments $1,750.00
TOTAL PRE-PAID ITEMS: 1,235.93
SUBTOTAL OF CLOSING COSTS PLUS PRE-PAID ITEMS: $5,100.93

Nothing stands out as horrible - I have no idea what rates were then so hard to comment towards that -
B

[Debt Slayer]

Thanks Brian. Im thinking about doing 5/1 ARM...what kind of rates should I expect with a score of 677?

[Brian B The Loan Professor]

Thanks Brian. Im thinking about doing 5/1 ARM...what kind of rates should I expect with a score of 677?

I am not sure
with the 30 yr so low right now our bank suspended the ARMs and is only doing 15 and 30
Unless you know for a fact that you wont be there in 5 years I would advise against the 5/1 - a few years of lower payments could get eaten up quick if in 5 years rates are up from today -
Based on where the 30 if though I would assume a 5/1 would be low 3's or possibly high 2's
Good Luck
B

[boomhower1820]

With rates as low as they are now I wouldn't touch an arm unless it was in the 2's and doubt many are going to do that. With rates this low I couldn't imagine not just locking in and being done with it.

[Debt Slayer]

With rates as low as they are now I wouldn't touch an arm unless it was in the 2's and doubt many are going to do that. With rates this low I couldn't imagine not just locking in and being done with it.

please explain locking the rate? you pay an amount in advance to keep the current til closing?

[luckydriver]

i believe the broker can pay the lock for you for X days..i think 30 or 45...they are making enough money that it shouldnt be an issue i do remember in the old days customers could pay for it too but am not all that familiar with it anymore