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Intreast Rates on GFE

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john398
Senior Contributor

Intreast Rates on GFE

Are intreast rates on good faith estimates usually a lot higher than actual, the reason I ask is becuase my LO sent one with 6.5 but I am thinking since I am not yet locked in, it was just a high estimate

 

Thanks

Message 1 of 5
4 REPLIES 4
itsjustmeibe
Regular Contributor

Re: Intreast Rates on GFE

6.5% is high right now. What type of loan is this for? Was your credit run prior to the GFE?
Message 2 of 5
john398
Senior Contributor

Re: Intreast Rates on GFE

FHA, but I have been reading all FHA get pretty much the same rate, Yes this was before they pulled my credit I think they were just giving me a general idea what I would have down payment wise, thanks for the info I will update when I am locked in
Message 3 of 5
itsjustmeibe
Regular Contributor

Re: Intreast Rates on GFE

FHA today for 30yr fixed is 5.5% no points, 5% with a point. This is what I'm getting for a refinance.
Message 4 of 5
Anonymous
Not applicable

Re: Intreast Rates on GFE

I floated down on Friday to 5% with .125% of a point.

 

Ask them to re-do the GFE at 5.5%.  6.5% is them being extremely conservative.

 

WIth FHA a 620 and above gets everyone the same rate.  They just recently began imposing penalties to those with scores under 620.
Message 5 of 5
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