Am i getting the best rate

3 Replies

No, @Damilola Adedji , I don't think you are--with the caveat that rates and terms are very dependent on your qualifications.

I'm seeing rates below 4% with no points. You're paying almost $1k in points, $1k application fee (a lot of lenders will waive or reduce this, all you have to do is ask). That $700 in PMI to tough. Anyway you can put a full 20% down? This is a very small loan, not a ton of cash to come up with.

I'd do a lot of shopping around. Talk to all your local banks and Credit Unions. Don't be afraid to play lenders off of each other.

As I wrote in my first post, @Damilola Adedji , shop around. Call all the local banks and Credit Unions. Then compare and see what's what. If you can use something other than a FHA loan, that's worth considering. With FHA, you have PMI for the length of the loan. It doesn't drop off when you hit 80% LTV. Lots of banks have low-down payment products that are not FHA. Worth exploring.

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