Posted on: 29th Mar, 2010 07:04 pm
Hello all,
Thank you for fielding my question!
I recieved a GFE from my Mortgage Broker with a 5.250% interest rate and a 5.979% APR on a $242,500 loan with 3.5% down. I am a first time homebuyer with only two years work experience. I have 700+ credit score. I'm feeling a bit blind in this whole process and am afraid that I am not doing my due diligence...
I am applying for an FHA loan in Arlington, VA with the following information provided on my GFE:
Items Payable in Connection with the Loan:
Appraisal Fee: $405
Tax Related Service Fee: $85
Processing Fee: $295
Underwriting Fee: $480
AUS: $20
Title Charges:
Closing/Escrow Fees: $795
Title Insurance: $1812
Government Recording and Transfering Charges:
City/County Tax/ Stamps: $2667.50
Additional Settlement Charges:
Condo Questionnaire: $150
Estimated Closing Costs: $6729
Items Required by Lender to be Paid in Advanced:
Interest: 1 Day @33.950/Day = $33.95
So, this is all somewhat foreign to me and really have no idea whether this APR is a fair rate...
Thanks again for any help!
Thank you for fielding my question!
I recieved a GFE from my Mortgage Broker with a 5.250% interest rate and a 5.979% APR on a $242,500 loan with 3.5% down. I am a first time homebuyer with only two years work experience. I have 700+ credit score. I'm feeling a bit blind in this whole process and am afraid that I am not doing my due diligence...
I am applying for an FHA loan in Arlington, VA with the following information provided on my GFE:
Items Payable in Connection with the Loan:
Appraisal Fee: $405
Tax Related Service Fee: $85
Processing Fee: $295
Underwriting Fee: $480
AUS: $20
Title Charges:
Closing/Escrow Fees: $795
Title Insurance: $1812
Government Recording and Transfering Charges:
City/County Tax/ Stamps: $2667.50
Additional Settlement Charges:
Condo Questionnaire: $150
Estimated Closing Costs: $6729
Items Required by Lender to be Paid in Advanced:
Interest: 1 Day @33.950/Day = $33.95
So, this is all somewhat foreign to me and really have no idea whether this APR is a fair rate...
Thanks again for any help!
jledge, the costs you've provided us seem to be in reasonable order to me. obviously, for someone from another state it's hard to be able to comment specifically about any of them (i am in connecticut), but they certainly don't look out of order to me based on what i would typically see.
the easiest way to determine - or compare - the apr with someone else's is to sit down with that someone else and ask for a gfe using the same parameters.
the easiest way to determine - or compare - the apr with someone else's is to sit down with that someone else and ask for a gfe using the same parameters.
The APR appears to be accurate and correct.
The FHA mortgage Up Front Mortgage Insurance Premium (UFMIP) is 1,75% of your base mortgage amount. That is $4,243 included in the APR.
Also, the Monthly Mortgage Insurance Premium (MIP) is .55% of your base mortgage amount. That is $11.15 a month for five years included in the APR.
In did not try to compute your APR, I just know it looks entirely accurate. Title insurance and transfer taxes are not included in the APR calculation. The rest of the items you noted are included.
The FHA mortgage Up Front Mortgage Insurance Premium (UFMIP) is 1,75% of your base mortgage amount. That is $4,243 included in the APR.
Also, the Monthly Mortgage Insurance Premium (MIP) is .55% of your base mortgage amount. That is $11.15 a month for five years included in the APR.
In did not try to compute your APR, I just know it looks entirely accurate. Title insurance and transfer taxes are not included in the APR calculation. The rest of the items you noted are included.
