Investor · Rochester, NY · Member since 2016 · 576 posts · 358 votes
3y
@Ryan Muska has hit the nail on the head. All of the amounts seem reasonable. I would keep shopping for financing and find out who has a better deal on a decent interest rate without paying such a high fee (points.) You may need some help evaluating how long it takes for the cost of the lower interest rate to pay for itself and then chose the right upfront payment and interest rate that makes the most sense.
Investor · Hopedale, MA · Member since 2021 · 321 posts · 212 votes
3y
8.3% is a little high, i think the average is 2-3%. it's the points that killed you. if you're using a mortgage broker or buying down your rate, that'll do it. in many cases it's totally worth paying for those two things (a lower rate and a great broker). ask the seller to pay the points!
Lender · The Woodlands, TX · Member since 2023 · 5 posts · 0 votes
3y
@Robert Jan Thomas Hiensch
Yes, a mortgage broker is going to charge a few points because they’ll typically bring more options to the table, but 3.4% def seems rather high for. Also, if you’re putting 25% down you can waive escrows and avoid paying taxes, prepaids and escrow amounts at closing.