Thoughts on this Rate

[Anonymous]

I intend on shopping this.  "COME ON RATE DROP" in August.

My loan application has conventional checked on the 1003.  I questioned my LO on it today as we had been talking FHA previously but she stated that conventional was the best for the day.  I know she is only making her $1500 in origination, so I assume that is the par rate.

[ShanetheMortgageMan]

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foles28269 wrote:

I intend on shopping this.  "COME ON RATE DROP" in August.

My loan application has conventional checked on the 1003.  I questioned my LO on it today as we had been talking FHA previously but she stated that conventional was the best for the day.  I know she is only making her $1500 in origination, so I assume that is the par rate.

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Yup and the par rate on FHA is a lot lower than that.

[Anonymous]

Thanks guys...I'll let you know what happens in the next couple of weeks and will be looking for some advice.

I'm a former LO and miss having access to Broker sheets.  I never did FHA but have been told by some friends that this would be the best option for me so that's why I was questioning the 6.875.  I'd pay the MIP if it could get me the better rate.

[Anonymous]

i went fha on a 150000 loan and got a rate locked in last week of 5.75 paying down one discount point.

[Anonymous]

oh and pmi of 66.00 a month.  how long do i pay this?  mid score 661, 14 points higher than myfico.

[Anonymous]

You pay PMI until you have 20% equity (or paid 20% of mortgage balance)

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laronda134 wrote:

oh and pmi of 66.00 a month.  how long do i pay this?  mid score 661, 14 points higher than myfico.

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[educationalpurposes]

Hello.  I just closed on an FHA loan.  The loan amount was $302.000 and change, 1% origination, 3% down, 6.25%, 30 year fixed.  Mid FICOs were 688 for me, and 719 for my wife. 

[Anonymous]

 I locked in 6.5% FHA w/.50% origination for 309K loan.  Builder paying me back 2K towards costs. 

Thanks to this forum I shopped around.  If rates drop in August I will continue to shop but for now I'm satisfied.

[ShanetheMortgageMan]

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Timothy wrote:

You pay PMI until you have 20% equity (or paid 20% of mortgage balance)

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laronda134 wrote:

oh and pmi of 66.00 a month.  how long do i pay this?  mid score 661, 14 points higher than myfico.

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Actually on FHA you have to pay the PMI for at least 5 years (60 months), and it can only be removed once you've paid your loan balance down to 78% of the original purchase price/value (whichever was less).

However if you choose to take a 15-year fixed and are putting 10% or more down, then FHA has no monthly PMI.