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Their web-posted APR for a 30 year fixed with no points or origination right now is 5.125%. So not the cheapest, but middle of the pack for the rates I'm looking at for people willing to lend in my area. (a lower risk part of Florida, but still a place many lenders aren't terribly comfortable about right now)
Their web-posted APR for a 30 year fixed with no points or origination right now is 5.125%. So not the cheapest, but middle of the pack for the rates I'm looking at for people willing to lend in my area. (a lower risk part of Florida, but still a place many lenders aren't terribly comfortable about right now)
Thanks for the information. Today going through wholesale lenders, a homeowner could get 5% with no points so they are not far out of the market.
As I said, not cheapest, but generally competitive, and very reliable/easy to work with. They also hold and service 99% of their mortgages, which I'm discovering makes it mind-blowingly simple to open a HELOC with them if they hold your mortgage. (If they like your credit score, all it takes is an employment verification, and you're good to go)
Thanks for your advice, we do have a credit union however they have a max $ for first time home buyer and it does not work for us. Our LO is very nice & helful but I feel that at the end I'm gonna find all these hiden fees. We walked into our bank and they told us why should we pay a third party, we can to any bank and not pay the points. Is that true or do I have to pay that point as part of the closing cost regardless??
I forgot to mention that the APR I was offered by my LO is 5.25 30yr fix and we have good credit scores above 720. Is that a good APR? Do a have to pay for pre-approvals everytime I'm shopping around for loans?
Ask your parents if 5.25% apr is good. That is fantastic.
No, you dont have to pay any points as part of the closing. However, getting a mortgage rate is like buying anything else. You can pay the point and get a lower interest rate or not pay the point and take a higher rate which will cost you much more in the long run.
Didnt anyone at the CU or the LO you have been speaking to go over any of these options? You should be asking for a quote with you paying just the closing costs and one with the closing costs and a point.
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