Search the Community
Showing results for tags 'Shop Around'.
-
Saturday we accepted the counter offer and will be talking to the broker about a USDA Guaranteed home loan on Monday. We have used this same broker for an earlier attempt at buying a house, but the sellers refused to make repairs so we walked away. His company does not service the loans, his fee comes as a kickback from the lender. I don't yet have a GFE for this property, but I do have the closing cost worksheets from this and a more recent inquiry that we never offered on. My question is, going USDA, how much change in fees might there be between using a broker who works with a lender and going through a local bank myself? There is also the sub-question of "how close together must inquiries be to not wreck my credit scores?" On the 7th we looked at a worksheet for the 210k purchase price and have the following estimates: Pre-paids 1,755 Closing costs 2,275 Combined PMI, MIP, and funding fees of 4,286 Lender credit 615 I can tell at least a portion of the PMI/MIP/FF is based on the cost as it is a grand higher than a home we looked at for 160k -- I just can't say what the breakdown is since this is only a worksheet. Do these amounts seem in line for a 3.875% note rate (4.494% APR) or is it worth my while to shop around this week? Some background, my adult son and I are buying the house together -- I may eventually retire out of state, but he intends to stay in this house/city forever. When we applied in September my scores were 707, 708, 708 -- with a long credit history but bogged down by school loans in IBR. My son's credit is really thin, we had to use bank statements showing his weekly rent transfers and his name on utilities to go along with his only credit card. His scores were enough to make a momma proud though, 749, 758, and 769. Many thanks!
-
- USDA
- Shop Around
-
(and 1 more)
Tagged with: