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Apr 15, 2014
9:56
:50
pm
Dbl Nickel
It means RUN!!!! run Jon run!
Get some GFE's (Good Faith Estimate) from other lenders. You will see a big discrepancy. Hence the reason for the APR. it is a way to make everything all rolled into one an apples to apples comparison for Joe Public
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Dbl Nickel
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Dbl Nickel
Joined
Jul 8, 2011
Last login
Apr 25, 2024
Total posts
773 (1 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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