Forgotten Your Password?

Need to Register?

Question Icon

Take loan? 30 yrs fixed, $330k loan, 20% down , credit score ~800, $1k fee, rate 4.875%

should i take this? I don't know if it's good or if I can do better? by jumpinjoebeans_37... from Flagstaff, Arizona. Aug 5th 2011 Reply


Stephen Harris (stephen.harris)
#39 ranked lender in Ohio - 37 contributions

You can get a lower rate but the fees maybe a little higher. Sometimes its better to pay more fees and a lower rate so that you pay less over the life of the loan. It depends how long you want to stay in the home. Rates can go as low as 4.25%

Aug 5th 2011
0
0
Mike Tompkins (mike@wjbonline.com)
#56 ranked lender in Arizona - 4 contributions

rate sounds a little high assuming the property is a primary residence or second home. Also need more clarity on the total fees of 1k. Is that total lender fees or total closing costs period? You will always have fees from a title company and also escrows (taxes, insurance, interest). 4.625%-4.5% should be a no point loan today in the Flagstaff Market with lender fees of around $1,000-$1400.

Aug 5th 2011
0
0
Amy Wiechert (awiechert)
#53 ranked lender in Arizona - 5 contributions

Hi, the rate and fees seems high considering the market today. The occupancy of the home, whether it will be your primary, second home or investment property, can also play a role in the rate your receive, however with the market position and rates where they are today either would still give you a lower rate. There are different options that you may want to consider with regards to fees, term, and your rate, depending on your personal goals. From the information provide, it seems you would have some flexibility. I would suggest getting a few more quotes, you would be surprised on what you would find. Hope this helps!

Aug 5th 2011
0
0
Joseph Afonso (jafonso)
#64 ranked lender in Arizona - 196 contributions

I am located in AZ and we would be able to offer you a lower rate but our total lender fees are 1400.00. Contact me if you are interested at jafonso@azhomerates.com. Thank you

Aug 5th 2011
0
0
Tom Winberry (wtom17@gmail.com)
#61 ranked lender in Arizona - 16 contributions

I don't know how long ago you received your quote, but based on today's rates there shouldn't be a $1K fee on a 4.875% rate. All of your costs should be paid out of the lender's yield spread premium.

Aug 5th 2011
0
0
Tom Winberry (wtom17@gmail.com)
#61 ranked lender in Arizona - 16 contributions

I don't know how long ago you received your rate quote, but based on today's rates there shouldn't be a $1k fee at 4.875%. If your interest is locked in you should honor it!

Aug 5th 2011
0
0
Gregorio Denny (GVDenny)
#258 ranked lender in California - 380 contributions

You should take it if you feel charitable towards your loan officer, you will be gifting them around $13,000 to $15,000.

Aug 5th 2011
0
0
Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Rate is too high. Lower rates are available everywhere.

Aug 6th 2011
0
0
Dan Paladin (dpaladin)
#1 ranked lender in California - 555 contributions

You should be able to do better without more fees....again assuming it is a primary home....

Aug 7th 2011
0
0
Subscribe to our news feed.