Mortgage rate: 5.35%, am I getting ripped off?

Posted on Sep 5, 2012 in FHA Information

Question by : Are FHA mortgage loans more difficult to obtain?

Best answer:

Answer by My Take on It
They are less difficult than a conventional

Depends on your circumstances

What do you think? Answer below!
Obama refinance program: Good incentive for borrowers and lenders

article by John Mathew

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offered an overview of the Home Affordable Refinancing Program (HARP) of Fannie Mae and Freddie Mac. We also have short power line to the new and updated FHA program, cost which is for 2012.


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More Refinance Harp article
Question by rebelBodhi: Young couple with pretty good income, viagra but low down payment, can I buy a home?
I’ve gotten through advanced calc and computational analysis courses, but navigating the world of finance and mortgages is still a bit daunting.. any help would be appreciated:

I make $ 75-80k and my spouse makes about 40. We’ve been renting in the MD-DC-VA suburbs for 4+ years, with perfect rental history (paying about 1300/mo), and have average credit.

We’d be first-time buyers. I know we could easily swing the monthly payments, it’s just the initial costs I’m not sure about.

Anyway, given this income (total about 110k/year before taxes), and a small (say 3-5k) down payment. What options, if any, are there for buying a 250k-300k (town)home? (we’re 25 years old if that matters)
I’m aware of FHA loans, but how/if they would help lower the inital costs is still a mystery.

Thanks!
fyi you did sound caustic, and the plan is to wait at least 4 months. I’m looking for some info and others’ experience.

Best answer:

Answer by ?I am a MESS?
Down payments vary from state to state, in Ohio it’s 3.5% of the cost of the home.

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Question by Simply D: Home Finance?
I’m 23 years old and would like to consider financing a home in the next 2-5 years, doctor I want to know what kind of things do I need to be concerned about with my credit? How can I increase my score and what do I need to know about financing a home to get a good value and a good deal. Personal experience are greatly appreciated. Thank you all.

Best answer:

Answer by donfletcheryh
First, about it build a large down payment. This is an almost irresistible part of the financing game. But just because you have put together say 15% of the price of a house over 5 years tells you that your saving skills are starting to work.

Do not take out loans and pay them off to increase your score. It works against item 1, building the DP.
Rather, have a couple credit cards that you use to pay for things you buy, but religiously pay them off, completely, every month, well before due date.

Avoid buying cars or other big ticket items that ‘require financing’. If you buy any of them, do it on your credit card, but again pay off the credit card that month.

Avoid those sales that allow you to make no down payment, or no payment this year. You can always negotiate a cash reduction. They really do prefer cash, they really do prefer to make a sale rather than have you walk out.

As your savings grow, you should be investing, not just buying bank deposit notes.
If you do a good job of investing, even living in rented accommodation can be a sound economy.

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Question by jenp: Mortgage rate: 5.35%, view am I getting ripped off?
We have an excepted offer on a house, medical and have been doing all the loan paper work and are supposed to close on the house mid to end of may. But I don’t know if the interest rate we were given is a rip off? FHA fixed 5.35%. We both have pretty good credit in the 750’s each. The home we are buying is in minnesota and the mortgage company is out of California. We went with this mortgage company because the home is a forclosure and they stated in the agreement if we went with them they would pay closing cost but if we went with anyone else the closing cost wouldn’t be part of the agreement. And we really like the house and have been looking for 2 years, medications so we went with them. Is this a normal interest rate as of right now? Because I’ve seen a lot of advertisement for under 5% FHA fixed, even wells fargo had 4.85%. But I am new at this so I am not sure how it all really works.
0 points

Best answer:

Answer by Jonnur47
5.35% is an average rate for today. However you left out some important details.

IE: Origination or Discount points ?

Know better? Leave your own answer in the comments!

5avg.rating 15 votes.

4 Comments

  1. They are hiding the closing costs in your mortgage interest rate.
    Nothing is free in this world.

  2. Shopping for a mortgage loan involves consideration of the interest rate AND fees. If they offer you “no closing costs”, you’re going to pay them in the form of a higher interest rate instead. A low interest rate will mean higher closing costs. “There ain’t no free lunch.”

  3. My FHA rate this week was 4.875% That was 0 points & 0 origination. You didn’t say what your sale price or loan amount is, but with the above par pricing they are using to pay your closing costs, it sounds like you are not getting a very good rate. Their fees must be extremely high. Any mortgage company will pay your closing costs with a higher rate. Check local lenders.

  4. It really matter not where the bank is located. Your mortgage loan will probably be sold upon the closing of your real estate closing or shortly thereafter.

    Whether or not you are getting a good deal on the interest rate is in the eye of the beholder. You are not getting out of paying closing cost,it is just the method in which you pay the closing cost. It appears as if they raised your interest rate to cover the cost of the closing cost. This cost would be paid over the life of the mortgage loan.

    Of course the interest rate is normally a tax deductible item on your federal income tax.

    If you select to pay the closing cost out of pocket,the the interest rate would not be as high. Also you would be able to get the closing cost as a deduction on your federal income tax.

    This is a matter you might would want to consult your tax preparer or CPA about and see which is more beneficial to you.

    For tax and legal matters you should consult with your tax consultant and attorney.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”