Failed to verify mortgage rate

4 Replies

Just completed a buy for a $250k single family home from a sale by owner , thought it was an ok buy based on her initial list of $266k . No commission to buyers agent or seller agents . Bought this with a FHA owner occupy loan . Interest rate is 4.9% , 30 year term , location is in Fresno , Ca . My credit score is good , 800. After asking around ,my brother pointed out that mortgage rate is high , I felt like the mortgage rate should’ve been around 4.6 % . I worked with a family friend who did a good job with the process but I should’ve have verified the rate ! Just wanted to share this with new investors . TRUST but VERIFY! Slightly bumped about it .

Were there origination points or fees? If there weren’t then the slightly higher rate is to compensate for that. Same goes for if there isn’t Pmi

4.9% seems about right. Is your bother aware this is for an investment property and not primary residence? Interest rates are slightly higher on investment properties.

I just refinanced my investment property at 4.99% at the end of June (locked in before the latest Federal rate increase). Credit score is 780+, 75% LTV, had to ~2 points, 30 year term (15 and 20 year terms were slightly lower rate).

Yeah for no more ARM.

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