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Regular Contributor
amaurym
Posts: 134
Registered: ‎04-02-2012

negociating rate/fees with lender

I'm currently approved with Pulte mortgage which is Centex preferred lender . I'm closing December 7

I'm getting $1000 towards closing for using them plus Pulte is waiving the 1% originating fee.

When I talk to them about looking my rate, they say it will be 3.5% , . 30yr FHA

Should I talk to another lender and see if they match and lower the above .?

How can I get Pulte to lower their fees and rate.

My middle score is 680 as reported by Pulte.

Current Score: EQ 694(Fako), EX 676(Fako),TU 729
Goal Score: 750 across the board
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: negociating rate/fees with lender

With FHA the rate is the same across the board regardless of score.......one way to get a lower rate would be to go a continental route since you would save money on closing and with PMI and should have a lower interest rate but you would need 20% to put down.....oh and I wouldn't say that you are "approved" just yet...you are only approved when you have the keys in your hand walking through the door of your house lol

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Senior Contributor
StartingOver10
Posts: 3,722
Registered: ‎03-06-2010

Re: negociating rate/fees with lender

I disagree with this statement above ^^^.

 

I see various lenders offer different rates for FHA borrowers all the time.

One of my lenders is at 3% fixed 30 yrs right now for FHA. Another pre-approval I just received yesterday from another lender for the buyer on one of my listings is a full point higher - 4% fixed 30 years and believe it or not, the buyer that has the 4% rate has a higher credit score than the one with the 3% rate. Both are FHA loans. The only difference is the lender (and the buyer).

This is just one example. I see different rates in the same time period all the time. It is lender specific.

Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: negociating rate/fees with lender


StartingOver10 wrote:

I disagree with this statement above ^^^.

 

I see various lenders offer different rates for FHA borrowers all the time.

One of my lenders is at 3% fixed 30 yrs right now for FHA. Another pre-approval I just received yesterday from another lender for the buyer on one of my listings is a full point higher - 4% fixed 30 years and believe it or not, the buyer that has the 4% rate has a higher credit score than the one with the 3% rate. Both are FHA loans. The only difference is the lender (and the buyer).

This is just one example. I see different rates in the same time period all the time. It is lender specific.


I should have explained it better but what I meant was that with a single lender the FHA rate doesnt vary.... So for example my mortgage was with fifth third and we locked in the 3.875% regardless of if I had a 850 or 640 middle score. Rates may vary with lenders but with how low  the rates are most lenders are the same across the board or maybe .25% difference.

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Regular Contributor
amaurym
Posts: 134
Registered: ‎04-02-2012

Re: negociating rate/fees with lender

Thank you all for your responce. I decided to go with a new bond program that was released in Texas. It helps with %5 down payment/closing . It does come with a 1% originating fee. The other good thing it seems is the rate will be locked at 5% and I can combine it with the mortgage credit certificate. This before could not be done as it will be consider double dipping.

Even with the added cost of getting both programs, my gfe come back saying I will be receiving money back at closing. Builder is giving $6000 toward closing too and their originating fee will be paid by them.

Current Score: EQ 694(Fako), EX 676(Fako),TU 729
Goal Score: 750 across the board

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