Posted on: 21st Jan, 2013 01:55 pm
Hi guys! I went ahead and shop my first mortage preapproval today. So far I only got few numbers from one bank. (USbank)
Tomorrow, i will check the numbers from another bank (Chase) and see how it compares...
Here is the story. I am trying to get preapprove for $120,000 with a 5% down.
Here are the numbers. This loan is a 30 yr fixed with 0 points.
Closing cost are the same for all 3 options.
$500 (details or breakdown will be provided)
My Middle FICO score is 751 as of 1/22/2013
$120,000 with 5% down. State tax based on $3000
Option 1)
30 years fixed w/ PMI 5% down.
Rate = 3.625%
PI = $519.90
Tax= $250
Ins= $54
PMI= 100
Total: 924.07 monthly payment
Loan amount after:
36months = $107,335
60months = $102,472
84months= $97,245
****************************
Option 2. This option is exclusively for USBank only with Credit score at $751 +
30 years fixed without PMI 5% down
Rate = 4.125%
PI = $552
Tax= $250
Ins= $54
Total: $856.17 total monthly payment
Loan amount after:
36 months = $107, 855
60 months = $103.316
**********************************
Option 3.
FHA 30 year fixed with PMI. 5% down.
Rate= 3.625%
PI= $529.90
Tax= $250
Ins= $54
PMI= $113.03
Total : $987.10 total monthly payment.
Upfront fee $1,995
Free 1 year buydown.
That means the first year rate is 2.625%
--------------
So far I am looking at the exclusive offer OPTION 2. of 4.125% without PMI.
I cannot put more down upfront, but I can add an extra $60 to $80
Monthly payment that goes toward the principle.
So far these rate are not locked. I will keep intouch with the loan officer if the Option B hits high 3 %.
Any input guys? I appreciate any comments or advise.
Tomorrow, i will check the numbers from another bank (Chase) and see how it compares...
Here is the story. I am trying to get preapprove for $120,000 with a 5% down.
Here are the numbers. This loan is a 30 yr fixed with 0 points.
Closing cost are the same for all 3 options.
$500 (details or breakdown will be provided)
My Middle FICO score is 751 as of 1/22/2013
$120,000 with 5% down. State tax based on $3000
Option 1)
30 years fixed w/ PMI 5% down.
Rate = 3.625%
PI = $519.90
Tax= $250
Ins= $54
PMI= 100
Total: 924.07 monthly payment
Loan amount after:
36months = $107,335
60months = $102,472
84months= $97,245
****************************
Option 2. This option is exclusively for USBank only with Credit score at $751 +
30 years fixed without PMI 5% down
Rate = 4.125%
PI = $552
Tax= $250
Ins= $54
Total: $856.17 total monthly payment
Loan amount after:
36 months = $107, 855
60 months = $103.316
**********************************
Option 3.
FHA 30 year fixed with PMI. 5% down.
Rate= 3.625%
PI= $529.90
Tax= $250
Ins= $54
PMI= $113.03
Total : $987.10 total monthly payment.
Upfront fee $1,995
Free 1 year buydown.
That means the first year rate is 2.625%
--------------
So far I am looking at the exclusive offer OPTION 2. of 4.125% without PMI.
I cannot put more down upfront, but I can add an extra $60 to $80
Monthly payment that goes toward the principle.
So far these rate are not locked. I will keep intouch with the loan officer if the Option B hits high 3 %.
Any input guys? I appreciate any comments or advise.
Certainly get a quote from another lender or two......what you were quoted wasn't bad for a bank. Don't be afraid to get a quote from a reputable local mortgage broker or mortgage banker......quite often they can beat the big banks rates and fees, especially for someone with your excellent credit score.
I went to Chase bank and pulled my credit again and the middle score is higher this time. The guy went with conventional loan and pretty much the same as the USBank, except the closing cost is $8,600 minus the 6k down. So they charge $2600 for closing vs the USbank $500 - if you open a checking/savings account with them, thus discount applies from normal $1,500 closing cost.