Pre-approval. How does this look?

[Anonymous]

So me and my wife just got pre-approved for an FHA loan from a local mortgage broker recommended by our Realtor. I'm still relatively new to all of this and would like to know what you guys think of this breakdown?

Should we shop around or does this seem fair? We understand our middle score is a bit low however we worked very hard to get here. 

Any advice would be greatly appreciated, Thanks!

http://imgur.com/a/f2Zae

[Anonymous]

Seems pretty standard to me. Appraisal seems a little spendy but other charges are not out of line. If this is your only offer thus far I definitely recommend speaking to other providers, sometimes having other qoutes can give you leverage to get better deal or reduced costs.

[Anonymous]

Have you shopped with anyone else? Seems packed with fees from this laymans viewpoint.

[Anonymous]

This is our first preapproval, we really like this lender, he's been extremely helpful and quick to respond to the myriad of questions we've had throughout the process, however I have no reserves shopping around. We're thinking of applying at another local company and possibly quicken rocket?

I have also read that additional mortgage applications won't effect our credit due to the time frame of hard pulls?  

[MauiMan85297]

I would definitely shop around as it doesn't hurt you in that 3 week-1 month timeframe and doesn't cost you nothing.  The appraisal is high as well as other fees packed into the estimate.  Some lenders will credit you back some if not all of the fee they charge to do the loan.

[Anonymous]

I would ignore quicken, if you want a decent online option use Guaranteed Rate

[Anonymous]

Thanks! I'll check these guys out. They seem to have good reviews. 

[NC_Mtg_Loaner]

Looks like there could be some room to save money but the few things I am goiing to mention have to do with your timeframe for this transaction.  

However, I'd definitely see if:

• there's any way you can get that middle score boosted by another 9 points--loan level pricing adjustments do impact your loan and it very well may save you  a half percent in costs of your loan if you can get your score above 640--something your lender should be discussing with  you if he hasn't already.
• you may want to continue to float your loan rate lock closer to your closing period......some lenders have different costs for the time periods prior to closing your loan where its more costly to lock your loan over a longer period of time.  Locking for 45 days vs. 30 days may be more 'expensive' and costly.   Look at the US 10 yr. Treasury bond yield as your barometer for mortgage loan rate levels.   The fact that the FED came out and expressed less  worry about inflation means rates will remain low for the time being.   If you were nervous and locked a couple weeks ago, you would have locked when your rate could have been .125% higher in cost for those extra 15 days plus when the 10 year yield adjusted lower this week you wouldn't be able to take advantage of it now.  
• perhaps you can obtain the quote of the rate for 3.875% which may 'yield' some lender credit for you to use to pay closing costs and or reduce the lender fees (a common strategy i deploy when a customer expects future income to increase)  This is converse to typical Time Value of Money theory, but if you compare the higher rates' payment ($25) vs. the credit it yields you the customer--.5% of the loan amount ($1200)--you'll notice the break-even point of 4 years.

[IncrsCreditScore1]

If you belong to a credit union, check with them.  NFCU and PenFed are great with mortgages.