
LOKING FOR ADVICE.
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.

@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?

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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!

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

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.

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.
