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is that the interest rate or the APR??
Not sure, this is how it is written "CONVENTIONAL 30 YEAR FIXED in the amount of 212,000, in 360 payments at the initial rate of 3.750%"
fha rates are lower than conventional right now
how much of these 'fees' are origination charges? <= i dont want to hear about other fees..... they are the same lender by lender and only estimates.
the lender controls 'origination charges' and rate
i saw 3.75% cost 1/2 point to lock today..... but that is just the origination(points) charges..... it doesnt include other bank fees
Well the "Credit or charge (points)" is $1,855.00
Processing fee is 495
Underwriting fee is 595
AMC fee to solidifi is 110
Theres a bunch more fees but im assuming this is what your after? Like I said its our first home so im learning as i go.
3.75 with conventional sounds good to me, we got a 3.75 with FHA with a negative point.
Negative points is usually a higher interest rate in order to have lower closing costs.
If I wanted the lower rate they were going to charge me like a 1000 bucks.
I had 2 options, pay 1000 or get 1000. I took the 1000 bucks and the 3.75 and smiled all the way to closing.
3.75 is high with those credit scores, OP...at least, it would be here in Central New York. The rate for our lender with a 740 mid-score (your'e nearly there) is 3.375 on a 30 year conventional rate paying .5 point.
FHA with our lender right now is 3%.