All Forum Posts by: Parker Hoda

@Melissa Kirchhoff @Harjeet Bhatti

My apologies for the late reply - for some reason I wasn't notified of any responses!

Thank you both for your input. I think I'll end up comparing with a different lender considering how high the closing costs are. 

Melissa, I know you asked some follow-up questions - I'm going to meet with my lender soon and will hopefully return with some answers.

Thanks again for your detailed responses. 

Hello everyone,

I'm looking for some advice from investors who excel in reading into the numbers of a loan. 

Background: I've been pre-approved for a First-time Home Buyer's loan. Since I am buying in a "hardest hit" area, I am eligible for $15,000 in down payment/closing cost assistance and the total loan amount is $200,000. The $15,000 down payment loan is 100% forgiven if I stay in the home for 5 years.  

I have been sent a "pre-application worksheet" pdf which outlines the details of the loan. Can someone review the numbers and give me their thoughts?

Some initial thoughts/questions I have: 

• What is the APR vs Interest rate?
• What is the $3800 "loan origination fee"?
• Can someone "explain like I'm five" the prepaids, escrow, and fees sections?
• Does this seem like a good deal on a loan?

I really appreciate anyone who can help this newbie decipher this.. I'm trying to set up a meeting with the lender to go over it in person, but I'd like to get some third party thoughts as well.

Thanks!!

I look forward to meeting everyone at the next meetup.