Is 7% too high?

[Koffee]

Okay, I'm closing on the 28th and I have not locked. I mentioned locking in July (45 days out) and my loan officer said it was too early. SO  here I am with 9 days and I am being quoted 7% on an FHA loan for $172,000.00...............Is this too high? I know the MBS are kinda volatile right now. I also know that I am taking a 'bump' in the rate because my mid score is 597.

[Anonymous]

maybe you can pay don1 discount point and get a lower rate.

[Lel]

With that credit score, 7% seems like a pretty good rate to me. Rates over the next week might fluctuate by an eighth or so, but I don't think you're going to see a dramatic change in rates in either direction.

[DallasLoanGuy]

the lender is making 2% or much more on the rate. you had best not be getting charged an origination fee or that!!!!!!!!!

[Anonymous]

Check around and don't let them strong arm you are dupe you. I just went through this.  Ask plenty of questions and check around a bit.

[Koffee]

Dallas,

The loan origination fee is $1,685.63.

The builder had me go through their lender who is selling it to another party. Is this really too much?

[DallasLoanGuy]

---

Koffee wrote:

Dallas,

The loan origination fee is $1,685.63.

The builder had me go through their lender who is selling it to another party. Is this really too much?

---

it's too much if you think it is too much.

who is this builder. people need to know which builders stick it to ya on the financing.

they could make a nice profit at 6.5% today.... even with the adjustments for the scores.