Is This FHA Mortgage Loan a Good Deal?

Posted on Aug 17, 2012 in FHA Information

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Question by Sam S: Is This FHA Mortgage Loan a Good Deal?
My wife and I are first time home buyers, tadalafil and we want to tap into this buyer’s market. We spoke with a Wachovia representative a couple days ago, buy more about and we are considering the following FHA loan:

For a $ 200, tadalafil 000 house-
1. 15% down payment, FHA Loan, 30 year fixed mortgage
2. 5.10% mortgage interest rate (per month)

To avoid a horror story with this home purchase, what kind of questions should we ask, and what kinds of things should we look out for?

Best answer:

Answer by glenn
This might be the best that you can do right now. Interest rates vary depending on the type of loan you make and the credit rating you have the the type of market you are buying into- so I can’t tell you if the rate is good.

FHA is usually for people that need to make a much smaller down payment than you are making. If you can make a 20% down payment you may be able to avoid a lot of upfront fees by getting a conventional loan with no MIP or PMI and lower fees.

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And I would guess that the 5.10% interest rate is not per month but per year and has monthly payments.

Add your own answer in the comments!

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3 Comments

  1. Ask about PMI..this is a kind of insurance you pay for included in your loan payment that you never get back. Usually with 20% down you do not have to have PMI Insurance.

    Also, you may want to consider Title Insurance, this cover the title for the time you own the property, protects you. One time charge.

    Early prepayment charges. If you want to pay off the mortgage before the 30 years. Or make prepayments to the principal only.

    Also how many points are you paying on this mortgage. There are usually origination loan points, buyers points and such. Each point is negotiable. The more points you pay the lower the interest, the less points the higher the interest.

    Will you ever be able to refinance, say you can get an interest rate of 4% a few years from now…will you be able to pay off this loan or is there a charge.,..same as a prepayment.

    The most important thing is to have a lawyer look at the papers and court documents…its worth it. Do not trust the realator or broker or banker.

    Good Luck!

  2. the rate is a little high. see if you can buy it down or renegotiate the rate

  3. FHA is a vey good way to go. There home inspection process is better then most. Their rates are better also.
    Good luck