LOKING FOR ADVICE.

[Sergio Moratto]

Good morning BP family,,

I am looking for advice on this new activity for my new purchase: I was approved by a funding company for $250,000 in the following terms: 

loan balance                           $ 250.000

Interest rate                              3%

loan term                                  30 years

Number of payments               360

Monthly loan repayment      $1.054 

Cumulative payments          $ 379.443

Total interest paid                  $ 129.343,60

To receive that deposit in my account I must pay a fee for 1125 to them to make it effective,

My question is: is that normal to be able to receive it?

Thank you for any advice you can give me, I'll be attentive.

[Joe Biscaha]

Thanks for sharing and checking, thats what the form is for. As others have mentioned this doesn't sound legit. 

If this is a legitimate loan you should be able to ask for a Loan Estimate from the loan officer. I doubt you are getting a 3% rate. 

[Jaron Walling]

@Sergio Moratto I can guarantee you're not getting a 3% interest rate. I'd find out exactly who this "funding company" really is. Conventional income based loans, with good credit, from a local lender is double that right now. 

Is this a first time home buyer program? 

[Steve Vaughan]

Quote from @Sergio Moratto:

Good morning BP family,,

I am looking for advice on this new activity for my new purchase: I was approved by a funding company for $250,000 in the following terms: 

loan balance                           $ 250.000

Interest rate                              3%

loan term                                  30 years

Number of payments               360

Monthly loan repayment      $1.054 

Cumulative payments          $ 379.443

Total interest paid                  $ 129.343,60

To receive that deposit in my account I must pay a fee for 1125 to them to make it effective,

My question is: is that normal to be able to receive it?

Thank you for any advice you can give me, I'll be attentive.

 This is a scam for sure.  Terms too far below market are fake. How are they able to offer you 3% in a 6% world?

Paying up front for anything besides the appraisal, after you get a house under contract, is a scam!

[Christopher H.]

Good job doing your due diligence... There is a few red flags here.  

[Dennis Nguyen]

It sounds too good to be true. Get another quote from a local lender and you'll see how large of a difference it is. 

[Joe Biscaha]

Thanks for sharing and checking, thats what the form is for. As others have mentioned this doesn't sound legit. 

If this is a legitimate loan you should be able to ask for a Loan Estimate from the loan officer. I doubt you are getting a 3% rate. 

[Sergio Moratto]

Thank you very much for your invaluable information, thanks to: Jaron Wallings, Steve Vaughan, Christopher H, Denis Nguyen and Joe Biscaha for being here as advisors on the bigger Pockets Family. Thank you.