Am I getting a bad deal?

[Anonymous]

I'm in escrow and here are my loan terrms. I'm in Los Angeles county

Purchase price $460,000

10% down conventional 30 year fixed with lender paid MI (mortgage insurance) I pay upfront fee for MI.

 Credit score 775

No Debts except for credit card

Good Faith Estimate

Loan amount $416,873.99 (I'm financing part of upfront costs)

Interest Rate  3.875% (I was told it's an estimate and as of today 1/7/13 it would have been 3.75%

Origination Charge $1,451.95

Credit back to me -$1,925.96

Adjusted Origination Charge -$474.01

Settlement Services

Appraisal  435

Credit Report 15.99

Flood Certification 12

Up-Front Mortgage Insurance  5,633.99

Tax Service Fee  80

Appraisal Review (If Applicable)  140

Total      6,316.98

Title services and lender's title insurance 2,475

Owner's Title Insurance  1,500

Govt recording  150

Transfer Taxes  2,530

Initial Deposit for escrow  3,145.02

Daily Interest Charges 15 days  663.86

Hazard Insurance  1,080

Total charges for settlement  $17,860.86

With adjusted Orignation Charges  17,386.85

Truth in Lending APR 4.050%

Seller is paying $4,030 of closing costs.

My portion would be

prepaid items 4888.88

My portion of closing costs 2833.98

Up front Mortgage Insurance Fee 5633.99

Down Payment (460,000 - 416,873.99)  43,126.01

Total to close - $56,482.86

So is this a bad deal? Seems like my interest rate is too high.

Thanks,

[MovingForward_2012]

Hi! I was told that when you do a loan without PMI, you have to pay higher interest. My loan officer said, the PMI is paid either way pretty much from a cost standpoint and he prefers to have it included so the interest rate is lower.

[MrChairman]

Basic, not sure what the exact fees are in LA county but it seems like nothing is extremely overpriced so I think your getting a fair deal.

[Anonymous]

Thanks for the reply Mr Chairman! Makes me feel better.    lol 

[MrChairman]

Anytime