Conventional loan 30 yr fixed interest rate question

[turion65x]

Hello, 

I am currently in the process of closing on a single family home for the amount of 188,500 , with 11.5 perecnt down 30 yr fixed (loan amount approx 167,800) my question would be do you guys think 4.5 interest rate and 4.65 APR would be a good interest rate based on my credit history having no derogatory and scores above 740+ please advise me as this would be my first home ,  I would like a lower payment or perhaps a lower interest rate , current monthly payment $1,090. Thank you!

[Klaws1000]

Good morning:

I purchased my home in October, 2014.  I have the same rate/APR you do - my mortgage is for $216,000 and my mid-score was 702 with 10% down.  I also had NO derogs, clean file, and within my DITI ratio.

I'm not an expert on the board, however, in my humble opinion, with a mid-score above 740, you may be able to do better than 4.5% rate and 4.65 APR. 

[edcampbell613]

That seems real high,

I priced a loan this morning (12-10-2014)

4.00% no points, $1,000 total lender fees + 3rd party and escrows.

[StartingOver10]

It is really hard to tell - what are the closing costs you are being charged?   In your current loan, do you have the lender paying any of your closing costs?

If you are paying all of your own closing costs, then the rate seems a little high like Ed pointed out.

[turion65x]

Good morning,

Sorry for late response, but i unfortunately walked away from the deal, But to make it clear the 4.5% included no PMI and she offered to have it lowered to 4.35%

[Anonymous]

Where are you located? To be honest, that seems pretty average right now for the rate... The APR may be a bit on the high side.

[HiLine]

That's too high. Try contacting other lenders and see what they can offer. I would call K2 lending, Bank of America, BNC National Bank, and Sebonic Financial.

[turion65x]

I am located in orlando fl, By the way do you guys think home prices are on the rise?

[StartingOver10]

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@Natturion65x wrote:

I am located in orlando fl, By the way do you guys think home prices are on the rise?

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I'm just south of you in Palm Beach county. The prices are rising; however, that doesn't mean that the list price is the right price. I am finding that many of the list prices are not priced right for the neighborhood (too high).

Check the comparable sales, check the absoption rates, do a little analysis to figure out the right price (for you) and if the seller won't accept it, go to the next property. Your agent can do all of the above for you - with the exception of the 'right price' for you. 

Here in my area we are still having appraisal issues where the appraisal is coming in short of the sales price So be prepared to bring in come cash over the appraised value, if you want the home. It may or may not be the same in your market. Each neighborhood is different too.

[DallasLoanGuy]

4.5 was probably ok for no pmi.

i would rather take 4.125 - 4.25 + pmi because pmi goes away. the rate stays for the life of the loan.

rate means NOTHING unless we know the fees and whether pmi is rolled in