Posts Tagged "7.5%"

I am applying for a FHA home loan. The mortgage broker says the rate is 6.5% but the document states APR 7.5%?

on Sep 19, 2012 in FHA Information | 4 comments

by telwink What You Should Know Before You Apply for a Commercial Loan Article by Sandeep Thakur For more informaiton please visit here… Question by aginzo: Can you include closing costs into a FHA loan? I am buying my first home here in Orlando, sildenafil Fl and I was told you can finance your closing costs within your FHA loan. Does anyone know out there that has come into this situation? Any Florida mortgage brokers out there? Best answer: Answer by Sw33tzyes, you can. =) Add your own answer in the comments! Question by George: I am applying for a FHA home loan. The mortgage broker says the rate is 6.5% but the document states APR 7.5%? The broker says my rate will be around 6.5% but they have to state APR 7.5% because it has to includes Mortgage insurance because of not putting 20% down. Is this correct? I understand I have to pay the PMI but should my APR be around the 7%? The loan is around $ 400K 3% down. Best answer: Answer by Beverly SIt’s not just the mortgage insurance- it’s any closing costs involved which are classified as interest- so any points etc. are added to the APR & that rate is your 1st years combined rate. However, site a whole 1% difference seems excessive to me. Mine are usually about 1/2% higher. Sounds like they are hitting you pretty hard on closing costs. Also, mind I don’t like the sound of your broker saying your rate will be “around 6.5%” tell him to Lock it- FHA rates are rising 6.5 % is actually really good right now. Good luck! Give your answer to this question below! I am applying for a FHA home loan. The mortgage broker says the rate is 6.5% but the document states APR...

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