There are great rates for loans right now.
However, some people get a shock when they see their loan documents. Always check your APR, NOT the simple rate. Your APR is a much better indicator of what you are paying. At the moment, the APR on an FHA loan may be a lot higher than the rate you think you are getting.
For instance, an FHA loan with less than 10% down will have up-front mortgage insurance payable plus an additional ongoing mortgage insurance percentage on top of your loan rate. Once you factor these in, your "5%" rate may be a 6% APR.
A GOOD loan agent will spell these numbers out for you with a "good faith estimate" detailing all the costs rolled into the loan. If you have not seen one, ASK FOR IT. If a loan officer will not give you a "good faith estimate", get a new loan officer.
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