@Anonymous wrote:
Got a preapproval yesterday for 275K on an FHA with 3.5% down and a 3.75% rate. Middle score was 663 (poor utilization management, could probably get it up a few more points but probably not to 680 which is the next break point).
Anyway, we are house shopping for the next few months as we need to move closer to where our son is going to school next year, was just wondering if anyone had any thoughts on them or had worked with them. Searched the forums and not much came up.
I'm in Ohio as well if anyone has recommendations for lenders as a backup/replacement if these guys don't pan out. (They charge a 995$ flat rate for costs he told me, then title and appraisal are on me).
Ok, now that is what scares me - the statement in red. It may be that his firm charges a flat rate of $995, but there are other expenses and pre-paid costs due at closing that are from third parties; for example a survey, which is required (unless you get a condo).
Did he also mention that you will have to pay escrows for taxes, insurance and mortgage insurance?
Did he provide a Loan Estimate or some written breakdown of the closing costs?
I only mention it so you are prepared with the extra funds and they don't come as a surprise. The Loan Estimate is mandatory now so you can see what your total cost is before you choose a lender. Read the sticky above under "Helpful Threads" and see the post by Shanethemortgageman that completely explains the Loan Estimate and Closing Disclosures.
Shop your lender if all he told you was your statement in red - because it is misleading. JMO. If he gave you all the info, then that is a good thing - but still shop because you might be pleasantly surprised with other lenders costs/fees.
