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rate too good to be true?

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proton022
Valued Member

rate too good to be true?

Hi

 

I got a quote from Wells Fargo for 2.625% for 15-year fixed. First, I was told that there are no points, but later in the day, apparently the rate increased, so they added 335$, which seemed plausible.  Fee quoted in GFE is comparable to others.

 

Anyway, I was told that they were able to offer this low rate because I'm an educator. My banker is working remotely. I checked hi NMLS, and looks fine.  He sounds reasonable over the phone and has more than 10yr experience. 

 

This is my first home, so perhaps I'm being a paranoid. I just want to make sure if others have obtained similar offers, and I'm not getting a quote that is "too good to be true". 

 

Thanks!

 

 

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Walt_K
Senior Contributor

Re: rate too good to be true?

Just did a google search and saw rates at 2.75% for FHA 15 year fixed, and 2.875% for conventional 15 year fixed.  So what you're being presented doesn't seem crazy.


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