That's a ton of closing costs. APR combines the interest and the fees

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Apr 15, 2014
8:01:25pm

MantiCoug

That's a ton of closing costs. APR combines the interest and the fees

that are only paid to get the loan. Like underwriting or origination fees. Fees like title fees and appraisal fees aren't included in the APR because they are fees that are being paid for an actual service, not just a fee you had to pay to get the loan.

I didn't explain that well but I hope you understand....

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MantiCoug

New username: Manti
Bio page: MantiCoug
Joined: Nov 11, 2002
Last login: Aug 27, 2017
Total posts: 0 (0 FO)

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Messages

Author

Time

What does APR mean for a home loan?

Bravescoug

4/15/14 7:56pm

It means they charged you a lot of fees, or points

stoils

4/15/14 7:57pm

What do you mean?

Bravescoug

4/15/14 7:58pm

The costs of the loan (origination, YSP, etc. are included).

BluePete

4/15/14 7:57pm

"Pretend" I'm dumb. Can you explain this again.

Bravescoug

4/15/14 7:58pm

It's the real interest rate you're paying after all the fees are rolled in.

BYUFBDAD

4/15/14 7:59pm

RE: "Pretend" I'm dumb. Can you explain this again.

BluePete

4/15/14 7:59pm

That's a ton of closing costs. APR combines the interest and the fees

MantiCoug

4/15/14 8:01pm

Closing costs are only 1.75% of loan

Bravescoug

4/15/14 8:07pm

Is it a short term loan? It can't be a 30 year with what you've described.

MantiCoug

4/15/14 8:10pm

Yeah, I didn't think about PMI. That could bring the APR up.

MantiCoug

4/15/14 8:15pm

One more thing: The APR takes the interest you'd pay over the life of the

MantiCoug

4/15/14 8:07pm

Does mortgage insurance affect APR?

Bravescoug

4/15/14 8:08pm

Yes

BYUFBDAD

4/15/14 8:10pm

It means you're getting screwed

WDaddy

4/15/14 8:32pm

It means RUN!!!! run Jon run!

Dbl Nickel

4/15/14 9:56pm

It's an FHA loan and we have to pay mortgage insurane

Bravescoug

4/15/14 10:01pm

Downside to FHA loans is you can now never drop PMI during the loan life.

BYUFBDAD

4/15/14 10:39pm

RE: Downside to FHA loans is you can now never drop PMI during the loan life.

Bravescoug

4/15/14 10:45pm

Call other lenders and brokers and tell them you want to do a non-FHA loan. See

WDaddy

4/16/14 4:46am

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