Question by Ignacio H: How much does a mortgage broker make in yield spread premium on an FHA mortgage loan?
The broker that I spoke with today quoted a 7.125% rate that seems pretty high. He is also charging a 1% origination fee. Am I getting ripped off here?
Best answer:
Answer by Larry T
What does your Truth-in-Lending Statement say?
Have you checked the FHA Website for names of local lenders?
Have you heard of www.naca.com? Their rate is 4.75% and you don’t have to have perfect credit!
What do you think? Answer below!
It would be un-professional to say if the rate is high on what you were quoted. I suggest you go to http://www.bankrate.com and check out
http://www.fha.gov
http://www.hud.gov
http://www.fanniemaefoundation.org
http://www.fha-home-loans.com
http://www.freddiemac.com/