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I own 2 properties: X (MV:1,100,000 / Mortgage Bal: 364,848)  & Y (MV:975,00 / Mort.Bal:332,900). Y is rental w/ gross income: 3,000. I had several Loan Estimates from one broker, taken longer than expected, many verifications needed. Recent one is a conventional loan for $342,000  / interest rate: 5.25% / #of mo:360/360 /fixed rate / mo. principal & interest: $1,888.54 + eat escrow: 418 + $2,307 mo payments. Costs at Closing: closing costs: $9,200 (est cash to close $4,900 + eat closing costs financed from loan about: $4,300) / origination charges $2,600.
I was told appraisal fee combined/included in closing costs, but they charged my bank account for it & when i asked, i was a bit confused about how it is included....so i'm a bit lost as to how I will get that back. but its been over 30days and I want to get to closing.  (other details: initial escrow at closing $2,900 / I'm retired-worked at VA hospital & spouse works at USPS).

Main ?s: with the current rates on your site vs my current estimate, above, thats on the table....can you tell me if i'm getting the best deal or not or even a good deal? (i wanted to combine a line of credit payments w/ one mortgage payment...they told me the loan eat above) and can you put into laymans terms "eat. cash to close" with the box "From" marked off ($4,900) means....do i pay that too at closing if i agree to the estimates?
asked Aug 11 in Refinancing by lost in estimates overload
edited Aug 11

1 Answer

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Hi, and thank you for your question. Mortgage rates can be very complicated as your letter shows!

That's because mortgage interest rate change constantly, sometimes even more than once a day. So it is meaningless to compare an estimate from days or weeks ago against current averages. You'd need to provide the same information (loan-to-value, credit score, income, property use) to several lenders (as people do on our form) and get current, custom quotes from lenders. Then you can decide whether you want to switch lenders or hold your current provider's feet to the fire to get a pricing concession.

Here is detailed information on how to use your disclosures to get a better mortgage deal. https://themortgagereports.com/26785/mortgage-do-you-have-to-read-everything

Thanks for writing, and good luck!
answered Sep 10 by GinaPogol (41,100 points)
edited Sep 10 by GinaPogol

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